You cannot talk about cryptocurrency history without mentioning Litecoin; it is one of the first altcoins after Bitcoin was created. It was released in October 2011 by Charlie Lee, who developed it as an open-source software project. He announced Litecoin as the ‘lite version of Bitcoin through a message he shared on the famous bitcoin forum. Over the years, Litecoin now sits on the top as one of the world’s top digital currencies; it boasts a market capitalization of almost $3 billion and is expected to increase.
Since Litecoin’s creation, it was considered a reaction to Bitcoin, with its developers stating that their initial purpose is to create Litecoin as the “Silver” counterpart to Bitcoin “gold. Since Litecoin was a spinoff of Bitcoin, they share so many features. These include Bitcoin mining features. The only difference in the mining process is that while Bitcoin uses SHA-256, Litecoin uses a process called Scrypt mining.
Scrypt mining requires higher computing power, making it a lot more challenging to mine. This guide contains information on how to mine Litecoin.
What is Litecoin
Litecoin is a cryptocurrency that functions just like Bitcoin. It has some features which make it look very similar to Bitcoin. Transacting with Litecoin is far easier and faster. While Litecoin mining is a little more complicated than Bitcoin mining, they are both cloud mining and function similarly. They both use similar mining software, so a Litecoin miner will not find it difficult to use Bitcoin mining software and vise versa.
From a general perspective, Bitcoin and Litecoin can be considered decentralized cryptocurrencies which makes them different from how fiats like the U.S dollar are operated and governed.
Why should you care about Litecoin?
Litecoin is profitable; mining Litecoin has proven to be a profitable venture, especially if you go about it the right way, using mining hardware like the asic miner and the correct mining software. Cryptocurrency mining as a whole has made different miners rich the same way it has made them go broke. However, it all comes down to your ability to take risks.
What is mining?
Mining is how a miner uses both mining software and mining hardware to mine cryptocurrency either as a solo miner or through a mining pool. There are different Bitcoin mining software available for miners to chose from. This software makes cryptocurrency mining possible.
Before a miner can successfully mine, he also needs some specific mining hardware; for Litecoin, he needs at least a CPU or a GPU device. The device you choose will go a long way to determine how easy the cryptocurrency mining process would be. For LTC mining to be successful, you need a Litecoin mining rig (Bitcoin mining software and Bitcoin mining hardware) and a litecoin wallet.
Best Litecoin mining software
After getting the proper Litecoin mining hardware, the next step is to get mining software (this could either mean a CPUminer, GPU miner, or a mining app). Your mining software will also determine if you are doing solo mining or as part of a mining pool. Determining a mining device is easy, but getting the best cryptocurrency mining software is complex as many other factors contribute.
What is the best Litecoin miner?
There are numerous software available if you want to mine Litecoin. Some have different unique features like inbuilt wallets that serve as alternatives to the Bitcoin wallet. Here are some examples of mining softwares:
Easy miner is a free cryptocurrency software miner. Although it was initially designed to mine Bitcoin, it can also be used for Litecoin mining. It is open-source, which means you can customize the software to suit your mining needs. Easy miner has an inbuilt wallet and a moneymaker mode, allowing the mining of Litecoin on its stratum pool. EasyMiner is also available for Android users making it one of the most widely used cryptocurrency mining software among Litecoin miners.
This is regarded as one of the best cryptocurrency mining software out there. Although not as popular as the others on the list, it supports many devices, including Windows, Mac, and Linux. The best part is that it has automatic detection of network features. It also allows you to control and monitors a second MultiMiner mining rig simultaneously. It may not be as efficient as the others. However, it has some unique features that you will find interesting.
CGMiner Litecoin is not new; it has been around for a while. Over this period, it has provided different unique features and a large user base. It supports almost all Operating systems making it easy to adopt. It is also open-sourced, allowing users to customize it to suit their mining needs. Other features that it comes with include: complete monitoring, fan speed controls, and remote interface capabilities.
Awesome miner is a great choice, especially if you are trying to mine on multiple mining rigs simultaneously as it supports FGPA, ASIC. His software also supports 25 mining engines, including XMRig, SRBMiner, BFGMiner, and SGMiner. However, it is not free; you will have to pay a fee of $4 monthly and $36 annually. The fee is worth the price because it comes with several other features like the status and temperature of all ASIC and FPGA miners and an inbuilt Litecoin mining calculator.
GUIMiner Scrypt is also a good mining software, but in reality, it is a GUIMiner fork. What makes it a better version is its user-friendly features. It was initially forked to allow new users. However, it was designed just for windows devices with a graphics processing unit (GPU) and computer processing unit (CPU). It allows Scrypt mining that makes Litecoin more seamless.
Litecoin mining pool
Mining cryptocurrency as part of a pool is better because it makes mining operation easier and improves your hash rate. This, in turn, means a better block reward. Litecoin cloud mining has a more complex mining program because of its use of the scrypt algorithm, making the pool mining option a better choice.
Litecoin has various Litecoin mining pools for miners to chose from. These pools have their pros and cons. Here are five pools I feel you should put into consideration when looking for a pool to join.
Litecoin mining software FAQs
Is Litecoin mining still profitable?
Many people now doubt the profitability of mining cryptocurrencies primarily because of the competition involved. Today miners now compete with bigger mining establishments, making it impossible for solo miners to profit. However, as a Litecoin miner, you can consistently profit if you go about it the right way.
Litecoin mining is a task that you have to be prepared for; you need to be fully committed to it and tackle its risk. With this, you will be able to profit despite the considerable cost.
How long does it take to mine 1 Litecoin?
The time it would take to mine a Litecoin cannot be explicitly stated since it is primarily influenced by mining speed and the complexity of the computers you are using, the amount of time you spend mining, and the current difficulty factor. If you are mining with a computer CPU, you are bound to spend a long time mining a single LTC.
GPU mining is just a little better than CPU mining, no thanks to the competition on the ground. However, with the high-end ASIC mining, it won’t take you up to an hour to kine your first LTC. It is also way better if you are mining as part of a mining pool.
Profiting from Litecoin is influenced by different factors. This means it is uncertain whether or not you are going to profit. However, it is still worth your time and resources full time. The best way to profit from Litecoin is to invest full-time in mining rigs and other equipment. If you decide to mine solo with just a CPU, you will still profit but not as much.
Crypto mining involves risk-taking. However, you cannot escape taking a risk if you want to make a profit. A Bitcoin miner who is mining Bitcoin takes a similar risk with an estate manager.
CoinFlip Installs Its First Three Bitcoin ATMs in Alaska
The company aims to install four more ATMs in the state by the end of the summer.
CoinFlip, a leading Bitcoin ATM provider, announced that it had expanded its operations to Alaska, United States, by deploying three Bitcoin ATMs on Thursday. According to the company, it has also planned to install three additional Bitcoin ATMs by the end of this year’s summer in the state.
With the new machines installed in Anchorage, users will not only be able to buy Bitcoins (BTC) but Dogecoin (DOGE), Ethereum (ETH), and six other cryptocurrencies with 24/7 customer support. The locations are Anchorage Wine House at Minnesota, Anchorage Wine House at Huffman, and Anchorage Wine House at Jewel Lake. With the installation of the ATMs in Alaska, CoinFlip now has over 2,500 machines installed in 47 of the 50 states in the US.
About the announcement, Ben Weiss, CoinFlip CEO, commented: “We’re excited to bring CoinFlip ATMs to Alaska this month. It has been our mission to help build financial wealth through inclusive financial systems so that anyone interested in investing can participate. We look forward to connecting Alaskans with our award-winning customer service to make Bitcoin and other cryptocurrencies more accessible to the local community.”
Other Companies Installing Bitcoin ATMs in the US
Another company joined the bandwagon of deploying Bitcoin ATMs in more US states. Finance Magnates reported in April that Coinme expanded operations in the state of Florida with the installation of more than 300 Bitcoin-enabled Coinstar kiosks.
Get Paid to Learn about Cryptocurrency TradingGo to article >>
The Bitcoin cash machines have been strategically installed inside grocery chains like Winn Dixie, Fresco y Mas, and Harveys across small towns and big cities. The company aimed to bring Bitcoin purchasing facilities to the local groceries of the Florida residents.
Coinme is one of the major Bitcoin ATM operators in the United States, with around 6,000 Coinstar kiosks installed in supermarkets across 45 states.
According to CoinATMRadar metrics, United States has 18,936 Bitcoin ATMs, becoming the leader globally, followed by Canada with 1,526, and the United Kingdom with 196.
What is Phemex’s all-new Learn and Earn program?
A decade ago, Bitcoin was merely a philosophical research paper for a new type of digital currency. Today, there is no major technology or financial publication or news portal with no cryptocurrency stories or blockchain news.
From being ridiculed as magic internet money backed by thin air to narratives of the wild west, nerdy money, get-rich-quick schemes, and gaining mainstream consciousness as we settle into 2021, the crypto industry has indeed seen it all.
Since Bitcoin’s inception over ten years ago, things have changed considerably. Industries across the world have embraced its underlying blockchain technology. Its main characteristics include decentralization, transparency, immutability, and automation that has the potential to create a multitude of use cases and replace legacy frameworks.
The digital asset industry has not been that lucky. The narrative of “Blockchain, not Bitcoin,” is still very much prevalent in several regions. Countries struggling with political instability and hyperinflation, such as Venezuela, and Argentina have witnessed a formidable interest in cryptocurrencies. The sentiment resembled the nations that have a massive unbanked local population.
Today, the great dream of cryptocurrency is still very much alive despite all its struggles. The cryptocurrency industry has not only unlocked access to financial services for users around the globe it has also opened avenues for new applications. The remittance, for one, can be a nightmare for many living in developing countries. Crypto and blockchain technology aims to settle transactions instantly with significantly lower or even negligible fees.
The main objective behind asset-backed tokens, on the other hand, is to grant ownership to assets like real estate and precious metals. In addition, stablecoins have their own use cases and have seen unprecedented growth because they trade uniformly with fiat. The list does not end there.
While pessimism has dwindled, there is still plenty of skepticism around the entire asset class.
What’s impeding crypto adoption?
There are numerous reasons for the hindrance. But one that stands out is the lack of education. It is a daunting issue that plagues the cryptocurrency industry even today, in this day and age when everything is just one click away. Many people don’t understand the industry. It is as simple as that.
The digital asset realm is a complex one. While there are plenty of resources to fall back on, there need to be better and more accessible vehicles, one that is perfectly curated for the newbies – simple and easy-to-follow lessons on everything crypto and blockchain. And what’s better than earning a reward for learning this groundbreaking technology? Seems far-fetched? Not anymore. Pemex’s newly launched program dubbed ‘Learn and Earn’ aims to do just that.
Singapore-based cryptocurrency exchange Phemex is one of the most prominent platforms in the world. Just two years since it was first launched, Phemex has already emerged as one of the most trustworthy exchanges in the industry. Its user base exploded quickly to over a million traders, thanks to user-friendly platforms and unique offerings.
It has recently rolled out an all-new educational program called “Learn and Earn,” which aims to provide users with simplified concepts on different cryptocurrency and blockchain-related concepts. This program includes an in-depth course structure coupled with intuitive lessons and interactive videos that offer a unique and fun learning process. But it does not end there.
Phemex plans to reward its users via Learn and Earn after the completion of each lesson. How? Users will have to take a short quiz to test their knowledge, and if all the answers are correct, they will be incentivized.
It is one of the most beginner-friendly and fun ways to learn more about the new financial world. Learn and Earn is put together into a few fundamental courses, each comprising its own set of sub-lessons. These cover introductory passages, explainer videos, and a final quiz for users to test their knowledge. Upon answering all questions correctly, Phemex offers a reward in the form of trading bonuses and cryptocurrencies.
Lean and Earn’s first set of courses proceed with the platform’s essential features. This program encompasses some core concepts about the workings of cryptocurrencies and the process of buying, trading, and selling them on an exchange. Rewards will be in the form of trading bonuses that participants can use with perpetual contracts on Phemex to exercise their proficiency on the subject matter.
In the days to come, Phemex also plans to broaden its course material and reward users directly in cryptocurrency assets. However, in order to receive rewards, the users are required to complete KYC protocols. As of now, the program is not widely available, but the team behind the project is working on expanding the Lean and Earn initiative on a global scale.
In short, Learn And Earn aims to cater to mainly the beginner but is also available for experienced crypto enthusiasts who seek to know more about the industry and how to trade digital assets seamlessly. This program is essentially for everyone who wants clarity and eventually wants to foray into the trading space of cryptocurrencies but does not know where to begin. It is open to anyone who wants to build a passive income stream by just learning about cryptocurrencies.
Incentivising users for learning about the technology, what a great way to spur adoption as well as trading activity! This will help more and more individuals dispel myths and filter out FUDs and FOMOs that are often endorsed by the critics and the flag bearers of centralized financial infrastructure.
Ethereum to $20,000? Factors Behind The Bold Call
Ethereum could reach $20,000 by 2025 according to a Finder’s panel.
Ethereum has since been gaining momentum, starting out at $1,000 at the beginning of the year and reaching an all time high of $4,196.63, according to Coin Metrics. Before losing steam and dropping down to its current price at $2,400. Clocking an average growth rate of 197.4% in 2021.
This massive run has given the » Read more
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Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022
With so much support pouring out for the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, investors in the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin have been very bullish on it. Lots of analysts believe that Ethereum is poised to overtake Bitcoin as the most popular » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in the market. So much technological advancements are being carried out on the blockchain that its use cases seem to be endless.
Impact Of DeFi and NFTs
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About 70 percent of the panel agreed that with DeFi and NFTs, Ethereum now has more use cases than Bitcoin.
John Hawkins, senior lecturer at the University of Canberra, went against the grain to say more use cases would not necessarily benefit the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. He expanded on this by saying that Ethereum will most likely get dragged down with Bitcoin. Despite having more use cases.
Ethereum price sits below $2,5000 | Source: ETHUSD on TradingView.com
With staking and yield farming with DeFi, investors have found another way to put their investments to work, while at the same time benefiting the network.
With Ethereum 2.0 on the horizon, developers are looking to replace the existing Ethereum blockchain with a new one. This will help to solve the current bottlenecks of the network. It will also increase the number of transactions being made on the network. Hopefully helping to reduce the exorbitant fees being charged for transactions when network traffic is high.
Ethereum Predictions By Finder’s Panelists
The Finder’s panel consisted of a number of prominent panelists. Present were Dr. Iwa Salami from the University of East London. COO of BitBull Capital, Sarah Bergstrand. Vishal Shah, CEO of Alpha5. Head Economist at ConsenSys, Lex Sokolin. Amongst others.
A good number of the panel seemed to agree that while the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin might not have much further to run this year, the next four years is going to see a massive run.
CEO Vishal Shah was on the more conservative side. He predicted that the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin would not be worth much more than it is now. Putting it at just $4,000 by 2025. Shah believes that Ethereum will continue to perform. But that the unlimited supply of the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is a demerit to it. He also added that Ethereum was in a race with other protocols for the its usability profile. And that there are other faster and cheaper chains that will rival the » Read more
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Others did not see this as a befitting forecast. Citing the upgrades being done on the network, Sarah Bergstrand, Chief Operations Officer at BitBull, gave a price prediction of $100,000 per ETH by the end of 2025. A staggering forecast.
She believes that mass adoption of Bitcoin will be followed by mass adoption of Ethereum. Also that the upgrades being carried out on the network will help to push the price higher.
Dr. Paul Ennis put his prediction at $10,000 by the end of 2025. Stating that Ethereum is currently undervalued.
Dr. Salami went on to give the » Read more
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This brought the average of the panel’s predictions to $19,842 per ETH by 2025.
Featured image from Blockchain News, chart from TradingView.com