Bitcoin, Litecoin, Namecoin, Peercoin 728x90

Announcement

Collapse
No announcement yet.

How Mining Litecoin? Before You Start Should Read the Following Article

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • How Mining Litecoin? Before You Start Should Read the Following Article


    Mining virtually is one of the most interesting things from the crypto world. The idea of? how one can use his computer to get a passive income in the form of cryptocurrency has attracted the attention of entrepreneurs in recent years. In this article, we will discuss Litecoin mining.

    What exactly is meant by mining?

    In general, mining is a way of how the blockchain and cryptocurrency networks can be decentralized. That means the blockchain is not in control of an operation or a company. All transactions that occur in the blockchain must be confirmed and verified. After that, then a new block is added to the network, form a blockchain.

    Transaction verification coming from miners. A computer that performs special functions in solving system algorithm to complete the block. Many miners compete to be the first algorithm breakers. The fastest is what gets coins from the blockchain (for example Bitcoin).

    Bitcoin mining is the most popular because no other Bitcoin has the greatest value. Means mining bitcoin is also a lot of rivals. Now coins that are not too competitive, one of which is Litecoin, may even be able to provide better benefits because of more consistent rewards.

    Then, what is Litecoin?


    A simple explanation to describe Litecoin is more or less like this if Bitcoin is considered gold, Litecoin is silver. Litecoin is made from the Bitcoin code fork by Charlie Lee, a former engineer at Google. The way it works is similar to Bitcoin, Litecoin is designed to process transactions more quickly, making it a better choice as a daily payment method.

    Litecoin was first released in 2011. Since then, Litecoin has become one of the highest value Altcoins and is a strong rival for Bitcoin before Ethereum was launched. Although the value of Litecoin has decreased slightly compared to other coins with a large stamp value, Litecoin remains one of the best transactional currencies. Currently, Litecoin is accepted by more than 200 online businesses.

    Considerations before starting Mining

    There are several things that need to be considered before starting mining. Because not all have the criteria needed for crypto mining. Mining activities in 2018 require a big investment. Maybe at the beginning of the emergence of cryptocurrency, mining could be done on any computer. But due to the nature of mining and how users compete with each other to win block rewards, the devices used must have very large power.

    To have a realistic opportunity to get block rewards, you need to have a special computer made for mining and also the ability to pay for the power needed to run the mining device. Due to the price of electricity relative to the price of crypto, mining cannot always be done in some regions of the world, because the coins obtained are not worth the cost of mining.

    You need to consider how many benefits you might get each day after the costs incurred. Consider another is how long it will take to cover the capital that has been spent on mining equipment. Maybe you can get a profit of $ 2 every day, but if you own a computer mining capital of $ 1000, it takes more than two and a half years to get a break even. Of course, assuming Litecoin prices have not changed. Litecoin prices can increase then you make profits more easily, or even Litecoin can drop and make you experience losses.

    There are several alternative ways for investors who want to get mining results without the need to own and build their own mining devices

    How to Mining Litecoin


    The first thing that is needed is a crypto wallet that can store Litecoin. For mining, the best choice is Litecoin Core Wallet which is designed and supported by Litecoin developers.

    Next, mining machines. You can build your own rig or buy a device specifically designed for crypto. A Chinese company, Bitmain is one of the largest mining equipment suppliers in the world and also sells a variety of computer mining on its website. In general, the Antminer engine from Bitmain is made specifically for cryptocurrency mining offering the most efficient combination of computing power so as to provide the best ROI.

    If you know how then you can build everything yourself. what is needed is

    *One or more high level GPU (graphics processing units)
    *Cooling or fan equipment (miners have a risk of overheating due to energy released)
    *Scrypt mining software.

    In general, the rig will be arranged from several GPUs, so that the greater the chance to get the block reward. That means you need enough space to store these mining machines.

    Also, make sure you have internet and electricity access so mining can run for 24 hours in 7 days. Now if you don't have a plan for the long-term hold, you need to register to exchange crypto so you can move the coins that you have obtained from mining results.

    Finally, running long-term mining operations is not as passive as imagined. Very important to always be updated on developments in the mining industry. Crypto mining is still new, so changes often occurred. Miners must pay attention to these changes. For example, there is a new technology that enters the market, making the old output engine less competitive

    Alternative Besides Mining Litecoin Alone

    If you think crypto mining sounds a little scary, it's not wrong. If you cannot run mining in your own home and compete with commercial mining farms, then there are several alternatives that can be done

    One of them is participating in a mining pool. The mining pool is when some people combine their computing power to complete block transactions and get block rewards. With rewards shared with several parties involved, the benefits are less, but this allows you to carry out mining activities with a smaller amount of investment.


    Another option is to buy shares in mining operations. This allows companies that run larger scale mining or mining farms to build larger and more competitive mining devices, thus bringing greater profits. Of course, it allows people who are not able or do not want to mine themselves can invest and get passive income.

    There are many reputable companies that run mining pools or accept investments in mining operations, but there are also companies that cheat. If you are considering investing in one of these methods, then you must make sure to do it first by conducting research and examination, so that you do not become a victim of an illegal operation.

    Conclusion

    In 2018, mining Bitcoin can no longer be done except using a full-scale device with a commercial level, even though mining Litecoin has also started to lead to the same path, but mining Litecoin is still more realistic to run alone.

    Depending on where Litecoin prices will move during the coming season, mining investment in a bear market such as in 2018 can pay significant dividends, when the bulls are next.

    If you want to start mining Litecoin now and have the intention to do it in gaining profit, the best way is to invest the money you have by buying the Bitmain's Antminer machine. But Coinvestors must keep a watch on the market, so it won't miss if there are machines with the latest innovations.

Working...
X