Cryptocurrency prices seem to skyrocket day in day out, with Bitcoin being the leading crypto. Litecoin has really performed well, more than Bitcoin, within last month alone its value increased by 400%.
Litecoin is based on concepts very similar to the famous BTC with few modifications. LTC transactions take a very short time to be processed (2.5 minutes) as compared to BTC (10 minutes).
LTC mining is very different from Bitcoin mining with GPU mining being the most effective way to mine Litecoin. With that, it’s right to say that Litecoin has a great future and it’s one of the few cryptos that’s really scaring Bitcoin.
If you really want to make great profits, then you need to know how to mine Litecoin.
In this post, I am going to take you through a step by step guide on how to mine Litecoin- GPU mining.
Before you start mining, ensure that your graphics card drivers are up to date.
There are two ways on how to mine Litecoin: CPU mining and GPU mining. In this article we are going to look at GPU mining.
Step 1: create a wallet
Whatever the crypto you are mining, it’s a requirement to have a wallet to store your mined cryptos. You also need to download and install a client from the official Litecoin website. The client synchronizes with the network to enable downloading of a blockchain that stores the transactions history. Since it runs on the network of its users, it may take quite some time.
It’s very key to secure your wallet with the help of LTC client in built encryption, by clicking Settings then Encrypt wallet. Keep your pass phrase safely, without it you cannot access your wallet, so write it somewhere.
Some of the best wallets are; exodus (desktop wallet), trezor (hardware wallet), jaxx (mobile and desktop wallet), loafwallet (mobile wallet), litecoin core (desktop wallet), electrum-LTC (desktop wallet) and liteaddress (paper wallet for litecoin).
N/B; if you are already mining Bitcoin, disable your antivirus first before installing litecoin wallet, since BTC mining software are picked up as a virus. Disable the antivirus for 15-20 minutes, install your LTC wallet and exclude it from scan
Step 2; Join a pool
In a pool, multiple users work as a team in mining litecoin and share the rewards according to the work done. You can also mine solo although it’s tedious, in a pool, it’s easier and faster to solve a block. There are many litecoin wallets, check them and choose the one that interests you on this link. All that is required is for you to register yourself at your pool of choice. Basic procedure; registration> select my account> add worker> add worker name and password then change from coin to litecoin. Some pools may have a different procedure.
Some of the best LTC mining pools include; F2pool, happychina, litecoinpool.org, le6oriamkx, coinotron and give me coins in that order.
For ethereum, Top 6 Best Ethereum Mining Pools
Step 3; install a mining software
I will recommend you to use CGMiner, GUIMiner or Sgminer, they are better off. It’s tricky in setting them up. LTC mining is very different from Bitcoin mining and for best results, it’s advisable to tweak the softwares. All the softwares are set up in similar to most mining programs except GUIMiner that has a user interface. I get GUIMiner to be very unstable thus you should use either of the other two softwares.
Step 4; Start Mining
Once your mining software is set and running, the pool that you did sign up for will track your contributions to the mining work and it will reward you accordingly. The amount of reward you get will depend on;
- Amount of work that you do
- Difficulty of mining the crypto
- The number of people in the pool.
The pool will put your earnings into a temporary wallet on their end and you can then transfer the earning to the wallet that you did download at step 1. Most pools have an auto deposit.
Your login details are the ones that you entered while registering at step 2[joining a pool].
Also, remember to set up the temperature cut off, 95 is better with most cards.
Having looked on how to mine litecoin, it’s of confidence to say that Litecoin has a bright future, if you have not yet invested in LTC then it’s high time you get to invest since at the moment they are very cheap to acquire. Get to know simple basics evolving around litecoin and learn on how to mine litecoin in details.
For more information on litecoin then check the following articles
- Where To Buy Litecoin; Top 5 Best Exchange Sites
- Best Litecoin Mining Rig for Sale;Factors To Consider Before Buying One