Beginners Guide To Litecoin LTC Mining
Dec 29, 2013 - Given the outlook for Litecoin, we realised there may be interest in mining the coin. To that end, please find a beginners guide to LTC mining here. Recent Posts. Adding Ripple token (XRP) to iceCUBED exchange Sending and receiving Ether to and from. Find out all about Litecoin in our Complete beginners Guide - How to Buy Litecoin. Beginner’s Guide to Litecoin. The mining of Litecoin without using the. This guide will take a complete beginner through the various steps involved in building a power-efficient ~1900 kH/sec litecoin mining computer. Now that LTC mining has been overrun by asic's, are there any other altcoins that stand out for GPU mining? I have 5 rigs that are sitting idle I'd like to do something with.
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This is a guide to mining Litecoin, on a mac, using a CPU (the instructions have always been right in that sense, it was only a misuse of the term “linux” instead of “terminal”). Why on earth we said “Linux” a few times instead of “terminal,” I haven’t a clue?
It was an error on our part. The guide really is for OSX.
I will be beefing up the mining section and include a range of guides in the upcoming months. Annoyed at myself for letting that error stand this long. We wrote this guide for OSX and terminal.
For some reason we used the term Linux command instead of terminal command (I assume because we were shifting between different operating systems at the time; unfortunately it was written in 2015 and I can’t remember the details of this). From a very general point of view though, look a the differences between the command we use below and the one you do. It could be a matter of differences between Linux and OSX terminal, but notice we use // before the url../minerd –url=stratum+tcp://freedom.wemineltc.com:3339 –userpass=WORKER_NAME.1:WORKER_PASS NOTE: The comment section is turning two “-” into “–“ that is confusing.
I assume you are using two “-” in your command. Maybe there is a clue in there. One of my next projects is to do more mining and more writing about mining. Buy Dogecoin DOGE Miner Hardware here. I’ll aim to have guides to mining the major coins using different operating systems and mining hardware in the next few months so I can properly answer questions.
Right now, I think the problem here is we used the term Linux a few times on the page (for some reason) despite it being a page on mining Litecoin on a Mac with a CPU (meant as an introduction to hobbyist mining written in 2015)! The page has been updated, moving forward I’ll do a Linux version as well. I can’t answer the question without having it in front of me. I will put this on the list though. The problem here is that we wrote the guide back in 2015 using a mining pool that has since closed. We need to rework the guide and update it for 2017 – 2018 (that means going through the newest quality pools and working out explainers that takes time).
Looking around the internet it seems that there is more than one site that ran into this problem. I sincerely apologize and will be working on getting a quality mining section up soon. In the meantime, you can try this guide to see if it clears up some of your questions. Too long for my tastes. The aim will be early January. It is a bit more work to get this right and re-write the whole guide than I anticipated (I thought I could perhaps just fix one section, but really its a guide from 2015, it needs a complete reboot).
Really sorry about that. As it was in 2015 and still is today, the internet is full of price speculation on crypto and a little lacking on simple guides to mining. Over the course of 2018 we should have a solid section on mining. I’m pretty stoked about creating it actually but its going to take a few weeks. Until then I sincerely apologize and hope what we do have in place helps guide people in the right general direction. Absolutely 100% it is a better investment to buy a couple litecoins than to mine them with a CPU.
Hands down, no doubt about it. Mining isn’t something to do to get rich, mining is something to do as a hobby first and foremost. Some miners make money, but you need a very specific set of skills and setup to make it work. The average person will do much better by investing and/or trading.
No reason you can’t mine and invest and trade, but if you want to “be in Litecoin” and have limited funds or time, then skip mining and buy a few lite coins (I suggest dollar cost averaging into a position, but that is another story). Honestly Litecoin prices are pretty good right now in the $100 – $200 range. It has already tested $400 and $100 has a ton of support. TIP: Let’s say you have literally no money, but have a PC. In this case you could mine a very small amount of LTC and then use that trade.
If you can mine enough over time to have the minimum amount needed to trade you could technically use that to create more value on paper via trading. That is an uphill battle though.
CPU mining through a pool is going to net you very, very, very little LTC.
In May 2017, Litecoin became the first cryptocurrency to adopt Segregated Witness (or SegWit, for short). The system splits every transaction into two segments, removing the signature (the “witness” part) from the original data. This makes the processing of every transaction faster, one of the key advantages of Litecoin over bitcoin.
How is Litecoin different from bitcoin? While there are a lot of similarities between Litecoin and its more widely-accepted competitor, bitcoin, Litecoin states that it has a few distinct advantages when it comes to mining, transaction verification speed and security: • Higher volume of transactions. The Segregated Witness process increases the rate at which transactions are verified on the block, reducing the time for confirmation of payment from 10 minutes (for bitcoin) to 2.5 minutes (for Litecoin).
• More secure. This faster processing time also helps maintain a secure environment by reducing the chance of double-spending attacks – a hack in which the attacker spends the same money twice to pay for two different transactions. • Larger coin limit. While bitcoin has a maximum coin limit of 21 million coins, Litecoin has an upper limit of 84 million coins. • Harder to mine. This might not be seen as an advantage at first glance, but because Litecoin uses scrypt hashing (instead of SHA-256) mining cannot be accelerated by using parallel processors, as can be done when bitcoin mining.
This has created a much more level playing field as opposed to the race that bitcoin mining has become. Where can I use Litecoin?
You can use Litecoin nearly anywhere you can use bitcoin. Since its release it has become the second largest cryptocurrency after bitcoin, and merchants have been quick to adopt it. The Litecoin website has an of services, merchants and providers that accept Litecoin, ranging from financial consulting services to health and beauty product merchants. How do I buy Litecoin? As with most other cryptocurrencies there are quite a few ways to put some Litecoin in your wallet, provided you have done your due diligence and are sure you want to acquire LTC: • Purchase directly from an exchange. The easiest and most straightforward method of acquiring Litecoin is to buy some from an exchange. Exchanges mostly accept credit card payments, cheques, and some even money transfers, and will in turn deposit Litecoin into your wallet.
Exchanges also usually charge a percentage fee for their service, typically in the 0.5-2% range, depending on the service provider and the volume of Litecoin you’re exchanging. • Receive payment in Litecoin. Whether you’re providing a service or selling goods to a consumer, you can always accept Litecoin as payment just as you would any other currency. With its lower fees, commissions and costs, compared to receiving fiat money (ie, government-issued currency), receiving payment in Litecoin results in more money in your pocket.
Additionally, Litecoin transactions are known to be secure, faster and less susceptible to fraud. • Earn Litecoin through mining. Generating Litecoin through the process known as mining is slow and requires specialised equipment to be worth the effort, but it is nonetheless a legitimate method of generating coins. You can just put your computer to work, validating and verifying transactions made on the Litecoin network by other users, and in return you are paid in Litecoin. The faster you can mine, the more Litecoin you can make.
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There's nothing else to it. What to watch out for Not unlike its bigger sibling, Litecoin has its disadvantages. Here are a few of the cryptocurrency’s shortcomings that have become evident: • Not as widely accepted. Litecoin is still growing and while its acceptance has become more and more common, bitcoin is still the most commonly recognised cryptocurrency. • Not different enough. Many consider Litecoin’s technical improvements too subtle and this might hinder Litecoin’s growth. Faster transaction times and more difficulty in mining might be good enough reasons for specific-use cases, but in the grand scheme of things many are of the opinion that it does not differentiate itself from bitcoin enough to sustain long term growth.
The future of Litecoin Litecoin’s market cap growth is not expected to slow down anytime soon which may lead to more and more businesses adopting the altcoin, either alongside bitcoin or as a complete replacement. Additionally, a lot of work is being carried out on improving the network Litecoin runs on, which will improve the speed at which transactions are verified even further and will, more importantly, allow Atomic Swaps. New Litecoin ATMs being installed and a growing number of companies are slowly making the switch to Litecoin. Potential buyers should consider these developments before making decisions about purchasing LTC. Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880.
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