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How to mine Litecoin, what is it and how does it work?

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Tokeneo
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2 min reading

Litecoin is the second cryptocurrency to come after Bitcoin. Its first block was excavated on October 11, 2011, and over the following years it has remained the world's second largest cryptocurrency by capitalization. It is currently in third place behind Ripple. What is worth knowing about this cryptocurrency?

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What is Litecoin?

Litecoin was created from a modified Bitcoin source code, and thus it is also a cryptocurrency based on a decentralized blockchain network. From the start, the developers of Litecoin aimed to create a cryptocurrency that would be both faster and cheaper to use than Bitcoin. Hence the prefix Lite, which means "light." Like Bitcoin, new cryptocurrency units enter circulation through mining.

The blockchain itself, unlike, among others to Monero or Zcasch is public and therefore does not guarantee anonymity. It is also worth knowing that Litecoin is divided into smaller parts known as litoshi ile is Litecoin? Just count. One Litecoin is 10,000,000 litoshi.

Now that you know what Litecoin is, think about how you can mine it.

Litecoin - how to mine?

A person who wonders how to mine Litecoin does not need to acquire a lot of knowledge if they are already mining or extracting Bitcoin. It should be remembered, however, that although the mining of Litecoin did not involve such large computing power as in the case of Bitcoin, its mining is also not a simple task. By design, this cryptocurrency can be mined in three different ways.

  • Independent mining (solo mining),
  • Collaborative mining (pool mining),
  • Cloud mining.

In the first and second cases, you will need the appropriate software that can be easily downloaded to your home desktop computer. In turn, when buying a professional excavator (Litecoin mining device), the necessary software will already be installed. In contrast, cloud mining involves outsourcing mining to external companies for an appropriate fee.

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