If you are looking for information on how to mine Litecoin, then you have come to the right place. This article will also tell you what Litecoin is and if you can make money mining Litecoin. By the way, if you are thinking about investing in LTC coins, then you will be interested in the article on how to buy Litecoin on StealthEX. So let’s find out more about LTC coin.

What Is Litecoin?

Litecoin was launched by a former Google employee Chalie Lee via an open-source client on GitHub on October 13, 2011. Litecoin is a fork of Bitcoin and has its original source code at its core and uses the proof-of-work consensus protocol. But it has a few important technological differences from Bitcoin.

Litecoin Mining

The Scrypt hashing function was initially selected for Litecoin to make it ASIC-resistant and provide better mining opportunities for CPU and GPU miners. Scrypt is a Password-Based Key Derivation Function that was designed to preclude large rainbow table attacks with multiple parallel operations by introducing a computation cost parameter, memory cost parameter and a changeable length of the hexadecimal output of the hashing function.

Litecoin Mining Calculator

Mining calculators allow people to project the profitability of their mining operations by assessing the relevant network parameters and market prices of cryptocurrencies.

  1. Another very straightforward Litecoin mining calculator is CryptoCompare. You can find Litecoin in its list of coins or just by searching it in the search bar. In the calculator, you simply need to specify the hashrate, the electricity cost and the pool fee to have an estimate for your profits.

How To Mine Litecoin?

Litecoin is best mined with the purpose-built Bitmain Antminer L3+ and Antminer L3++ with substantial memory capacity and parallelisation for mining Scrypt-based cryptocurrencies. Besides one of these machines, you will need to connect to a mining pool. Some of the mining pools that support Litecoin include Easy2mine, f2pool, Poolin, Antpool and Litecoinpool.

Litecoin Mining Software

To start mining Litecoin, you might want to use additional mining software that may provide you with a set of attractive features for your Litecoin mining.

How To Join Litecoin Mining Pool?

  1. Register with the mining pool you want to mine with.
  2. Set up and configure your ASIC. Connect it to the Internet and then find it in your local network. It can be done by using an IP-scanning program. Launch the program and look for an Antminer, take down its IP address.
  3. Go to a web browser on your computer and enter the IP address of your Antminer into the address bar. You will be transferred to the Antminer’s interface.
  4. Enter ‘root’ in both the login and password fields. In the interface, go to the Miner Configuration tab. There you will need to enter the URL address for the mining pool of your choice. When you have done that, press ‘apply’ at the bottom of the tab; the miner will restart and begin using the new settings.

Can You Make Money Mining Litecoin?

In 2021, the hashrate in the Litecoin network sits at above the half of historical high, and that is a really high hashrate for low-profile mining to break a decent profit. Yes, you can still make money, mining Litecoin, but the ROI is not going to be big if it is a low-profile mining operation. Therefore, Litecoin would not be advisable for a low-scale mining operation, but maybe lucrative for a large-scale mining operator.

How To Buy Litecoin?

You can study a detailed article with an exchange guide, watch a tutorial video on our YouTube channel, or just go to StealthEX and follow these easy steps:

  1. Press the “Start exchange” button.
  2. Provide the recipient address to which the coins will be transferred.
  3. Move your cryptocurrency for the exchange.
  4. Receive your LTC coins!

A convenient cryptocurrency exchange. 350+ coins are available for exchange with the best floating and fixed rates. You can also buy crypto with a credit card!

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