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BCH $542.11 (-11.%)
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LTC $159.01 (-10.%)
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ADA $2.07 (-11.%)
DOGE $0.20 (-12.%)

How to Mine Litecoin – Litecoin Mining Pools in 2021

How to Mine Litecoin - Litecoin Mining Pools

Are you looking for more crypto opportunities that will bring back worth a return? Then worry less, our Litecoin mining pools article got you covered. In this article, you will learn all the pros and cons about Litecoin (LTC). Aside from that, we will also check out Litecoin mining pools.

Comparatively, embarking on the topic of crypto mining is quite similar to trading. First thing first. If you are interested in holding Litecoin (LTC) for either mining or trading then consider buying it. You can easily buy from reputable exchanges like Coinbase, Kraken, and Binance.

Moreover, we believe you have all the required resources it takes to mine Litecoin. Then continue reading our Litecoin mining pools tutorial for deeper knowledge to understand the process. Before we commence our Litecoin mining pools tutorial, let’s digest what Litecoin itself is.

What is Litecoin (LTC)?

Litecoin (LTC) is an open-source cryptocurrency designed to facilitate smooth and safe peer-to-peer (P2P) transactions. Of note, LTC functions as a native currency within the Litcoin ecosystem. Established in October 2011. This means that Litecoin started operating as a completely digital currency two years after the leading crypto Bitcoin.

Charlie Lee is the mastermind, creator, and CEO of Litecoin. Moreover, Litecoin was mainly forked from the flagship currency Bitcoin (BTC). In terms of market, Litecoin sits as the twelve-largest crypto at the time of writing, according to CoinGecko data.

One of the nitty-gritty of our Litecoin mining pools is that LTC operates as a strong competitor to Bitcoin. Even amid the ongoing crypto bull-run nowadays, Litecoin continues to show a bullish performance at all times. However, this indicates that Litecoin can even push better than what we are seeing now. 

In Particular, Lee specifically dubbed Litecoin as “lite version of Bitcoin” at the time of creation. Hey, crypto fan! Not only Lee, but many other crypto enthusiasts also called LTC “Bitcoin Silver”.

With all the names surrounding Litecoin, It possesses a lot of Bitcoin features making it the direct competitor. Not this alone, Litecoin also appears as a chameleon. It keeps adapting and changing in developmental appearance all the time. 

For this, the Litecoin team believes that Litecoin could improve as they are continuously working on the LTC network progress. Compared to other decentralized currencies, Litecoin is not issued or backed by any government means.

Specifically, Litecoin was created with a method called mining. For this reason, it is capable of facilitating and processing a list of Litecoin transactions everywhere on all days. 

Litecoin Price Prediction

Get to know everything about Litecoin’s price prediction in our Litecoin mining pools tutorials for free. With this, you will be well-informed if Litecoin price will go bullish or bearish in the crypto market.

Based on the CoinQuora team’s observations and analysis, Litcoin price could go bullish. Litecoin bullishness will range from $298.93 to $542.78 before 2021 ends. However, LTC will strive to retain a massive resistance at the aforementioned $542.78. If this happens, then the CoinQuora team strongly believes that its price might hit an all-time high of $600.

At the time of writing, LTC price is $159.41 and a market cap of $10,507,179,333 respectively. As said, this makes it dethroned a lot more cryptos and currently operating as the twelve-largest crypto.

Regardless of the Litecoin version, Lee has stressed that their team strongly believes in LTC. Lee further said that they aim to make Litecoin available via the online payment giant Paypal. Also, they are hoping for Litecoin to attain a high liquidity position. Reaching its higher liquidity will push LTC on many existing crypto exchanges.

For this, if Litcoin achieves all these requirements, it is expected to reach its ATH.

How to Mine Litecoin

Lucky you. Never invest what you can’t afford to lose in crypto mining. Our Litecoin mining pools article is here to also guide you step-by-step on how you can mine Litecoin. Also, you will learn everything you need to know to speed up on the topic of LTC mining. Never think complex on how to mine Litecoin.

Like Bitcoin (BTC), mining Litecoin is easy to do. More so, you can choose mine or trade Litecoin on crypto exchanges like Coinbase, Binance, and Coinmama. It is your choice to decide on how you aim to handle Litecoin. 

Keep in mind that Litecoin itself was created by a process called mining. This utmost feature makes it quite promising to mine. First thing first, if you mine Litecoin, you are rewarded with LTC. You need to get your hardware ready before mining Litecoin.

Let’s take Bitcoin (BTC) for instance, miners get back their returns every 10 minutes when mining. Thus, the BTC blockchain confirms the network block transaction in 10 minutes.

But Litecoin uses only 2.5 minutes to confirm each block. This shows that LTC mining is way faster than Bitcoin despite its mass popularity.

You can mine Litecoin in two different methods. However, you can decide to mine Litecoin by Solo mining or Pool mining. Any of these two ways are preferable.

Solo Mining

In solo mining, you choose to buy all the mining equipment by yourself. Here, you don’t have mining obligations with other peoples compared to Pool mining. Beneficially, you only enjoy your mining reward alone since you don’t share responsibility with anyone. You don’t pay any fees either. This is because you need to pay all the electricity fees by yourself.

Pool Mining

Pat yourself for how far you have come in this Litecoin mining pools guide. The next thing to be discussed is pool mining. Understand pool mining this way: it is the opposite of Solo mining.

In Pool mining, miners eventually share their resources. You share both computer power and electricity. Joining resources together enables miners to have a higher chance to get a block reward. In fact, your share in pool mining mainly depends on how much power you produce.

Unlike Solo mining, miners pay a significant fee. This helps you to get a chance to successfully join the pool mining. Because you join a pool, instead of getting all the reward yourself, you rather share with other opponent miners as well.

More importantly, you can also mine Litecoin successfully using CPU, GPUs, and specialized ASIC computers. Counting the three, the Central Processing Unit (CPU) looks less expensive to purchase. In fact, Application Specific Integrated Circuit (ASIC) is more powerful than all.

This means that, if you want a greater throughput, then you are advised to go for ASIC mining. It is worth mentioning that ASIC mining is the most recommendable mining technique in our Litecoin mining pools.

How to Mine Litecoin With Computer

You can easily mine Litecoin with a computer at home or anywhere. All you do is make sure you get a computer and internet connection. Also, remember to get a wallet to ensure your earnings. Follow the below steps to mine Litecoin yourself.

  • Choose your preferred hardware (ASIC, GPU, or mining rig) you will use to mine LTC.
  • Install the required software.
  • Start mining on the go.

Litecoin Mining Pools

Now, let’s dive deep into Litecoin Mining Pools for further knowledge and understanding. One thing promising about Litecoin Mining Pools is that the Pools deliberately charge zero fees.

The Pools uses a technology dubbed pay-per-share (PPS) to operate. Furthermore, this means that your LTC reward depends solely on the amount of power and electricity that your hardware components contribute to the system.

 Antpool

To begin, Antipool is one of the China-based specialized Litecoin Mining Pools available. Not only Litecoin,but miners can also use Antpool to mine other cryptocurrencies including Bitcoin and Ethereum. In fact, you need zero fees when joining Antpool.

With AntPool, you can redeem your mining reward every day, unlike other mining pools that take a longer time.

Cloud Mining

Miners can also do more on Litecoin with Cloud Mining. You can choose to use Cloud Mining mainly as your third-party option if you are experiencing purchasing expensive equipment.

In Clouding mining, you offer to pay a Litecoin mining rig to facilitate all the work inputs and outputs. Fast fact, you need to get a computer. Mining with rigs is the most recommendable option for beginners.

For this, rigs do not worry miners to buy expensive hardware equipment that costs much more electricity. Also, you need to invest money before you can access cloud mining. The bigger you invest, the greater your retunes.

F2pool

F2pool, another recognized mining pool in the crypto world. It is also called “Discus Fitch” established in 2013. It enables miners everywhere to join and share their computer power find blocks

Additionally, F2Pool operates as one of the oldest Litecoin mining pools now. It is worth mentioning that due to F2pool greater returns the pools also consider charging high fees.

In terms of payment, the F2Pool rewards every miner that strives to reach the payout threshold day by day. Note: secure a mining wallet before you begin to mine any crypto.

Conclusion

You now know that Litecoin mining is not a big deal either. Thanks to the CoinQuora team’s Litecoin mining pools tutorial. We hope you are now excited by the knowledge and understanding gained from our Litecoin mining pools. We strongly believe that you’re well to go to start mining Litecoin yourself for success.

FAQ

Is Litecoin a Mineable Cryptocurrency?

The answer is yes! Litecoin is a mineable digital currency. Regardless of the personal status of a miner, anyone can mine or trade Litecoin at all times. You need to get your computer, wallet, and a strong internet connection available.

Would Litecoin Mining Be Profitable For Me?

Mining Litecoin is indeed a profitable thing. Think of it this way, you can win in Litecoin mining. In the same vein, you can also lose greatly if you do not choose the right mining hardware or pool. To accelerate your earnings when mining Litecoin then we highly recommend you to use ASIC, GPU hardware equipment.

Can I Use a Bitcoin ASIC Miner to Mine Litecoin?

Never! You cannot use Application-Specific Integrated Circuit (ASIC) machines to mine Litecoin. However, to get success out of your hard-earned money, mine Litecoin with ASICs, GPU, and CPU.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.