What is litecoin mining? Learn all you need to get started

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15 April 2021

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The block reward eventually becomes so small that there can only be 84,000,000 litecoins in existence. There are many websites that track and estimate block reward halvings. You can use one of the many litecoin mining calculators to determine the potential profitability of hardware. Litecoin mining profitability will depend on the price of litecoin, hash power of your hardware, electricity costs, and hardware efficiency. The litecoin mining difficulty is perhaps one of litecoin’s most important features. It is an algorithm that is updated based on total network hashing power to ensure that litecoin blocks are generated on average every 2.5 minutes.

The bitcoin network creates twenty-five coins every ten minutes. The litecoin network creates fifty coins every two and a half minutes. Now I’m not going to say why that’s good or bad. A lot of people have different takes on that. However, like bitcoin, each litecoin can’t be subdivided into a hundred million smaller units. And that’s defined by eight decimal places.

My password was very simple, just one, two, three. And when we do that, we’ll see that the worker now has been created. And so we’re going to need this information in just a second. Right on the main page, we can see the servers here. So we’re going to choose, just the first server for this example.

It will take like hours to synchronize this stuff. What you want to do is you want to maybe create a new one for your mining pool. Like I’m using burnside’s litecoin mining pools. And I made this address for it, for this computer. As you can see I just installed this like a few hours ago. And then you click on that, on the label and click on copy address and you’ll have the address on your clipboard.

And you might find that by selecting something in the gpu default, it helps you out and it works for some reason. So you can see that now I’m actually mining faster than I was before. I was at a hundred and seventy-nine kilohertz per second before, now I’m at a hundred and eighty-eight kilohertz’s, two hundred kilohertz’s per second.

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