Over the last few years, it has become increasingly difficult to mine Bitcoin. This is mainly because of the ASIC processors used in the mining process.
In addition to being complicated, ASIC processors are costly making Bitcoin mining an expensive endeavor for the average user. However, users can still mine other virtual currencies such as Litecoin using their PCs.
Since mining Bitcoins has become extremely costly, maybe you should try mining Litecoins and other coins that don’t require expensive equipment.
The best thing about Litecoin and these other altcoins such as dogecoins and feathercoins is that they use Scrypt rather than SHA-256. The Scrypt algorithm primarily supports simple crypto mining using CPU and discourages crypto mining using complex ASICs.
Understand Crypto Mining Basics
Machines are used to generate virtual currencies such as Litecoin. The machines work out intricate algorithms to release extra digital currencies into the market. Some important factors to note about crypto mining include:
As more virtual currencies are mined and released into the market, the complexity of mining algorithms increases. This means that the longer someone waits to begin crypto mining, the more difficult mining becomes.
Mining pools help improve your chances of gaining from the whole mining process. If a mining pool succeeds in finishing a block, the reward is equally shared among members. It goes without saying that members in a mining pool earn lesser than someone who finishes a block on their own.
You can build a computer to use in your Litecoin mining activities or you can buy one. Mining computers are generally referred to as ‘rigs’.
To effectively mine Litecoin and other coins, make sure your ‘rig’ has a minimum of 2 graphics cards. You can also buy additional graphics cards from trusted online merchants. Other important requirements for Litecoin mining include:
• System RAM
• Cooling for your ‘rig’
Get A WALLET
Make sure you have a Litecoin wallet before you begin mining. This is where the coins you mine will be stored. You can download a Litecoin wallet or use other wallets for crypto storage available online.
Consider Joining A Mining Pool
As we’ve stated earlier, mining pools help increase your chances of getting rewards. Today, there are dozens of mining pools on the internet and the best you can do is to find the right one. We strongly recommend new Litecoin miners to join mining pools instead of mining Litecoins and other coins solo.
While mining solo can be extremely rewarding, especially if you know what you are doing, the chances of successfully completing a block are extremely low. Before joining a mining pool, link your account to your wallet. This way, your rewards will be deposited to wallet once your mining pool completes a block.
Once you’ve become a member of a Litecoin or any other coin mining pool, it’s time to create a ‘worker’ profile. Members in a Litecoin mining pool are known as ‘workers’ and their profiles show their contributions to the pool. The process of creating a ‘worker’ varies from one pool to another.
We should also mention that newbie miners are not allowed to create multiple ‘workers’. However, beginner miners can create many ‘workers’ especially if they have many mining computers.
A mining program is very importance when it comes to Litecoin mining. The good news is the internet is full of dependable mining programs. Some mining programs worth mentioning include:
cpuminer: as the name suggests, this is a CPU mining program.
cudaMiner: cudaMiner is specially meant for Nvidia graphics cards
cgminer: this mining program is arguably the best on the market. It works perfectly with Scrypt-based virtual currencies although it was originally designed to mine Bitcoins.
We should also mention the importance of correctly configuring your mining program. Note that the mining programs mentioned above come with diverse configuration processes. The connection information of your pool such as ‘worker’ details, port number, and ‘stratum’ can help you with the whole configuration process.
Once you’ve configured your preferred mining program, it’s now time to start mining. Make sure to follow up your Litecoin mining process from the command prompt displayed on your ‘rig’ window. You’ll be able to see your mining progress as well as your accomplishments so far.
We discourage you from using other computer programs while your ‘rig’ is working. Doing so can negatively affect your mining efficiency leading to low profits.
Keep A Close Eye On Your System Hardware
Note that crypto mining tends to push hardware to the maximum limit. We, therefore, recommend monitoring your hardware’s temps to make sure there is no overheating.
Although running your hardware round the clock can lead to high returns, it can considerably reduce the efficiency of your mining computer. We recommend shutting down your ‘rig’ from time to time.
Make sure you understand what you’re getting yourself into before venturing into Litecoin and other coins mining. Read a lot of tutorials about the same online and watch as many videos as possible.
You can choose to mine Litecoins solo or you can become a member of a successful mining pool. Newbie miners should consider the latter option.
We strongly advise you to estimate whether Litecoin mining is the best way to go for you. Sometimes mining can be extremely costly. In such cases, consider buying Litecoin instead of mining.
With the guidelines in this article, you can mine Litecoin and other coins successfully.