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What is Litecoin Mining?

What is Litecoin Mining?

Similar to Bitcoin mining, Litecoin mining is also a process to validate and pack the effective LTC transactions into blocks, then add blocks to the blockchain. Miners are required to work out algorithms puzzles/maths problems, the first one get the result and generate a block will receive LTC as reward. In other words, Litecoin mining is also a way to create new LTC coins.


How to Mine Litecoin?

Step 1. At first, you need to download a Litecoin wallet from Litecoin official website, which is used to securely store your hard-earned LTC on computer, tablet, laptop or phone.


Step 2. Set up your mining machine, with high-equipped GPU and graphics processor for cryptographic caculations. Then, download and install mining software on your computer.


Step 3. When finish setting up wallet and mining machine, you can choose to work alone or join a Litecoin mining pool. In mining pool, the calculations is more powerful, which somehow lower the Litecoin mining difficulty. Correspondingly, LTC reward will be split and paid to each miner in proportion to their contributed computational power.


ltc-mining-pool.png

Litecoin Hash Rate Distribution


Notice: Once you started mining Litecoin, you must keep your mining computer power on and cool.


How Many LTCs can Miner Get as Block Reward

Every 840,000 blocks, Litecoin's block mining reward halves, which will decrease from 25 to 12.5 LTCs. And according to Litecoin Block Reward Halving Countdown, LTC block reward is expected to be halved on Aug. 7, 2019.


All of the above is about Litecoin mining. Actually, mining litecoin requires the huge consumption of electricity, which means you need to pay for the high bills. Therefore, take all factors into consideration before starting to mine LTC.

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