Digital money is no longer an obscure concept with the Web providing many results for searches related to it. All who are planning investments in cryptocurrency can surf through the internet to find all kinds of information regarding the advantages, risks, rates and potentials of it. The world has a propensity towards Bitcoin for its reputation and market value. Time has taught people to take a different perspective on cryptocurrency, with hundreds of people taking a step towards investing in the rivals of Bitcoin too. One of the primary opponents of Bitcoin is Litecoin, which appears to be the other side to the coin with equally enthralling features.
What is Litecoin?
Litecoin in simple terms can be defined as an emulated version of Bitcoin which also undoubtedly, was named by sticking to the roots. Although they might seem identical in a lot of ways, on a closer look, you can find that Litecoin has its peculiar features. The factor that sets a definite place for Litecoin is its mining methods, which has got a different approach from that of Bitcoin. Like in the other cryptocurrencies, the supply of Litecoin is also limited, to about 84 million. One another intrinsic feature that distinguishes its identity from Bitcoin is the transaction time which clocks in at 2.5 minutes, unlike in Bitcoin, which takes about 10 minutes for each transaction.
The process of mining is almost the same in both Bitcoin and Litecoin, where a miner has to keep mining for coins by creating codes for each transaction made. The mathematical systems or puzzles that are created within the blockchain when the deals are secured has to be simplified by the miners. This data, then, has to be allocated after the code is developed. Cracking of the system requires highly sophisticated computers and constant high-power supply. Bitcoin mining demands this, which makes several miners back out from taking up the mining activity, making it the area where Litecoin shines. With the mining power requirements brought down to reasonable levels, miners all around the world find the task both affordable and profitable. To decide on which coin to mine, Forex Academy updates you with the daily market conditions of cryptocurrency.
Litecoin mining hardware
Rigs or mining hardware resolves the issue of complicated mathematical codes that need to be cracked to mine for the coins. Various mining hardware has proven to be ideally worth for Litecoin mining.
- ASIC: It is one of the best options for mining Litecoins since it offers a platform to mine the maximum number of coins. Application-Specific Integrated Circuits enable the miners to mine over the coins to earn a fortune continuously. Antminer L3+ has been reviewed as the best ASIC that can be used for Litecoin mining.
- CPU: This hardware is the same as that of the computer system that you work on every day. But for mining, the equipment that a typical CPU offers would be a lackluster or insufficient one. The extraction done through a CPU would take considerable time to get completed. AMD Ryzen Threadripper 1950X stands atop in the CPU hardware list ideal for Litecoin mining.
- GPU: It is one of the main types of hardware that is used for mining, but it requires highly efficient graphic cards for its functioning, which could cost every average miner a bomb. Nvidia GeForce GTX 1060 and the AMD Radeon RX 580 are the best GPUs for Litecoin mining.
Litecoin mining requires competent miners to efficiently complete the process so that the system operates at the speed that it has been engineered to. It is not an easy task to execute this, although Litecoin doesn’t demand high-power supply. Expecting great results will necessitate every miner to customize their systems in the best way possible with the most productive equipment available for mining.