Working in a very similar way to Bitcoin, Litecoin is designed to process transactions faster, making it a better option as an everyday payment method. Litecoin was created as a fork from the Bitcoin code, by former Google engineer Charlie Lee. If Bitcoin equal to gold, then Litecoin is silver. There is a common phrase used to describe Litecoin. Let’s start with a brief explanation of what Litecoin actually is. This guide is going to tell you what it takes to start mining Litecoin. For that reason, less competitive coins, such as Litecoin, may actually bring a better return on investment, due to more consistent rewards. But, that means competition is also the highest and thus the hardest to get decent returns. The one that does is rewarded with coins from that network (Bitcoin, for example).īitcoin mining has long been the most popular, as the coin itself has the highest value. Many miners compete to solve the algorithm first. Computers running a specialized function to solve a system of algorithms to complete the block. Once this is done, a “block” is added to the network for that transaction, forming (hence the name) a chain of blocks. Every transaction that occurs on a network needs to be verified and confirmed. Meaning not under the control or operation of a single company. What exactly is mining? In broad terms, it’s how blockchain networks and cryptocurrencies can be decentralized. What to Consider Before You Start Mining Litecoin.
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