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What is Litecoin mining?
Created by Charlie Lee, a former Director at Coinbase, Litecoin (LTC) is often referred to the “silver to Bitcoin’s gold”, and was an early fork from the Bitcoin network. Litecoin is designed to be a form of decentralized digital cash which can supplement the use of Bitcoin as the Bitcoin blockchain cannot adequately handle the amount of transactions requested. Litecoin processes its blocks more than three times faster than Bitcoin, every two-and-a-half minutes, which allows transactions to be processed more quickly on its network. The blockchain’s scrypt hashing function has kept mining democratized and out of the hands of large mining pools, which is an attractive feature for users worried about network centralization. Users also tout the low transaction fees on the Litecoin network as compared to other blockchains making it a better choice for transacting. As long as there is a strong demand for cryptocurrency transactions which Bitcoin alone cannot fill, Litecoin will have a role in the future of the decentralized economy.
How does Litecoin mining work?
To start mining, all you have to do is:
Which miners are used to mine Litecoin?
The Litecoin blockchain operates using the scrypt hash function, and as such requires different mining equipment than mining other blockchains such as Bitcoin and Bitcoin Cash, causing it to be a great option for individuals to mine without takeover from large mining conglomerates. ASIC miners are available for mining Litecoin, but they can be more expensive and complex to construct, making it important to purchase the best ASIC mining equipment for mining Litecoin. Without the proper ASIC mining equipment, GPU miners will also provide a solid option for those looking to mine Litecoin.
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