Litecoin Mining and Litecoin Price - The Basics

If you want to mine bitcoin, you should have a sophisticated ASIC processor. If you do not have this high-priced, high-speed bitcoin miner, you can still mine other digital currencies called altcoins, for example, litecoins. Litecoin is a P2P cryptocurrency, similar to bitcoin, independent from any central authority. After bitcoin, litecoin is the most important and valuable cryptocurrency.

Most cryptocurrencies use scrypt, a key derivation function, as algorithm. If you have a computer or a laptop with a sleek graphics card, it is still possible to mine altcoin. You can work with a laptop that has an integrated graphical card.

For the start, you need a wallet where you can store coins. Visit the homepage of the kind of digital currency you want to mine and download a wallet app.

Most wallets are based on Bitcoin Client, formerly known as Bitcoin Qt, a software that helps private key generation and safety. You will have to wait a long while until the entire blockchain downloads.

Alternatives

You have two options to mine cryptocurrency: you can use the central processing unit or the graphics processing unit of your graphics card. Using GPU is more convenient, but you will need a dedicated graphics processor. Several laptop feature integrated graphics cards, which are not good for this purpose.

Consider that mining digital currencies may damage your electronic components.

You can mine digital currencies alone, or you may find a mining pool, a community whose members contribute with their processing resources and everyone receives a share. When you mine alone, you can keep all the rewards, however, you will have a hard time to configure your software for the purpose, and you will have less chance to succeed. A group of miners has more chance to solve a block, but they will have to split the reward, depending on how many shares each user contributed. If you are a newbie, you will have an easier route joining a pool. A pool provides a steady income, but you only receive a small part of it.

Litecoin Price

Some pools, for example, Multipool, will switch cryptocurrencies, finding the most favorable option for you. You can check out litecoin price at chart websites where you can find analysis and chat options. Some experts say that litecoin is crashing and losing its value, so prices have declined.

Before you start mining, you must install your CPU miner. You can use a software for this purpose, “cpuminer”, provided you can use the command prompt of your PC. You can download it from SourceForge. Then extract the ZIP folder. Remember that you have to use the required parameters.

You may mine coins with GPU. Use a program called cgminer.

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