Litecoin is an early spin-off of Bitcoin, released as an open-source software project in October 2011 by Charlie Lee. Since then, Litecoin has grown to become one of the world’s biggest digital currencies, with a total market capitalization of almost $3 billion at the time of writing.
Technically, Litecoin is almost identical to Bitcoin, which means that Litecoin is completely minable. However, Litecoin differs from Bitcoin in that Bitcoin uses SHA-256 while Litecoin uses a process called Scrypt mining. Scrypt mining relies heavily on computing resources whereas SHA-256 uses considerably less.
If you want to mine Litecoin for any reason, there are a number of variables you need to consider.
Is it worth it to mine Litecoin?
As the difficulty level cryptocurrency mining rises, many miners can’t afford to upgrade to the more expensive equipment. As such, Bitcoin mining, for example, probably won’t be worth it for those looking to do it casually. Mining Litecoin, however, can still be worth your time and net you some passive income. This is because the mining process of Litecoin is still relatively easy to do. Unlike currencies such as Bitcoin, it’s still possible to mine Litecoin on a GPU, though it will be considerably less profitable than investing in specific hardware
Best Litecoin mining software
What is the best Litecoin miner?
There are lots of different kinds of Litecoin mining software available, but perhaps the five best are:
- Easy Miner
- Awesome Miner
- GUI Miner Scrypt
Easy Miner is a free and open-source Bitcoin software miner but can be used to mine Litecoin as well. It’s completely open-source so you can customize the software to your specific needs. Easy Miner also features its own in-built wallet and comes with a dedicated “moneymaker” mode that devotes the software to the mining of Litecoin on its own stratum pool. EasyMiner also has Litecoin mining software for Android and is widely considered to be one of the best Litecoin mining software applications available thanks to its solid reputation.
MultiMiner is regarded as one of the best Litecoin mining software applications available for new users, though it isn’t as well known as some of the others on this list. The mining software is quite versatile though as it supports Windows, Mac, and Linux and comes with features like automatic detection of network devices and can even monitor and control another MultiMiner mining rig remotely. It’s perhaps not as well optimized as it could be, but it’s clear that a lot of hard work has gone into its development.
CGMiner Litecoin has been around for a while and offers the user a host of features and a large community. CGMiner Litecoin supports Windows, Mac, Linux, OS X as well as other platforms, making it incredibly versatile. The software is also open-sourced allowing you to customize it to your needs. It also comes with several features like remote interface capabilities, complete monitoring, and fan speed controls.
Awesome miner is the mining software you should choose if you’re looking to manage multiple mining rigs as it supports various types like FGPA, ASIC. It also supports over 25 mining engines, including XMRig, SRBMiner, BFGMiner, and SGMiner, but comes with a subscription fee of $4 a month for two miners, or $36 yearly. Awesome Miner also comes with several useful features including monitoring the status and temperature of all ASIC and FPGA miners, as well as its own built-in Litecoin mining calculator. Awesome Miner also boats the unique feature of overclocking operations for both NVIDIA GPU and AMD GPU without the need for any external applications.
GUIMiner Scrypt is actually a fork of GUIMiner but has been built with beginners in mind ensuring mining is as easy and straightforward as possible. It’s predominantly designed for the Windows operating system and utilizes the computer’s graphics processing unit (GPU) or computer processing unit (CPU) with support for Scrypt mining. Scrypt is an encryption method for cryptocurrency mining. Scrypt coins are different from cryptocurrencies like Bitcoin, as such, Scrypt mining can also be used with other Scrypt coins like Dogecoin. Scrypt mining has received its share of criticism as it makes mining more difficult for the specialized ASIC miners, this is done to protect the value of the cryptocurrency for miners. Litecoin CPUMiner is a good alternative.
Litecoin mining pool
There are lots of different Litecoin mining pools available, all with their own pros and cons. However, five you should consider are:
While Litecoin mining might not be as profitable as it once was, it can still be worth the time and effort provided you account for several different factors such as hardware and software, the various methods to mine Litecoin as well as how long it will take.
So, while there are a number of factors that determine the profitability of Litecoin mining, it can still be worth your time if you’re willing to make some investments. Even if you aren’t willing to shell out the money needed for a mining rig and other equipment, you could still make some passive income though it would take much longer.