Three Parts: Litecoin is a cryptocurrency like Bitcoin, though it uses some fundamentally different algorithms to process, called 'Scrypt'. Initially this made it easier for people with home computers to mine, but dedicated mining machines called ASICs can now process Scrypt coins like Litecoin, making it difficult to get in without a large investment. Still, if you want to try your hand at mining, you can have everything setup in an afternoon, and if you join a mining pool you can start seeing Litecoin returns almost immediately. Understand the basics of cryptocurrency mining.

Our beginners guide to cryptocurrency mining shows you how to mine Litecoin on a Mac in 30 minutes. In Terminal press command “N” to bring up a new terminal to ensure you are working with a fresh window and change into your Applications directory using the following command:>cd /Applications (i.e. Just type in. How Does Bitcoin Mining Work? SegWit Activation Complete, Litecoin Charts a Course. The price of LTC, the token that powers the litecoin blockchain, is.

Traditional currencies are printed to increase the amount of cash in circulation. Cryptocurrency such as Litecoin is generated by machines that solve complex algorithms.

Whenever a 'block' of algorithms is finished being processed, more currency is released into the market, usually as a reward to the miner that finished the block. • Mining algorithms become more difficult as more currency is mined. This is intentional as it helps prevent all of the possible currency from being mined immediately. The practical side effect is that the longer you wait to start mining, the less likely you are to solve blocks on your own. • Mining pools were created to help individuals have a better chance at making money from mining.

The mining pool applies all of its members' processing power to solving a block, and if the block is finished by any member, all members get a share of the reward. You'll get far less reward than if you finished the block on your own, but have much higher chances of actually seeing results. Consider alternatives to mining. Unless you're willing to drop thousands of dollars on a dedicated mining machine, or you don't pay for electricity and don't care about the lifespan of your home computer, there's very little reason to mine Litecoins instead of just purchasing them. The electricity costs of mining 24/7 often outweigh the value of anything you mine, especially if you're using a home computer, and running constantly puts a serious strain on your hardware components. • Litecoin mining is only going to increase in difficulty, as this one of the fundamental principles of cryptocurrency mining.

This means that it will get more difficult to mine at a profit unless the value of the Litecoin sees a significant boost. • If you're mining Litecoin to use as a speculative investment or to use an an alternative form of payment, it's usually better to just purchase them outright. Purchase or build a mining computer ('rig'). In the cryptocurrency world, computers used to mine coins are called 'rigs'.

In order to be remotely effective when mining Litecoins, you'll need a computer with at least. Ideally, you'll want four or five graphics cards attached in a custom setup. You can purchase these online, or you can try building your own, though this requires a fair amount more work than. Buy Bitcoin Gold BTG Miner China on this page. • You will want at least as much as graphics card RAM. • You'll want some to keep your components alive longer.

Consider an ASIC Scrypt miner. These are dedicated mining machines that can greatly increase your mining power, but they can be expensive for effective ones. ASIC Scrypt miners can come in low-power models too, allowing you to save on electricity. • One of the big benefits of a Scrypt miner is that you can easily change it to mine a more profitable coin as long it is Scrypt-based like Litecoin. • You can get a USB ASIC miner and connect it to a for a low-power miner.

• ASIC Scrypt miners sell out quickly, but you can find them for purchase online at retailers such as Zeus Miner ( zeusminer.com) and Zoom Hash ( zoomhash.com). You may have to put your name on a waiting list for the more popular models. Estimate whether mining will be worth it. Once you've decided on some equipment, look up the market trends for Litecoin and make a projection on how much mining you will have to do to make up the cost of the equipment, power, and internet. If you can purchase the same number or more coins than you will earn mining, you're probably better off just buying the coins. • For example, let's say that your equipment has a hash rate (processing power) of 200 KH/s, which is about the average for a high-end graphics card.

The computer uses 600 watts of power to mine, and power costs $0.10/kWh. Windows Store GameCredits GAME Miner. Assuming that you're mining solo, mining Litecoin at the current rate (March 2015) with the above setup will cost you $520 per year, and you would never break even.