How to Mine Litecoin – A Guide on Litecoin Mining and Other Altcoins

It’s important to keep in mind, though, that a list of 54 companies is far from exhaustive. For this reason, it’s helpful to look to other resources to get a glimpse of where things stand. UseBitcoin is a directory with entries for more than 5, businesses and retailers; nearly all of them accept bitcoin, but the large majority don’t accept other digital currencies.

Coinmap suggests that businesses in New York City currently accept bitcoin payments. Some of these work exclusively with bitcoin, even going so far as to house their own bitcoin ATMs.

In the Czech Republic, Nguyen says, “we have been witnessing wider acceptance of cryptocurrencies.

The need for speed

Places that have accepted bitcoin [in the past] started accepting litecoin or ethereum. There are even ATMs which offer bitcoin cash. Be warned, though, that before these wallets are truly usable, you may face a lengthy wait while the coin’s entire block chain downloads.

Much Wallet This is DogeCoin’s Wallet The need for speed Unless you possess specific mining hardware, there are two ways to mine cryptocurrencies: Of the two, a GPU offers far better performance for the cryptographic calculations required.

However, if you are making your first foray into mining and don’t possess a souped-up gaming computer — a laptop with Intel integrated graphics, perhaps — it will still be possible to mine those altcoins, but at a far slower rate.

The catch with GPU mining is that it requires a dedicated graphics processor, such as you may have fitted inside your desktop PC — the Intel integrated graphics cards found in most laptops are just not suitable for the task.

To keep speeds up to a respectable level, most altcoin miners build dedicated machines using motherboards that can house multiple graphics cards, usually via riser cables. Be aware, too, that mining digital coins is very system intensive and can reduce the lifespan of your electronic components.

It’s a good idea to make sure you have adequate cooling in place, keep an eye on those temperatures and keep hold of any warranties — just in case. Solo, or with the crowd? Mining can either be a solitary venture or you can join a mining ‘pool’, where a number of people combine their processing resources and all take a share of the rewards.

It can be helpful to think of mining pools as joining a lottery syndicate — the pros and cons are exactly the same. Going solo means you get to keep the full rewards of your efforts, but accepting reduced odds of being successful.

Conversely, joining a pool means that the members, as a whole, will have a much larger chance of solving a block, but the reward will be split between all pool members, based on the number of ‘shares’ earned. If you are thinking of going it alone, it’s worth noting that configuring your software for solo mining can be more complicated than with a pool, and beginners would probably be better off taking the latter route.

This option also creates a steadier stream of income, even if each payment is modest compared to the full block reward. Installing your CPU miner A handy piece of software called cpuminer is the easiest way to start mining, but does require the ability to use the command line on your computer.

For the purposes of this guide, though, we are making the assumption that you are using the Windows OS.

Wallets at the ready

First, download the appropriate file for your operating system.

About the author


View all posts