Bitcoin maybe the King of the Hill when it comes to cryptocurrencies, there are alternatives out there. Litecoin is near the top of the heap. The main way you can get cryptocurrencies like Litecoin without selling anything is via Litecoin mining. This means participating in the network that processes the transactions for the entire Litecoin network. There are several things to consider when mining.
A Litecoin wallet
First, you need to have a wallet ready. All cryptocurrencies have a basic wallet that can hold the coins a person mines or earns. The default wallet app is good enough, but there are several third-party apps that can provide you with what you need. A word of warning though – you’ll need to download Litecoin’s entire block chain to have the wallet be effective.
Second, you’ll need to have the hardware to start mining. There are two ways to mine cryptocurrencies. It is either your PC’s central processing unit (CPU) or its graphics processing unit (GPU) on its graphics card. Of the two choices, a GPU performs better for the cryptographic calculations required. The problem is GPU mining requires a dedicated graphics processor. If not done so, it can be pretty slow mining. Slow mining can also be expected from using your PC’s CPU. Potential miners should also note that long-term mining can damage your hardware if there is no sufficient cooling. Ensure your hardware is ready before your embark on your mining adventure.
Litecoin mining strategy
Third, you will have to make a choice. Mining can either be a solo job or you can be part of a pool, where miners combine their processing resources. Pools end up sharing the awards among themselves. Solo mining is easy to understand. You mine and you reap all the rewards. However, you will have a slower time solving blocks. A pool means that there is a larger chance of solving a block and getting the reward. Choosing which approach to use can decide the fate of your mining career for Litecoin.
Litecoin mining software
Finally, you will need to set up your mining software. There are dozens of mining apps out there. Most cryptocoins have their own native mining app, but it is often better to go with a third-party app, mostly because of the features they have. A popular one is CPUminer. It will take some setting up though to fully get the most out of it. There are several mining sites out there that can help you finalize the options when setting up your mining operation.
With all of this done, you can start digging up your own Litecoin.