Litecoin: an easier mining solution to Bitcoin
Mining LTC or any cryptocurrency is a thrill for people who enjoy solving mathematical problems. Cryptocurrency is a consequence of the technological world.
There is nothing that could be more exciting than participating in the world of the innovative digital token. Supporting the crypto cause is fulfilling because cryptocurrencies have the potential to help the unbanked and replace reserve currency, which is vulnerable to inflation.
Many locations such as Latin America have issues with finding physical banks and have to deal with corruption from their Governments stealing from them. Crypto is a solution to many problems.
There are a plethora of ways to support the crypto movement by investing in it, publicizing it, but mining for some is the most fulfilling one though there are some difficulties. The reality of mining is that it is not a cheap operation as it requires you to get software in most cases and spend money on electricity.
The way the blockchain is for each coin determines what machines need to be bought for mining to occur and how much energy they use.
Proof of work
Litecoin is easily more straightforward to mine than Bitcoin, and it is energy and cost-effective. Litecoin is similar to Bitcoin in terms of tech and monetary policy.
Litecoin and Bitcoin are also similar because they both use proof of work. Proof of work is meant to be a more straightforward system as it makes it difficult for blockchain to be altered.
Litecoin and Bitcoin differ because LTC uses the mining algorithm Scrypt, which is an easy way for users to generate hashes. Bitcoin uses SHA-256. A hash is a one-way cryptographic algorithm on a data chunk so, a data set will return one hash.
The hardware to mine LTC is also readily available and more affordable. The ability to mine Litecoin can be done via a computer using its’ central processing unit (CPU).
Early on in the Litecoin journey, Bitcoin could be mined using CPU, but by 2011 the competition forced people to use a graphics processing unit (GPU). As competition continues to ramp up for both of them, Bitcoin is now mined through ASIC, while it makes more sense for Litecoin to be mined through GPU, making it the cheaper option.
LTC will continue to be the easier option because of the fact it will always have less competition than Bitcoin as it is not anywhere near as popular.
Litecoin also uses far less energy than Bitcoin, making it more convenient. Bitcoin miners in China often have to relocate to find cheaper energy when energy prices go up.
Bitcoins consume over 30 Terrawatt hours (TWh) per year, which is the same as Serbia and Denmark annually. Litecoin is quicker than Bitcoin and consumes less than half of the energy that Bitcoin does.
Litecoin was designed to be a lighter alternative to Bitcoin, and the coin has certainly accomplished that. Litecoin is an easier coin to mine because of the software it uses and the way it is designed, and the energy it consumes.
For anyone looking to start mining, mining Litecoin is the best way to begin.