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LITECOIN MINING


This guide unleashes how you Litecoins can be mined with GPU. A hash to watt ratio is an efficient card that may be used and common in the market. Solo mining is not as viable as pool mining, because of the difficulty of mining with a single computer. Time would be wasted to get a 50 LTC block. Download and install Litecoin wallet latest version, it can be downloaded from their official website. Avoid online wallets, hell, exchanges and pools to save coins. Your coins should be in your wallet, and ensure that u=your wallet is backed up. Run and sync which may take some time after which you can locate your unique Litecoin address in the Receive tab. Save the address in a folder, the address can also be copied which is needed later. GPU is required to mine Litecoins efficiently, you can as well make use of CPUs but to avoid difficulty in hash rates and waste of electricity it is recommended to use GPU. AMD is as also suggested for the mining process so as to mine faster. Download AMD Catalyst 13.1 software suite vista/7 64 bits AMD and AMD app sdk v 2.8. After installing the AMD Catalyst, ensure a reboot, and run AMD SDK 2.8 and reboot again. After the Drivers are properly installed, create a pool account. Click on Register, you will be redirected to the registration page.

Fill in the details required:
• Username
• Password
• Email
• PIN
• Security Question

Login with new created credentials, including username and password, you will have to request for email verification code, so as to protect your account and setup payment address. After confirming your email, open the WeMineLTC in your mail. Create A first worker, go to My Account> My workers Set a password for miner and press Update. You can create multiple workers if you have more than one PC. Go to Get Started> New User info should be seen with pools on the screen. You need mining software to mine Litecoins, and there are two available options, CGMiner and GUIminer. GUIminer is CGminer that has graphics; CGminer is advanced compared to GUIminer.

ASIC

An ASIC is an application specific integrated circuit. They are made especially from hardware pieces that perform hashing algorithms that is important to mine a Litecoin. The pieces are made and manufactured to execute hashing only. With increased value of Bitcoin, in fiats, the viability of the economy of ASIC starts to make innovations. It is difficult to avoid this device in some cases for economic incentives. There are two major mining computations for cryptocurrencies that is currently used. Scrypt and SHA. Litecoins has succeeded widely, achieving a billion dollars market cap in previous year. It is an emerging pattern that shows the movement of the market price of Bitcoin. Therefore, the economic incentives are now on ASICs development for Litecoin.




FASTER BLOCKS

The block chain for Litecoin is different from Bitcoin Bitcoin because blocks per 2.5 minutes averagely, 4 times faster than Bitcoin. This means that a merchant that allows transactions on a block deep gets the confirmation quicker. Note that more blocks may be required to obtain the same confirmation strength like Bitcoin. This increase the hash numbers that were wasted during mining because miners are now working from the non best block most times.

VULNERABILITY TO MINING MONOPOLY

Just like Bitcoins, Litecoin can be hacked by any entity that matches or exceeds the hash rate of the network. Like a 51% attack turns complicated to launch and sustain as the network hash rate grows. But arguments posits that Litecoins are designed to be inefficient on common components of computers, means that malicious entity need to produce a small batch of custom hardware only to overtake all the mining systems combined.


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