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WHAT IS MINING AND WHY LITECOIN?
Litecoin is a cryptocurrency that is commonly known as the “Silver to bitcoin’s gold.” It has faster transaction speeds and less fees. It also has four times as many coins.
Mining is the process of verifying transactions on the network. Miners are rewarded for solving complex mathematical problems by attempting millions of “nonces” per second. The first machine to guess the correct nonce gets the reward of 25 Litecoins. Miners often work together in what are known as pools in order to have a higher chance of guessing the correct nonce. The rewards are then distributed amongst the pool depending on how much hashing power each user provided.
Litecoin can be mined with CPUs, GPUs, and ASICs. ASIC miners are the most powerful cryptocurrency miners on the market. The Antminer L3+ miner was designed specifically for a type of mining that uses the Scrypt algorithm. At the time of this post it is the most powerful Litecoin miner on the market, with 504 MH/s. That’s 504 million hashes per second.
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