As we know that Bitcoins are created electronically, presently it is considered too late for the hobbyists to start off with Bitcoin mining without the expensive ASIC processors. Although many of the other alternative digital currencies are still suited for mining on your home PC, Bitcoin mining won’t be an easy task for you. If you’re someone who is into Bitcoin and litecoins trading, the concerns of this article will take you through the information that you need to start digging up a few litecoins, dogecoins, feathercoins without the usage of any highly expensive equipment.
Cryptocurrencies usually use either SHA-256 or scrypt as their proof-of-work hashing algorithm but most of the newer digital currencies have opted for scrypt. Among the two, scrypt tends to be the more memory-intensive. Home PCs with sufficiently powerful graphics cards can still have the ability to mine such crypto currencies effectively since there are no ASICs to compete with. In fact, most surprisingly, it is still possible to use your computer’s CPU to mine the digital currencies. To know more on litecoins mining, you may visit https://ghash.io/litecoin-mining/
Are you ready with your wallet app?
Before you start off with mining your litecoins and Bitcoins, you’ll require a wallet to keep your hard-earned coins. Head to the homepage of the currency that you want to earn or that which you intend to mine and download the wallet app by clicking on the link. If you find yourself in any kind of problem, you can join the community forums, as well as their own subreddit.
Speed – The most important factor
If you don’t possess specific mining hardware, there are just 2 ways in which you can mine cryptocurrencies with your CPU or with your GPU or Graphics Processing Unit. Among the two, the latter offers an enhanced performance for all kinds of cryptographic calculations that are required. However, if you’re new into this and you don’t have a ready gaming computer, a laptop with Intel integrated graphics will also help you with mining litecoins, but at a far slower rate. Also be aware of the fact that mining digital coins is a very system-intensive process and it may reduce the electronic components of your machine. Hence, make sure you have sufficient cooling arrangement in place.
Are you a solo player or you’re playing with the crowd?
Did you know that mining can either be a solitary venture or you can also trade by joining a mining pool where a large number of people combine their resources and take a share of their rewards? If you go solo, you will be able to take full rewards of all your efforts. On the other hand, when you join a pool, this will mean that the members as a whole will have enhanced chance of solving a problem. However, the reward will be split between other members of the pool.
If you’re planning to do it alone, you have to note that configuring your software for solo litecoins mining can be even more complicated than when you play with a pool. This option even creates a steadier stream of income, even if each payment is modest as compared to the full block reward.
For all those who own PCs with trustworthy graphics cards, there’s good news for you! Now it is possible to run both cpuminer and cgminer at the same time. When you mine both GPU and CPU at the same time, it will reveal how much better GPUs are better when it comes to mining litecoin.
According to the news, Ghash.io was controlling about 51% of the Bitcoin network’s hashrate, BitFury, industrial Bitcoin mining facility operator, has released a new statement that has moved 1.5 petahash of its hasing power out of the mining pool.