Why You Shouldn’t Overlook Mining Litecoin
Although Bitcoin and Ethereum account for a significant percentage of the cryptocurrency market, other alternative cryptos are worth mining and investing in. One of these is Litecoin. Here are some reasons why you shouldn’t overlook mining Litecoin to know and some context as to how Litecoin compares to Bitcoin and other common cryptos on the market today.
What Is Litecoin?
Litecoin is a popular cryptocurrency created from Bitcoin blockchain technology. The original goal of Litecoin’s design was to address flaws found in Bitcoin. The developers thought Bitcoin had become too centrally controlled and threatened by large-scale mining firms. While similar to Bitcoin, Litecoin uses a different algorithm with faster transaction processing times. The name Litecoin derives from the creator’s intention as a light version of Bitcoin. With over 84 million coins to date, the blockchain generates new hashes every two and a half minutes using the Scrypt algorithm.
With that in mind, anyone interested in crypto mining mustn’t overlook Litecoin as a lucrative option. There are some technicalities in mind, mainly regarding Litecoin’s Scrypt algorithm. Miners must use hardware and software capable of this algorithm. Like other cryptocurrencies, Litecoin uses blockchain technology and hashes. Like Bitcoin, miners can use their personal computers and mining devices, but Litecoin is most profitable with application-specific integrated circuits. These are more commonly found in mining pools. Litecoin features a centralized mining network, so independent mining may not be as lucrative as collective mining operations.
Of course, profitability is one of the considerations when learning why you shouldn’t overlook mining Litecoin. These profits rely on hardware, software, pool fees, energy costs, and market value. The crypto market constantly adjusts, so Litecoin’s value may not result in substantial rewards if you sell at the wrong time. Check the market value to see when the appropriate time to sell is for the highest ROI, or wait until the value increases and keep mining to gain more Litecoin tokens. You’ll also need to keep these costs in mind if using a mining pool.
If you’re in the market for Litecoin or Dogecoin mining hardware, BT-Miners has your back. We carry the best cryptocurrency miner devices on the market for new and experienced miners. Litecoin has a less saturated market than other current cryptocurrencies, making it competitive for anyone interested in these operations. Call us with any questions or concerns regarding crypto mining. Our team of experienced technicians is happy to assist you.