Litecoin mining distribution
Everyone in the cryptocurrency world has heard of Satoshi Nakamoto, the mysterious inventor of Bitcoin. But not many have heard of Peter Bushnell, the not-so-mysterious inventor of Feathercoin. On 20 April, he announced his alternative currency to a gaggle of online followers. Two months later, over 8m of them have been mined. Feathercoin is one of a range of alternative currencies that, like Bitcoin, are based entirely on mathematics.
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Litecoin was created back on 7th Oct by Charlie Lee, an ex-Google employee, who quit working in order to focus on Litecoin full time. Charlie is very active on Twitter. You can read his blog here. Litecoin was designed to complement Bitcoin by solving issues like transaction timings and concentrated mining pools. Originally, Litecoin was a fork or spinoff from Bitcoin but with some modifications. Charlie Lee modified the code and protocol in the way he considered best in order to achieve large-scale adoption of the currency.
Lee wanted to reduce block confirmation timings of 10 minutes to 2. By doing so, Lee enhanced the Litecoin transaction speed and now Litecoin is capable of facilitating payments around 4x as fast when compared to Bitcoin. The Scrypt algorithm is very memory-consuming and makes it difficult to operate concentrated mining pools. Litecoin mining is the processing of a block of transactions into the Litecoin blockchain. Litecoin mining requires solving for algorithms, and being the first to reach a solution is rewarded with tokens as payment.
Click here if you want to read more on how and where to store litecoin tokens. A hashing algorithm is a cryptographic hash function that maps data of any random size to a hash of a fixed size. SHA Algorithm: algo generates a unique byte bit signature for text strings. Litecoin, Dogecoin, Latium, Bitmark are a few among several more that are based on the Scrypt algorithm. CryptoNight Algorithm: This algo was created with home miners in mind — it is designed to support mining on personal computer CPU.
This is the algo most of the privacy focused coins use. Ethash Algorithm: Dagger Hashimoto is a proposed mining algorithm meant for Ethereum. It is a combination of two currently used works. A] Dagger algorithm that comes as an alternative to the memory-intensive algorithms like Scrypt.
But dagger was susceptible to pressure in shared memory hardware acceleration. The popular cryptocurrencies that are based on it include Ethereum, Ethereum Classic, and Expanse. Solo mining used to be a thing in dawn of the cryptocurrencies. Right now, as the mining industry gets professionalized and corporated, solo miners are endemic species.
But, the differences are still worth explaining. If you do solo mine Litecoin, the blocks you mine will be completely random. You could mine two blocks in a day. You could go three weeks without a block. If you mine in a pool, you take the pool fee right off the top. But your revenue is more predictable.
One disadvantage of a mining pool is its centrality — most pools today have central nodes that can be DDOSed, and if not configured accordingly when a DDOS happens the miner will just sit idly instead of reverting to a different pool or to Litecoin solo mining. What is the criteria you should consider when choosing the right mining pool to join?
Well, most of the below listed criteria points are rooted in basic common sense, like fees the lower, the better , pool reputation and uptime. Trustworthy pool operator ties into the pool reputation factor that we mentioned above. This is probably the most important criteria to examine: do your research on the internet, ask questions in mining and crypto communities to see if there are negative reports and personal experiences with the pool.
Fees are self-explanatory; the lower the fees a pool charges for itself, the more money is left for you. You want the pool to have a big hashrate to make sure it will mine a lot of blocks and your payouts will be regular. Server location and uptime — location plays role because of the latency — you need to be quick in broadcasting that found block, especially when mining a coin with huge hashrate and big mining difficulty.
Uptime is a big deal. Just like with regular websites, if it is offline when someone visits, the owner loses money. Same with mining pool servers — if they are offline, all miners in the pool lose money as nothing gets broadcasted to the blockchain. Payout schedule is also a minor factor. It is an individual preference as some people like few bigger payments while others like a lot of smaller payments. Payout schemes are also a condition to pay attention to.
There are numerous payout designs, some of the most common are. LitecoinPool is one of the most renowned and oldest Litecoin mining pools, launched in November by one of the main Litecoin developers that goes under a moniker Pooler.
Plus, with the PPS system you are paid even if a block gets orphaned by the Litecoin network. The pool initially mostly utilized the Antminer S9 hardware, at the time one of the most powerful ASIC mining devices.
Since its establishment, ViaBTC has managed to maintain an uptime of greater than The pool takes a percentage of the mining income to acquire funds for managing the accounts and covering all normal maintenance, including costs for the mining farm, deployment, repairs, staff salaries, risk prevention, and any other necessary expenses.
Their user UI is also lauded for its simplicity and usefulness. The pool is said to be the one utilized by past Bitcoin community member and current most famous Bitcoin Cash promoter, Roger Ver. The pool is one of the most prominent ones out there and offers a native Bitcoin wallet as well as a related forum with an active community. The pool operates on a Pay per Share model where the operator gives an instant, guaranteed payout to a miner for his contribution to the probability that the pool finds a block.
The pool offers three types of cloud mining contracts and there is usually a requirement to join a waiting list to get one. It is one of available pools that offer a chance to profit from Bitcoin mining.
The payments miners get based on their contracts are delivered daily. Overall, the pool is considered legitimate by the community even though there are split opinions on Bitmain and their business practices. Prohashing is a multi-cryptocurrency mining pool that pays miners in any coin. It uses the PPS payment model and was founded back in by three engineers.
Prohashing also takes it a step further by merge mining at the same time to further increase profits. They offer other detailed statistics such as mining efficiency, miners count, hash rate etc. For anyone who owns a Scrypt miner this is one pool that is recommended, the ability for payout in any cryptocurrency or even USD via Coinbase is excellent. The pools listed below are all big pools that we do not recommend joining because it would go against the ethos of the whole cryptocurrency idea which rests on the premise of decentralized, leaderless, peer to peer power relations.
One very young mining pool, created in in China. Launched by Blockin, a global online platform focused on developing blockchain related technologies and enterprises. Each of the minable coins comes with its own fee and payment method which are detailed here.
Poolin might not be among the oldest and most talked about pools out there, but their hash rates speak for themselves. F2Pool is a Chinese mining pool which was created in It also offers merged mining with Namecoin, Syscoin and Dogecoin. It has minimum withdrawal limits which sit at 0. The UI is simple and well presented, thus being suitable for beginners. F2pool is currently second biggest litecoin pool by hashrate, controlling Another one of the popular mining pools, AntPool has been founded in There have been very few complaints about the legitimacy of this pool throughout the past.
The pool is said to be supported by servers running all across the world to ensure it remains up all the time. AntPool offers three types of mining contracts.
Finally, the pool has a variety of security options, including two-factor authentication, email alerts, wallet locks, as well as a sleek interface suitable for beginners. Overall AntPool is also seen as a trusted mining pool that will let you profit by mining coins. Some people cite their fees as being on the higher side but they justify this with the quality of mining service they offer. Overall, another solid pool to be a part of, whether you are an up and coming miner or a mining veteran.
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None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.
Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries.
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Litecoin Mining Pool Explained
Stratum, the de-facto mining communication protocol used by blockchain based cryptocurrency systems, enables miners to reliably and efficiently fetch jobs from mining pool servers. We introduce StraTap and ISP Log attacks, that infer miner earnings if given access to miner communications, or even their logs. We develop BiteCoin, an active attack that hijacks shares submitted by miners, and their associated payouts. We build BiteCoin on WireGhost, a tool we developed to hijack and surreptitiously maintain Stratum connections. Our attacks reveal that securing Stratum through pervasive encryption is not only undesirable due to large overheads , but also ineffective: an adversary can predict miner earnings even when given access to only packet timestamps.
Funktionella cookies kan inte deaktiveras. Vontobel now offers investors access to the crypto currency «Litecoin». But what is Litecoin LTC? In three chapters, we want to give you high-quality knowledge about the exciting topic of «Litecoin». While Litecoin and Bitcoin use the proof-of-work concept for their mining operations, the algorithms used by the two blockchain systems are very different. Litecoin's mining algorithms are much simpler than Bitcoin's, which means it can be run on less powerful computers and requires less power. Considering the fact that worldwide mining consumes enormous amounts of electricity and there is already a lack of powerful graphics cards for mining equipment, this could be a big advantage for the Litecoin miners in the future. Litecoin has just reduced its block reward for miners by half. The Litecoin blockchain reached the trigger block level of 1,, at pm on Monday, 5 August The event marks an important threshold for miners as the Litecoin network is designed to reduce its mining rewards by half of all , blocks about every four years.
The Best Litecoin Mining Pools: Complete List
Since Litecoin is a Bitcoin fork with a few tweaks and changes to its source code, Litecoin mining works similar to mining Bitcoin. Just like Bitcoin, Litecoin is a decentralized cryptocurrency, whose digital ledger is maintained by a decentralized network of nodes instead of one single party. As a result, there is no central entity to distribute the cryptocurrency out into the world. The distribution of coins has therefore been designed in a decentralized manner as well.
The Week On-chain (Week 10, 2021)
Litecoin was created back on 7th Oct by Charlie Lee, an ex-Google employee, who quit working in order to focus on Litecoin full time. Charlie is very active on Twitter. You can read his blog here. Litecoin was designed to complement Bitcoin by solving issues like transaction timings and concentrated mining pools. Originally, Litecoin was a fork or spinoff from Bitcoin but with some modifications.
How Does A Litecoin Mining Pool Work?
Are blockchain and distributed ledger technology the same? This is a common misconception that many people have. We are living in a digital age of sound bites and buzzwords. An age where even complex technological solutions are reduced to five words or less. As a result, we are witnessing a rise in cunning businesses attempting to piggyback the so-called crypto boom. Predictably, using buzzwords such as blockchain technology to attract investment will only deliver short-term gains. Ironically such actions are responsible for the branding issues of this tech. Leading to one of the reasons why many are wary of blockchain.
Bitcoin's successors: from Litecoin to Freicoin and onwards
Gminer flexpool. This is the very first step to start mining. Gminer miner.
Like all cryptocurrencies, Litecoin needs to be mined before it can undergo distribution. But how does one participate in Litecoin mining? How is it different from mining for bitcoin? This article will explain how the process works, as well as compare and contrast the two cryptocurrencies. Following the success of Bitcoin, an array of other digital currencies were starting to appear on the market. While this belief may not be completely false, it negates the fact that most do it for the sake of adding variety.
Mining Litecoin is a profitable endeavor especially when your part of a mining pool. Basically, you combine your hashing power with the power of the rest of the miners to speed up the rewarding process. This means constant income, divided among all members. You can also mine solo and get the full reward per block, but this is mainly based on luck and not worth your time and investments. Choosing the right LTC mining pool is a crafty move. The crypto world is really big, and there are plenty of coins to mine.
Industry leaders in transparency and innovation, with more than 1. Cutting-edge firmware with an implementation of Stratum V2 and mining software written from scratch in Rust language. Quality improvements including reduced data loads, empty block elimination, hashrate hijacking prevention, and more. Efficiency improvement for ASIC mining devices that lowers their electricity consumption.