Litecoin Mining in a Nutshell
Litecoin is a fast alternative to Bitcoin. That was the core philosophy of Litecoin and used the Bitcoin source code as a starting point.
Litecoin mining process is no different than Bitcoin mining. But it uses a different proof of work algorithm: Scrypt. And, has a faster block time of around 2.5 minutes. That is speedier transaction confirmations than Bitcoin.
Also, it has a maximum supply limit of 84 million Litecoins. So, there are more LTC to mine than BTC, for which maximum supply limit is 21 million coins.
This algorithm is different than the SHA-256, that is used in Bitcoin mining.
Although scrypt is not ASIC resistant, it is a little hard to find ASIC hardware for scrypt than you do for SHA-256 based ASICs. But GPU rigs can still do the mining on a par level.
AMD Radeon™ HD 7990 Graphics Card is good to start with. It comes with 6 GB DDR5 RAM and costs you around 600 USD. This won’t be enough to perform solo mining. But joining a mining pool would be a good start.
However, Bitmain Antminer L3++ proves to be a better one. It is dedicated to scrypt mining and comes with 580MH/sec, at a price tag of 534 USD.
Anyhow, remember that graphics cards have more general purpose use cases, and can be used for things like gaming and graphics rendering.
Or, if you like to look out for a cloud service, then HashFlare and Genesis Mining are good options.
If you buy scrypt specific mining hardware, don’t forget that the equipment can also be used to mine other cryptocurrencies like Novacoin (NVC), Verge (XVG), which are also a scrypt based minable currencies.
And, if you want to join a mining pool, then LitecoinPool.Org and MultiPool.Us are good to start with.
Are you planning to buy an ASIC miner like Antminer or settling for a GPU rig? Comment below.