Altcoin mining equipment

Mining altcoins whose value will drop before you sell them means that you are likely to end up holding bags filled with the bad kind of dust. Just like gold or any other commodity, there is a chance that the market value of your cryptocoins will change over time. Reply Webchainer November 15, at

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The heyday for mining established cryptocurrency has all but come and altcoin mining equipment. Industrial-scale operations have driven many enthusiasts to look for opportunity in smaller coins in hopes of catching the next big trend. However, we thought it was about time to see how two cryptocurrency heavyweights stack up in the mining department. Before jumping into the differences, here are some important cryptocurrency mining factors to consider if you plan on getting minimg feet wet:. Specialized mining hardware is designed to run at the limit and, as a result, uses up a lot of electricity.

Let me guess. I am sure you know all about Bitcoin and how popular it is, but more and more people are now choosing to mine Litecoin instead! When people mine Bitcoin , it takes 10 minutes for the network to confirm each block, but Litecoin is four times faster at just 2. This means that I am going to need to tell you exactly what mining is, the different ways you can do it, and why you might need to get hardware before you can begin! I like to write my guides in a very simple and easy-to-understand way. That means that after reading my Litecoin mining guide from start to finish, you will have all the information you need to go and do it on your own! In the real world, practically every financial system needs a central authority to confirm and process a transaction.

The heyday for mining established cryptocurrency has all but come and gone. Industrial-scale operations have driven many enthusiasts to look for opportunity in smaller coins in hopes of catching the next big trend. However, we thought it was about time to see how two cryptocurrency heavyweights stack up in the mining department.

Before jumping into the differences, here are some important cryptocurrency mining factors to consider if you plan on getting your feet wet:. Specialized mining hardware is designed to run at the limit and, as a result, uses up a lot of electricity. These machines also run particularly hot and cooling your precious equipment becomes an issue in warmer climates.

To stay competitive you need to have the latest hardware and software. Furthermore, you need the expertise to ensure that your rig is working at optimum capacity. Investing in mining equipment also means putting in the time to educate. Both Bitcoin and Litecoin use proof-of-work to validate and secure transactions on their networks.

Bitcoin uses the SHA algorithm to achieve. The secure hash algorithm is a function which is commonly used in blockchains and was pioneered by Bitcoin. Bitcoin mining is considered more complex than Litecoin mining because of the algorithm differences. Over the years more and more computing power has been committed to securing the Bitcoin network.

As a result, the Bitcoin mining difficulty has increased dramatically until the present day. Bitcoin was designed to confirm transactions at around minute intervals.

Mining hardware has evolved from your basic desktop processing into specialized chips called ASIC s. The application-specific integrated circuit was designed purely for cryptocurrency mining.

It was initially designed to be ASIC resistant to prevent the kind of mining centralization we are currently seeing in proof-of-work blockchains. However, with dedicated research and development, established miners have regardless been able to build altcoin mining equipment hardware specifically for mining Litecoin.

A major advantage Litecoin has over its bigger brother is the 2. At 4x the speed of Bitcoin, it seems like Litecoin would be more of a contender for merchant adoption. Both coins, however, have probably lost that edge to near-instant transactions from newer contenders. A traditional international transfer through the existing banking system can take anywhere between a ridiculous business days to confirm.

Keep these kinds of use cases in mind. As cryptocurrency adoption grows, the best mining opportunities will take place where it makes the most sense for users. We are currently in a tricky market as the fall in cryptocurrency prices has made mining unprofitable for many smaller miners. Any investment made today should consider the longer-term price chart of Litecoin. Your preferences may differ so always make a point of doing your own research.

This basically allows the miner to steal money from the network by double spending. Such an attack would initially be very profitable for the miner. However, the network would ultimately become unusable and coin holders would move their funds to a safer blockchain. Mining centralization remains a concern for Bitcoin as Bitmain continues to dominate the market. In the beginning, just about anybody could mine Bitcoin with a stock-standard computer.

Then, shrewd miners saw the immense profits that could be made via mining. These days companies have dedicated research and development teams and put large budgets in place to stay on the cutting edge of cryptocurrency mining tech. If you took the leap and invested in some reasonable hardware you now have the option of contributing your hash power to a group of miners known as a pool.

Both Bitcoin mining pools and Litecoin mining pools offer their respective miners a lower barrier to entry to. The shared power of the pool allows you to collect your reward in proportion to your power contribution. The major advantage of this approach is a regular payout on a predictable time-frame.

This is centralizing the network, even if only by a fraction. Percentage breakdown of Litecoin mining pools courtesy of litecoinpool. So, which is more profitable, Bitcoin or Litecoin mining? Well, at this particular snapshot Bitcoin was well in the lead.

These calculations focus almost entirely on hash rates. Monitoring data for just one day is not particularly reliable. Making the decision to altcoin mining equipment into the world of cryptocurrency mining is not an easy one. It definitely pays to get involved early in the launch of a new coin.

Bitcoin and Litecoin mining is still feasible if you are prepared to invest in the right hardware and software and dedicate those resources to a mining pool.

With so many choices and so many factors outside of your control, it appears though that the probability of turning a good profit gets harder by the day.

A healthy debate continues in the cryptocurrency community. The general feeling is that those passionate about cryptocurrency, the hardware, and the technical chops to make it happen will do just fine.

Those with pure investment goals would probably do better by buying the coins outright. Submit Press Release. Mining Litecoin Mining vs. Bitcoin Mining. Image courtesy of Yuji Nakamura. Percentage breakdown of Bitcoin mining pools courtesy of Blockchain. A detailed look into cryptocurrency mining profits. Someone Say Bear Market? Bitcoin Sets 3 Huge New Records in About Contact Privacy Terms Disclaimer.

Litecoin Mining

Programmer Billy Markus based a fully functional internet cryptocurrency capable of storing value altcoin mining equipment being used for transactions… altvoin a meme image of a rather perplexed looking shiba inu. Metaverse is coin coming from China that has a goal to facilitate a low-cost transfer of digital assets, properties, and identities. ZCash is completely anonymous in transactions. Still, even the most advanced mining hardware could net you about 50 dollars per day. Best cryptocurrency to mine — list. Grin has unlimited coins, which is certainly attractive for miners. No spam! Mine and accumulate the new coins as much as you can and hope the price will rocket some time later once it hits bigger exchanges and broader community gets to know it. Usually you can find these coins listed on websites like CoinwarzMinergate or Whattomine. Reply lance October 27, at Sarah Wurfel.