Community post
How litecoin is made.
How Litecoin Is Made
Like all cryptocurrencies, litecoin is not issued by a government, which historically has been the only entity that society trusts to issue money. Instead being regulated by a Federal Reserve and coming off a press at the Bureau of Engraving and Printing, litecoins are created by the elaborate procedure called mining, which consists of processing a list of litecoin transactions. Unlike traditional currencies, the supply of litecoins is fixed. There will ultimately be only 84 million litecoins in circulation and not one more. Every 2.5 minutes (as opposed to 10 minutes for bitcoin), the litecoin network generates a what is called a block—a ledger entry of recent litecoin transactions throughout the world. And here is where litecoin’s inherent value derives.
The block is verified by mining software and made visible to any “miner” who wants to see it. Once a miner verifies it, the next block enters the chain, which is a record of every litecoin transaction, ever
Replies (11)
Litecoin is next to rise I think.
It is already rising !!!
Thanks for the useful info! Followed!
Interesting post. Didn't have a slightest idea of how these things are made
I like mining LTC because scrypt ASIC hardware is difficult to manufacture. The large memory requirements in the scrypt algorithm has helped maintain the difficulty relatively stable in comparison to BTC.
That is until this recent price rise. As we all know price drives up the difficulty. Now the manufacturing of scrypt Asics makes more sense and the difficulty has been increasing. Another LTC feature I like is that difficulty is adjusted every 3 days versus BTC's 2 week adjustment. As a LTCminer I can profit from these 3 day adjustment. If mining BTC a drop in the hashrate that then recovers will not give me any benefit .
Below is a 2 month LTC hashrate snapshot
Difficulty History
Date Difficulty Change Hash Rate
Jun 17 2017 228,364 -0.85% 6,539 GH/s
Jun 14 2017 230,315 16.73% 6,595 GH/s
Jun 11 2017 197,309 -21.80% 5,650 GH/s
Jun 06 2017 252,311 -2.10% 7,224 GH/s
Jun 03 2017 257,730 6.74% 7,380 GH/s
May 30 2017 241,458 0.22% 6,914 GH/s
May 27 2017 240,940 -0.15% 6,899 GH/s
May 23 2017 241,295 7.33% 6,909 GH/s
May 20 2017 224,826 -3.27% 6,437 GH/s
May 16 2017 232,424 8.79% 6,655 GH/s
May 13 2017 213,651 12.46% 6,118 GH/s
May 10 2017 189,979 6.10% 5,440 GH/s
May 07 2017 179,054 9.40% 5,127 GH/s
May 04 2017 163,669 30.25% 4,686 GH/s
May 01 2017 125,655 -14.12% 3,598 GH/s
The red steps in the image below depicts the difficulty rise and fall. As you can see we recently had a huge dip of 23%. This drop was very profitable for me.
Thank you for letting me contribute to your post.
Yeah 100 by the end of the year.
Yeah that would be nice!!!
Thanks for sharing, great profits!
Where can I mine LTC?
If you have hardware you can sign up for any pool. For cloud mining LTC I like using hashnest. Its very profitable .
Okay, I just joined a litecoin mining pool =D Thanks.