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How to start Litecoin mining

How to set up a litecoin miner

It’s not as expensive to mine LTC as it is to mine BTC, but you still require a decent GPU or CPU, and there are the costs of electricity to run your mining rig. An alternative is to join a reputable Litecoin mining pool, sharing the resources and the rewards.

How to set up a litecoin miner

The best thing to do in case you see this occurring is to immediately abandon the Litecoin mining pool and join a smaller one. If you have finally set up your litecoin mining rig and you are ready to mine, it’s time to choose a mining pool. Using a mining pool is actually an optional step, but realistically it is amust. Whilst a bank account number stays the same, a litecoin receiving address can change once it’s been used for a transaction. This way, not all transactions are linked to a single receiving address and your privacy on the network is better protected.

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If you are creating multiple pools, ensure that they have unique stratum ports. IP banning feature which on a configurable threshold will ban an IP for a configurable amount of time if the miner submits over a configurable threshold of invalid shares.

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Compare your config.json and pool_configs/coin.json configurations to the latest example ones in this repo or the ones in the setup instructions where each config field is explained. You can create as many of these pool config files as you want .

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Miners will be switched off on December 1st if the invoice is not paid before Nov 30th. The development took the next step in 2014 with an upgrade of the secure aspect of mining.

  • LTC network doesn’t have any central authorities and features fast confirmation times with near-zero cost payments.
  • Keep in mind that mining Litecoin will cost money in terms of electricity and physical hardware.
  • As an option for mining Litecoin, it’s likely you could earn more frequent LTC rewards working as a team than if you worked as a solo miner for Litecoin.
  • The higher the price, and the better the mining hardware, the more profitable it will be to mine LTC.
  • You can create as many of these pool config files as you want .

Once you have a Litecoin mining rig in place, your next step is to download the necessary software that will connect you to the Litecoin blockchain. The software distributes work to miners and adds new blocks to the Litecoin blockchain. There are several free software programs How to set up a litecoin miner that can be used to mine Litecoin. There are many versions of mining software available that are open source and are user friendly. For more advanced users, there are also many options that allow for a lot of customisation and mining of multiple cryptos simultaneously.

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Unless miners are running specialised hardware called ASICs, it is unlikely that they will make any money mining Litecoin. Take a look at the example json file inside the pool_configs directory. Rename it to yourcoin.json and change the example fields to fit your setup. Without a registration/login system, non-security-oriented miners reusing passwords across pools is no longer a concern. This portal does not will never have user accounts/logins/registrations. Instead, miners simply use their coin address for stratum authentication. Multicoin ability – this software was built from the ground up to run with multiple coins simultaneously .

How to set up a litecoin miner