Many of the people who feel like they missed out on the Bitcoin mining craze a few years ago have quickly moved over to various scrypt altcoins, which allow them to mine with nothing more than a GPU. Although ASIC scrypt mining hardware is just around the corner, many people still view this type of mining algorithm as a way to make sure everyone gets their “fair shot” at a particular cryptocurrency. Litecoin is definitely still the king of the altcoins, and mining litecoins is slowly becoming easy enough for any individual to enjoy in their free time.
Getting Started as a Litecoin Miner
Getting started as a Litecoin miner is actually easier than it seems, and the best way to get setup is with the Debian Linux Cryptocoin Mining Rig Setup Guide. This guide will get you setup with cgminer, which is the software that is used to mine cryptocurrencies on various different blockchains. There is also specific hardware being built right now that will give scrypt miners a plug-and-play option for Litecoin mining, so that could be a better solution if you’re someone who does not have time to setup your own rig.
Choosing the Right Mining Pool
While it’s still possible to mine on your own, you probably won’t be able to actually gain any litecoins without joining a pool. Instead of waiting for the one in a million chance that you will find the next Litecoin block reward with nothing more than your own rig, you need to join up with many other miners and share the winnings when a block reward is found. Mining pools allow even small-scale miners to get rewards from new blocks every now and then, and there are many different pools to choose from these days. While low fees are definitely an important factor to look at when it comes to joining a pool, it’s also important to think about the longevity and reputation of a particular pool before you sign-up.
Ghasio.IO Litecoin Mining
Ghash.IO is currently the largest mining pool when it comes to Bitcoin, and they are trying to also become the premier mining pool for the Litecoin market. One of the main reasons that Ghash.IO was able to grow so quickly on the Bitcoin mining scene was their 0% fees, and they’re bringing that same philosophy to new mining pools for Litecoin and other cryptocurrencies. This pool has a long track record of success in the Bitcoin space, so it’s only a matter of time before they become a big player when it comes to Litecoin hash distribution as well. Ghash.IO kicked off their Litecoin mining pool with an offer for 2x rewards, but this mining perk has since ended.