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Guide for mining Litecoin

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Mining Requirements

Some conditions have to be met before one can get involved in mining, and not everyone is suited to crypto mining. Today, mining requires great investment from the miner. From the onset, anyone could mine using their PCs, but as mining difficulty increased coupled with more miners coming in to compete for block rewards, the mining hardware has suddenly become performant. 

To stand a chance of getting some rewards through mining, two things must be invested: A reliable and effective mining computer and electricity that will power it.


How is Litecoin mined?

First, a wallet will have to be downloaded and installed, where your Litecoin will be stored. The Litecoin core is the best for mining, which was developed and still has the support of the Litecoin development team.

Next, you get your hardwares. You can either purchase a specially-made crypto miner or assemble a mining rig yourself. One big manufacturer of mining equipment is Bitmain. The Antminer L3 of Bitmain is a very powerful ASIC miner that utilizes Scrypt to mine Litecoin.

With some technical expertise, you can create one yourself by making use of three major components:

  • A fan setup or cooling unit (this presents overheating of the machines).
  • A type of Scrypt mining software.
  • One or more advanced graphics processing units (GPUs).


Steps required in setting up your miner

1. Plug in all the necessary cords (power cord, Ethernet cable, 9 PCI-e connections)

2. Access the interface of the miner and log in.

3. Download Angry IP Scanner (the free IP scanner tool)

4. Install and run it

5. Click on start in order to scan and locate devices present on your local network.

6. On the top menu bar, click Go to and then next alive host

7. From the Hostname column, right click on Antminer and choose Copy IP. Then paste the IP into the URL line of your browser.

8. Log in using root as your username and password.


Litecoin Mining Pools

Those days are gone where you can set up a mini mining operation right at home and make some profit. Today, individual miners have to compete with large mining organizations.

However, for those lacking the necessary resources to create a commercial-level operation, some alternatives are open to them. One of this is to join the mining pool. This is where miners combine their computing power to find solution to mathematical problems and earn block rewards. Although, rewards are shared among the participants, individuals can mine with a much lower investment. 

Another option is investing in shares in a mining operation. With this, companies operating the mining rig will be able to create larger startups that are more competitive, therefore creating higher returns.


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