This helps to keep miners incentivized to maintain the network’s security - it’s a positive cycle that benefits everyone. These mining programs continually solve the intricate logarithmic equations required for confirming information related to all transactions completed with the crypto (in this case Litecoin).Īll cryptocurrency miners receive a reward for solving equations: a portion of new coins ready to spend or hold.Ĭrypto mining serves two primary functions: the miners keep the cryptocurrency’s network secure through verification of transactions, and the new coins awarded to successful miners boosts supply. Blockchains are distributed ledgers designed to keep records of all transactions, and they’re connected by thousands of users’ computers running different mining software. Cryptocurrency Mining: What is it and How Does it Work?Įvery cryptocurrency exists on blockchain technology. It’s a daunting process for any beginner, so we’ll answer your biggest questions below. You can still dip your toes into the Litecoin mining waters and join fellow LTC miners. Sadly, countless miners feel they have been priced out of the Bitcoin mining rush - but that’s not the case with Litecoin. While Litecoin may lack the jaw-dropping prices of Bitcoin and the other top cryptos, it still holds a massive degree of interest, with seasoned crypto traders recognizing it as a viable replacement for Bitcoin. More than $4 billion in LTC coins are in circulation, with more than 20 percent of the full supply still available to users. It’s established itself as a terrific alternative to Bitcoin and other leading cryptocurrencies, climbing to within the top five based on market capitalization. Litecoin has become one of the biggest cryptocurrencies on the market since it was launched way back in 2011.
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