Litecoin mining has proven to be extremely profitable and beneficial for miners, so many people nowadays are trying to start this process and learn how to do it fast and easy. As you already know, the hardware will make the biggest impact on your success, so here we are going to give you more information about the devices you should consider. Follow our 2020 beginner user guide on LTC mining if you want to learn more about the methods you should use and the hardware you should invest in.
There are several options you can choose from when deciding which hardware is the best for you, and here we are going to talk about the most popular ones.
This is the least popular option, but it is also the most inexpensive one. Many beginners choose to go with CPU because it is the balance between both worlds. When you choose CPU, you don’t have to waste a lot of money, until you test the water.
You will need to pay higher electricity bills with this device, and it is a lot slower when compared to other types of hardware. Experts suggest that you should not use CPU if you choose to mine LTC for a long time and that you should use it only at the beginning when you are not sure if you want to stay in this game.
This is the best option you have if you want to be successful in the process. It is an investment because used machines cost up to 1,000 dollars and new ones can cost you more than several thousand. It is said that the Antminer L3+ is the best machine on the market and it was released in 2017. Users use it for mining Litecoin because it is fast, reliable, comes with special software and the only thing you need to do is to plug it in.
The NVIDIA GeForce GTX 1060 and the AMD Radeon RX 580 are said to be the best GPU hardware you can get to this task. The prices vary between 2,000 dollars and up to 10 thousand, depending on what you want to get out of it. It is said that with this device, you will speed the whole process up, you won’t use that much electricity and that it is especially handy if you choose to go with cloud services.
Binaryx.com suggests that with GPU you can make a great profit, and even though the initial investment is higher, it will all pay off in the long run.
Methods for mining Litecoin
Now we are going to talk about the most popular methods of mining LTC and what you should do to be successful in any of them.
When you decide to do the whole process from the comfort of your own home, the first thing you need to do is create a wallet. You need to do this right away, so you can safely store all the cryptocurrencies you are going to find. The next thing is to choose the hardware you are going to need. The most popular choices for home mining are CPUs or ASIC, so think about your options and go with the one you think is the best. Install the software on the hardware you are going to use, and know that ASIC comes with preinstalled things you may need and use. In case you decide to download and install your own software, do a lot of research, and always use trusted websites.
The final thing you need to do is to start the process. Depending on the software you use, you are going to get detailed instructions, so the only thing you should do is follow them. Give yourself time to learn, and don’t be afraid to make a mistake as a beginner.
In case you choose to go with the pool, then the first step is the same – make your wallet so that you can use it and look for something that offers all the safety features you will need. Once again, choose the hardware, and here we have the same options – ASIC, GPU, or CPU. You can talk to other people and see what they recommend for the pools, and make sure you do some research on your own. You should know that if you want to be successful in this, it is better to avoid CPUs.
The next step is different because you will need to choose the mining pool you are going to use. Test out several options, see what the software requirements are, and always be sure to choose a trusted place. Don’t forget to check the fees, rewards, and the payouts the places have.
When you are done with everything, the final step is to just start mining. Always check your calculations, and if there is something you don’t like, or if you think the fees are too big, remember that you can easily move to another pool.
The last method you can choose is a cloud mining service. Here you don’t need to have a wallet, and you should start by choosing the right company. For this part, you will need to do a lot of research, as there are many companies that offer these services. Check to see which ones are available for beginners, don’t forget to see the benefits you are going to get and do everything to you can to minimize the risk. If needed, contact their customer support, and always read reviews and testimonials.
Once you choose the right company for you, you will need to select a package. Every service usually offers at least 3 different packages and choose one depending on the features, benefits, and fees.
Choose a mining pool, and consider all the things we previously talked about. Reread all the deals offered to you, compare them to one another, and see which option is the best for your current situation. When you decide to use a cloud service, you need to have a big machine that will help you mine a lot of Litecoin, fast. Because of that, you should think about investing in GPU.
You already know the last step – start the whole process, and whenever you can, transfer all of your LTC to a safe wallet where you can access your coins any time you need them.
There you have it – the best hardware for the process, how to choose it, and what are your options when it comes to mining Litecoin. Start slowly and remember that every beginning is difficult. Have patience and it will all pay off soon.