Litecoin is a new type of cryptocurrency. It has been discovered following the success of the Bitcoin. Litecoin is peer-to-peer cryptocurrency. It is open source software, which is released under the MIT/X11 license. Technically, in most aspects, it is identical to the Bitcoin; it does have some minor differences from it.
The Litecoin has to be mined. Litecoin mining hardware is not as easily available as the Bitcoin hardware. The Litecoin mining industry is not yet as developed as its Bitcoin counterpart. ASICs powerful computers are also available for the Litecoin, however, it is difficult to purchase.
Who is a Litecoin miner
People who are already mining Bitcoin cannot mine Litecoin. This is because the hardware for mining Bitcoin is easily available, however, the one for making Litecoin is not common. The Bitcoin mining industry is better developed than that of the litecoin.
Like Bitcoin, Litecoin is a cryptocurrency. However, the latter is based on SHA-256, unlike the Bitcoin, which is based on a scrypt. We know that the era of Bitcoin mining on GPU is long dead. Therefore, these miners have shifted to Litecoin mining. However, they are not successful.
Is it worth doing Litecoin mining
As indicated above, Bitcoin mining was being carried out at one time. It was very unprofitable. Therefore, people switched to mining Litecoins. Both are cryptocurrencies. However, the hardware for mining litecoin is not as easily available as that for the Bitcoin.
The Litecoin algorithm uses s-script. This algorithm utilizes the SHA-256 algorithm. However, the calculations of the SHA-256 are serialized as compared to those for the Bitcoin. Therefore, mining Litecoin is much harder, than producing Bitcoins. It is common knowledge that Bitcoin mining is not profitable.
Therefore, involving in manufacturing Litecoins, which like the former, is a cryptocurrency, is not feasible. Also, the hardware required for manufacturing the former is not easily available. Therefore, it is not worth mining Litecoins. Like Bitcoin mining, Litecoin manufacturing is likely to fail.
Future of Litecoin
Although the Bitcoin era is still 10 years old, competitors to this cryptocurrency have arisen. First, there was Ethereum and now Litecoin. The latter is closer to the Bitcoin as opposed to Ethereum. However, until and unless people start accepting Bitcoin, the acceptance of Litecoin too will be shrouded in mystery.
This, in turn, will render the future of Litecoins bleak. It is known that the discoverer of the Litecoin is Mr. Charlee Lee, a former Google employee. He is also the director of engineering at Coinbase, a large cryptocurrency exchange. Therefore, he was the first to list litecoin alongside other cryptocurrencies.
Thus, the future of litecoin appears bright considering that it has more coins in circulation than the Bitcoin and Ethereum.
Also, its important to keep your litecoin safe. That’s why you need to pick one of the best litecoin wallets. This way, you can keep your cryptocurrency safe.