Wiki Bitcoin mining hardware comparison
Litecoin Mining FAQ
We have compiled a list of the most common questions and their answers regarding Litecoin mining.
Litecoin is a virtual crypto-currency created based on the concept of Bitcoin. It has some functional advantages over Bitcoin such as faster confirmations and higher resistance to FPGA and ASIC mining.
How are new Litecoins created?
New coins are generated by a network node each time it finds the solution to a certain mathematical problem (i.e. creates a new block), which is difficult to perform and can demonstrate a proof of work. The reward for solving a block is automatically adjusted so that in the first 4 years of the Litecoin network, 42, 000, 000 LTC will be created. The amount is halved each 4 years, so it will be 21, 000, 000 over years 4-8, 10, 500, 000 over years 8-12 and so on. Thus the total number of coins will approach 84, 000, 000 LTC over time.
How does the halving work when the number gets really small?
The reward will go from 0.00000001 LTC to 0. Then no more coins will likely be created.
The calculation is done as a right bitwise shift of a 64-bit signed integer, which means it is divided by 2 and rounded down. The integer is equal to the value in LTC * 100, 000, 000. This is how all Litecoin balances/values are stored internally.
Keep in mind that using current rules this will take nearly 100 years before it becomes an issue and Litecoins may change considerably before that happens.
Would Litecoin mining be profitable for me?
That depends on many factors, including your hardware, the cost of electricity and the value you give to Litecoin. And for any investment, remember that there are no guarantees. Any money that you put into crypto-currency should be money that you can afford to lose. Mining or investing in crypto-currency is extremely speculative.
What hashrate should i expect from my hardware?
There is a mining hardware comparison at the Litecoin Wiki which will give you an idea of the speed of your GPU.
Can i use Bitcoin ASIC miner to mine Litecoin?
No, it would not be possible as Litecoin is using an entirely different hashing algorithm that has a higher resistance to FGPA and ASIC mining.
I want to invest in mining hardware, what should i buy?
At the moment the best option is an array of high-end AMD GPUs. The most popular models among the miners are Radeon 7950 and R9 280X, which is mostly out of stock everywhere. You can check our list of Radeon 7950 GPU alternatives.
Should i use CGMiner or Reaper for GPU mining?
CGMiner would be a better choice. Reaper is and outdated, buggy and unmaintained software. CGMiner used to have problem with newer ATI GPUs, but since these issues are no fixed, there is no reason to use Reaper anymore. If you are on Nvidia card, Cudaminer would be a better choice since it is accelerated for Cuda.
