Choosing the right pool to join when mining for cryptocurrency is very important to ensure you get what you expect and do not have any unpleasant surprises down the line.
Most miners will calculate their expected profits in advance, based on their rigs and power costs and as different pools offer different payment methods, the pool chosen affects the mining outcomes.
Some pools pay for Uncles and some do not, some charge for transactions and some do not. In this article we will look at two of the biggest pools that offer Litecoin mining, Litecoinpool vs F2pool.
Litecoin is knows as the little brother of Bitcoin, launched in 2011 it is almost identical to Bitcoin but runs on Scrypt instead of SHA_256 resulting in a decreased time to solve blocks. Litecoin has about 55 million coins in circulation and has a market cap of $ 20,000,000,000.
Litecoinpool vs F2pool
Litecoinpool (https://www.litecoinpool.org) as the name suggests, allows miners to only mine for Litecoin, while F2pool (https://www.f2pool.com/help) is what is known as a multipool and allows miners to mine for a variety of different currencies in addition to Litecoin, such as Bitcoin, Ethereum and Dash.
Litecoinpool was started in 2011, just after the launch of Litecoin, and was the first Litecoin mining pool. Litecoinpool currently has more than 40% of the active Litecoin miners as members. Litecoin pool has a server presence in eight different locations across the world.
F2pool was started in 2013 and was originally a Chinese-only mining pool and they have only recently added an English Interface. Also known as “Discus Fish”, F2pool has servers in Beijing, Qingdao, Guangzhou, Hong Kong and the United States.
Both Litecoinpool and F2Pool use Stratum mining protocol. F2pool is reported to control about 51% of the Litecoin hashrate (and about 52% of all the mining hashrate across various cryptocurrencies).
In terms of rewards, both F2Pool and Litecoin calculate on the PPS (pay-per-share) system, which means you get paid for what you contribute and the luck and risk factor are removed.
Litecoinpool has a feature which allows for rewards from merged-mining (when two cryptocoins based on the same algorithm are mined at the same time) to be paid out as well, and has no transaction fees.
F2pool offers 1000 free Dogecoin’s for every 1 Litecoin mined and also supports merged-mining with some coins. Litecoin has a calculator on the site to assist miners with their forecasting (https://www.litecoinpool.org/calc) and an easy to use guide for beginner miners, including a video on how to get started:
F2pool runs at a Litecoin hashrate (number of computations per second) of 19.4 TH/s (19.4 x 1,000,000,000,000) while Litecoinpool runs at 141 TH/s, almost 8 times faster. Litecoinpool boasts over 10,800 active users and more than 42,000 workers.
Both sites offer extensive statistics for miners, however the stats for F2pool are only accessible by registered miners of the pool.
Final Thoughts: Litecoinpool vs F2pool
Both Litecoinpool and F2pool are well-established, reliable pools for the mining of Litecoin’s and both are a good choice for a miner, depending on their requirements. Both pay out on a regular basis and the biggest difference between them is a multi-pool versus a single currency pool.