Litecoin Mining Hardware

Litecoin is a popular alternative to Bitcoin (referred to often as Bitcoins little brother) and although it is developed on the same open source code as Bitcoin there are some fundamental differences between the two.

The biggest difference for miners of cryptocurrencies is the speed at which Litecoin generates blocks. Litecoin generates and processes blocks about four times faster than Bitcoin does, resulting in a larger number of completed transactions over a period of time.

There are also four times as many Litecoin’s in circulation compared to Bitcoins ( 21 million versus 84 million) so the value of a Litecoin is substantially less than that of a Bitcoin.

This article will provide an overview of the litecoin mining hardware required to get started.

Mining Lining

The biggest difference for miners between Bitcoin and Litecoin is that the hashing algorithm used to solve a block is different. Bitcoin uses SHA-256 (Secure Hash Algorithm 2) while Litecoin uses a  Scrypt.

Miners make money when their computers use their CPU to solve a block and coins are paid out as a result and as Litecoin solves transactions differently to Bitcoin, different mining rigs (Hardware and Software) are required to mine Litecoin.

For miners wishing to mine for Litecoin, there is a calculator that can help you determine the profitability of mining for Litecoin before you start.

Litecoin Mining Hardware

Obtaining the right hardware to mine Litecoin is essential and  you can choose to build your own rig from various parts or purchase an ASIC script mining rig as a ready to go unit.

Building your own Litecoin mining rig (see guidelines at here) is the less expensive of the two options, but the most time consuming. It can be done by starting with a basic home computer with a motherboard, power supply, a 2.8 GHZ processor and memory of at least 4GB.

The components bought separately on Amazon will cost you about $530.  Building up your own rig can be difficult as you need a minimum of two graphics cards (four to five is however recommended) to be connected.

Your system RAM needs to be at least as much the RAM of the combined graphics cards. A good quality graphics card will set you back about $200 each.  To build a rig on your own will cost you a total of approximately $1332.00 if you have four graphics cards. (Based on the current prices on Amazon excluding shipping)

Antminer, available on Amazon

Alternatively you can purchase a ready made Scrypt ASIC mining rig such as the Antminer (which is recommended as the best Litecoin mining rig available), also available on Amazon for about $5500.00.

The advantages of buying an already constructed rig is the speed at which you can start mining as well as the assurance that the rig will work as promised. However the cost is greater than when building your own rig. Potential miners could also investigate the option of cloud mining instead of owning a rig.

Mining Pools

Once you have a mining rig, you should look at the possibility of solo mining versus joining a Litecoin mining pool (where processing power of a group of miners is combined to solve more blocks faster),such as litecoinpool, https://www.litecoinpool.org/.

There are many mining pools available for you to join.

Top 5 Dogecoin Mining Pools (Pros and Cons)

Solo mining has become increasingly difficult as worldwide interest in cryptocurrencies has grown. More and more people are now looking to mining pools to help improve their mining capability.

But with so many available, how do you decide which is best?

In this article we’ll cover some of the more popular Dogecoin mining pools, and the pros and cons of each.

Quick recap on Dogecoin

Dogecoin is one of the  altcoins that launched following the success of Bitcoin which sparked a global interest in cryptocurrency.

Dogecoin was originally launched as a joke coin with the image of Doge, famous from online meme’s, as its logo. Dogecoin had unexpected success and now boasts a market capitalisation of over $2 billion  and is popular among investors and miners.

Dogecoin is currently the third most popular cryptocurrency after Bitcoin and Litecoin in terms of volume of transactions.

Mining for Dogecoin

As with other cryptocurrencies, Dogecoin mining requires the miner to have an appropriate mining rig.

Dogecoin is based on Litecoin so the mining rig needs to be able to mine script-based coins. However, as the number of miners participating in resolving blocks has increased dramatically over the past few years, it has become increasingly difficult for solo-miners to compete for transactions to complete, resulting in the rising popularity of mining pools, where miners combine their CPU power to complete transactions more effectively and generate revenue faster.

Before joining a mining pool it is important that miners research the security of the pool as well as the manner in which they calculate rewards.

Some mining pools focus only on specific cryptocurrencies and some allow for multiple currencies to be mined. Before you start mining for Dogecoin, calculate the possible profitability with this mining calculator.

Pools will also use a variety of payment methods, such as PPS+ vs PPLNS, so be sure you fully understand how you get paid before you start.

Dogecoin Mining Pools

For miners interested in mining Dogecoin, here is a list of the Dogecoin mining pools and the benefits and constraints of each:

  • Prohashing: ( https://prohashing.com/). This is one of the few mining pools that will actually pay out in Dogecoin. Most the pools will covert the coins generated into Bitcoin or Litecoin. With about 16000 miners active on the site, Prohashing merge mines for coins and then pays directly into your bank account.
  • Multipool: (https://www.multipool.us/dashboard/pool/doge).  With over 13 million Dogecoins paid out, this pool offers a variety of different altcoins as well as Bitcoin and Litecoin for mining and payment.
  • Hashfaster: (http://doge.hashfaster.com/) is a multicoin mining pool that keeps miners anonymous. Payouts are made every two hours if the balance is high enough or alternatively on a Sunday. With about 775 active miners, this is small pool that focuses on the less well know script based altcoins. Just over 10,000 Dogecoins have been mined on this site.
  • 1Coinpool: (https://1coinpool.com/). Using a PPPS (proportional pay per share) model, this pool offers miners Dogecoin, Zcash, Ethereum and Litecoin mining pools.
  • Aikapool: (https://aikapool.com/doge/index.php?page=login). A mining pool that offers free registration and has about 45 active miners. Miners are rewarded on a PROP system (proportional) where there is no risk to the pool operator as the system pays only when a block is found.

We’re written about other pools in the past, check these posts for more info on ETH mining pools, or LTC mining pools.

Final Thoughts: Dogecoin Mining Pools

Although the above list does not cover all the pools available for mining Dogecoin, these are the pools that have the most mentions.  For more information on the currency, the story behind the coin and the meme and for details on how to get started and download a wallet, visit the Dogecoin website on http://dogecoin.com/.

Beginners Guide to Cryptocurrencies

Cryptocurrencies have taken the world by storm; everyone is discussing their investments in Bitcoin, Litecoin, Ethereum and the growth potential of other coins.

Mining for coins has become a pastime for people from all walks of life, from scholars to accountants.  This article will give you a beginners guide to cryptocurrencies, providing a basic introduction into what Cryptocurrencies are, which ones people are investing in and how to get started.

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Introduction to cryptocurrencies

Cryptocurrencies are quite simply digital coins that are used in an online environment in place of traditional currencies to complete transactions.  Based on open source blockchain technology, the record of the transaction is available to everyone, known as a public ledger, and this makes fraud of cryptocoins very difficult.

All participants can see all transactions on the ledger, ensuring that a coin cannot be spent more than once. Cryptocoins also remove the need for a middleman to manage the transaction, such as a bank, which makes them more efficient.

In addition, because the transaction exists on computers all over the world, the system is redundant and secure.

To lean more about the basics of Cryptocurrencies and how they work, visit Udemy.com for some free courses.

Best cryptocurrencies

Since the launch of Bitcoin, hundreds and new cryptocurrencies have been launched, most of these know as Altcoin’s (alternative coins). Some of the currencies are fun currencies, like Dogecoin, and some have great potential and value.

Currently there are more then 1500 cryptocurrencies in circulation.

The list below looks at the top performing currencies of 2017.

  • Ripple, XRP (https://ripple.com) was the worlds best performing digital asset of 2017. With a market cap of more the $85 billion it is currently the fourth largest cryptocurrency.
  • Bitcoin,BTC (https://www.bitcoin.com) remains top of the list from a market capitalisation point of view, worth more than $128 million. Bitcoin is the most expensive cryptocurrency but investors can buy “ Satoshi” which are pieces of Bitcoin. Bitcoin has grown in value from $880 per Bitcoin to $3 775 since it’s launch.
  • Ether, ETH (https://www.ethereum.org) is high on the list if cryptocurrencies worth investigating for investment. Ethereum’s ability to build smart contacts on top of it’s technology gives the currency good potential for additional applications. In the year since its launch, Ethereum has grown in value from $10.03 to $225.
  • Litecoin, LTC (https://litecoin.org) was launched in 2011 as a competitor to Bitcoin and grew an incredible 8200% during the 2017-year. Litecoin’s market capitalisation is currently around the $17.8 million mark.
  • Dash (https://www.dash.org), formerly Xcoin and Darkcoin, has a market cap of $3 million dollars and has been in circulation for more than three years. During the three years the value per Dash Coin has increased from $ 12.23 to $ 340.03 at the end of 2017.

Investing in cryptocurrency

The increase in the value of cryptocurrencies in the last year has been incredible and many people who got into the market early have made a lot of money.

However before investing it is important to do research into your coin of choice and to understand the risks of investing. The market is incredibly volatile and any investor must know there is a risk of losing all your invested money.

The following sites, articles and video’s can assist you in getting started with cryptocurrency investments. Each of the cryptocurrency home-pages mentioned above, will also help you to get started investing in the specific coin.

https://blockgeeks.com/guides/how-to-invest-in-cryptocurrencies/

http://fortune.com/video/2017/11/21/heres-how-you-should-invest-in-cryptocurrencies/

Dogecoin Mining

Cryptocurrencies have become increasingly popular over the past few weeks, but most people would admit to knowing very little beyond bitcoin and Ether.

This article will introduce dogecoin, one of the many alternatives, before focusing on dogecoin mining.

What is Dogecoin?

Dogecoin is a P2P (peer to peer) cryptocurrency that was launched in December 2013.

Originally launched as a joke coin with the image of the dog from the meme with the same name, Dogecoin unexpectedly gained popularity and reached a market capitalisation of $308 million by December 2017.

Dogecoin has about 100 billion coins in circulation and while it not used in commercial application to the degree that Bitcoin is, it has popularity as a cryptocurrency used for tipping people on the Internet.

Currently a crowdfunding effort is in place to create a gold coin with the Doge image on, which will be sent to the moon, resulting in the phrase “To the Moon” being used to express the unexpected growth of the currency.

Like other more mainstream cryptocurrencies, Dogecoin is anonymous, decentralised and a secure form of making Internet payments. Dogecoin sees its community of users as fun and friendly and is linked to the Dogecoin foundation (http://foundation.dogecoin.com), which raises funds for charities and supports non-profit organisations. The Shibu Inu dog, the Dogecoin logo, is a small Japanese dog which became famous for memes on Tumblr in 2005 after a teacher posted pictures of his adopted dog with logo’s.

To start using Dogecoin as a currency, users will need to download a wallet, buy some Dogecoins and then they are set to start trading. Dogecoin is currently one of the most popular cryptocurrencies alongside Bitcoin, Litecoin and Ether, but unlike Bitcoin, Dogecoin continuously adds coins to the market instead of having a limited supply.

This means the value of Dogecoin is far lower than that of Bitcoin and the value will continue to drop as more coins come into circulation.

Dogecoin Mining Software

Dogecoin is simple to mine and all that is needed to get started is a PC, access to electricity and the Internet and one or more graphics cards. The more CPU you have the more successful your mining will be and even though it is possible to mine without a graphics card, the results will be slower.

As Dogecoin is based on Litecoin, the same hardware requirements as used when mining Litecoin is ideal. A CPU with a minimum of 200 KH/Sec is recommended if you want to see good mining results. For details on the changes made to Dogecoin that affect miners and the most effective way to accommodate these changes, visit http://investaltcoins.com/how-to-mine-dogecoin-2017/

Dogecoin Mining Pool

There are many pools that miners can join to mine Dogecoins.  The benefits of using a dogecoin mining pool versus solo mining is the combined processing power of the miners in the pool results in more completed transactions and a faster generation of revenue.

There are pools that focus only on Dogecoin and those that mine for multiple cryptocurrencies such as Bitcoin, Litecoin and Dogecoin.  In a recent poll on bitcointalk.org the most popular pool for mining Dogecoins is doge.poolerino.com with almost 30% of the votes.

Cryptomining-blog.com (http://cryptomining-blog.com/tag/dogecoin-pools/) has a detailed list of all the mining pools that mine for Dogecoin.

For tips on mining Dogecoin, watch the following videos:

Or

Dogecoin Mining 2018

There is much speculation about the value of Dogecoin into 2018 and beyond. With the release of additional coins into the market the price is expected to drop, but there is allot of positive commentary about the future of the coin. For some additional reading on the predictions of Dogecoin, the following sites have some interesting debates on the subject.