Free Litecoin Mining – How Does it Work?
Litecoin is amongst the oldest projects in the cryptocurrency arena.
Llaunched in October 2011 by Charlie Lee (a former Google employee), it was a split from the Bitcoin Core, issued under the MIT / X11 license.
Therefore, it is in a sense a kind of adaptation to the Bitcoin code.
The founder’s vision is that litecoin will work alongside bitcoin.
The process of creating a new litecoin block is 4 times faster and takes 2.5 minutes compared to 10 minutes in Bitcoin.
Charlie Lee believed that Bitcoin would be used to purchase expensive assets such as a house or car, and the ability to make immediate payments and low fees may make litecoin more attractive for daily / smaller transactions.
It is also being referred to as “Digital Silver”, as opposed to the bitcoin “gold”.
How does the Free Litecoin Mining Process work?
One way for free litecoin mining is to join a free cloud mining platform.
We’ll start by mentioning the obvious: This is risky.
We do not recommend it unless you did your extensive homework.
In general, the main benefits of using cloud mining platforms are:
- Not having to operate your own mining, which is complicated and expensive.
- They take the technical endeavor of your shoulders.
This makes the idea of outsourcing the heavy lifting to a third party (cloud mining company) sounds like a great way to begin earning a slow income of cryptocurrency.
If you’re in the search for free litecoin mining, remember:
There is a huge downside to using free cloud mining sites:
Many of the companies claiming to offer cloud mining services are in fact scams.
Specifically the companies that offer “free” services.
They’ll take your money they may even pay out a little, but they’re actually Ponzi schemes.
Instead of mining cryptocurrency, they’re paying you out based on the money they’re getting from other new customers.
Once the well of new users dries up, they will very likely disappear with your money and long before you ever see a profit.
This is why if you’re looking for free litecoin mining solution by joining a cloud mining site, it’s essential for you to do your homework, learn about the history of the company.
See what the community is saying before you even think about handing them over your money.
A good tip would be to avoid new cloud mining service, specifically those that are running less than 1 year, and focus your efforts on the established / popular platforms, trusted by the miner’s community.
Even in these cases you should look around carefully.
Look for reviews in forums and chat rooms, talk to experienced users, check the website.
In general you need to know:
There’s no guarantee that with cloud mining you’ll come out ahead more than you would have by taking the same money and just buying the coin you wanted.
So it’s true that cloud money gets you involved in cryptocurrency without having to maintain your own systems, but as mentioned, it’s often more profitable to simply invest in the coin instead.
If you’re interested in mining litecoin, cloud mining sounds intriguing and you’d like to start exploring these services for litecoin mining, there’s multiple companies available right now that are offering to mine litecoin and other cryptocurrencies on your behalf.
Top Litecoin Mining Sites in 2020
Gensesis has been in the game for years, and offer legitimate cryptocurrency mining services that pay out regularly.
Genesis mining offers gold platinum and diamond tier contracts, as well as the ability for users to build their own custom contracts.
The company’s been around since 2013 and claims to have served some 2 million customers
So there’s definitely history on its side.
Launched in 2012, it is one of the oldest and fas a 0%. fees.
The payout is done in LTC.
Multipool is the first to introduce the markets with a profit switching algorithm.
The algorithm tracks the profitability of over 40 cryptocurrencies including Bitcoin, Litecoin, Dogecoin, and Darkcoin, and automatically switches the miners to the most profitable coin.
It is the best mining site for merge mining, where you can simultaneously mine two cryptocurrencies without losing Hashpower.
Miners can mine around 40 cryptocurrencies in Multipool.
Litecoinpool is one of the oldest sites for mining the litecoin, established in 2011, and controlled over 40% of hash power in 2012.
It works on a pay-per-share basis and has no fees.
It is a very transparent and straightforward mining pool.
It allows users to mine Litecoin while smart merge mining 7 other cryptocurrencies that are automatically converted to Litecoin.
Their servers are in Europe, USA, and on TOR(hidden service)
With 8 geographical servers, anyone can mine litecoins from any location around the globe without any fees for automatic or manual payouts.
ViaBTC is one of the largest litecoin mining pool after Litecoinpool.
ViaBTC offers Bitcoin, Bitcoin Cash, Dash, Ethereum, and Zcash pool also.
It added Litecoin in January 2017.
Along with PPS, ViaBTc also offers Pay per last and share system (PPLNS).
There is no transaction fee but miners have to pay 2% for PPLNS payments and 4% for PPS Payments.
Considered to be amongst the most trusted and profitable mining pools.
Prohashing was established in August 2014.
It is the mining pool for many Cryptocurrencies Script coins, SHA-256, Equihash, and X11 algorithm coins.
You can choose between Full-Pay-Per-Share (FPPS), Pay-Per-Last-N-Shares (PPLNS), or Solo mining to earn the coins you want.
You can receive daily payouts in hundreds of coins and tokens, even non-mineable coins like EOS, NEM, and Cardano.
Automatic bank transfers to your account in your local currency are available.
There are no fees for transactions (unless miners are asking for a very small payout).
The automatic mining mode feature will use hash power to mine the most profitable coin.
The profit information is updated live directly from the mining server, and user balance and miner status are updated in real-time to user dashboard.
A platform for cryptocurrency mining, buying, and exchanging.
As explained in Nicehash site:
It is an easy to use vendor, and amongst the best performing mining software, with:
- Multi switching algorithm
- Payouts as low as 0.001 BTC
- Dedicated customer support
There is no registration required and the fees depend on the types of wallet and balance.
In this site, miners get paid in BTC but they can be exchanged for LTC anytime.
It is one of the oldest and most reliable mining sites. In addition to litecoin it offers 8 more cryptocurrencies. Miners have to register on their website and they will get the statistics of the most powerful miner and last confirmed block.
Cointron offers PPLNS, PPS, and RBPPS systems and the minimum payout level for litecoin is 0.02 LTC.