This is a dedicated machine that helps increase mining power. So Litecoin is a cryptocurrency and cryptocurrencies allow you to send and receive information from one person to another instantly with incredible encryption properties. Here is a quick breakdown of the two algorithms. And then you also have to know the worker password, which in this case is worker 2, as well. The drawback to this type of setup is that it’s easy for a person to cheat the system. At this point, there’s a few things you’re going to need to remember that we’ll use later. So I’m going to choose something right in the middle. But in this video, I’m going to quickly cover what Litecoin is, how it differs from bitcoin in the easiest way to use our computers to mine Litecoin for us. Because Litecoin uses a different proof of work function Bitcoin miners cannot mine litecoins. That's fine! If you zoom out now and go back to that mining pool website, go ahead and refresh that. Everyone in the pool works, and once a user finds the block, the reward of that block is distributed among all users. For this approach, users are not rewarded based on how many blocks the pool actually finds, but instead on how many the group is mathematically expected to find. Right now it’s on zero, but I’m going to change it from zero to one. And so for this example, we’ll be using my favorite software called GUIMiner scrypt. In order to send litecoins, transactions must be included in a block. And I could select that. There’s a lot of fields you have to sign out, or you have to fill out to sign up. And then after that you can create like a shortcut of the BAT file to your desktop. It’s not malicious. an ASIC, And there’s nothing that we’re going to do with this address right now, but we need it later in the video. Its public blockchain can be independently verified by anyone. So you can see that now I’m actually mining faster than I was before. One popular option for litecoin mining is the ASIC Scrypt Miner. Control C to terminate and this is working as well. and the /r/litecoin Litecoin has faster block generation. The introduction of specialized mining hardware (commonly referred to as ASICs), So you do the same process, like make a new file, cudaminer_64.bit and then you enter this stuff in here and the main difference being at the address stratum + ttp://ltc-stratum.kattare.com and the port is different as well, 3333. But first, let’s just try mining with your setup right now. But the port is three, three, three, four. Then just go ahead and hit enter and you’ll see that the program is now running and you are – you’re mining for Litecoins. You can find tons online. It’s really not important. In addition, the scrypt approach to mining makes it easier for people with basic home computers to participate. Oh, yeah. Litecoin mining profitability will depend on the price of litecoin, hash power of your hardware, electricity costs, and hardware efficiency. Fewer coins available can translate to a higher value for each coin. Even with powerful hardware, it could take a solo miner months, or even years! On the download page, there is also a visual at the top left-hand corner that verifies the current price per litecoin so you know today’s current value or if you are liking to buy litecoin. If you don’t have software installed, here are a few options to consider. Click on get started. And you basically extract. And then we’ll click on add new worker. Yeah, you have to remember your pin code and then click update account settings. Cpuminer. So instead of just being able to make blocks at will, miners have to produce The next is the worker name, which in this case is worker 2. At this point, you may wonder, “How can I set up a wallet?”. Have a look at the official forum thread on Bitcointalk. Litecoin mining can be profitable, but only under certain conditions. As a result, the group is paid a fixed number of litecoins, which is determined by the mathematical laws of probability. I’ll just go to wemineltc.com, and I’ve already created an account. But I don’t have any of those graphics cards so I can’t really use them. All right. Here are the two links for AMD drivers. It’s a popular one right now. And then when it loads, it’s going to attempt to connect to the Litecoin network, and it’s going to try and sync. The nodes use the miners’ work to continue to verify and transmit transactions across the network.