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How to Mine Litecoin: No One Will Ever Tell You This

Litecoin is one of the most popular cryptocurrencies today. The currency is a clone of Bitcoin and appears to ride on the popularity of the pioneer cryptocurrency. However, the crypto has its own merits – like being a ‘lighter’ version of Bitcoin and thus being used in day-to-day transactions. Litecoin is faster than Bitcoin – having a block time of 2.5 minutes compared to Bitcoin’s 10 minutes, meaning it’s quicker and easier for Litecoin miners to make money. 

Litecoin was created in 2011 by Charlie Lee, a former Google engineer. He modeled it after Bitcoin but with certain modifications intended to help it scale compared to Bitcoin. At the time of writing, the currency has a per-token value of $69.54 and a market rank of #7 with a market capitalization of 4.59 billion. 

In this piece, we’ll take a look into the nitty gritties of mining Litecoin.  

#1. Mining equipment

In the early days of Litecoin, the cryptocurrency could be mined using CPUs and GPUs. Litecoin uses the Scrypt hashing protocol – the first successful cryptocurrency to use it. Lee opted for Scrypt instead of Bitcoin’s SHA-256 due to the former being lighter and also because”using Scrypt allows one to mine Litecoin while also mining Bitcoin.” 

However, it’s no longer possible to turn a profit when mining Litecoin with CPUs and GPUs. This is because as competition has ramped up for the currency, mining difficulty has increased, requiring miners to use application-specific integrated circuits (ASICs) developed specifically for the currency. One of the most popular ASICs for Litecoin include Bitmain’s Antminer and LTCMaster. ASICs tend to go for around $1,000 for older models and around $2,000 for newer models. It’s best to go for the newer models, which are more effective. 

 #2. Should you join a mining pool? 

Once you’ve identified which hardware to use, the next decision will be to mine solo or join a mining pool. A mining pool is a group of miners who share computing power to multiply the chances of finding a block and earn mining rewards. Mining alone means you will get to keep all the mining rewards plus a fraction of the transaction fees. (The current mining rewards are 12.5 LTC per block. This will be halved in the next Litecoin halving, which will happen in 2023). And even then, this will require that you have massive hash power (multiple ASIC machines). Mining with a single ASIC is almost guaranteed never to turn a profit. 

By contrast, concentrated computing power in pool mining makes it many times easier for the pool to discover new blocks and attain a reward. The reward is then distributed according to the contribution of each miner. Bear in mind pool mining itself is not guaranteed to turn a profit since it depends on chance, but earnings via a pool are more steady than solo mining. 

Before you join a mining pool, make sure to investigate it thoroughly. Some pools out there are outright scams, while others are just plain shady. Also, it’s not uncommon for a mining pool to fall victim to hacks. So always check a pool’s security history and how they handled any breaches, reputation, member reviews, and management team. Also, try not to keep large amounts of your proceeds with the pool. It’s good practice to transfer proceeds to your wallet as soon as possible. 

Some of the most trusted and popular Litecoin pools out there include F2Pool,, ViaBTC, and ProHashing.

Litecoin: Cloud Mining 

ASICs and pools are not for everyone. Maybe you want to mine Litecoin and don’t have the means or desire to splurge on expensive hardware. Well, you’re in luck because there’s an option of cloud mining that allows you to pay a remote data center to do the mining for you.

With this option, you will be required to put up a certain amount of money – but not nearly as much as you would for an ASIC – to get access to the cloud mining platform. The more you invest, the more you stand to gain from the platform. 

We can’t stress this enough – cloud mining is even more susceptible to scams than mining pools. There are individuals out there who are happy enough to take strangers’ money without an actual mining operation going on on their side. This behooves you to do serious research before getting entangled with any cloud miner. One of the most reputable cloud mining sites is Scotland-based Hashflare, which also has data centers in Estonia and Iceland. Hashflare has been around since 2014 – demonstrating its credibility and staying power. 


The last thing you need to consider is where to store your Litecoin. You have a variety of options starting with the Litecoin Core Client. This is a wallet by the Litecoin Foundation and is open-source, feature-packed, and updated regularly to make it more robust and easier to use. With the Litecoin Core Client, you can store, send, and receive Litecoin as well as view the transaction history of the blockchain. To use this wallet, you have to download the full blockchain on your computer. Of course, it will take up a lot of space, but it pays a lot of security dividends in the long run. The wallet supports Windows, MacOS, and Linux. By using Litecoin Core, you also contribute to the network’s security and decentralization since you’re running a ‘full node.’ 

You also have the option of a cold storage wallet. A cold wallet is one that’s not connected to the internet. This means it is unhackable, and hence very safe. If you have a large sum of Litecoin, a cold storage wallet is your best go-to option. There are also paper wallets that constitute a physical paper in the form of a QR code or a string of alphanumerics. A paper wallet is safer than an online wallet, but it’s vulnerable to theft and damage through fire, water, and wear and tear. You can increase your paper wallet security by laminating it and putting it in a safe place that only you know about. These days, people even strongly advocate for ‘brain wallets,’ which constitute memorizing a seed phrase that you can use to recreate your private key. Obviously, a brain wallet is the most secure of all these options.

Other people choose to keep their crypto funds on exchanges. Exchanges have the advantage of quickly swapping your crypto for fiat. However, this option is not recommended. That’s because exchanges are famously the target of hacking, and you can lose your money in the case of a security breach. Also, you have limited control over your Litecoin in such a wallet. 

Final Thoughts 

Litecoin is one of the most relevant cryptocurrencies, and investing in it through mining is a savvy move. Of course, there are risks to every profitable endeavor, so make sure to do your due diligence before you go all in. 

Crypto Guides

Defining Callisto Network & Its Fascinating Features!


Callisto Network is a blockchain-based Ethereum protocol developed by Ethereum Commonwealth, an ETH development team.

The Callisto Network is missioned towards boosting the Ethereum ecosystem by enhancing the methods of smart contract development and implement the experimental protocol. These implemented protocols are incorporated within smart contracts using merged protocol-level config.

The Callisto Network has been developed to use built-in mechanisms like smart contracts, which can be used to implement the vital features of the platform. The network wants to define and standardize the protocol with a governance system, cold staking, and a funding system for development. All these will be based on smart contracts.

In simple terms, the primary goal of the Callisto Network is to create an ecosystem that is self-funded, self-sustaining development, and self-governed. Note that, Callisto Network always creates new enhancements on the protocol level. This is because the ETC community typically has a conservative approach.

Quite some enhancements come from the CLO network when the other ETC development teams acknowledge them. Examples of the same include cold staking protocol and on-chain governance system.

How does Callisto Address Scalability?

A significant issue that Callisto addresses is the scalability of both ETC networks and CLO networks. The team developers realized that it would be time-consuming to discover their mechanism for implementing sidechains and relaying transactions. As an alternative, they are planning towards implementing the cross chain-relation mechanism.

This is a mechanism that can be spotted on third-generation blockchains like EOS and AION. In essence, Callisto will be improving the scalability of ETC and CLO with mechanics that already exist in the market and have proved their effectiveness.

Features on Callisto

Cold Staking

An issue encountered with Ethereum Classic is that the users receive no incentive for holding their coins. With the introduction of “Cold Staking” by Callisto Network, users will now be rewarded with interest in holding CLO tokens. This is possible when users add their tokens into a smart contract for over a month. Apart from that, there are no other requirements, unlike Masternode coins that require running a node.

CLO coin

The Callisto Network has its native currency – CLO token. It is currently listed on BiteBTC, Stocks. Exchange, SimpleSwap, EXRATES, OOOBTC. The list is expected to expand in the coming months.

Mining Pools

CLO tokens can be mined just like ETC is mined. Various pools support the mining of Callisto. The mining pools include,,,,,,,,,,,,, etc.

Callisto Network Wallets

As Callisto Network is growing at a good pace, presently, several wallets support Callisto. Some of them include Trust Wallet App, Classic Ether Wallet, Guarda Wallet, and coinomi Wallet. One can verify the compatibility of Callisto by checking if it allows exporting your account.


The Callisto Network developed by Ethereum Commonwealth is based on the Ethereum protocol. With this network, Ethereum Commonwealth addresses the issues relating to Ethereum Classic, specifically security and scalability of smart contract ecosystems. Besides, it has a Cold Staking feature, which is compelling to the platform as it encourages the holding of CLO tokens.

Crypto Daily Topic

How to Set Up a Bitcoin Miner 

Bitcoin has come a long way from when it was worth less than a penny, when Laslo Hanyecz bought pizza for 10,000 bitcoins. And although like any cryptocurrency, bitcoin has seen its share of wild upsurges and dips. The crypto has since seen a massive rise in value, even hitting the remarkable height of $20,000 in December 2017. And stories are told of the millionaires who made their tidy sum via investing in Bitcoin in that year too. 

The point is, Bitcoin has proved to be quite profitable in recent years, and it has attracted more users as time goes by. One of the ways to acquire bitcoins is through mining. Of course, mining here is not in the traditional sense, but rather the use of specialized machines to release new currency. 

Mining itself is an entire industry on its own. Right now, we have mining farms set up in several parts of the world to mine Bitcoin. The motivation? Mining rewards, which come in the form of Bitcoins. 

With the prospect of earning free Bitcoin (though not entirely free, we suppose), many Bitcoin newcomers naturally wonder where to begin. This article is an in-depth guide into how to set up a Bitcoin miner, along with why you should join a mining pool when you’re all set. Let’s get to it, shall we?

What’s Bitcoin Mining? 

Bitcoin mining is the process through which transactions are verified and added into the immutable and public ledger known as the blockchain. Mining is also responsible for the introduction of new coins into the circulating supply. Individuals who take part in mining are known as “miners” and are compensated with block rewards and/or a fraction of the transaction fees. By mining, miners also protect the network against 51% attacks. 

By mining, miners usually make multiple random guesses until one of them finds the right cryptographic hash function that will unlock the next block of transactions. 

Setting Up a Bitcoin Miner 

Before you even begin thinking about purchasing or setting up a Bitcoin miner, there are two things you should first consider: hash rate and energy consumption of the hardware in question. 

#1. Hash Rate

Hash rate is the number of calculations (guesses) a mining machine can make per second. Hash rate is measured in megahashes per second (MH/sec), gigahashes per second (GH/sec), and terahashes per second (TH/sec). The hash rate is a very important parameter when choosing hardware since the higher your hash rate, the more likely you will guess the correct number faster than other miners and get the chance to confirm the next transaction block and earn a reward. 

#2. Energy Consumption 

Bitcoin mining is known to gobble up massive energy, which costs money. The more powerful the mining machine is, the more power it is going to consume. Before you purchase mining hardware, you need to calculate its electricity consumption in watts. You need to know how many hashes you are getting for every watt of electricity the machine is going to use. To calculate this, take the hash count and divide it by the number of watts. 

For example, if the device’s hash rate is 1000 GH/s, and it requires 500 watts of power, it means you’ll be getting 2GH/s per watt. Check your power bill or use an online electricity price calculator to know how much hard cash that translates into. Remember also that you might need to use your computer to run the mining device. Remember too that the computer spends its own electricity as well so you’ll also need to factor that in your calculations.

Mining Hardware

Bitcoin mining hardware falls into three main categories: CPU/GPUs, FPGAs, and ASICs. Let’s look at each at more depth below.


CPU stands for computer processing unit. A computer is the least powerful Bitcoin mining device. In the early days of Bitcoin, computers were pretty much the only way people mined the currency. But as more miners joined the network, computers were rendered almost useless in the face of more powerful innovations. You can try Bitcoin mining today using your CPU, and you can spend a decade at it without earning anything. 

Many miners integrated graphical processing units (GPUs) into their computers so as to enhance their hash rate. GPUs are a feature of graphics cards, which are designed for heavy mathematical lifting in video games – which makes them particularly great at carrying out the arduous task of making multiple random guesses per second to add blocks on the blockchain.

Graphics cards can be expensive – going for hundreds of dollars, but they have a significant advantage over CPUs. For instance, an ATI 5970 graphics card will give you over 800 MH/s, while CPUs will provide less than 10 MH/sec. 

One of the advantages of GPUs is they can be used to mine a variety of other cryptocurrencies other than Bitcoin. Unlike ASICs, which we’ll be looking at later, GPUs are not specifically designed for any particular currency. However, just like CPUs, GPUs have long been phased out by more powerful mining machines. These machines have been created specifically with Bitcoin mining in mind, and as you can imagine, they represent quite formidable alternatives to GPUs, which can’t stand a chance. 

Field Programmable Gate Array (FPGA)

An FPGA is an integrated circuit that’s configured after being built. This means a mining hardware manufacturer can buy a lot of chips and customize them for Bitcoin mining before arranging them into complete equipment. Since they are customized for mining, FPGA devices provide miners with better performance than CPUs and GPUs. While let’s say, a 600 MH/sec graphics card can consume up to 400 watts of energy, a typical FPGA mining device can use 80 watts and produce a hash rate of up to 826 MH/sec.

Application-specific Integrated Circuits (ASICs) 

ASICs are machines designed for one sole purpose: mining Bitcoin. ASICs offer 100 times more hashing power than previous technologies and with considerably less energy consumption. Some industry experts consider ASICs to be end-of-the-line technology, since they’re the most effective and powerful as yet, and there doesn’t look to be a replacement for them at least in the near future. Since these chips have been created for one purpose only, they are quite expensive and time-consuming to manufacture, but the speed is unmatched. Some ASICs can provide up to hundreds of gigahashes per sec. An ASIC can cost anything from $50 to thousands of dollars, depending on hashing power. 

Calculate Mining Profitability

Before settling for any mining device, it’s necessary to calculate its potential mining profitability. There are several online calculators that can help you do this. Some of the best options include one from The Genesis Block or the BTC Mining Profit Calculator. Factor in parameters such as the cost of equipment, hash rate, energy consumption as well as the prevailing Bitcoin price. This will help you figure out how long it will take for your investment to pay off.

Another thing to consider is network difficulty. The difficulty is a measure of how hard and time-consuming it is to find the right hash for a block. The difficulty is likely to increase as more ASICs join the market, so it’s important to increase this metric during your calculation and get a forecast of your ROI when more ASICs join the market. 

Once you’ve identified your hardware, there are a couple more things to do. 

#1. Download the Mining Software/Setting Up a Bitcoin Client

Depending on which equipment you purchase, you may need to install mining software in order to run it. If you’re using GPUs and FPGAs, you have to set up a host computer to run a standard Bitcoin client and mining software. The Bitcoin client plugs your computer to the Bitcoin network and relays information between the two ends. The Bitcoin mining software instructs the hardware on what to do, passing transaction blocks for it to solve. The software is usually configured to support Windows, Mac, OS, and others.

You will also need mining software for your ASIC miner, but some modern versions are being shipped with everything in place, including a BTC address so that all you need to do is plug it into an outlet and get to working.

#2. Join a Mining Pool

The next thing you’re going to want to do is to join a mining pool. Why? Because a mining pool gives you a better chance to cash out. Once you enter the world of crypto mining, you’re in competition with huge companies with entire mining farms. So, it’s more beneficial to join a mining pool than going solo. In a mining pool, multiple users contribute their hashing power towards the effort of generating a block. If the pool successfully mines a block, the rewards will be distributed to the participants in the proportion in which they contributed processing power. 

Final Words 

With this guide, the intricacies of setting up a Bitcoin miner and which miner to go for shouldn’t be a mystery anymore. Of course, as with anything with crypto, doing your own research before settling for anything is always recommended.