Over the past year Litecoin has solidified its place alongside Bitcoin as a viable digital currency. If you’re brand new to Litecoin and don’bitcoin mining graphics card hashrate yet have a Litecoin wallet I’d suggest checking out our guide to Getting Started With Litecoin.
It provides an overview of Litecoin and a guide to setting up a wallet. If you want to get started as quickly as possible with mining then skip ahead to the Installing GUI Miner Scrypt section. Litecoin mining is the process of using your computer’s resources in order to help run the Litecoin network. Like most cryptocurrencies, Litecoin is initially distributed through block rewards, where miner’s get a certain number of Litecoins by solving a certain amount of cryptographic work. Originally mining could be done individually, referred to as solo mining.
However, over time it became too difficult to do individually as the probability of finding a block solo mining became very low. This led groups of miners to develop what is referred to as pool mining. Today nearly all miners use pool mining, where they mine in groups resulting in steadier payouts. The original Bitcoin client included a CPU miner that beginners could use to solo mine. GPUs offered much faster speeds than CPUs.
Litecoin’s original design was intended to prevent GPU mining and did so by using the memory intensive Scrypt hashing algorithm as opposed to the SHA-256 algorithm used by Bitcoin. Eventually mining programs were developed for GPU mining Litecoin, though the difference between CPU mining and GPU mining remained smaller with Litecoin than it had been with Bitcoin. However, a recent rewrite of some of the software involved with NVIDIA mining has lessened the gap. While Radeon cards still offer higher hash rates, NVIDIA cards are generally easier to tune. If you’re looking to build a fast, high end mining rig then Radeon is still the way to go. This tutorial covers two mining programs.