Litecoin Mining With Scrypt ASIC
Litecoin mining has been making news not only to the people very much interested to it, but also to those who have no idea what it is about. This is a good report for those who are into litecoin because this means a bigger community for them. There is definitely a demand of information, mining tutorials and guides on how to be successful with Litecoin mining. To begin with, let us look at the basics:
What is bitcoin
According to bitcoin.org, Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
What is Litecoin
Litecoin is an improved bitcoin. It was created 2011 (two years after the conception of Bitcoin) by an MIT grad, Charlie Lee. His goal is to make a Litecoin more accessible and faster than Bitcoin. It is a form of currency that uses a scrypt based algorithm and was agreed to be used by a certain group of people via the Internet.
What is Litecoin mining
From the definition of cryptojunky.com Litecoin mining is the process of using your computer’s CPU (Central Processing Unit) and GPU (Graphics Processing Unit) to process transactions for the Litecoin network. When Litecoins are mined, it can try to solve a block that gives out a reward of 50 Litecoins (as of today).
What are the other characteristics of Litecoin
•It is not reliant to Central Bank, rather it is needy to its users for it to be formulated and used
•Litecoin coins has an unlimited supply and can be released in the process of mining (Bitcoin has limited number of coins)
•Transaction and confirmation time with Litecoin is only 2.5 minutes unlike with bitcoin that lasts up to 10 minutes
What is Script ASIC
Script ASIC (Application Specific Integrated Circuit) is a high performing hardware device that enables Litecoin mining. It is believed and accepted to be a thousand times more efficient than GPU (Graphics Processing Unit) mining that is why a lot have switched to this type of hardcore technology that is available in this Scrypt Asicsite
How does Litecoin mining with Scrypt Asic works
This high reliant technology requires a high performing CPU. Certain software has to be downloaded and filled-up to begin coin mining. Only those who are serious about this form of currency should use the software because it takes a lot of time, resources and computer, hardware and software investment.
Although noise has to be further generated so that more people can get involved in this virtual and dependent way of exchanging currencies, the fact cannot be denied that it is slowly being accepted by many. However, experts believed that the best marketing strategy it can do is not through advertising but rather in the success of exchanging coins.