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Start your Litecoin miner in 10 steps

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Very easy 10 steps to getting started with Litecoin Mining and setting up your Litecoin Miner, set up easily and start mining litecoins today

Getting started with Litecoin Mining and setting up your Litecoin Miner

If you think you are too late to join the Bitcoin bandwagon and get mining and reap herculean profits out of it, maybe you could look at alternatives and learn and decide to mine Litecoins. So if you have made your research and done your understanding and are looking to mine coins without having to invest in heavy ASIC machinery, Litecoins is actually your best choice right now.

That being said, it is important for you to follow the steps mentioned here closely and check off all the requirements so as to successfully mine Litecoins.

 

Step 1 : Do your research

When it comes to your money and making investments using your money, always remember to never go into something like this without doing your research and properly educating yourself.  Go through numerous articles and tutorials available online to learn about the entire Litecoin platform and how it works.

 

Step 2 : Obtain a wallet

Obviously, you would need a place to securely hold your hard earned Litecoins once you’ve mined them. This is a step that would be required later after the mining but we are already making sure we have our hands on it. A Litecoin wallet serves just this purpose. The Litecoin Core wallet is a kind of the ‘official’ digital wallet for Litecoins. There are a wide variety of options available in this matter from mobile apps to web based platforms. Airbitz, Blockchain, Freewallet, My Celium Wallet are a few of the most popular and reliable mobile apps to create your digital wallets on. The Ledger Nano, Jaxx, Exodus, Coinomi, LoafWallet, and LiteAddress wallets are several other options available to users.

For those people who want to go for something different and try a web based platform, Coinbase, Circle, Blockchain, Strongcoin, Xapo are a few of your best options. Enable two factor authentication on your wallets since your wallet is now your most prized possession. Always prepare a backup for your wallet which no one can reach or access. Do not share your private key with anyone no matter what.

 

Step 3 : Researching about miners

Once your wallet is set, you need to go ahead and turn the Internet upside down to look into several options available and then choose a Litecoin miner hardware that best serves your purpose and need. Read about what all you already have, like graphic cards etc and what all you would need to purchase additionally. Make a list of all these requirements and then set forth to buying them.

 

Step 4 : Get your hands on some cool graphic cards

For effective mining process to undergo, try and get your hands on some awesome graphic cards that would make your life much much much easier. The Nvidia GTX 1070 is a great graphic card to be used for mining hardwares too. With a high hash rate of 30mh/s, it offers a Core Clock of 1,506MHz, a memory of 8GB GDDR5, a memory clock of 8Gbps and a power draw of 150W. This is a great option for people considering mining as a long term investment plan.

The AMD Radeon RX Vega 56 is another very popular option when one is looking for a high performance graphic card offering high hashing rates. It has a core clock of about 1,156MHz and an even impressive memory of 8GB HBM2, memory clock of 800MHz and power draw of 210W, it is cheaper to boot but runs a little hot.

 

Step 5 : Choose your Litecoin miner

One of the most powerful and maybe the best choice to go for with respect to your Litecoin miner is the ANTMINER L3+. The L3+ Scrypt miner enables mining of not just Bitcoins but Litecoins too. It has a hash rate of ~504 MH/s and does not eat up a lot of electricity which gives you some relief from that point of consideration. Weighing just 6.5 kgs it is very lightweight and also very cost effective even in terms of shipping.

 

Step 6 : Join a mining pool

Do you have any idea how much more easier your life would get if you join a mining pool? You might want to feel a little adventurous and want to do it all on your own but get yourself involved in a mining pool, seriously. Mining alone can be quite a tedious process and you would have to wait long hours to get a block of transactions confirmed. The most popular and much used sites for this purpose are the Bitminter, Kano Pool, Eligius, Slushpool. You can easily pool together your computing power with other miners and help out everyone while making your life easier too.

 

Step 7 : Check mining profitability

Would it not be great to already predict the outcome of something and make sure that every step you take would only help you make profits? That might take the thrill out of the entire thing but what use is thrill when you are constantly losing a huge amount of money and just making yourself more and more broke? That being said, learn how to use a Litecoin mining profitability calculator and keep track of all their profits and realise that if they are not making a profit, they should change their investment schemes.

 

Step 8 : Get a power supply

Of course you know mining is an energy consuming process and so it is important for you to get a power supply which is not just cost effective but also compatible with you miner.

 

Step 9 : Start mining

Finally, fire up your miner by connecting it to the power supply. There would be a user manual that came with your miner. Just give it a thorough reading and it would help you set it up. Integrate your miner and your mining software. Find your IP address on the admin page of your network router. Type this IP address in the your web browser. Look at the ‘connected devices’ on the admin page, find the name of your miner (mining hardware), and select it. This action should display the IP address of your miner. Copy and paste this address into your web browser. This opens the admin page of your miner, log into it using your credentials which are generally printed in the users manual of the miner. Immediately click on ‘Miner Configuration’ and type the URL address, username and password of the mining pool you selected for yourself earlier. Click ‘Save/Apply’. And you are done.

 

Step 10 : Two factor authentication

In addition to securing a wallet, one must learn to secure them furthermore. There is never something as too much security and more and more layers of security for your wallet would only keep you safe and secure so as to not get conned and lose all your hard earned Litecoins. The one step to take in this direction is to enable two factor authentication. This was, in addition to entering your credentials to access you account, you would also be required to enter and additional code which is sent that very moment to your mobile number. This is similar to the when one enters an OTP to make online credit and debit transactions.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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