What Is Litecoin Pool?
There are several Litecoin (LTC) pools where to mine Litecoin if you cannot do it alone, and Litecoin Pool Org is one of them. With Litecoin Pool you will get some of the best information and data about how to mine Litecoin and which are the factors you should take into consideration to be part of one of the largest Proof-of-Work (PoW) networks in the market.
What is Litecoin (LTC)?
Litecoin (LTC) is one of the largest cryptocurrencies in the market. The virtual currency was created back in 2011 and since then it was among the top 10 virtual currencies in terms of valuation. The founder of this virtual currency is Charlie Lee that has been working in the industry since before LTC was created and just a few months after BTC official launch.
The main features of Litecoin include fast transactions and low fees. This virtual currency has a total supply of 84 million, blocks are processed every 2.5 minutes and the rewards per block follow a similar pattern to Bitcoin.
Nowadays, Litecoin continues to attract investors due to the low transaction fees and fast processing times. In times where Bitcoin (BTC) and Ethereum (ETH) are running at the highest capacity, Litecoin becomes a handy virtual currency to have.
In the near future, the goal is for Litecoin to process private transactions. This is going to be achieved by implementing MimbleWimble. This is extremely useful for individuals that want to send and receive private transactions and do not want to use other cryptocurrencies such as Monero (XMR) or Bitcoin Private (BTCP).
At the time of writing this article, Litecoin is the 9th largest cryptocurrency in the world with a market valuation of $17.86 billion. Moreover, it has a price per coin of $267. However, as it happens with Bitcoin, the price of the coin tends to fluctuate on a daily or hourly basis.
Litecoin is also a virtual currency that is usually used to diversify portfolios. Many investors prefer to use LTC in order to get exposure to different altcoins but being sure they hold a recognized digital asset.
What is Litecoin Mining?
Litecoin mining is the activity by which new LTC are created and released to the market. This is done thanks to the Proof-of-Work consensus algorithm that was created after the Bitcoin network.
Thanks to PoW, miners confirm the transactions processed by LTC users. In order to do so, miners require specialized hardware called ASIC miners. As there are ASIC hardware devices specialized in Bitcoin, there are also ASIC miners specialized in Litecoin.
To run these ASIC devices, miners require not only large amounts of electricity but also a place that is usually cold and with good ventilation. In some cases, large mining farms have employees controlling and making sure the farm works as expected.
Smaller miners that have few ASIC devices, usually get connected to mining pools. These mining pools such as Litecoin Pool allow investors to mine LTC together. In this way, they confirm transactions providing a larger hash rate to the network.
This has a positive impact on the miners considering they will definitely be earning more rewards than if they would be mining alone (solo mining). At the time of writing, LTC rewards are 12.5 LTC per block.
The Litecoin network follows a similar pattern to Bitcoin. Every close to four years, there is a new halving that reduces the rewards for miners by 50%. The next Litecoin halving is expected to take place in two years and almost a month from now.
Thus, in 2022, miners will be receiving 6.25 LTC per block plus the transaction fees included in each of the blocks. Thus, as we see, the Litecoin network is three years behind LTC halvings.
Solo mining
We talked before about solo Litecoin mining. This is something that only the largest players in the market can do. It is not an easy thing considering Litecoin has one of the largest hash rates of the crypto market after Bitcoin.
If you are a large investor with a large mining farm for Litecoin, then this could be a good thing to do. You do not share your rewards with anybody else but it is also more complicated to do. At the same time, the LTC coins you create have no history and are clean and ready to be used.
Solo mining is an activity that requires you to know the way in which the network behaves. You need to take into consideration many things: difficulty, hash rate, rewards, electricity prices and investment requirements for your mining rigs.
Once you calculate whether the activity is profitable or not with your equipment, you could start with the solo mining activities.
However, there is a way for you to still get access to the Litecoin network as a miner even if you do not have enough hash power to do solo mining. This is where pool mining would help you achieve your mining goals.
Pool Mining
Pool mining, as we explained before, would help you to mine Litecoin without having to be worried about the hash power you have or the difficulty of the network. You will always receive rewards according to the hash power you provide to the pool.
Through Litecoin pool mining you share your hash rate with other miners from all over the world. In this way, all the miners work together in order to discover a new block with transactions. If you represent 10% of the mining pool hash rate, then you will receive 10% of the mining rewards in LTC (or other digital asset depending on the mining pool you use). However, as you are using a Litecoin pool platform, you will have to pay a commission to the pool provider.
This is the only disadvantage of mining pools. You have to share a commission with the Litecoin pool that helps you process the transactions with other miners.
In the cryptocurrency market, there are different Litecoin mining pools. Each of them would have different features and would offer a wide range of solutions to miners. The fees will also change according to the mining pool you use.
Some Litecoin pools are larger in terms of hash rate. The larger they are, the easier it will be for users to get access to rewards from each of the blocks found by the network.
Selecting a Litecoin pool is something that you should analyse if you want to maximize your rewards. The lower the fees, the better for you to register larger profits.
What is Litecoin Pool?
Litecoinpool Org is one of the most popular Litecoin pools in the market. The pool is one of the oldest operating for the Litecoin network and it is now providing some of the best solutions for users.
The pool was launched in 2011 and it has been then changing over time to add new features and improve the solutions offered. According to the firm, back in September 2014, the company was the first Litecoin pool that started offering secure mining over TLS-encrypted Stratum connections. Thus, users can be sure they are fully protected against man-in-the-middle attacks.
At the time of writing, Litecoinpool Org has 10.6% of the total hash rate of the Litecoin network. There are other mining pools such as F2Pool, ViaBTC, Antpool and Dpool that have a larger hash rate. Thus, the hash rate distribution for these Litecoin mining pools is very clear and distributed among a few large players.
The company claims to offer exclusive “ultra-low latency Stratum server implementation” written in C. MOreover, they include merged mining (AuxPoW) of several altcoins but everything is paid out in Litecoin.
With merge mining, users can easily mine Litecoin and at the same time another digital asset such as Dogecoin (DOGE). This is one of the most common practices among miners that want to maximize their earnings.
Litecoin pool has also a network of servers located in 8 different regions in order to bring the best solutions to clients from all over the world. The closer you are to the server, the better your connection to the pool and the easier it will be for you to share your hash rate with the community.
Other features include the following:
- Fee-free automatic and manual (instant) payouts
- Two-factor authentication support
- Extensive JSON API
- Website and mining interface accessible as Tor hidden services
- Support for the resume extension of Stratum
Although there are other features, these are just the most important ones shared by this Litecoin mining pool.
Another thing that we should mention about Litecoinpool.org is related to the fact that the company has been working for a long period of time with the LTC community. Thus, it is a trusted and reliable source for Litecoin miners that want to be rewarded for protecting the LTC blockchain network.
Rewarding System
Litecoin pool works by registering any single share you submit to the pool. In this way, it gets credited to your account and you receive your pay-per-share (PPS). As we are talking about Litecoin, the rate is expressed in LTC coins and includes the coins you mine with merged mining.
In this way, you get higher payouts just by simply doing merged mining. Mining Litecoin can certainly be profitable if also adding another coin. This could be very positive for users that have old devices that do not work so well as new ASICs.
The company claims that they are always paying for the work, even if the earnings are not generated. This differentiates the platform from other competitors that might not credit you the funds until they do not receive them. This could be very uncomfortable if you want to get the funds as soon as possible.
Users do not have to be worried about orphaned blocks that do not reward miners. This is why Litecoinpool Org offers better services than other companies in the market.
Litecoinpool Org Review: Advantages and Disadvantages
There are some pros and cons of the Litecoin pool website that are worth taking into consideration. Having a clear idea of how the platform works and which are its pros and cons helps us understand which are the benefits and negative things of using this platform.
The pros and cons we have listed below would help you understand whether the Litecoin pool would be a good choice for you or not. One of the best things to do is testing each platform and searching for the one that would meet all your needs.
Litecoin Org Pool Advantages
These are some of the most advantageous things of the Litecoin mining pool.
- It is a relatively old Litecoin mining platform
- Both newcomers and expert users can easily start to mine Litecoin
- Merge mining is enabled
- There are no fees to withdraw funds
- It has servers located all over the world
- Fees are standard (commissions)
- They always pay for the work you perform as a miner
Litecoin Org Pool Disadvantages
There are also some negative things (disadvantages) that we should mention in this Litecoinpool Org Review.
- Users can only use ASIC miners (expensive and difficult to use)
- The interface seems to be older than other mining pools
Litecoin Pool Alternatives
As we mentioned before, there are different Litecoin pool alternatives. Some of them include F2Pool, ViaBTC, Antpool and Dpool. These platforms are as good as Litecoin Pool but offer different services, have other fees and they also have a different interface.
You can check these platforms and try using them to understand which one is the best for you. If you prefer GPU mining rather than ASIC, selecting another platform could be a good option. Nevertheless, due to a large number of miners on the Litecoin network, it might be certainly difficult to mine with a GPU.
In the future, new Litecoin mining pools could be released to the market. At the moment the best ones are the ones mentioned in this platform in terms of reliability, fees, merged mining and other extra features they could have.
Source: Read Full Article