Litecoin mining is performed through specially built hardwares, which fill up the two key purposes:
1. Securing the network and verifying transactions
2. New Litecoins are offered as an award to the miners
Litecoin Mining Hardware ASIC
This is a bitter truth that Litecoin industry isn't as developed as the Bitcoin's. Despite powerful computers ASICs, known to resolve Bitcoin's proof of work funtion have been developed, yet they are quite difficult to purchase. Also, compared to the Bitcoins, Litecoins use a completely different proof of function, as a consequences Bitcoin miners are unable to mine litecoins.
For instance, you might purchase Antminer S7, however, there isn't any alternatives available for Litecoin. The best Litecoin mining hardware asic available nowadays are graphic cards, however, they aren't as productive as some others built for bitcoins. In spite of that there is an alternative available for you i.e. just mine bitcoins with hardware like the Antminer S7, and transform the gained bitcoins to litecoins.
1. Securing the network and verifying transactions
2. New Litecoins are offered as an award to the miners
Litecoin Mining Hardware ASIC
This is a bitter truth that Litecoin industry isn't as developed as the Bitcoin's. Despite powerful computers ASICs, known to resolve Bitcoin's proof of work funtion have been developed, yet they are quite difficult to purchase. Also, compared to the Bitcoins, Litecoins use a completely different proof of function, as a consequences Bitcoin miners are unable to mine litecoins.
For instance, you might purchase Antminer S7, however, there isn't any alternatives available for Litecoin. The best Litecoin mining hardware asic available nowadays are graphic cards, however, they aren't as productive as some others built for bitcoins. In spite of that there is an alternative available for you i.e. just mine bitcoins with hardware like the Antminer S7, and transform the gained bitcoins to litecoins.
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| Litecoin Mining Hardware asic |
Now let's move on to how does Litecoin work to secure network and verify transactions. Pretty similar to Bitcoin mining, Litecoins or Litecoin mining hardware asic utilize proof-of-work making the entire process expensive in terms of both effort and money. Transactions must be set in a block in case you wish to send litecoins. It is then litecoin miner's job to verify these transactions via proof-of-work. The miner's job is to inspect the transactions relating them to previous transactions on the blockchain. In case, no double-spends, the miners generate a block featuring new transactions, adding them into the existing blockchain.
Every new block generated will be then sent to nodes in the network. The nodes then utilize the miners' work to continue to access and transmit transactions across the network.
Normally, Litecoin mining or mining hardwares require a lot of time and effort plus electricity, which is quite expensive. For each block mined, a reward is offered to the miners, which is generally seen as incentive by the miners, making them even more energetic in the future.
Every new block generated will be then sent to nodes in the network. The nodes then utilize the miners' work to continue to access and transmit transactions across the network.
Normally, Litecoin mining or mining hardwares require a lot of time and effort plus electricity, which is quite expensive. For each block mined, a reward is offered to the miners, which is generally seen as incentive by the miners, making them even more energetic in the future.
Blockchain – The Litecoin blockchain is a public account for all transactions. Dissimilar to other traditional methods of making payments, Bitcoin is both distributed and decentralized. Its public blockchain is easily verified by almost anyone.
The biggest advantage is that no transactions can be eliminated without an appropriately admitted consensus, therefore the chances of fraud transactions decrease significantly. Any inappropriate attempt to disallow the network rules might intervene the blockchain.
Litecoin, generally, is a relatively practical currency than Bitcoin. Due to its speedy block generation, it can manage large volume of transactions easily. Litecoin Mining Hardware asic helps in doing it.
