How To Mine LiteCoin Efficiently

Litecoin is an alternative cryptocurrency or Internet current currency based on Bitcoin. Just like Bitcoin, it enables the user to instantly pay anyone anywhere in the world. Litecoin offers a faster transaction confirmation, which is rated at an average of 2.5 minutes, compared to Bitcoin. It has even been cited by media and agencies like Wall Street Journal and The New York Times as a possible successor to Bitcoin.

Litecoin mining, in a nutshell, is the process of collecting Litecoin transactions from a network and validating them. The data is put into blocks from which the "miners" run cryptographic hashes over. The miners then send their blocks to the network and they earn a reward – Litecoins – in return.

So, how can you earn Litecoin efficiently? Here are a few tips!

• Invest on the best hardware

Litecoin mining requires hardcore equipment, i.e. if you want to more results in a much shorter time frame. Your motherboard and GPU play big roles here. This may cost you a few hundred dollars so you better save up. The more experienced miners usually recommend using AMD, Sapphire, MSI, and Gigabyte video cards or GPUs. You may also want to go for R9 280 or 290 cards.If you plan on putting up a mining rig, you would be needing up to three GPUs. Another reminder: using your laptop for mining is generally not a good idea.

• Overclock

You have probably heard of lots of 'horror' stories regarding overclocking your GPU or CPU. However, if you do have the proper equipment, overclocking is no problem. Just a tip: a really good cooling system helps a ton. Overclocking your GPU will help you to mine the largest overall gains. It is best to find the most ideal clock speed for your GPU. This is where you have the highest has rates while still maintain a stable system. If you want the best results, set your memory clocked approximately a third higher than the speed of your CPU.

• Find out what your best setup is with cost/benefit analysis

There is a great number of possible setups you could look into and implement when you are setting up your very own mining computer. To help you decide on whether your setup is worth your investment, you could turn to online calculators that would help you to determine how much Litecoins your mining setup would bring you. There are lots of online calculators who give fairly accurate approximations for your cost/benefit analysis. So if you can afford to change your setup a little bit for you to gain more profit, then why not go for gold?

So if you want to become the most efficient ScryptAsic miner, then it would not hurt to follow the above mentioned tips.