Litecoin is a cryptocurrency, created in 2011 by Charlie Lee, as a lightweight alternative to Bitcoin.
The are two key differences between them:
- Litecoin’s smaller time intervals between adding new blocks to its Blockchain, which is supposed to decrease transaction times.
- Litecoin Mining was originally governed by the Scrypt algorithm, as opposed to Bitcoin’s SHA 256.
The purpose of this is to restrict ASIC miners and allow users to efficiently mine Litecoin on regular PC’s.
That was working as intended for some time until Scrypt ASICs were developed.
Since its creation, Litecoin has been very popular, with an almost constant presence in the top 5 of cryptocurrencies by market capitalisation.
Mining Other Scrypt Coins
Litecoin is one of the most liquid cryptocurrencies. After Bitcoin, it is probably the most widely accepted and recognised.
In USD terms, there are other Scrypt currencies that may be more profitable to mine than Litecoin.
This constantly changes though, since the altcoin markets are very volatile.
Best Litecoin Mining Hardware
The best Litecoin mining hardware on the market right now is probably the Antminer L3+.
It mines at 504 MH/s.
Also note that for this miner or for any other hardware, you’ll likely need a fan and some other mining equipment, so the miner does not overheat.
The miner consumes 1.6 Joules per Megahash (MH/s). You can buy the Antminer L3+ directly from Bitmain.
I personally have zero interest in mining any Cryptocurrency. I am though happy to invest in some coins and see where it takes me.
Now the price of Litecoin has started to accelerate, then there is no good reason why the miners cannot invest in new and better mining equipment, which augurs well for the price of Litecoin moving forward and should promote more liquidity, in the burgeoning Litecoin Market.
While making transactions four times faster, Litecoin’s creator, Charlie Lee, quadrupled the maximum number of coins that can be mined.
While bitcoin has a total of 21 million Bitcoins, Litecoin totals 84 million coins.
The total market value of Litecoin is currently lower at $18 billion to Bitcoin’s $331 billion.
How Many Litecoins are In Circulation?
Miners are currently awarded with 50 new Litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
As of today, 54,354,033 Litecoin have been mined.
The Litecoin network is scheduled to produce 84 million Litecoins, which is 4 times as many currency units as Bitcoin.
There have so far been 16,735,273 Bitcoin mined, from a total of 21 million.