How to Mine Litecoins Part I

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How to Mine Litecoins
How to Mine Litecoins

The first Litecoin was created on October 7, 2011, taking the crypto-currency sector by storm with its unique features. Although, it was created on the similar code of Bitcoins, but was more focused on filling the loopholes of its predecessor.

Litecoin eventually showed that it can be a better alternative to Bitcoin after proving certain advantages over the Satoshi Nakamoto’s creation. For instance, the Litecoin network is expected to generate over 84 million currency units, which is four times the currency unit Bitcoin is expected to create. Litecoin’s network has also proved to be faster than that of Bitcoins, as it takes only 2 minutes and 30 seconds to generate, while Bitcoin needs around 10.

But the question which has always bored Google by thousands of its users is “How to mine Litecoins?” In this ForexMinute’s special edition, we will deliver a detailed description, telling how to mine this alt-coin. The first part of this edition will tell you about the mining software used to generate Litecoins.

Mining Software

There are two kinds of software that are used for Litecoin Mining. One is which uses Chips Graphic Card (GPU), and the other is which uses the traditional processors (CPU).

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As per now, there are three-software that use GPU to mine Litecoin. They are: Cgminer, Reaper and Cudaminer. While the two-software that are compatible with the CPU are Pooler’s CPU Miner and Ufasoft Corner Miner.

Although in this article, we are focusing more on the mining software that uses GPU. It is because of the poor performance of the CPU mining techniques. Their method is outdated and consumers much power than that by GPU. While the following software are recommended because they will certainly get the most proficient results in mining Litecoins.

Cgminer
Cgminer was released in late November 2010, and is now counted among the major tools for mining crypto-currencies. It supports the algorithm of both Litecoins (Scrypt) and Bitcoins (SHA-256), and further carries the advantage of being compatible with Windows and Linux. It can also be run on ARM processors, x86 and x86-64bit, as well as on the Raspberry Pi processors.

One of the greatest features of Cgminer is its ability to handle overclocking of Graphic Cards and controlling the fan in case of high power consumption. The software’s compatibility with Raspberry processors, coupled with micro chip designs like FCPGA and ASICS, proves to be another asset as it consumes very little power, which makes Cgminer one of the most ideal Litecoin mining software in the industry.

The software runs on the command line and is easily configurable with its clear and rudimentary interface. You can further look at the present conditions of your mining status, such as the card’s temperature and the fan’s speed.

Cgminer can be used with both AMD and NVidia Graphic Cards as it uses the OpenCL protocol supported by the two brands.

Reaper
Reaper is ideal software for mining Litecoins, as it only supports the Scrypt protocol. The software can be executed on Linux, Windows, as well as on Mac OS X, and is comfortably compatible with both 32-bit and 64-bit processors. Though, it is not compatible with ARM processors.

Reaper is compatible with NVidia and ATI cards. The software executes the command line and is configured with a simple text file. Its interface is rather more minimalist than Cgminer but useful information is available there.

Cudaminer
As its name suggests, this software was designed to use the CUDA language from Nvidia. Cuda is much more optimized on Nvidia cards, so you get better results with it if you have such a card. It runs on Windows and Linux. By cons, it requires the installation of additional software on Windows to run. It will be the same on Linux, but the owners of such systems are used to this stuff. It is compatible with 32-bit and 64-bit systems but the use of 64-bit program does nothing in terms of performance according to its developers.
Cudaminer runs and also configure command line. Its interface presents useful information.

In our next article, we will discuss the basic difference between the solo mining and the pool mining. Watch out this session to know How to Mine Litecoins – Part II.

To contact the reporter of the store: Jonathan Millet at john@forexminute.com