There have been a certain wave of change in the financial sector due to 2008-launched crypto-currency Bitcoins. The methods of pair trading felt a uniqueness by involving this digital currency which was never made or regulated by any specific government authority. Instead, the whole way of bringing life to it was Mining – a Bitcoin-generating process which involves powerful GPUs creating the currency.
It is astonishing to notice how Litecoins, a 2011-launched currency having similar traits as of Bitcoins, has challenged the miners relying on a traditional approach to mine digital currencies. In fact, Litecoin is aiming to fill the voids Bitcoin always had by gaining immense popularity due to a better mining process, as claimed by experts.
The focus is now shifted to Application-Specific Integrated Circuit (ASIC) machines which arrived last year in January. The effectiveness of ASIC machines over traditional CPU reflects perfectly when one compares the per second hash rate of both. While the former has a per second hash rate of over 1 million, the latter have only 1.5.
Bitcoin had already adapted this mining procedure which has resulted a decent trading flow of the digital currency online. But Litecoin is still proving to be the Bitcoin’s major competitor and has moved huge investment propositions to its own domain. It is though now using the shelf ATI graphic cards, but with the recent news suggesting UK-based Alpha Technology and India-based Dexcel Designs collaborating to release efficient Litecoin Miners by the end of this January, the digital currency may see a momentum in the market, giving a straight competition to its distant-cousin Bitcoin.
The finance community has however reacted to this great, “but no so great” update in the sector. They believe the progress of newly developed digital currencies can create imbalance and destroy the whole spirit of crypto-currencies. Such predictions might have arose from the womb of a recent news updating online finance community with Coingen allowing anyone to create a crypto-currency with utmost ease – SHA256 or Scrypt.
The future of Litecoin Mining however seems great because this is the only currency which is making waves due to the increasing number of acceptances, major organizations collaborating to make its miners, and none the least, for just being a good alternative to Bitcoins like always.
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