The increase in popularity of bitcoins has made both the supporters and critics flood into the marketplaces to try and also have a say in what is termed as the “future currency”. Some of the retail investors and even those with lack of experience in cryptocurrency exchange have been sucked into the craze with fear of being behind on the face of lucrative profits.
Mining Litecoin in 2018 can still be profitable
It is obvious by its popularity that bitcoin is a powerful cryptocurrency, especially for a decentralized one. This could be attributed to the emergence of block-chain technology and anonymity of use. With the block-chain technology, security and ease of transaction are guaranteed. Although bitcoin reigns the market, there are the lesser known altcoins that experts have come to notice are quite as strong as bitcoin and even more stable.
This is especially important since recent flat-lining and downward surges of the bitcoin have underlined just how much the cryptocurrencies are unpredictable.
Apart from purchasing the altcoins, many of the enthusiasts have gone ahead to be part of the miners of the coins. As mining of the bitcoins becomes more difficult by the day, we take a look at another cryptocurrency that could be viewed as a worthy bitcoin competitor, litecoin. This article goes on to explain why mining litecoin today could still be a profitable venture for you.
Since coming into the market in October 2011, prospective investors have been keeping an eye on litecoin and have come to the conclusion that the litecoin is a far better choice than the bitcoin. Litecoin is most commonly referred to as bitcoin-lite. This is especially true as it is a fork of bitcoin and while they are both utilized as p2p payment facilitators, the bitcoin has a market cap of 21 million while litecoin has 84 million.
Dedication from Charlie Lee
He is utterly responsible for the creation of litecoin while working at Google in 2011. However, he recently announced he was leaving his day job to focus more on litecoin fully with ambitions and plans to bring litecoin to the mainstream. This should be a nudge to all those sitting on the fence and are thinking twice of mining the litecoin.
Litecoin network block processing is fast
Compared to bitcoin, the litecoin network performs its processes on the blocks much faster. While bitcoin takes about 10 minutes to process a block, litecoin does that in 2 1/2 minutes! This allows the litecoin network to handle much more in capacity compared to the bitcoin network and rewards are even faster.
Less cost-intensive GPUs in mining
While Bitcoin mining requires expensive application-specific devices that are highly intensive on the processor, litecoin mining could be done on a less cost-intensive GPU. With GPU mining, litecoin is more decentralized since it cornering of the market as in bitcoin is minimized.
The Segregated witness block-chain that has been implemented in litecoin which results into a boost in the amount of the block-chain. SegWit also increases the speed with which transaction takes to completion as well as lowering the costs of the transaction. And did you know that litecoin beat bitcoin into SegWit implementation?
Investors are continuously looking for a cryptocurrency that is tipped to increase in market cap over time and they found that in litecoin. Since it’s pretty hard for the bitcoin to double in market cap by now, litecoin is yet to reach that goal and is dubbed as the ‘next bitcoin’. This should come as both good news and a nudge to those wishing to mine litecoins as it is still profitable and more stable than bitcoins.
For those wishing to mine litecoins but are hesitant should take a look at the reasons above and if those are not enough then maybe cryptocurrency is not for you. But for those charged up and ready then go ahead and start mining your litecoins.