Today even kids probably know what a Bitcoin is. Over several years of this cryptocurrency’s existence, it’s become more than just a trend. Bitcoin is rightfully called cryptocurrency “gold”. But there also exists cryptocurrency “silver”. That is Litecoin, which appeared in the 2011 Bitcoin fork.
The Litecoin payment system uses a Bitcoin open source code, but despite this it features and array of fundamental differences. First of all, the transaction speed has been reduced by 4 times. And if each BTC block is processed in 10 minutes, then in the case of LTC, only 2.5 minutes is necessary. Secondly, envisaged for the Litecoin system is a reserve of 84 million coins, which exceeds the BTC reserve by 4 times.
These advantages quickly made LTC one of the most desired cryptocurrencies. It is procured at home (which is much easier to do compared to Bitcoin), bought, and sold on broker’s boards and exchanges, invested in cloud mining, etc. In order to know for sure what amount currently is in your wallet, you need a convenient litecoin profit calculator. On can determine how much was invested and what your net income is in whatever currency.
Currently, ever more people are warming up to the idea that the future of the cryptobusiness is Litecoin. Because Bitcoin mining is losing its profitability: more than half of available coins have been earned, meanwhile LTC has at least 3/4 of its available coins remaining.
Used in order to acquire Litecoins are:
- home farms that are collected out of packages sold in a store;
- special equipment (so-called “combine mining”):
- cloud mining services that provide rental of equipment in their data centers.
In order to understand whether the invested funds will come back and how much can be made on top, calculations must be performed. That’s where litecoin miner calculator comes in. In calculation, one should keep in mind that income will arrive only after investments break even.
If you’ve decided not to mine LTC alone, but rather join a pool, then when counting your income you’ll need to keep interest in mind as well, which will be retained. Many pools have their own calculators, which take into account all the factors and try to issue the most precise results possible — the amount of coins that a miner can get over a certain period of time.
Of course, litecoin miner calculator is a useful tool. But it only helps to understand the approximate income parameters. Because too many factors are affecting the final amount and a calculator can’t take all of these things into account simply.
Strictly speaking, procuring LTC, just as any other cryptocurrency, can be done alone or as part of a pool. Solo mining is the procurement of coins only via one’s own efforts, using one’s personal equipment.
There are advantages to this. And the main thing is that one doesn’t have to share one’s income with anyone. Everything you’ve earned will go only to your wallet. But there are downsides as well — searching for a segment will take a lot of time. However, in the case of Litecoin all of this occurs many times faster than with Bitcoins.
Does this benefit you? Yes, but only if you have enough power. You can answer this question more precisely by using the calculator.
How does this look in practice?
- You assemble a farm out of what you’ve managed to buy in stores. LTC can be mined with the help of video cards, so there shouldn’t be any problems with the components. Another option is to buy special equipment for mining.
- Of course, you’ll need a special wallet. They take various forms — you can choose the one that will be the most convenient for you to use.
- And now the main thing — you can mine LTC either through special Solo pools or by kicking off your own. A second option is much more complex and under everyday conditions is practically unfeasible.
Before you start procuring coins, you need to calculate the probability of components being there based on their power. And this is done by the special litecoin solo mining calculator. It takes into account:
- the network’s complexity
- the reward for the segment
- the LTC rate
- the power consumed
- the rate per 1 kW/hr
As a result, you get a digit as approximated as possible to the real one, which will signify your net income.
Calculating the profitability of mining and net income
Mining calculators were already discussed above. Everything’s more or less clear with power consumption, the rates, and the equipment’s power. Let’s refer to such an important figure as the hash rate. It is very important in calculating the average time spend on a segment being in solo mining. Essentially, that’s the number of hashes that a miner finds in 1 second.
There is no special litecoin hash rate calculator online right now. However, this parameter is taken into account in regular calculators provided by pools. To simplify the process, one can use a formula that helps calculate mining’s efficiency.
hashrate / power = efficiency
One can fully count on the received number. But it’s best not to depend on it 100%, since the procurement process of coins in many ways depends on luck, which cannot be calculated simply.
Now you can imagine that everything you need for acquiring Litecoins you have, all the figures are taken into account, the calculator calculated the profitability of mining, and the process has gotten going. But you will only see the income in LTC, despite that you’d like to see it in USD. This is easy to do: all you have to do is use a special converted, the so-called litecoin to usd calculator. It translated LTC into USD in real-time mode, depending on the current quotas.
Remember that the course of the Litecoin, just like other cryptocurrencies, always various within the bounds of the diapason indicated also on sites with converters. The dynamics of the course can always be tracked using a flow chart and deciding whether to change LTC for USD right now or hold the cryptocurrency until better times.