The Best Litecoin Miner: ASIC and FPGA are HERE!
January 6, 2014 By Matt B.
With the aggressive – and some say, unfounded – surge in the value of Bitcoin and other peer-to-peer digital currencies in recent months, many people are asking how they too can profit from this global craze, well we say get a Litecoin Miner. The deep popularity currently enjoyed by Bitcoin also means that its value has matured, making it an unsuitable choice for rapid growth, and rapid profits.
Therefore, we take a look at an emerging alternate cryptocurrrency: Litecoin and try to find the best Miner on the market.
Think of Litecoin as the silver to Bitcoin’s gold. Just like Bitcoin, there is no single governing entity that controls the value of Litecoin. Users are free to mine it, trade it and make instant payments online without anyone knowing the identities of the parties involved. And they also both share a fluctuation in recent prices per coin.
However, there are some important distinctions to remember between the two cryptocurrencies also. The founders of Litecoin decided to make their currency more efficient to mine using just consumer-grade hardware.
This ease in mining also means that Litecoin transactions are much faster to process. And whereas Bitcoin is limited to a production run of 21 million units of currency, Litecoin will up the ante with 84 million total units of currency.
What is Litecoin Mining?
One mines Litecoin by running free open-source software (cgminer is a popular choice) in specially-built low-power-consuming hardware. The software utilizes hardware to solve certain complex mathematical functions that are used to verify the authenticity of currency transactions. In exchange for providing this valuable service, successful miners are rewarded with a certain amount of Litecoin units.
Top Litecoin miners (ASIC and FPGA):
Although anyone with a computer can begin mining Litecoin right away, the large amount of electricity needed to keep the power-hungry CPUs working 24/7 makes such mining operations a financially a limiting proposition as the mining difficult rises. Fortunately, low-power hardware designed just for solving these complicated mining calculations (measured in Million Hashes per second) is available in the form of ASIC (Application-specific integrated circuit) and FPGA (Field-programmable gate arrays) chips.
As far as a new litcoin miner is concerned, the main differences between the two technologies involve power usage, hash speeds and the up-front cost of setting up the dedicated hardware for mass manufacturing. Luckily, as we will discover in the next paragraph, litecoin miners do not have to worry about this difficult step as there are many new Litecoin mining companies that already (or plan to) offer powerful dedicated hardware.