#I want to start mining litecoin code
#I want to start mining litecoin series

While the Litecoin network may be four times faster, there are also four times as many coins (4). Transactions on the Litecoin network also happen faster (3) than those on the Bitcoin network, on average every 2.5 minutes as opposed to 10 minutes for Bitcoin.Д«ut from a technical standpoint, it's not all good news. Because of the low transaction fees for Litecoin, the coin can be used more readily. Gold is the most marketable good when large values are traded (like buying a car), with silver being the most marketable good for smaller transactions (buying groceries).ДЄrguably, this вЂњspendabilityвЂќ is what Lee is referring to with this вЂњdigital silverвЂќ narrative. In his CNBC interview, Lee also explains why he calls Litecoin the 'digital silver' to Bitcoin's 'digital gold.' As we know, throughout history, both gold and silver have been used as currencies, and because gold is worth so much more than silver, it's better suited for big-ticket items. While over the years, Scrypt ASIC miners have become more prevalent, the majority of the mining on the Litecoin blockchain still uses CPUs and GPUs, making it much more accessible to the average person and less susceptible to вЂњcontrolвЂќ by aforementioned centralized mining pools. This is where LitecoinвЂ™s hashing algorithm comes in: Lee went with Scrypt because the algorithm is less susceptible to ASIC mining. To be clear, this would mean one organization could plausibly be processing more than 1/10 of all the Bitcoin blocks and, in the opinion of many, this goes against a philosophy at the very core of cryptocurrencies: decentralization. Core Scientific's CEO says this most recent purchase could help his company increase its global share of BitcoinвЂ™s hash rate from 5% to 12%. On April 28, Core Scientific, the largest mining pool in North America, announced it had bought 112,800 Antminer mining machines from ASIC manufacturer Bitmain. ASIC miners have the advantage of being able to solve the complex data strings needed to mine (think 'win') the block much quicker вЂ“ generating considerably more hashes (think 'tries') per second than CPUs or GPUs.Д¬onsequently, Bitcoin mining, using the more expensive and hard-to-find ASICs, is now a sort of arms race. The basics: mining can be performed using a central processing unit (CPU), graphics processing unit (GPU), or application-specific integrated circuit (ASIC) miners.

Lee chose Scrypt for good reason, but we have to take a deeper look at cryptocurrency mining to understand why. Developers of Scrypt intended it to be an improvement on an even earlier hashing algorithm, SHA-256 (the one used by Bitcoin). Litecoin employs Scrypt, one of the first hashing algorithms implemented on blockchain networks. 'Everyone is competing to get their transactions into the next block, and the way they do that is by paying more fees.'ДЄnother fundamental difference between Litecoin and Bitcoin is their mining algorithms (2). 'The Bitcoin blockchain is congested,' says Lee. With Bitcoin, that number is much higher, with its average transaction fee being $26.89. The current average transaction fee for Litecoin, at the time of writing, is just $0.04. Cryptocurrency miners choose to validate the transactions that pay the most. One of the main differences between the two cryptocurrencies is transaction fees (1). The value of Litecoin over the past two years CoinDesk

#I want to start mining litecoin series

LetвЂ™s dive in.Д¬RYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where itвЂ™s going next. Although Lee is something of a polarizing entity in the cryptosphere, itвЂ™s worth hearing what he has to say about the cryptocurrency he invented. In an April 26 interview with CNBCвЂ™s Worldwide Exchange, Lee discussed Litecoin, comparing and contrasting its attributes with those of Bitcoin. You may have heard Bitcoin described as вЂњdigital gold,вЂќ and following that line of thinking, Litecoin could be considered вЂњdigital silver.вЂќ But the cryptocurrencyвЂ™s history isnвЂ™t as spotless as you might think. LitecoinвЂ™s biggest differences from Bitcoin include:ДonвЂ™t be deterred! We'll get into the specifics of these differences below and also have a look at how these factors contributed to Litecoin's success as a more 'spendable' cryptocurrency.

#I want to start mining litecoin code

It was created following a source code 'fork' of the Bitcoin Core blockchain (a fork is when a blockchain diverges into two separate paths, creating two distinct coins).

BTC and LTC have held places in the charts for 410 and 409 weeks, respectively (other top performers include XRP at 396 weeks and ETH at 291). Aside from Bitcoin, no other coin has stayed in the top ten longer. Ushered into existence by Google engineer Charlie Lee on October 13, 2011, Litecoin is the 10th largest cryptocurrency by market capitalization today.