Mining litecoins since October 21, New to Litecoin mining? Read our Beginner's Guide! Every valid share you submit to this pool is instantly credited to your account at the current pay-per-share PPS rate.
This rate, expressed in litecoins, also takes into account merged-mined coins such as Dogecoin, resulting in higher payouts than a regular Litecoin pool. Thanks to merged mining, you have to pay no fee; in fact, your earnings may even be higher than with a 0-fee PPS system. On other systems, miners are only rewarded when and if a block matures, but sometimes blocks get orphaned from the Litecoin network, and therefore yield no reward. A PPS pool, on the other hand, takes on the risk of bad luck so you don't have to deal with variance and orphaned blocks.
Since the very start, the pool used ad-hoc software: Pooler wrote the front end entirely from scratch, with security and efficiency in mind, while the mining back end was originally a heavily-modified version of Jeff Garzik's pushpool. After two weeks of intensive testing, on November 5, the pool opened its doors to the public, becoming the first PPS pool for Litecoin. Don't feel like investing in expensive hardware?
Not everyone needs to be a miner. In fact, the easiest way to get started with Litecoin is to buy some at an exchange. As we've seen above, finding a block is very hard.
Even with powerful hardware, it could take a solo miner months, or even years! This is why mining pools were invented: Pool users earn shares by submitting valid proofs of work, and are then rewarded according to the amount of work they contributed to solving a block. The reward systems used by mining pools can be roughly subdivided into two categories: Choosing a mining pool can be a very personal decision, and several factors should be taken into consideration, including features, reliability, reputability, and user support.
ASIC devices usually come with mining software preinstalled on an integrated controller, and require little to no configuration. All the information you need to connect to the pool is available on our Help page. If you have decided to do some CPU mining just for the fun of it, since as we've seen above you are not going to make any profit , you should download Pooler's cpuminer. Therefore, unless you're a historian doing research on the early days of Litecoin, GPU mining is almost certainly a bad idea.
This page is for you. Should You Mine Litecoins? Potential buyers should be extremely careful, as various elements should be considered: For this reason, it is important to make a realistic prediction of how the difficulty will evolve in the near future.
ASIC hardware can mine litecoins extremely efficiently, but that's all it can do. It cannot be refitted for other purposes, so the resale value is very low. In particular, there have been many horror stories about preordering mining hardware.
What are Mining Pools? Proportional systems are round-based: A purely proportional system can unfortunately be easily cheated by pool hopping , which is why more elaborate versions like PPLNS and DGM have been invented.