Ever since its creation way back in 2011, Litecoin has always been one of the most sought-after cryptocurrencies to have ever hit the market. Not only is Litecoin appealing for currently holding the 7th position on CoinMarketCap, but also for the fact that the network is almost four times faster than Bitcoin.
Even though it was designed to improve upon Bitcoin with its blocks being verified every 2,5 minutes (instead of every 10 minutes), Litecoin still uses a PoW (proof-of-work) algorithm like Bitcoin. This means that it can also be mined. One of the most effective ways to mine any cryptocurrency, Litecoin included, is to join a mining pool.
In the case of Litecoin, there are many very good mining pools to choose from. However, before you do, here are a couple of tips and recommendations to take into account when choosing your next Litecoin pool.
Things to consider before choosing a Litecoin mining pool
The first thing you’ll want to do is check the geographical proximity of the pool. Of course, it’s advisable to choose mining pools which are closer to you in order to increase your mining performance.
Secondly, it’s worth doing thorough research on the fee system used by the said pools. The lower the fees are, the more earnings you should be able to acquire. Another very important aspect worth taking into account is the minimum payout level. The main rule here is as follows: shorter payment intervals are better.
When it comes to choosing the best Litecoin mining pool, there’s no simple or direct answer. Ultimately, this is a very personal choice and one that should reflect your current needs rather than your long-term desires. To help you get started, here’s a list of the best Litecoin mining pools.
Litecoin Mining Pools
LitecoinPool is a very good choice as it’s one of the most renowned and oldest Litecoin mining pools in the industry, being launched in 2011 by one of the main Litecoin developers. One of the main reasons to pick this pool is due to its eight servers scattered all over the world.
Other advantages include the fact that it’s a pay-per-share pool and a merged mining pool. This combination of functionalities ensures that you get paid even if a block somehow gets “orphaned” by the network. It’s also worth noting that this is one of the first pools to offer secure mining over TLS-encrypted Stratum connections.
As its name clearly states, viaBTC is a multi-cryptocurrency mining pool that started in life as a Bitcoin mining pool back in June 2016. Nowadays, it includes mining pools for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Zcash, and Litecoin, making it one of the most versatile mining pools in the world.
Just like LitecoinPool, viaBTC offers its users a pay-per-share payment method. In addition, it offers a pay-per-last-n-shares, or PPLNS, payment scheme. One of the main advantages of using this pool is the fact that it offers cloud mining, making the process accessible even for users who can’t afford the sometimes expensive mining hardware.
Miners are required to pay a small maintenance fee of 4% for PPS payments and only 2% for the PPLNS ones. Despite not being “completely free,” viaBTC is still a very good option for mining Litecoin, as the service pays out 800 DOGE for each mined LTC.
Launched somewhere in August 2014, ProHashing is one of the biggest Litecoin mining pools and certainly one of the most advanced. It allows its users to mine Litecoin and other scrypt coins, and it also has mining pools for SHA-256, Equihash, and x11-algorithm coins. One of the main advantages of ProHashing is the fact that it allows you to mine automatically, therefore increasing mining profitability.
The pool stands out from its competitors via a unique payment system similar to the PPS model. The system ensures that you can mine various coins, and get paid in others (or even in fiat currency). The service doesn’t charge any transaction fees, but it requires users to pay a flat 4,99% that includes access to all its features.
P2Pool is a different type of mining pool, as it’s a peer-to-peer public mining pool. It can be joined by anyone without registration, which makes it incredibly accessible. It’s also completely decentralized which means that it ensures enhanced security. It works by awarding miners pool shares upon completion of each portion of work.
The mining pool makes use of a specific sharechain, used to ensure the engagement of various shares. In short, once a pool finds a block, all miners are paid directly in direct accordance to their shareholding.
Coinotron is one of the most popular multicurrency mining pools which includes support for ETH, LTC, DASH, ETC, FTC, PPC, VTC, and VIA. The platform includes PPS, RBPPS, and PPLNS reward methods, making it a very good option for users looking to diversify their mining activity.
The platform charges an average mining fee of 0,4%, the minimum payout is 0,1 ETH, and it allows its users to “merge mine.” This means that users can merge mine while withdrawing another currency (for example, merge mine Litecoin and withdraw Dogecoin).
Last on our list is yet another popular mining pool (and allegedly the world’s biggest mining pool)- F2Pool. Some of the highlights include support for three different languages, the availability of merged mining, multicurrency mining, real-time has rate monitorization, protection against DDoS, and full Stratum support.
Established in 2013, the Chinese Bitcoin mining pool now offers support for mining multiple cryptocurrencies such as BTC, ZEC, LTC, SC, ETC, ETH, DASH, DCR, XMR, and XZC. F2Pool has servers in USA and Asia, and it requires registration for users to be able to access them. The average fee is between 0,04 and 4% and the minimum payout is 0,1 ETH, 0,001 BTC, 0,01 LTC, and 0,1 ZEC.
We hope this list will help you in your endeavors of becoming a successful Litecoin miner. Before you choose, take some time to calculate the profitability associated with each mining pool.