Created in 2011, Litecoin was the first fast cryptocurrency to substitute Bitcoin. Unlike Bitcoin, the Litecoin transactions are validated quicker and help the network function in a fast and efficient way.
Being a cryptocurrency number two, Litecoin continuously takes its place on the top 10 crypto list. Even though Litecoin algorithm differs, its exchange rate is still associated with Bitcoin.
Below is the crucial information on choosing the right pool, and the best Litecoin pool options in 2019.
Tips for Choosing the Right Pool to Mine Litecoin
Fees and a base payout level should both be considered when joining a pool. In case the fees are low there is a better chance at keeping more Litecoin to yourself. Moreover, regular payments are the main reason to mine with the pool.
Another important aspect is geolocation of the pool. Many pools have servers in China. Therefore, it is one of the key factors affecting your decision. If you are located more or less close to the servers, your performance will be positively influenced.
Find a Pool Fitting Your Needs
The best pool does not exist. It is simply not possible to determine the universally best pool. The one fitting your needs is the best. Obviously, there is a list of best pools and the following three are on the top of it: F2Pool, Antpool, and LTC.top. However, those are the best for Litecoin miners who do not mind their servers being located in China.
It is safe to say that the pool you choose is going to be the best one. As long as it meets your requirements and expectations, it is safe to stick with it. Therefore, the process of choosing is not at all complicated.
Naturally, there is a number of articles and forums relevant in this niche which provide information on numerous Litecoin mining pools. Nonetheless, the basic information is the same and the most valuable are reviews given by the best Litecoin miners.
Below you will find a list of top 4 Litecoin mining pools you might consider joining.
Launched in 2011, LitecoinPool.org is one of the pioneer Litecoin mining pools in the industry. This pool uses a real pay-per-share (PPS) approach which is based on the prompt payout for the hashpower provided by the miner. In other words, the worth of a hash attempt forms the cost of each share. Moreover, in this case, most of the possible risks are on the pool.
LitecoinPool.org has multiple servers and, therefore, is available for any miner. According to the fact that this pool has proven itself trustworthy, it might just be the best choice for you if PPS is where your interest lies.
viaBTC earned its rightful second place on this list and established itself as the fifth largest Litecoin pool globally. Initially, viaBTC started as a Bitcoin mining pool. Later on, the pool added multiple cryptocurrencies, focusing mainly on Litecoin. Its website is available in Chinese and English. The pool lets you choose a payment method out of several available. ViaBTC pool supports such payment methods as PPS + (default 4% fee per block reward, 2% fee per transaction), PPLNS (2% fee) and SOLO (1% fee).
The merged mining of several cryptocurrencies allows participants to receive additional rewards like, for example, for mining 1 BTC a miner receives 2 Namecoin (NMC) and for mining 1 Litecoin a miner receives 800 Dogecoin for free.
ProHashing is an American pool which has been in the industry for more than 5 years now. Moreover, it is one of the most recognized mining pools worldwide. The pool uses PPS payment method. However, you are able to choose the cryptocurrency you would like to be paid in. Here we are talking about Litecoin but it is still possible to be paid in Bitcoin or Ethereum, for example.
One of the main advantages of the ProHashing mining pool is their fixed 4.99% fee. This fee enables you to use all the features available as well as limitless payouts. Finally, you will not have to face any transaction fees.
Massive Mining Pools
When choosing a mining pool it is critical to remember that the pool size is not the main aspect. In fact, working with the largest mining pools is not the best choice. The vivid example of how to mine Litecoin successfully would not be a large pool having both PPS and PPLNS payment options because the size of the payment or its speed are not influenced by the size of the pool. As a reference, here is the Litecoin hashrate distribution which can also come in handy during the selection process.
This option is way different from the ones mentioned above. P2Pool is a mining network, not actually a pool. It does not require registration and can be simply and easily joined. Being decentralized, P2PPool network provides more security and has wider distributed nodes.
The basis of P2Pool is that shares awarded inside the network form into blocks which collect into a sharechain (the analog of blockchain). Basically, when the block is found the contributors are paid right away in accordance with their “shares” which are shown in the sharechain. Here is a list of Litecoin P2P pools for your consideration.
Profitability of Litecoin Mining
There is no doubt that Litecoin mining is profitable. However, it is challenging with a simple GPU. The issue is that high-end graphics cards are needed in order to effectively mine Litecoin nowadays. With technologies advancing the same happens to the mining industry, obviously. The simple graphics card will do no good especially when such innovative miners appear as ASIC miner Bitmain Antminer L3. Therefore, ASIC miners are the way to go if you would like to succeed in Litecoin mining. Moreover, those miners are as affordable as GPU.
If you feel that mining is your field of interest and it is profitable in a long-term run, then there is no need to hesitate. Start mining right away!
Prices constantly change in the mining industry whether it is software, hardware or a cryptocurrency. There is a need to monitor the situation closely in order to see the current level and the potential. In case the situation is monitored, there are endless possibilities to get more profits from the coins you mine.
As a matter of fact, any of the pools listed above can guarantee both reliability and safety. Moreover, those pools offer low fees, high hashrates, multiple locations of servers, etc. It is time to make your choice!