How to start mining LiteCoin

                      Getting started with LiteCoin

                           What You'll need 

         

So you want to mine LiteCoin?  Well, it's not as easy as you might think.  You need LiteCoin mining software so you can obtain LiteCoin, and a LiteCoin (digital) wallet.  The mining software I'll be using is called BFGminer Scrypt.  This software supports ASICs.  You can use any LiteCoin wallet, it dose'nt matter which one you use, as long as it's a LiteCoin wallet.

                                                Joining a pool

It's good to join a pool, because you make more money that way.  When a block of LiteCoin is mined by a pool, they split up the profits.  But they don't split the profit up evenly, they give you a certain amount of LTC, depending on how much mining power you put into decrypting the block of LiteCoin.  To join a pool, search up the website of the pool you want to join, and join the pool.  But don't think that just because your in a pool that you'll be rich like nothing.  You still need to invest in the proper equipment, and do lots of research.

                                                              Tips

Here are some tips to help you get started:

-Only mine with a good rig with fast equipment (as fast as your investment can get you)

-Remember to keep your computer cool, as it can get exteremely hot

-If your still a beginner, don't join big pools, as you'll make very little profit

-If you mine with ASICs, make sure you get mining software that supports ASICs

-NEVER mine with your CPU, as it's not profitable anymore

I hope this article helps you on getting started with LiteCoin!

Welcome

                                Welcome


Sorry I forgot to do a welcome post for my blog.  I just got so exited about writing about LiteCoin I forgot about my welcome post.  Well anyways, lets get on with the welcome post.  Welcome to my LiteCoin blog for kids!  On this blog, you will find hardware reviews, LiteCoin tips and news, and updates on my LiteCoin rig each month!  If you want to read the blog that'll ensure your victory with LiteCoin, this is the blog for you.  Happy reading!  And if you choose to mine, happy mining!=)

LiteCoin explained

                                                          

                                 Litecoin Explained

                                                        What is it?

LiteCoin is a crypto currency (basically a type of digital money), that your computer generates through a process called "mining".  Now, LiteCoins (or LTC) does not have any physical value.  So when your computer mines for LiteCoin, you're basically generating a number, nothing but a number. If it's just a number, then you might think, "why do you write this blog"?  Well, I write it to inspire kids like me to start mining crypto currencies.  But then you might ask, "why mine if you don't get anything out of it"?  Well, let me tell you before you ask another question, that people mine LiteCoin to make money.  And so, as LiteCoin grew more popular, 1 LiteCoin now is worth $2.50 in CAD (Canadian dollars), $2.02 in USD (US dollars) and 1.3 in British pounds.

                                                 How do you get it?       

Like I said before, you mine LiteCoin to generate it.  But what does your computer do when you mine LiteCoin?  Your computer solves very complex mathematical problems to decrypt (to decode) 1 block of LiteCoin.  Now, 1 block of LiteCoin holds 50 LTC!!!!!!  That's alot of LiteCoin.  So if you're mining, and you find the answer to the math problem, you get $125.60 CAD ($101 USD, 66.5  in British pounds)!!!!!!!!  But, just mining with your computer is dead, so people bought a ton of GPUs (graphics cards) and ran them to mine LiteCoin.  GPUs are faster than CPUs (computational processing units), but they use up alot of power.  Not only that but GPUs are VERY expensive.  The most high end GPUs are over $5000!!!!!!!  Now, GPU mining is starting to die out.  See, the LiteCoin mining algorithim is called Scrypt, and is supposed to be resistant to ASICs (A[pplication]S[pecific]I[ntegrated]C[ircut]s), but now there are ASICs that can mine Scrypt.  See, ASICs are very fast miners, and don't use up alot of power, so they're ideal for mining LiteCoin.  They revolutionize the mining world.

                                 Can you make a profit off of litecoin?

Now that's the million dollar question.  Will you make a profit.  Well, it depends on your equiptment.  If you mine with just your CPU, then no, not in a millenia will you make your money back.  If you have some good GPUs, sure you can make a small profit.  With ASICs, yes, you will make a very good profit.  But before you dive headfirst into LiteCoin mining acting like a pro, do lots of reasearch on getting the right equptment.  But it's not just about how fast your equptment is, its about things like if you'll be able to pay off the electric bill and hardware cost, and still have money to spare.  To mine LiteCoin, you need to have good knowledge of hardware and software, a good understanding of crypto currencies, and the right amount of invested money.  I've currently saved up about $260 CAD in investment funds.  I hope to start mining by Feburary 2015 (this year), and calculated that by month 6 or 7 of my operation, I'll start to make a profit.  I hope this article inspires you to start mining LiteCoin.  And if you do start mining, good luck!=)