In this article, we will present a Litecoin cloud mining review. We will cover areas such as Litecoin cloud mining, if there are any legitimate sites for Litecoin cloud mining, if there is free Litecoin cloud mining and much more. We will go through the following subheadings
- What is Litecoin Cloud Mining?
- What trusted sites do Litecoin offer Cloud Mining contracts?
- Is there free Litecoin Cloud Mining?
- Litecoin cloud mining contracts
- Litecoin Cloud Mining Profitability
- Litecoin Mining Algorithm
- Litecoin cloud mining on Reddit
- Litecoin Cloud Mining VS Bitcoin Cloud Mining
- The best Litecoin Cloud Mining Site
What is Litecoin Cloud Mining?
Litecoin cloud mining means buying or renting equipment from a company for Litecoin mining. The company undertakes to operate the equipment and send the earned Litecoins to you. Sometimes maintenance is included in the price and sometimes the company takes a small part of the mining reward to pay for the maintenance of the equipment. The maintenance includes connecting the equipment, cooling it and supplying it with electricity.
What trusted sites do Litecoin offer Cloud Mining contracts?
Genesis Mining, Hashflare, Mining Rig Rentals and Bitdeer offer Litecoin cloud mining contracts in their standard offer. In March 2019 they are all sold out.
Is there free Litecoin Cloud Mining?
Unfortunately, there is no alternative for free Litecoin cloud mining. The only ways you can get free cloud mining are via Honeyminer, Minergate or Genesis Mining Promo code.
Litecoin cloud mining contracts
There are a few things and terms you need to be aware of before you buy a cloud mining contract. We go through some common terms.
Fixed time cloud mining contract: You hire the mining hardware for a certain operation time.
Maintenance fees included or excluded: The cloud miner takes a maintenance fee to run the hardware for you. Sometimes you pay upfront, included in the price, for this.
Electricity bill included or excluded: Most often the electricity bill is included in the upfront price. However, for some contracts it’s not included.
Litecoin Cloud Mining Profitability
In March 2019, there are no available Litecoin cloud mining contracts to calculate on ROI or profitability. Genesis Mining, Hashflare and Bitdeer does all offer Litecoin cloud mining. However, they are all sold out in April 2019. Below you can see a screenshot with pricing plans from Bitdeer Litecoin cloud mining.
Litecoin Mining Algorithm
Scrypt was designed to be ASIC resistant to prevent mining centralization. For Bitcoin, for example, mining centralization is a clear example where the biggest contributions come from gigantic server halls. However, with dedicated research and development, established miners have been able to build specialized hardware specifically for mining Litecoin.
Litecoin cloud mining on Reddit
Litecoin cloud mining is a narrow area and there is no subreddit that only deals with this topic. There is a total of four subreddits that have some connection to Litecoin and / or cloud mining and that is LitecoinMining, Litecoin, CloudMining and CloudMiningPolice
If you are looking for an active thread that talks about Litecoin cloud mining specifically then in this subreddit you have the greatest chance of finding it. The subreddit cover anything related to Litecoin mining and comments, posts and other information to share regarding Litecoin cloud mining.
Litecoin subreddit is a general thread on Litecoin and very little about cloud mining specifically. They have even stated that discussions and information regarding Litecoin mining should be held to the specific subreddit we mentioned above.
CloudMiningPolice subreddit was created with good intention and with the intention of, with the help of this community, being able to inform, discover and expose cloud mining scams. Unfortunately, the subreddit is not updated very often anymore.
Litecoin Cloud Mining VS Bitcoin Cloud Mining
Bitcoin makes use of the longstanding SHA-256 algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt.
- Both use Proof of Work algorithm but Bitcoin mining uses SHA-256 algorithm which promotes processing power to extract crypto currency. Litecoin uses scrypt algorithm that promotes memory power instead of processing power.
- The total number of Bitcoin will be 21 million and Litecoin has a limit of 84 million
- Bitcoin mining reward halved every 210,000 blocks and Litecoin mining reward are halved every 840,000 blocks
- Scrypt can be extracted from processors that are less powerful, allowing people to use private computers for mining
- Litecoin has only 2.5 transaction confirmation while Bitcoin has a 10-minute transaction verification.
- Litecoin processes transactions much faster than those for bitcoin; however, this speed does have drawbacks – such as “orphaned blocks.” Orphaned blocks occur when two Litecoin miners produce blocks at similar times.