Start mining litecoin litecoin.org free#
Yes, free cloud mining is a thing, but naturally, it has its drawbacks. The very first thing that you need to do before deciding on a cloud mining host is to figure out whether you want a free or a paid service.
There are a lot of sites on the internet that offer Litecoin cloud mining services. This makes Litecoin cloud mining a lot easier and much more profitable than the other, mainstream cryptocurrencies. There are a much higher supply and a considerably lower demand for Litecoin than it is for Bitcoin. Just as with some other altcoins, it’s a different story when it comes to Litecoin. However, Bitcoin’s set market cap dictates the pace of the game - and with so many people involved, the pace is getting slower by the week. A big amount of people equate to a significant amount of miners. With Bitcoin’s mainstream popularity and success, a lot of people want to pitch in on the hype. This is due to a few reasons, but the biggest ones are probably supply and demand. The biggest problem with Bitcoin when it comes to cloud mining is that it’s very difficult to mine - it takes a lot of time and significant energy consumption to mine a noticeable amount of Bitcoins. The reasoning behind this is pretty simple - the availability and accessibility of Litecoin.Īs I’ve mentioned earlier, Litecoin is four times faster than Bitcoin. That said, if you value your security, you should check out Ledger Nano X and Trezor Model T. So now that you have a general idea both about Litecoin and the process of cloud mining… Why would someone want to deal with Litecoin cloud mining? Keep in mind that whichever option you pick, you'll also need a reliable hardware wallet to protect your coins. The cryptocurrencies themselves benefit from this by staying in a state of active demand - this boosts up their market positions and brings more attention to them. Hosts make good amounts of profit and can continue to evolve their farms. Other than that, your work at this point is done - the host takes care of the rest.Ĭloud mining is also beneficial to both the host and (most) of the cryptocurrencies out there (at least decentralized, open-source ones).
around-the-clock farm surveillance via a live stream on the internet, so you might want to check it out. Some higher-end cloud mining hosts offer additional perks, i.e. All you have to do is buy the service online and wait. Most cloud mining hosts offer monthly payouts.Ī maintenance and electricity bill is taken out of your earnings (these are calculated in various ways it depends on each host) and the rest of your earnings are transferred to a crypto wallet of your choice.Ĭloud mining (including Litecoin cloud mining) is considered to be beneficial for a couple of reasons. This could be anywhere from three months up to a lifetime (although the latter one’s quite rare). You and the host agree upon a specific time for the rent. You would also rent out the space to keep it in and the management and maintenance services. More Than the RigĪ mining rig isn’t the only thing you rent out, though. When you want to strike a deal with the host, you simply rent out the rig in one of the farms for an agreed-upon amount of time. A farm is simply a facility that’s filled with cryptocurrency mining rigs. Most of the time, the hosts own a few farms. It’s quite rare to find a single person who would offer cloud mining services, although it isn’t impossible. Hosts (the people that own the cloud mining service) are usually big and corporations. Investing in stocks requires a hefty sum upfront ( at least to notice any type of profit), you lack knowledge in the blockchain development area to pitch in there… But after some time you stumble upon an internet site offering cloud mining services. Let’s say that you, as a buyer, are looking for ways to profit from cryptocurrencies. There are usually two parties attending this process - the buyer and the host. To put it into simple terms, cloud mining is a process where you pay someone to rent out a mining rig and its services. Now that we’ve covered some basic information on Litecoin, let’s move on to cloud mining. In Litecoins' case, this also means that it aims to have four times more coins than Bitcoin.įrom the very beginning, Litecoin was intended as an upgraded, superior version of Bitcoin.
In the grand scheme of things, this is very significant.įour times faster usually equates to being four times more attractive. However, there’s a catch - Litecoin is around four times faster than Bitcoin. Litecoin was initially a spin-off of Bitcoin, having almost identical data and parameters. What makes this crypto unique is its relationship with Bitcoin. Litecoin is open-source, which means that anyone and everyone can contribute to the coins' wellbeing and its development.