Cryptocurrency Litecoin Cash – fork of Litecoin using the SHA256 algorithm

Litecoin Cash is a newly created hard fork of the popular currency Litecoin. It was created in December 2022 and launched on February 18, 2018. The developers of Litecoin Cash warn that they have created a fork in the Litecoin code blockchain, according to the convention of the crypto world, but they are not affiliated with the Litecoin team, although they respect them for their great achievements.

Litecoin Cash Key Indicators

• official cryptocurrency website – https://litecoinca.sh;
• consensus protocol – Proof-of-Work;
• security algorithm – SHA256;
• average block generation time – 2.5 minutes;
• the difficulty of mining is reduced to recalculating each block using the proven DarkGravity algorithm;
• Mining bonus rewards will start at 0.25 LCC and increase to 250 LCC for the first 2000 blocks after the fork;
• all Litecoin owners were able to receive 10 Litecoin Cash for every LTC they owned.

How to mine Litecoin

Mining LTC
To start mining Litecoin you need:

1. Step 1: Download and install the Litecoin Core client.
2. Step 2. Download and install the GUIMiner-Scrypt program.
3. Step 3. Select the necessary equipment and calculate your expected profit.
4. Step 4. Buy equipment for Litecoin mining.
5. Step 5: Join a mining pool and set up your hardware.
6. Step 6. Start mining LTC and withdraw your earned coins!

All the details on how to make Litecoin mining efficient and how to properly configure the necessary equipment are described in detail below.

Features of the Litecoin Cash cryptocurrency

1. Compared to Litecoin: Litecoin Cash has lower fees, has a better difficulty setting, and is mined with SHA256.
2. Compared to Bitcoin: LCC is much faster and cheaper, has higher throughput and improved scaling.
3. Compared to Bitcoin Cash: Litecoin Cash supports Segwit and has faster confirmation time for a new block.

The developers claim that they managed to create a cheap SHA256 coin with a good difficulty setting. Bitcoin SHA256 miners have virtually no choice of hashing method, and when they generate blocks, they waste 10 minutes of precious time doing so. On the Litecoin Cash network, coins can be mined in 2.5 minutes, thanks to a more modern difficulty calculation.

Also, users of the new platform will be able to receive a 90% reduction in commission fees, which should also be an additional incentive for the adoption of LCC as a popular unit of payment.

Conclusion

The Litecoin Cash LCC project is under close scrutiny after confirming that it is not an official fork of Litecoin.

The Litecoin Cash price proposition is certainly interesting. One of the main advantages of cryptocurrency is the fact that new ideas can be built on top of established ones. As new forks enter the market, they will need to innovate to bring real benefits to potential coin holders.

Cryptocurrencies such as Litecoin and Bitcoin already have one main bonus, the advantage of the first engine.

The later you get your project into crypto, the harder it (usually) becomes to build a meaningful community around it. Time will tell if this fork can establish itself in the long run.

The project team

1. Tanner – Lead Developer. With over 20 years of commercial experience in the crypto scene, he has been involved in the development of several altcoins and numerous blockchain-based services since 2013.
2. Loxley – System Developer. Lead developer and systems engineer. Experienced in academia, industry and the public sector, he has experience in developing innovations in the areas of VoIP, AI (vision and spatial data), large data storage and distributed computing.
3. Roger – PM, Public Relations. He is an experienced project manager for a large online foreign exchange platform, providing a wide range of public and internal products. Having been involved in extensive cryptocurrency projects for more than 5 years, he is represented in the photo as a unicorn.
4. Michael "Scarlet" Wyszynski – Project Manager. Monitors all popular tools, services and supports product promotion on official social media channels.

Instead of an afterword

At the beginning of the year, the ideological mastermind and founder of Litecoin, Charlie Lee, focusing on all sorts of fake accounts on Twitter appearing like mushrooms, which act on his behalf and offer the most incredible “bonuses” from Litecoin to community members, made a statement that neither he personally nor The Litecoin platform does not intend to implement any hard forks.

“Any network split that is being trumpeted by dubious individuals is nothing more than a scam aimed at making gullible users believe that the Litecoin Cash project is connected to the original Litecoin. You should not succumb to these provocations and certainly not take part in them by transferring your funds. Be extremely attentive and careful,” he emphasized.

This idea is actively discussed on various thematic forums and on social networks, but the creators of the Litecoin Cash platform found something to say in response: “Over the past six months, the cryptocurrency community has already managed to get used to endless Bitcoin forks, but our platform takes this idea to a completely different level of understanding.” and in the future should reach new potential users. As a result, the resource team strives to create an innovative environment.” In addition, they emphasize the need to comply with basic rules for using personal keys.

Based on the information on their web portal, the service developers have not yet launched their electronic “wallets,” however, it is expected that they will be compatible with all current operating systems (Windows, Mac OSX and Linux). Mobile applications are not being developed at the current stage, but anyone interested can study the coin code on Github. It is also very interesting that, compared to the vast majority of past divisions of the Bitcoin network, the creators of Litecoin Cash practically did not talk about trading platforms where currency tokens would be sold.

Another important point is the service team. The official web portal of the coin lists the nicknames of the people involved in the development, their photographs, however, fans of all kinds of conspiracy theories found something very interesting. The head of marketing is listed as Roger, and instead of the image there is a unicorn go-kart. The description says: “An experienced specialist in the field of promoting various decentralized platforms. Involved in creating global blockchain projects, he is also a unicorn.” That's it.

Project roadmap

The project team has long-term plans and has outlined all the upcoming stages in its roadmap:

As you can see in the picture, the cryptocurrency will soon receive a lightweight version of the wallet with a simplified verification system (SPV), a White Paper of the project will be published, and in April it is planned to merge the two branches, implement atomic swaps, and develop mobile and hardware storages.

Ten years of blockchain history

Source: litecoinca.sh

Much of LCC's motivation is based on fairness and equality. Many large cryptocurrency projects - like Bitcoin - reward miners with the latest equipment and the highest energy consumption. But LCC aims to create a “cryptocurrency for everyone” that will level the mining playing field and still provide the speed and flexibility of the Litecoin blockchain. Litecoin forks weren't that popular when Tanner's team started working.

At this point, the market was familiar with Bitcoin forks, but was also inherently skeptical because there was a lot of scam in this area. We wanted to get the benefits of an IFO (Initial Fork Offering), but without the negative connotations associated with Bitcoin forks. We saw this as an opportunity to take the entire IFO concept into a new space and launch our coin quite extensively.

The choice of the LCC name is also due to the choice of the Litecoin blockchain. During development in 2022, new forks often added their own name to the name of the coin from which they were forking. While Litecoin Cash's name created some confusion - it uses the name of another popular coin - it also brought attention to it. Well, the attention aroused interest and helped the development team find a new interesting approach.

We realized that what we really wanted to do was offer some sort of mentorship to anyone who wanted to build services on top of us. We are very public about the fact that we are truly accessible and can provide deep integration assistance to anyone who wants to build something on top of our project.

The availability of LCC and the extensive knowledge of the Litecoin blockchain team quickly attracted companies that also wanted to use blockchain but lacked the experience to take on the project alone.

The most tangible example we have seen is our collaboration with the medical research organization ACAIM. They are working to put physician records on the blockchain in a format that you control, so that your own data is available wherever you need it, but only when you give permission.

LiteCoin Cash rate

On April 20, 2022, the cost of 1 LCC was 0.143361 USD or 0.00001732 BTC. Below is a graph of changes in the exchange rate of the currency since its launch against the dollar and Bitcoin:

• maximum emission volume – 840,000,000 LCC;
• currently in circulation – 565,873,457 LCC;
• market capitalization – $81,124,185 USD (9,799 BTC);
• trading volume for 24 hours – $182,891 USD (22.09 BTC);

Cloud mining Litecoin

Cloud mining
The idea of ​​cloud mining itself is very good, but it has a number of significant disadvantages. For this method of coin mining, you do not need to purchase special equipment, install it, or even monitor it. You simply rent a certain number of ASICs, and they can work anywhere in the world.

It sounds nice, but you have to pay for everything and take an equal amount of risk. First, the landlord sets a commission, which is rarely small. Secondly, when concluding a deal, there is a high probability of stumbling upon scammers.

And even if at first everything was fine and you were paid, there is a risk of being left with nothing. For example, if the Litecoin price goes down, the company may decide that the best way to preserve its funds is to deceive the client.

But if you still decide to get acquainted with cloud mining of Likecoin, it is recommended to carefully read the company providing the equipment, study customer reviews and under no circumstances rent an ASIC for all the money.

Among such services are:

• HashFlare. The company has been on the market since 2015, and has provided services to more than 2.5 million users throughout its history. Using the site, the user is offered to purchase mining for popular currencies: Bitcoin, Litecoin, Ethereum, Zcash, Dash and others. The minimum investment amount is $1.40 per 100 KH/s$. Please note that registration of new users on HashFlare is closed in 2022!

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Read the full article: HashFlare: profitability, calculators, reviews

1. Genesis Mining. The company was founded in 2013. Supports more than 6 algorithms for mining more than 15 different cryptocurrencies. The user is offered to buy packages for mining cryptocurrency. The cost of the initial package depends on the chosen coin.

In addition to them, there are other services, but in most cases they have a mixed reputation. It is important to understand that all such companies have one thing in common - a huge commission. For example, on HashFlare it is collected daily and is 0.0035 USD for every 10 GH/s for SHA-256 and 0.005 USD for every 1 MH/s for Scrypt. That is, if you purchase minimal packages, you can go into the red.

Where to store coins

The young coin already has its own desktop wallet, which can be installed from the official website - https://litecoinca.sh/#download. You can select the version for your operating system:

• Windows;
• Linux;
• Mac;
• or GitHub.

If you want to install a wallet on your mobile device, you can use the multi-currency application Coinomi, which supports a huge number of different altcoins (more than 150 types). You will be able to store all your digital tokens on it at the same time.

Mining on Asic miners

ASIC miner for Litecoin is a special productive equipment that mines blocks. The average payback time for buying an ASIC is around six months. This is due to the high efficiency of mining in this way, low electricity costs and speed.

There are two types of Asic miners:

1. Amateur ones - light weight and small dimensions. They consume up to 600 W of power, are made of budget materials and provide average performance.
2. Professional ones pay for themselves faster than home ones. They are equipped with a built-in power supply, powerful cooling system and durable mountings.

According to the operating algorithm, the following types of ASICs are divided:

• SHA-256, which are used to mine most types of cryptocurrencies.
• Scrypt, specializing in Litecoin mining.

ASICs of the Antminer type are the most widespread.

Mining Litecoin Cash

Since Litecoin Cash mining is based on the SHA256 security algorithm, and the principle of protecting the network system is implemented through Proof-of-Work, tokens can only be mined by jointly creating a new block.

The LCC mining process is very energy and resource intensive. In mining pools, this process is distributed among all its participants, and the generation of a new block is much more successful and fruitful. The reward is also distributed in proportion to the power expended.

On the official cryptocurrency website there is a page dedicated to Litecoin Cash mining pools. You can get acquainted with all the offers and choose the most suitable one for yourself:

You can also visit the resource https://chainz.cryptoid.info/lcc/, which provides technical information about LCC mining:

• block number;
• difficulty indicator;
• network hashrate and other values.

Mining LCC in a pool

Despite the fact that mining Litecoin Cash requires less powerful equipment than mining the already popular Litecoin, independent mining still requires significant hardware capacity.

In some cases, working alone cannot be crowned with success at all, since the likelihood of composing a block on your PC may be almost zero, so you will not even be able to cover your own electricity costs.

To increase the likelihood of earning money, you can use mining pools. A pool involves using the hardware power of several users to compose blocks, which significantly increases the likelihood of mining coins.

A special server distributes the task of composing blocks among all involved participants. In the event that one of the computers makes a block, the pool receives the provided reward, which is distributed among the participants in accordance with the power of their PC or special mining devices.

By using collective mining, you can significantly increase the likelihood of making a profit, although if it is your computer that makes the block, the reward will still be distributed among all users. On the other hand, owners of objectively weak machines, who cannot mine coins on their own, also receive a small reward, which is given for even the smallest probability of a computer generating a block.

Currently, there are already quite a few pools for mining the LCC crypt. When choosing the right one, it is recommended to consider several important factors:

Pools set requirements for the power and characteristics of computers that can join them. The user's PC may not meet these requirements, in which case the pool will not be suitable for the miner.

1. You should sensibly evaluate the power and capabilities of your own equipment. The weakest computers, even in a pool, will bring minimal profit to the owner, which will not be able to cover the financial losses incurred.
2. Pools operate according to different profit distribution schemes. The ideal scheme for owners of weak PCs is equal distribution, but in practice it is almost impossible to find such a service.
3. Servers have individual rating systems; you should study this feature before joining one of them.
4. There are various ways to pay out rewards. It is best to use platforms in which withdrawals are made automatically and within 1-2 days from the moment the block is compiled.
5. It is usually better to avoid using new services, since the small number of participants does not give them the opportunity to often create blocks and get people a good profit.

The procedure for joining one of the services is quite simple. First, the owner of a PC or ASIC selects a suitable pool, after which he should register in the system and acquire a wallet for LitecoinCash tokens, if he does not already have one.

Next, you need to install a user client on your own equipment, which will control the computer’s processors. All that remains is to configure the software in accordance with the manufacturer’s instructions, check the functionality of the equipment, and you can start mining.

Where and how to mine litecoins

The performance directly depends on what equipment is chosen for Litecoin mining. Currently there are two options:

• Video cards.
• ASIC.

You can also use the services of a cloud mining service. Let's take a closer look at all the options.

Cloud mining of litecoins

The idea of ​​Litecoin cloud mining is based on the fact that you do not buy the equipment yourself, but simply rent it from a company that provides such services. For this, the company charges a certain percentage of earnings. This method is convenient - you don’t need to rack your brains about choosing equipment, searching for and ordering it, then installing, maintaining and updating it. Just pay for the contract and start receiving cryptocurrency.

Of course, there are risks - for example, the Litecoin rate may fall sharply after you have spent money on a contract. There are also many fraudulent companies that allegedly engage in cloud mining, but in fact simply collect money from gullible people.

Choose only proven services with a good reputation that have been on the market for at least 5-6 years.

Litecoin mining program

A proven version of the program for mining Litecoin on video cards is GPUMiner version above 3.72 (starting from this version the program works with the Scrypt algorithm). The application stands out among its analogues due to its ease of setup and ease of operation. To start mining, you need to download the program, update your video card drivers and write special settings in the bat file (instructions will be provided by the selected mining pool to which you decide to connect). The bat file contains the pool server port number, worker name, password, and path to the exe file.

One of the best programs for mining Litecoin on ASIC is Easyminer. Minimum participation fee, simplest interface, built-in support service and storage wallet. The control panel for tracking mining statistics and network information in real time is also quite convenient.

Mine litecoins with a video card

In 2022, the best video cards for mining Litecoin and other cryptocurrencies are:

• Radeon VII (16 GB memory, 4096-bit memory bus, 1750 MHz core, 4096 MHz memory frequency, 300 W power consumption).
• GeForce RTX 2080 Ti (memory 11 GB, memory bus 352 bit, core 1500 MHz, memory frequency 2750 MHz, power consumption 220 W).
• RX 5700 XT (8 GB memory, 256-bit memory bus, 1680 MHz core, 1750 MHz memory frequency, 225 W power consumption).

The disadvantage of video cards is that they are significantly less efficient than ASICs. To get a normal hashrate, you will need to purchase a large number of devices with the highest power. Economically, it will be less profitable than buying an ASIC.

But there are also advantages. Video cards make less noise, so they can be kept in an apartment. You can switch between different mining algorithms if it suddenly becomes unprofitable to mine Litecoin. And if the cards are completely unnecessary, they can be easily sold or used for other purposes.

Litecoin mining farm

A standard GPU rig for mining Litecoin or other cryptocurrency includes:

• 4-12 high power video cards.
• Any motherboard
• The power supply is so powerful that it can supply energy to all video cards and other elements. Efficiency minimum 90%. Example - Chieftec GPS-700 A8 700 W.
• RAM – no special requirements, but preferably at least 4 GB.
• SSD drive with a capacity of 60 GB or more.
• CPU. High power is not required, you can go with a mid-range option such as the Pentium G4560.

It is important to provide additional cooling. Video cards will work very actively, at maximum capabilities, so their standard coolers will not cope.

For more information about what a mining farm is, how it works and what types of mining farms exist, see the link

ASIC miner litecoin

In the field of lightkin mining, GPUs are gradually becoming a thing of the past, and most users are confident that, despite the strong resistance of the Scrypt algorithm, ASICs will soon become the only option.

An example of an ASIC for Litecoin is Antminer L3 + from Bitmain. Its hashing speed (hashrate) is 504 mh/s, power consumption is 800 W. Setting up an ASIC is much easier than a GPU farm: just connect it to the power supply and computer. It is also superior to farms in terms of compactness.