TOP 6 mining pools for mining Litecoin on their equipment

Litecoin pools are special associations for collective mining. Consolidation of computing power significantly increases the chances of finding a block, and at the same time receiving a reward. Collective mining became especially popular when Litecoin mining finally moved into production.

A pool is a service for collective cryptocurrency mining.

Miners pool their computing power to increase the chances of finding a new block. The remuneration received is distributed in proportion to the contribution of each participant in the association, but there are other payment formats. Collective mining of digital coins is the best way to make money for beginners using a low or medium power farm. Now we’ll look at the best pools for LTC mining and talk about the intricacies of choosing such services.

Best Litecoin (LTC) Mining Pools

The Litecoin cryptocurrency was launched in 2011. For a long time, this coin occupied second place in popularity. LTC was called the digital equivalent of silver, but now the situation has changed. Litecoin supporters note that this cryptocurrency is stable, despite criticism, it remains in the TOP 10 coins by market capitalization. The Litecoin network is 4 times faster than Bitcoin

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LTC is an altcoin. Initially, the cryptocurrency was created as an improved version of BTC. The developers offered users confirmation of blocks every 150 seconds instead of the usual 10 minutes. Litecoin mining is based on the principle of achieving PoW consensus - proof of work.

It is much more profitable to mine LTC coins. Collective mining is more profitable. However, before choosing a suitable service you need to do the following:

1. Geographical assessment of the location of service servers. The closer they are, the higher the performance.
2. Carefully study the distribution system and payment terms. For example, low withdrawal fees guarantee higher income.

Beginners cannot do without pools. Collective mining is the only way to compete with industrial miners who use entire data centers to conduct computing operations.

Hashed coins

The speed of the cryptocurrency network is determined by the frequency and complexity of litecoin block generation. Creating records on the Litecoin blockchain takes much less time than Bitcoin. Accordingly, the processing speed of LTC transactions is much higher.

Each block represents structured data generated in a hashing cycle. They carry information about the current and previous block, service information and the hash of the operation. Calculating block signatures is more complex. Therefore, this is not done by servers storing copies of the blockchain, but by many computers belonging to network participants.

When a block is closed, the algorithm generates 25 coins, which are transferred as a reward for successfully finding the hash. The process of obtaining litecoins (or other cryptocurrency) by calculating blockchain hashes is called mining.

In other words, the emission is sent as a reward to miners for maintaining the network.

A higher block generation rate gives more coins, but does not guarantee profitability. The value of Bitcoin and Ethereum is higher, so even a smaller nominal reward brings greater profits.

What to Consider Before Choosing a Litecoin Mining Pool

In addition to the geographical location of servers and payment terms, one cannot ignore the indicator of service power - hashrate. The higher it is, the greater the chances of finding a block. However, it is worth considering your capacities. Another important point is the issue of security. It is necessary to carefully analyze the reviews of miners, study the reputation of the service; there may have been hacks, which indicates problems with reliability.

There is no clear answer as to which platform is best for collective cryptocurrency mining. This is a very individual and subjective moment. When choosing a platform, consider your own needs and long-term expectations. This strategy will allow you to find the best pool for mining the Litecoin cryptocurrency. You should definitely take into account the current indicators of service activity and the speed of finding a block.

Litecoin mining pools

There are indeed many pools for LTC mining, but not all of them deserve attention. Some services that were popular in the past have long lost their relevance. We have carefully analyzed the market and selected only the best sites that allow you to make money from collective mining of Litecoin. Now we will consider them in detail, evaluate the advantages and disadvantages.

LitecoinPool

Its launch took place almost immediately after the appearance of Litecoin - in November 2011. Interest from miners has allowed developers to implement a wide range of functionality while maintaining ease of use. LitecoinPool is still associated with the highest reliability.

During the existence of the pool, its participants found 140,000 blocks. Miners earned over 5.7 million LTC coins. Statistics are updated in real time every 2-3 seconds. This allows you to monitor the effectiveness of the service. On average, calculating a block takes miners about 11 minutes. Main advantages:

• MITM support – a system of reliable protection against hacker attacks;
• withdrawal of funds in two modes – automatic and manual;
• use of the Stratum protocol;
• flexible system for setting mining difficulty;
• There is no commission when distributing remuneration through the PPS system;
• impeccable reputation and rich experience.

There are also disadvantages. A difficulty for miners from the CIS will be the lack of a Russian-language interface.

Due to the large number of participants, the block reward is less than in other pools. Despite all the shortcomings, experts are confident that LitecoinPool is the best platform for collective mining of LTC coins.

Multipool

The service was launched in 2013. This is a multi-currency pool with support for 20 popular cryptocurrencies operating on hashing algorithms: x11, SHA-256, Scrypt. The list of available coins includes both top cryptocurrencies (BTC, DASH, LTC, XVG) and lesser-known altcoins (ANC, CANN, NLG). The number of active participants mining Litecoin is 841 users. The total hashrate of the network is GH/s. In the first 4 years of Multipool’s existence alone, 201.5 thousand blocks were mined. Main advantages:

• high level of reliability;
• servers are located in the USA and EU countries;
• support for two remuneration payment systems – PPNLS and PROP (1.5% commission);
• the final profit depends on the computing power of your farm;
• exchange of earned coins through reliable exchange platforms (Poloniex, Coinbase);
• transparent work and impeccable reputation.

There are not many disadvantages, but they do exist. Firstly, there is a fee for manual withdrawals. Secondly, this is not the best service for mining Ethereum or Bitcoin. However, it is ideal for mining Litecoin and Dash. The best statistics are shown in these areas.

NiceHash

The undisputed leader in popularity. Nicehash is a platform for cloud mining of Litecoin and other cryptocurrencies. Users will be able to purchase a contract to rent computing power, with the help of which they can subsequently mine almost any coin. Support for all popular algorithms has been implemented. You can set up receiving payments in Bitcoin.

The minimum payout is 0.001 BTC. The amount of the commission depends on the user's account type and account balance. There is no need to register to start mining coins. Old versions of ASIC miner firmware are not compatible with Nicehash. Despite the 3% commission for selling hash power, Litecoin cloud mining is still extremely profitable. We described in detail how to withdraw money from nicehash in a previous blog.

Nicehash provides technical assistance to major mining operators. All modern security systems have been implemented to eliminate the possibility of hacking of user accounts. Particular attention is paid to email security. The service takes care of all questions regarding the maintenance of computing equipment and payment for electricity consumed during mining.

viaBTC

From the name it is clear that initially it was a Bitcoin pool, but then the administration added support for other coins. The service started operating in June 2016. Today, clients are offered mining services for all popular coins: Bitcoin, Ethereum, Dash, Zcash, Bitcoin Cash, Ethereum Classic, Litecoin. It is for this reason that viaBTC has secured the status of one of the most universal pools.

The PPS reward distribution system is used here - a payment method proportional to the capacity of all participants. One of the main advantages is support for cloud mining, which makes it possible for even beginners to make money from crypto mining. Still, not everyone is ready to invest money in the purchase of equipment. Miners are charged a 4% service fee. For withdrawal via the PPLNS system you will have to pay another 2%. viaBTC remains one of the most popular platforms for collective mining.

ProHashing

The project was founded in August 2014. ProHashing is one of the largest pools for mining LTC coins. Support for coins based on other popular hashing algorithms has also been implemented: SHA-256, Equihash, x11. The pool supports automatic mining mode, which allows you to earn more than usual.

Compared to its competitors, ProHashing differs in its unique payment system, which is similar to PPS. Here you can mine some coins and receive payments in completely different cryptocurrencies, including fiat ones. There is no commission charged for conversion. However, all users pay a service fee of 4.99% of the amount earned.

P2Pool

This is a completely different service. Before us is a public P2P mining pool. Absolutely anyone can become a participant. There is no need to register, which makes it very convenient. P2Pool is a completely decentralized service that provides the highest level of security. The money is paid after the work is completed: the pool finds a block, and the “miners” are rewarded in proportion to their contribution.

Coinotron

This is one of the most popular multi-currency mining pools for Ethereum, Litecoin, Dash, Ethereum Classic, Vertcoin, Feathercoin and many other cryptocurrencies. The platform supports payment methods PPS, RBPPS, PPLNS. This is a good option for miners who want to diversify their risks. On average, Coinotron platform participants pay a commission of 0.4%, the minimum payout is 0.1 ETH.

F2Pool

Another Chinese project operating since 2013. Support for mining 8 popular cryptocurrencies, including Litecoin, has been implemented. The pool's share in the total network is 18%. Speed ​​– 15.6 TH/s. The minimum withdrawal amount is 0.02 LTC. When the balance reaches this threshold, the withdrawal of coins is carried out automatically. The cashout request is completed within 24 hours. Main advantages:

• timely payments;
• displaying current statistics and updates in real time;
• intuitive and simple interface;
• simple registration system and flexible configuration;
• User accounts are securely protected.

The main disadvantage of F2Pool is the high commission. With the PPS reward system, miners pay 4%. There is no Russian-language interface. The site is only available in Chinese and English.

Multi-currency pools supporting LTC mining

Beginners and users with relatively little computing power should choose multi-currency services for collective mining. If the value of Litecoin starts to fall, you can switch to a more stable cryptocurrency. Some systems redirect automatically. The result of such work will be positive. However, there are disadvantages - when mining is rebuilt, its power decreases. For some time, the equipment will not be used at 100%.

Many multipools support automatic switching of computing power between digital coins. If you want to control the process personally, then you should pay attention to the dynamics of changes in quotes of a particular cryptocurrency. Charts can be found on stock exchanges. You need to learn to be proactive and sell coins in a timely manner, the value of which will soon fall.

How to approach choosing your pool

In addition to those listed above, there are many more “pools” on the Internet that organize joint mining of cryptocurrencies. Some are focused only on Russian-speaking clients, it is easier to work for them, but there is a considerable probability that payments may suddenly and irrevocably stop, or the site owners will secretly use part of the user’s resource for their own purposes.

When working with large and well-known resources, you can count on the following preferences:

• decentralized withdrawal of money without additional consent of the site administration;
• saving money because there is no need to create your own supercomputer;
• fair payment based on transparent mechanisms, depending on the participant’s contribution to the mining process;
• stable income with a minimum of risks.

When choosing your community, you need to pay attention to the following points:

• The fame and popularity of the resource, as well as the level of its hashrate. This indicator will help you avoid fraudulent and low-power sites that will be difficult to make money on.
• Reviews online on specialized forums. If there are complaints about late payment of money or difficulties with withdrawals, then this is a reason to think about another service.
• Amounts of commissions, procedure and minimum thresholds for payment of remuneration.
• Participant's computer requirements. In order not to remain in the last ranks, it is advisable to upgrade your PC by installing a more powerful processor and video card.

You can also calculate the profitability of mining in a particular pool using special online calculators. With the right choice of “pool”, you can become the owner of a permanent passive income on the Internet, quickly recoup the investment in equipment and achieve a stable profit.

Litecoin mining pools: expert opinion

Even reputable pools are occasionally hacked. Therefore, experts strongly recommend withdrawing your earned money at the first opportunity. If you keep them on your internal balance, you can eventually lose them altogether. The generosity of payments also largely depends on the administration; when there is a change in management, the terms of remuneration may be revised.

The profitability of collective cryptocurrency mining also largely depends on the cost of Litecoin. Analysts have long stopped putting this coin in the top 10 cryptocurrencies, however, this does not mean that it will stop growing. Practicing investors continue to believe that as early as March 2022, the price of “cryptocurrency silver” could double.

Advantages and disadvantages of mining pools

Wallet encryption

Before starting mining, you should prepare a place where the earned coins will be stored; Wallet encryption is one of the features that makes the Litecoin wallet especially secure. Thanks to the encryption feature, you do not need to enter a password to view your transaction history or balance status. And if the password is not entered, then attackers have no way to intercept it, even on public Internet networks.

However, a password is required to make transactions. This is where you need to carefully ensure that there are no keyloggers or Trojans on your computer.