What is Litecoin Mining
Just like Bitcoin, Litecoin is a digital platform that may be used to make online transactions between two individuals or groups. Litecoin is a decentralized, peer-to-peer network. This essentially implies that it is not governed by a single entity or any kind of centralized body. It is essentially a virtual currency, unlike fiat currencies such as Euro or Dollar, and uses the Scrypt algorithm. The Litecoin network spreads widely across a closely-knit grid of miners who accumulate newer transactions on the Litecoin blockchain in the form of blocks. Litecoin makes sure that only one blockchain exists, by ensuring that the blocks are extremely difficult to produce. Miners cannot create blocks at their sole discretion, but rather have to produce a specific cryptographic hash of a block which meets the set criteria. The best and the only way to find it is to try and compute as many as possible until you get lucky with one. In the world of crypto mining, this is known as hashing. Any miner who creates a block successfully will be rewarded with 25 newly minted LTC. Every other day, the difficulty level for mining is adjusted and it all depends on how quickly blocks are forming. More the competition between miners, more effort is required to locate a block.
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