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How does mining work?

FX Miner Multi+

Some background on Litecoin mining


Mining is essential for the functioning of Litecoin networks. The Litecoin mine presents many similarities with mines in real life design. Because a limited number of Litecoin can be mined, supply over time will decrease and it becomes increasingly difficult to "extract" coins.

A block contains all transactions that occurred during the same period. The node sends this block to the miner, which verifies the transaction in the block. The miner must confirm the transaction before it can be added to the general ledger called the block kane. A service that verifies the transaction is that the LiteCoin network pays the miner a word. Transactions generally include commissions, which are included in the compensation provided to the miners.

The miner changes the block to a hash to verify the transaction. The network uses a script (Scrpys Hash Algorithm). This is a hashing algorithm that the Litecoin miner uses to complete the proof-of-work to validate the transaction and add it to the block chain. The hash is interesting because it is a one-way function. This means that it is almost impossible to work backwards to process the original contents of a hash, but it is fairly easy to create. If you make a small change to a block, the entire hash will change, making it easier to select a fake block.

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What is litecoin?

Bitcoin Lite

According to Litecoin's website, "Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities." What does this mean? It's a currency that can be used to pay people around the world with minimal transaction costs. You may think isn't this like Bitcoin? Well, the great thing about most cryptocurrencies are built on open source codebases, so the code for existing coins can be modified. Litecoin founder Charlie had two main objective when creating litecoin:

1. Reduce the amount of time required to confirm a new transaction

2. Change the Bitcoin mining algorithm (the way new coins are generated) to ensure anyone could participate in the network. 

Active Founder

Litecoin's founder Charlie Lee is an active participant in the cryptocurrency community (check out his Twitter). Bitcoin founder Satoshi Nakamoto (many people still don't know whether it is one person, or a group of people) isn't able to provide direction, guidance, and leadership. Having a founder is important to see the vision of the coin and getting better adoption (we believe that this coin has potentially more potential than Bitcoin!) 


Litecoin has existed for almost as long as Bitcoin. Litecoin has the benefit of having established infrastructure, and there are many new developments (typically announced by Charlie) that will lead to further innovations, including an upgrade to Segregated Witness (SegWit) which effectively reduces storage for transactions.



Litecoin info [LTC]
Algorithm: Scrypt
Type: PoW
Wallet version: 139900
Network difficulty: 445861.12
Network hashrate: 13.1 Th/s
Current network height: 1261564 Blocks
Wallet connections: 8
Block time: 150 sec
Block maturity: 100

Mining Basics

Litecoin mining basics

Litecoin mining can be an interesting experience, but sadly it seems that small at home hobbyists are being outcompeted by large mining farms. Two major issues facing those wishing to mine at home is the cost of electricity and getting equipment in on time. Many of the large farms make their own equipment, which gives them another advantage because purchases from ASIC (application specific integrated circuit) producers typically have long lead times. These ASICS are computers that do one thing and one thing only: run the hash algorithm.

Mining today is dominated by these ASICS. Speed is shown in "hashes per second." Many miners today generally operate in the terahash range, with large farms operating in the petahash range. For comparison, the speed of the entire Litecoin network at the time of writing was 13,829 petahashes. You can see a more current chart here. The total mining speed of the network influences the difficulty of the blocks every 3.5 days. The network attempts to compensate for the amount of processing power Litecoin has access to by making it harder or easier, trying to keep the average time to find a block at about 2.5 minutes. So as the global Litecoin hashing power increases, the difficulty increases, which means earnings for the same hashing power generally decline over time.
Every few days, the difficulty of the criteria for the hash is adjusted based on how frequently blocks are appearing, so more competition between miners equals more work needed to find a block. This network difficulty, so called because it is the same for all miners, can be quantified by a number; right now, it is 476,034.


Don't miss the Litecoin Mining Evolution!


ASICS Mining Chip

Programmable ASICs Will Change Infrastructure Investment

There are unique use cases for choosing one other the other, but consider an example
of both ends of the spectrum. A desktop computer uses an x86 CPU that can run the
operating system and all sorts of applications. On the other hand, an average Cisco switch is
built with ASICs built specifically to switch frames or route packets
(and other networking tasks). The switch’s ASICs perform a limited, specific set of functions
extremely well. But they don’t do anything else. On the other hand, the CPU in the desktop
computer can do just about anything, but it comes at the cost of performance.

Processing Power

There are a few distinct ways that physical processing power can be developed and placed
inside an infrastructure component like a switch.


Litecoin Mining pools

About every 2.5 minutes a new block is sent out into the network, and the entire network enters what is essentially a big lottery. Mining pools were created to make payouts more predictable. Miners combine their hashing power under a pool, which has enough hashing power to win the lottery on a more consistent basis than mining alone. A pool that has 15% of the networks hashing power should win 15% of the time. The pool then divides up the earnings from the block among individual miners based on their contribution, and there are many different ways to do this.

Most methods are fairly fair, and if you have plenty of time in the long run, theoretically all pools will pay the same value. The transaction fee is block-specific and is the peak of all commissions generated when building the block. Our company will put much more emphasis on swimming pool rates and efficiency. We chose It is important that you have more mining options. It does not seem to compare to other pools.

Registration here:  Coins pool of joint generation of crypto currency on the Scrypt algorithm. At the moment, the pool produces 4 crypto-currencies. On this pool, you can get coins either individually or by means of a multipool. Very easy to configure. Very fast conclusion of the crypto currency to you on a purse. This pool will be useful both for beginners and advanced miners. The pool automatically adjusts the complexity. A separate port for connecting the asics. 

Litecoin Block Time historical chart

Mining FX

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