Did you know that there are four times as many Litecoins as there are Bitcoins? This means that one day we will see 84 million Litecoins in circulation.
However, that’s not just it. With more LTC units, the miners also have smaller blocks to crack, which require fewer confirmations and end up being sent from one person to another in less time. All this when compared to Bitcoin.
Still, much like the world’s biggest cryptocurrency, Litecoins are also generated within mining pools. It has been like this since the launching of the altcoin, on October 7, 2011. Nevertheless, Litecoin miners have also been noticing the increase of difficulty, as it would be expected. For now, Litecoin can still be mined using your everyday hardware, such as AMD Radeon graphics cards. But when the difficulty starts increasing even more, Litecoiners will probably start looking for a similar solution to Bitcoin ASICs.
So far, there are no ASIC products for Scrypt, Litecoin’s algorithm, but recent rumors claim that ASIC systems adapted to LTC mining are being developed by the company Alpha Technologies. The miners, both the lone wolves and the pool members, appreciate the innovation, for sure!
But let’s live in the present for now, where Radeons are the favorite tools of most Litecoin miners. Actually, these guys are the ones responsible for an alleged shortage of Radeon graphics cards in the market. Well, those mining pools must be overflowing… Or at least the bigger ones like WeMineLTC or Give Me Coins, as this infographic will show you.
The most important fact we can learn from this visual analysis is that Litecoin mining has been booming, especially over the last few months. The hash rate has practically doubled, along with the difficulty, despite the stable rate. It looks like congratulations are in order for all the miners out there!