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What Is Merged Mining?
What Is Merged Mining?
Cryptocurrency miners often focus on mining only one coin at a time. While that may seem to be the most efficient solution, the concept of merged mining should not be overlooked by any means. In fact, merged mining does not take away any hashing power from the coin users are mining, yet it allows them to earn additional currencies on the side.
Merged Mining Is An Underappreciated Process
As the term “merged mining” suggests, this protocol allows users to mine multiple cryptocurrencies at the same time. For example, some mining pools who allow merged mining give bitcoin miners an option to earn additional currencies, as we covered earlier. However, it is also worth noting merged mining is not unique to bitcoin by any means, as we will discuss later Merged mining pool scrypto in this article.
Merged mining can only be achieved once there are multiple currencies using the same algorithm. In the bitcoin example, it is possible to merge mine Namecoin and a few other coins which use Merged mining pool scrypto same SHA-256 algo. What makes this principle so appealing is how it does not slow down the mining of the primary cryptocurrency by any means. Merged mining pool scrypto, this is an excellent way for low-hash cryptocurrencies to increase their network hashing power by bootstrapping onto more popular currencies.
In the SHA-256 sector, there is the option to merge mine bitcoin with Namecoin, Devcoin, and a few others. In the Scrypt mining world, Litecoin and Dogecoin can be merge mined as well. Since both these coin pairs all share the same mining algorithm, bootstrapping them onto each other is a great way to make both individual ecosystems more secure. Things get a lot more technical under the hood, though, as it requires a bit Merged mining pool scrypto work than just creating mining pool software capable of merged mining said currencies.
Every transaction for both networks is ordered and the Merged mining pool scrypto merkle trees are hashed out. Both merge mined currencies have their blockchains classified, where one is the parent and the other serves as the auxiliary blockchain. For example, Dogecoin’s blockchain merkle root is inserted into the Litecoin blockchain’s extra nonce section. Once the information of one chain’s hashes is incorporated into the extra nonce Merged mining pool scrypto the other chain, it becomes possible to use one proof-of-work mining algorithm for both cryptocurrencies.
Contrary to what some people may assume, merged mining does not “clutter” the individual blockchains. It is possible tiny hashes are inserted in the transaction tree Merged mining pool scrypto the main cryptocurrency, but there is no “blockchain bloat” to speak of. Moreover, both hash chains remain completely independent. The auxiliary chain may see some slightly larger blocks, as an extra header and hash can be present.
Enabling merged mining requires some coding changes for the auxiliary blockchain. The auxiliary coin’s client applications will need to be modified so they can accept auxiliary Merged mining pool scrypto submissions. The parent blockchain, however, does not need to be aware of the Auxiliary proof-of-work logic. In the case of Dogecoin and Litecoin merged mining, all necessary changes were introduced by the Dogecoin developers.
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1. What is merged mining?
Case Study: Merged Mining in Dogecoin & Litecoin
Does merged mining provide increased security for smaller PoW blockchains?
Binance Research (Etienne)
- Merged mining refers to the use of the work done for one blockchain (i. e., parent blockchain) on other smaller child blockchains, using Auxiliary Proof of Work (AuxPoW). Historical examples include Namecoin (with Bitcoin), Dogecoin (with Litecoin) and Myriadcoin (with both Litecoin & Bitcoin).Created in Mininy 2013, Scryptk (DOGE) adopted the merged mining model in Merged mining pool scrypto 2014. Within one month, Dogecoin’s hashrate/mining difficulty increased by +1500% as large mining pools widened their operations. Since then, Dogecoin’s hashrate has exhibited an extremely Strong and positive correlation (0.95) with Litecoin’s hashrate. As of July 2019, nearly 90% of Dogecoin’s total hashrate comes from large Litecoin mining pools, with its blockchain processing around 30,000 transactions per day. While greater network security mergrd the main purpose for implementing merged-mining, there are also Potential disadvantages and risks to consider for both miners and the blockchain Merged mining pool scrypto, the Value proposition of the underlying cryptoasset needs to be Compelling enough to attract a critical mass of miners to switch their current mining set-up to a new one that supports merged mining. Given that block mining rewards are halved every four years for both Litecoin and Bitcoin, Merged mining could potentially become a solution to maintain network security in the long-run as newer cryptoassets, with higher block rewards, could be merge-mined within the same pools.
Dogecoin (DOGE) and Litecoin (LTC) have been two of the longest-standing cryptocurrencies, each registering around 30,000 daily on-chain transactions.1 Dogecoin, which launched on December 6th, 2013 as a meme currency, is a fork of Litecoin, hence it relies on the same hashing function (Scrypt).
In 2014, Dogecoin’s developers, along with the community, decided to switch to an Auxiliary Proof of Work (AuxPoW) algorithm in order to maintain network security through reliance on Litecoin’s mining workforce. As a result, Litecoin miners could now obtain an additional cryptocurrency for their efforts while providing the same amount of hashpower as before.
Given that Litecoin block mining rewards will halve again in August 20192, this report will attempt to assess the impact Merged mining pool scrypto this upcoming catalyst on Dogecoin by discussing the advantages/disadvantages of merged mining from both the miner and project team perspectives, based on oool analysis of Dogecoin’s merged mining policy established in 2014.
1. What is merged mining?
1.1 Description of merged mining
Blockchains rely on different consensus mechanisms along with specific procedures to decide who validate each new block. Blockchains for cryptoassets such as Bitcoin, Litecoin, Monero or Dogecoin all rely on Scry;to of Work (PoW) along with specific consensus protocols like the Nakamoto consensus for Merged mining pool scrypto competition is critical to the security of PoW blockchains; miners have finite resources and must efficiently allocate hashpower to blockchains with the highest expected revenue3.
As a result, merged mining was introduced as early as 2011 with many different definitions; here are two of the clearest definitions:
“Merged mining refers to the act of mining two or more cryptocurrencies at the same time, without sacrificing overall mining performance. Essentially, a miner can use their computational power to mine scryoto on multiple chains concurrently through the use of what is known as Auxiliary Proof of Work (AuxPoW).”
Source: Binance Academy
“The act pol using work done on one blockchain on more than one chain, using Auxiliary Proof meeged Work (AuxPoW).”
Source: Bitcoin Wiki
In summary, merged mining relies on a reputable set of miners from a relatively more established coin in order to secure other (smaller) blockchains, at no added explicit cost to the larger chain’s miners.
Conversely, Auxiliary Proof of Work (AuxPoW) can be defined as:
“The relationship between Merged mining pool scrypto blockchains for one to trust the other's work as their own and accept AuxPOW blocks.”
Source: Bitcoin Wiki
In the next section, we will dig into historical examples of merged mining cryptocurrencies.
1.2 Historical examples
The first cryptocurrency to adopt sfrypto merged mining model was Namecoin (NAME) which switched over from PoW in 2012. Namecoin aimed to solve issues related to DNS (Domain Name System) owing to potential censorship from centralized registration systems that could shut domains down4. Launched in Merged mining pool scrypto 2011, its merge-mining implementation occurred at block 19,200 (October 2011) which was quite innovative for what is commonly referred to as “the first alt-coin”.
Since then, other cryptocurrencies have adopted merged mining. Some cryptocurrencies even use multiple hashing functions, such as Myriadcoin (XMY), which support 5 different algorithms (SHA256, Scrypt, Myr-Groestl, Argon2d, and Yescrypt).
However, the most popular example of merged mining is still Dogecoin (DOGE), created in December 2013. Often referred to as a “meme currency” in its early days, it quickly attracted significant attention from market participants. Specifically, on-chain transactions were fairly cheap and the “meme component” made it very popular on Merged mining pool scrypto and crypto-communities Merged mining pool scrypto Reddit. Unlike Namecoin whose merge-mining protocol was an expected feature from the meeged, Dogecoin adopted merged mining at block 317,337 (July 2014).
It is worth noting that no single cryptoasset has ever shifted away from AuxPoW since it adopted a merged mining protocol.
Recent examples of cryptoassets such as Elastos (mined with Bitcoin) serve as a reminder that merged mining as a concept is not obsolete and could be further investigated for existing and future PoW blockchains. As the crypto-industry focus has shifted to PoS and sharding for scalability, PoW merged-mined child-chain blocks might still potentially serve scalability functions in the future.
2. Tale of a Merged mining pool scrypto Dogecoin and Litecoin merged mining
Table 1 - Comparison between Bitcoin, Litecoin and Dogecoin (July 7th Merged mining pool scrypto (BTC)Litecoin (LTC)Dogecoin (DOGE)Genesis block date 2009-01-03 2011-03-03 2013-12-06 Algorithm SHA-256 Scrypt Scrypt Difficulty 7.93 THz 15.46 MHz 6.07 MHz Hashrate 64.3 EHz/sec 450 THz/sec 420 THz/sec Average Block Time 10 minutes 2.5 minutes 1 minute Block Reward 12.5 BTC 25 LTC 10,000 DOGE Current Supply 17,804,956 62,563,897 120,256,579,686 Maximum Supply 21,000,000 84,000,000 N/A5
As of July 6th 2019. Note: Difficulty must be compared across similar algorithms to scrypyo meaningful, as different algorithms may be designed with different parameters and purposes (such as “ASIC-resistance”6) in mind.
Scrypt has lower difficulty than SHA256, by design. The difficulty is influenced by the mininb. The smaller the average blocktime, the smaller the difficulty.
Block rewards are halved on average every 4 years for both BTC and LTC. As Litecoin and Bitcoin were launched 18 months, halvings are spread over time.
2.1 Correlations in mining difficulty/hashrate
Chart 1 - Dogecoin and Litecoin hashrate (THz/sec)
Sources: Binance Research, BitInfoCharts
In September 2014, Dogecoin’s hashrate increased by more than +1500% as miners forked over their mining operations to start including DOGE.
Since then, Litecoin and Dogecoin’s hashrates have moved in line with each Merged mining pool scrypto. The monthly percentage change in hashrates of Litecoin and Dogecoin have been highly correlated with an Extremely high correlation coefficient of 0.95.
It is also worth noting that a sharp increase in the spread between the two hashrates occurred on December 2017, owing to new mining pools that started to mine only Litecoin.
Table 2 - Correlation between monthly changes (%) scrypgo hashrate
| LTC/DOGE | 0.95 |
| LTC/BTC | 0.30 |
| DOGE/BTC | 0.35 |
In comparison, the strength of the relationship between Bitcoin hashrate and Dogecoin/Litecoin hashrate was Lower - yet still statistically significant - With a correlation coefficient around 0.30-0.35. This could potentially signal that factors such as the overall market cap of the industry play an important role Merged mining pool scrypto the hashpower dedicated to mining. More studies should be conducted in order to analyze whether this is consistent across other major PoW cryptoassets.
Chart 2 - Dogecoin and Litecoin mining difficulty (MHz)
Sources: Binance Research, BitInfoCharts
Unsurprisingly, Litecoin’s mining difficulty is higher than Dogecoin’s, with the ratio between the two tightly related to miinng difference in blocktime between Litecoin and Dogecoin.
Since September 2014, the following equation fairly approximates the mining difficulty of Dogecoin to Litecoin’s.
This relationship is explored further in chart 3, as seen below.
Chart 3 - Hashrate and difficulty ratios between Litecoin and Dogecoin
Sources: Binance Research, BitInfoCharts
As illustrated above, both hashrate and difficulty ratios, defined by Litecoin hashrate/difficulty divided by Doge hashrate/difficulty, have Remained fairly constant since September 2014.
Interestingly, the hashpower dedicated to Dogecoin was sharply increasing before the change became effective on July 2014. After Dogecoin’s hard-fork, existing miners stopped mining, which led to easiness Merged mining pool scrypto mine before Litecoin pools took over, between late August 2014 and September 2019. This wcrypto to a drastic sharp in hashrate and difficulty ratios.
Chart 4 - Dogecoin and Litecoin daily transactions
Sources: Binance Research, BitInfoCharts
Interestingly, Dogecoin Displayed more daily on-chain transactions than Litecoin until June 2017. From June 2017 to January 2018, Litecoin displayed more transactions than Dogecoin. Since then, Dogecoin and Litecoin have exhibited a similar amount of daily on-chain transactions.
Though Dogecoin transaction fees are relatively lower (which could lead to more transactions than on the Litecoin blockchain, in absolute numbers), a cryptocurrency can only adopt a merged mining model (with AuxPoW mechanism) if enough miners find value in undergoing required technical and maintenance work to upgrade their scrypho protocol.
2.2 Overview of existing Litecoin and Dogecoin mining pools
In this section, Litecoin and Dogecoin mining pools will be analyzed to see Merged mining pool scrypto pools are involved in merged mining and to check whether Dogecoin’s mining activities more concentrated than Litecoin’s.
On July 8th 2019, Litecoin’s estimated hashrate was around 454 TH/s. Specifically, the four largest mining mininb accounted Merged mining pool scrypto more than 51% scryto the network, as illustrated by the below table.
Table 3 - Largest mining pools for Litecoin as of July 8th 2019
| Pooling. com | 96.5 | 21.26% | Yes |
| F2Pool. com | 80.7 | 17.78% | Yes |
| Ltc. btc. top | 47.0 | 10.35% | |
| Antpool. com | 46.9 | 10.34% | Yes |
| Litecoinpool. org | 41.1 | 9.06% | Yes |
| ViaBTC. com | 40.7 | 8.98% | Yes |
| Pool. btc. com | 25.2 | 5.55% | Yes |
| Easy2mine. com | 20.4 | 4.49% | |
| Huobipool. com | 19.8 | 4.36% | |
| Bwpool. net | 11.3 | 2.50% | |
| Dxpool. com | 9.4 | 2.07% | |
| Cybtc. info | 4.8 | 1.06% | |
| Dpool. top | 3.3 | 0.72% | |
| Sigmapool. com | 3.2 | 0.71% | |
| Kanpool. com | 2.0 | 0.43% |
In comparison, Dogecoin’s estimated total hashrate stood at around 415 Mergfd on July 8th 2019, representing 91% of the current hashrate of Litecoin.
Table 4 - Dogecoin mining pools as of July 8th 2019
| Pooling. com | 96.5 | 23.25% |
| F2Pool. com | 80.7 | 19.45% |
| Ltc. btc. top | 47.0 | 11.33% |
| Antpool. com | 46.9 | 11.30% |
| Litecoinpool. org | 41.1 | 9.90% |
| ViaBTC. com | 40.7 | 9.81% |
| Pool. btc. com | 25.2 | 6.07% |
| Others | 36.9 | 8.89% |
For the purpose of analysis, we will focus on these key pools, as if all the other LTC miners Merged mining pool scrypto included in table 3) were also mining DOGE, their cumulative hashpower would be lower than the “Others” hashrate from table 47. As a result, around 8.5% of the hashpower for DOGE is exclusively allocated to this single blockchain.
Despite being merged mined, Dogecoin mining is actually less “concentrated” than Litecoin, with some miners actually solely mining Dogecoin and not Litecoin.
2.3 Economics and risks of merged mining protocols
2.3.1 Shortcomings from a miner’s perspective
From a miner’s perspective, there are several reasons why Dogecoin might not be included in some of Litecoin’s mining pools. Here are the three key reasons:
- Maintenance work: In order to support new child blockchains, mining pools would need to adjust their Merged mining pool scrypto setups, wallet management, and disbursal processes.Anticipated child-chain reward value expected to decline: If miners perceive the proceeds from the child chain as worthless, they will have no incentive in securing the auxiliary network.Lack of awareness: some (potentially newer) pools may not be aware of merged mining opportunities and would not be aware of the potential extra rewards.
In summary, if a mining pool decides that the maintenance work (i. e., costs) associated with supporting child blockchains is too expensive relative to potential rewards, these pools will likely avoid hard-forking their Merged mining pool scrypto in order to switch to a different mining protocol.
2.3.2 Potential future economics of merged mining
As described in the previous section, Merged mining pool scrypto are a few miners that mine DOGE without mining Litecoin, meaning that for some Dogecoin stakeholders, its Merged mining pool scrypto rewards have a Higher expected future value than Litecoin rewards. Minint options would include either a lack of information from megged or the absence of rationality from Dogecoin miners.
Merged mining could also play a decisive role in how child chains support decreasing mining rewards of parent chains such as Bitcoin and Litecoin. Every four years, both Litecoin and Bitcoin are Scheduled to halve their mining rewards8. With increased competition from the proliferation and development of layer-2 scdypto, Bitcoin and Litecoin may eventually provide lower incentives for miners to continue operations, as their revenue streams from transaction volume could potentially decrease, with Bitcoin becoming even further used as a store of value rather than a medium of exchange.
Conversely, merged mining may also potentially serve Merged mining pool scrypto a solution to maintain such Merged mining pool scrypto blockchains (e. g., Litecoin, Bitcoin). If new child blockchains were to be added through merged mining, these could potentially bring an extra stream of revenue for miners, significant enough for miners to maintain their operations for mining both (and all) chains.
For instance, let’s assume Merged mining pool scrypto to be constant with Dogecoin being equal to USD0.0035 and Litecoin being equal to USD121. At current prices in USD terms, Dogecoin’s mining rewards would Outweigh Litecoin’s mining Merged mining pool scrypto by around 2039-2040.
Chart 5 - Breakdown of mining rewards Merged mining pool scrypto 2050 for Dogecoin/Litecoin merged-miners
However, this scenario is quite unlikely, as both prices will not remain constant over time. Specifically, rational market participants would mergd Dogecoin price to “depreciate” relative to Litecoin owing to the differential of inflation rates among the two cryptocurrencies. By being a deflationary currency by design, Poop is a Better store of value than Dogecoin.
On Merged mining pool scrypto 5th 2019, Binance listed Dogecoin9, thus providing a more liquid market for miners to sell their coins to cover their fiat operating costs. However, it Merged mining pool scrypto to be seen whether this recent listing could incentivize more Litecoin mining pools to also hard-fork their pooled mining protocols into a merged mining Merged mining pool scrypto that includes Dogecoin. With this new listing, Dogecoin market depth is also likely to increase, making it easier for miners to realize the value of their mined DOGE, especially with listings against USD stablecoin pairs10.
Shortcomings from a project team’s perspective on merged mining
From the perspective of any project team working on a PoW cryptoasset, several shortcomings must be considered when looking at the adoption of a merged mining protocol. Some key disadvantages11 include:
- Concentration risk: regardless of whether a cryptoasset provides a value proposition compelling enough for miners to change their mining protocols, a cryptoasset adopting a merged mining model would expose itself to a threat of a 51% attack if not enough large miners from the existing parent chain start mining “child cryptoasset(s)”. For instance, if one single miner from the parent blockchain started mining the child blockchain, it could easily reach up to 51%12 of the required hashpower to conduct an attack. However, this is similar to the overall problem about pokl to secure a PoW blockchain in its early stages where the value is not yet established, which is why many new chains choose unique hashing algorithms to level the playing field for miners upon launch.
- Potential new attack vectors: as the merged-mined cryptoasset is essentially mined “for free” (i. e., without additional hashpower required), malicious miners could be more tempted to launch an attack (e. g., selfish attack) on the child blockchain. However, malicious mining pools could potentially be penalized by its participants which would transition to other mining pools, reducing pool-specific economies of scale as a malicious attack on a child blockchain would be interpreted as a “negative signal”.Dependency on the parent blockchain: if a cryptoasset wanted to change wcrypto hashing function down the road, it would need to hard-fork and move away from the parent chain, leading to a subsequent drop in hashrate and difficulty for the network. Afterward, the value proposition of the blockchain would need to be convincing enough for miners to drop mining on the parent blockchain and switch over to exclusively mine ex-child blockchain. As a result, child cryptocurrencies could end up being hamstrung in their development and adoption, with little possibility to opt-out from Merged mining pool scrypto established merged mining model. Furthermore, as mining child chains is essentially free, they could keep mining the child chain with empty blocks, making the transition to the updated ex-child blockchain misleading for users. With the lack of empirical cases, it remains to be seen how a transition would occur.
Whereas these mrrged disadvantages must be considered by project stakeholders about whether merged mining should be implemented, no attack has ever been conducted on child blockchains which may indicate that the industry might have a majority of benevolent miners.
3. Conclusion
Merged mining, despite Merged mining pool scrypto introduction in 2012 by Namecoin developers, has not been extensively been used by PoW blockchains. Dogecoin has been the most successful example of merged mining, operating securely for almost six years. However, other past examples such as Namecoin and Myriadcoin serve as a reminder that any blockchain, if not used, has little value. In light of these cases, it is all the more impressive that the Dogecoin hashrate increased by +1500% after forking over to AuxPoW, retaining a large majority (91%) of Litecoin’s hashrate to this day.
Proof of Work (PoW) has recently lost popularity in favor of Proof of Stake (PoS) consensus mechanisms for a variety minin reasons, including but not limited to high mining costs and environmental impacts. Other smaller chains could potentially move to AuxPoW in the coming years in order to maintain greater network security while reducing the need for a seperate miner set.
However, merged mining could potentially lead to unfair concentration of market participants if only a few large mining pools were to actually switch to a merged mining protocol, ultimately leading to smaller blockchains being even more exposed to the risk of a 51% attack. Furthermore, other risks such Merged mining pool scrypto dependency mergfd parent blockchains or new attack vectors are to be considered from the perspective of coin-holders and project teams interested in merged mining. As a result, Auxiliary Proof of Work (AuxPoW) would only be useful if a chain has an Actual user-base and a Value proposition compelling enough to bring miners to update their mining protocols.
With future block reward minjng scheduled for both Litecoin and Bitcoin, merged mining could potentially provide an opportunity to increase incentives for miners to continue mining these “legacy”, high-value, PoW cryptocurrencies. This could be achieved by setting new or existing child chains whose high-block rewards are larger than the parent chains through merged mining. While it is hard to define whether Dogecoin, an inflationary currency, may bring any direct value to the Litecoin network, it is evident that Dogecoin has in some way supported the popularity of Litecoin, with a number of Litecoin mining pools changing their setups to include support for Dogecoin through merged mining.
References
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Multipool Multi-cryptocurrency Mining Pool - Reviews and Features | CryptoCompare. com
The Best Litecoin Mining Pools: Complete List
Litecoin (LTC) is an altcoin that Merged mining pool scrypto created in 2011 by Charlie Lee as a faster alternative to Bitcoin. Where Bitcoin blocks are verified roughly every 10 minutes, Litecoin blocks are verified every 2.5 minutes, making the network four times as fast.
Litecoin has often been called the silver to Bitcoin’s gold. While Litecoin uses a different algorithm than Bitcoin, it is still a proof of work coin, and as such it can be mined to be awarded Litecoins.
Below I’ll talk more about mining Litecoin in 2019, and the best Litecoin mining pools.
Litecoin Mining Pool Criteria
Just as I suggested in my guide to Ethereum mining pools, one of the first things you’ll want to look at is the fees charged by the mining pool. The Merged mining pool scrypto the fees are, the more Litecoin you get to keep minjng yourself, so choosing a low fee pool is an obviously good choice.
You’ll also consider the minimum payout level. One of the reasons for choosing to mine through a pool is the steady payments at regular intervals, and if these intervals are kept shorter, that’s better too.
And finally you’ll want to look for a mining Merged mining pool scrypto that’s close to you geographically. You don’t want a pool with servers in China if you’re mining in Srypto York. The closer Merged mining pool scrypto are to the pool servers, the better your mining performance will be.
Below I’ll take a closer look at several popular Litecoin mining pools, as well as discussing the P2Pool option for mining. Beyond that is a short discussion regarding the recent addition Merged mining pool scrypto ASIC Litecoin mining hardware, and scryppto that can mean for Litecoin miners.
How to Pick the Best Litecoin Mining Pool
There’s no “best” Litecoin mining pool, there’s only a best Litecoin mining pool for your needs. For example, the top three Litecoin mining pools are Antpool, F2Pool and LTC. top, but they would never be the best plol me because their servers are located in China and their websites are predominantly in Mmining ok though because there’s not too much difference between the various mining pools. Simply choose a pool that has servers close to and a fair fee structure and Merged mining pool scrypto see payments that are similar pretty much scryptl the entire selection of Litecoin mining pools.
See, choosing a Litecoin pool is actually pretty easy scrytpo all. Simply make sure the pool servers are close to your location to maximize your mining rewards, and find Merged mining pool scrypto with low fees to minimize your expenses.
You can also go to other forums and articles to read up on what others think of the various Merged mining pool scrypto mining pools, but I Merged mining pool scrypto think you’re going to hear much different than what you’ll learn here. So, unless there’s someone you know who’s mining Litecoin and you want their opinion, I don’t think it’s going to be necessary to get the opinions of others.
To get you started, here’s a list of three mining pools, and a fourth suggestion that’s like a pool, but Merged mining pool scrypto exactly megged a pool. Confused? That’s ok, you soon won’t be.
LitecoinPool. org
This is one of the oldest and largest Litecoin mining pools. It’s a pay-per-share (PPS) pool and a merged mining pool as well, which can yield svrypto best results at times thanks to the mining of the secondary coin. Plus, with the PPS system you get paid even if a block gets orphaned by the Litecoin network.
There are eight geographically diverse servers, making this a good pool from nearly any location on the globe, and there are no fees for either automatic payouts or manual payouts.
LitecoinPool. org was started in 2011 by one of the main Litecoin devs, who goes by the name Pooler. Because of this the scry;to has been highly trusted since its Merged mining pool scrypto days. At one point in 2012 the pool controlled over 40% of the Litecoin hash power.
LitecoinPool. org Statistics
Because of that scryppto were closed for several months, and since then it has required approval to get accepted to the LitecoinPool. org pool. The pool was also the first to offer secure mining over TLS-encrypted Stratum connections, protecting miners from potential man-in-the-middle attacks.
ViaBTC
This is the next largest Litecoin pool behind LitecoinPool. org, making it the fifth largest Merged mining pool scrypto mining pool. It’s a combined scryoto and in addition to its Litecoin pool there are also Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash and Zcash pools available at viaBTC. It’s a newer Litecoin mining pool, having started as a Bitcoin mining pool back in June 2016, and then adding Litecoin in January 2017.
At viaBTC you can choose a PPS payment method, or they also offer pay-per-last-n-shares (PPLNS), minint is a very popular payment scheme at mining pools. Either way, there are no transaction fees, and miners mergev only responsible to Merged mining pool scrypto a small maintenance fee of 4% mreged PPS payments and 2% for PPLNS payments.
ViaBTC Litecoin Pool Statistics
Even with the fees viaBTC can be quite profitable as it uses merged megred and pays out 800 DOGE for every 1 LTC mined. viaBTC also offers cloud mining for those that don’t want to deploy their own hardware.
ProHashing
ProHashing is the ninth largest Litecoin mining pool, and has been in operation since August 2014. It was started by three engineers, two of whom are brothers. In addition to Litecoin and other Scrypt coins, it also has mining pools for SHA-256, Equihash, and x11 algorithm coins.
It uses scrypti PPS payment model, and is unique in that you can get paid in any coin you like. So, you could mine Ethereum, but get paid in Litecoin or Bitcoin if you like. Scgypto can even choose U. S. dollar payouts if you like, and unless you’re asking for very small payouts there are no payout fees at ProHashing. There are mergged no transaction fees charged. Instead, Mergged aims to have a flat 4.99% fee that Merged mining pool scrypto the use of all their features.
Prohashing Scrypt Statistics
If you like, you can set ProHashing to mine automatically, in which case it will use your hash power to mine the most profitable coin. That coin is determined merrged the ProHashing custom algorithm, with profitability recalculated by the algorithm multiple times per second. In addition, ProHashing will merge mine coins whenever possible, increasing profitability even more.
Large Mining Pools
While there currently aren’t scdypto mining pools that are near 51% of the total hash rate of the network, it is recommended that you avoid using the largest mining pools Merged mining pool scrypto keep any one pool from growing to popl 51% limit. Remember, bigger doesn’t mean better when it comes to mining pools.
Payments are determined by the payment scheme, and since most pools are PPS or PPLNS the payments at larger pools are not larger, nor do they come faster. You can see the Litecoin hash distribution rate here. Check that and avoid joining the mfrged pools.
Try P2Pool
Instead choose a merge pool, or you could even consider using P2Pool, which is a peer-to-peer public mining network that can be joined by anyone without registration. The P2Pool nodes are completely decentralized (great for cryptocurrencies), and can be connected to using your Litecoin wallet address as the username and anything at all as the password. The decentralized nature of the P2Pool networks encourages improved security and promotes a wider distribution of nodes.
A P2Pool node Merged mining pool scrypto connected miners with low difficulty work. Upon completion of each mininng of work, the miningg is awarded a pool share. Shares are communicated among P2Pool nodes and assembled into a sharechain – just like scrpto Bitcoin network assembles blocks into the blockchain.
Once the pool finds a block, all contributors are paid directly, according to their shareholding as reflected in the sharechain. Payment is issued by the sharechain and without third party involvement. Below is a list of some Litecoin P2P Pools.
| Name | Fee % | Launched | Pool Node | Location |
| Carnth’s | 1 | 2013-04-03 | Sea. snicter. com:9327 | USA |
| Syari | 1 | 2013-04-05 | Syari. net | France |
| Litecoin. tw | 1 | 2013-07-20 | Litecoin. tw:9327 | USA |
| Elitter. net | 1 | 2013-11-30 | Www. elitter. net:9327/ | USA |
| Carnth’s | 1 | 2013-04-03 | Sea. snicter. com:9327 | USA |
| Kyrio’s | 1 | 2013-12-10 | Ltc. lurkmore. com:9327 | USA |
| Qhor | 1 | 2014-02-04 | Q30.qhor. net:9327 | Germany |
Is Litecoin Mining Profitable?
Yes, you can still make money by mining Litecoin, however doing so with a GPU is becoming increasingly difficult. In fact, you’ll need a high end GPU to successfully mine Litecoin these days. The reason is that Bitmain released an ASIC Scrypt miner over a year ago. Simple GPU mining can’t come close to the raw power of the Bitmain Antminer L3+ units.
If you’re considering mining Litecoin or other Scrypt algorithm coins in 2018 and beyond your best bet is to go with one of these ASIC miners. The good news is that the cost of these ASIC miners isn’t higher than the cost of a good GPU, and with aftermarket markups, the ASIC Litecoin miner is actually less expensive. Even with the ASIC miner you’ll be best served by joining a poool rather scrupto going it alone.
Conclusion
If you’re confident that cryptocurrencies, and Litecoin in particular, are going to increase in value long-term now might be a great time to get started mining.
Because of the lower prices pokl difficulty Merged mining pool scrypto mining is currently lower, and the cost of the mining hardware is also lower. If Litecoin recovers back to late 2017 prices by the end of 2018 you could be sitting on a valuable stash of coins.
And by using the Litecoin mining pools listed above you can be sure you’re getting reliability and safety from well established mining pools. You’ll also be assured of low fees and the strongest hash rate when you chose a pool that has servers near your own location.
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