Litecoin is currently the sixth biggest crypto on the market, so naturally, it is a very sought after crypto for mining. If you are looking to mine Litecoin with minimal computing resources, check out our list to find the best Litecoin mining pool for you.
Criteria for Selecting a Mining Pool
Before getting into our list, you should have in mind some factors:
Fees: a Litecoin mining pool usually has fees around 1-2%, but lower fee means more profits left for you.
Reputation: you will want a pool that has a trustworthy reputation online, as there are many scam pools that run off with clients’ money. Do your research diligently before getting into a mining pool.
Hash power: you shouldn’t be in a pool that only has slightly more hash power than you. You will want to opt for a pool that has a substantial hashrate in order to mine more blocks and have a consistent payout.
Server location: the closer the servers are to your physical location, then you will experience less latency.
Uptime: if servers spend more time offline, all miners in the pool will lose money, and no new blocks will be found and added to the blockchain.
Minimum payout: the higher the payout threshold is, the more you will have to wait to withdraw your profits.
Pool size: although there are no mining pools that are near 51% of the total hash rate of the network, you should avoid using the largest mining pools to keep anyone pool from reaching that 51% limit.
Payout system: there are different ways in which a Litecoin mining pool rewards its users. Here are some of the most known payment models:
- PPS – Pay Per Share. Each submitted share is worth a certain amount of LTC;
- SMPPS – Shared Maximum Pay Per Share. Similar to Pay Per Share, but never pays more than the pool earns;
- ESMPPS – Equalized Shared Maximum Pay Per Share. Similar to SMPPS, but it balances payments fairly between miners;
- CPPSRB – Capped Pay Per Share with Recent Backpay;
- Proportional – Miners receive the reward proportionally to how much shares each of them has found;
- PPLNS – Pay Per Last N Shares. Like proportional, but it is based on the last N shares, irrespective of round boundaries;
- Score – Score based system: a proportional reward, but evaluated by the time of submission. This means that later shares are worth much more than earlier shares.
Now that you know which traits you have to look for to get the best Litecoin pool, let’s continue with our list:
LitecoinPool is a large Litecoin mining pool, and it is also the eldest one in the industry. The pool was established in 2011 by one of the main Litecoin developers, which is known as Pooler, who is also the maintainer of the cpuminer software package.
Due to its affiliation with the Litecoin project, it quickly became one of the most trusted LTC mining pools in the crypto space. In 2012, the pool reportedly owned 40% of the Litecoin hash power. In the same year, LitecoinPool.org became the first pool to use variable-difficulty shares, which was later called “vardiff” by Bitcoin pools. This system enabled miners to radically cut their network bandwidth usage. The pool was also among the first to incorporate secure mining over TLS-encrypted Stratum connections, a security measure against man-in-the-middle attacks.
The rewards are distributed according to a pay-per-share (PPS) system, meaning the pool will always be effective for your work, even if the block has not been completed. Merged mining with several altcoins is also supported, with the payout being made in LTC.
The servers are distributed in eight geographically diverse regions, which enables miners from different locations of the world to efficiently mine. There are no fees charged for either automatic payouts or manual payouts.
The downside is that now you need to get approval before you can register on the LitecoinPool.org.
Thie second-largest Litecoin mining pool after LitecoinPool.org is viaBTC. It does not only support Litecoin mining, but Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Monero, Bitcoin SV, Decred, Zcash, and Nervos Network (CKB) mining as well.
viaBTC initially began operations as a Bitcoin mining pool back in June 2016, but then added the Litecoin option in January 2017. Due to its versatility, it is the best Litecoin pool for those looking to mine multiple coins.
viaBTC offers miners two payment systems: the PPS payment method and the pay-per-last-n-shares (PPLNS), another popular reward model used by mining pools. There are no fees charged for transactions, however, a 4% fee for PPS payments and a 2% fee for PPLNS payments are charged for maintenance. There is also Solo mode, where miners receive all the rewards for blocks produced. The fee applied is 1%.
Merged mining is also supported, paying out 2000 DOGE for every 1 LTC you mine, 1 SYS for every BCH mined, and 2 NMC, 5 SYS, 0.1 EMC, 1 ELA for one BTC mined. Cloud mining services are also incorporated in this pool.
Prohashing is a top ten Litecoin mining pool in terms of hash size. The pool was started by three engineers in August 2014.
You can also mine other cryptos in addition to Litecoin, such as other Scrypt coins, supporting the mining of SHA-256, Equihash, X13, Neoscrypt, Lyra2rev2, and x11 algorithms.
The rewards are distributed according to the PPS payment model, and you can select in which coin you would like to receive your payment regardless of what coin you mined.
There is also the option to select U.S. dollar payouts. There are no transaction and payout fees charged, only a flat 4.99% fee that is applied for all their features, such as maintenance. This makes Prohashing our most expensive Litecoin mining pool.
There is also the option of mining automatically, which will employ your hash power to mine the most profitable coin at that time, making it the best Litecoin pool for easy mining.
Multipool is a multi-currency pool that supports the mining of Litecoin, Dogecoin, and Verge, with miner payments made in LTC. Multipool supports the mining of over 30 cryptocurrencies, including X11 and SHA256 algorithm-based coins.
There are no withdrawal fees when the minimum threshold is met. You can also use the Litecoin port for merged mining to simultaneously mine Litecoin and Dogecoin, while also keeping your hash power stable.
This has been our list with the best Litecoin mining pools that you can use to produce LTC. We hope the information we have provided has been of use to you and your mining endeavors.
Featured image: Coindesk
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Post source: Best Litecoin (LTC) Mining Pool Options in 2019