![lite coin news lite coin news](https://greatcoinnews.com/wp-content/uploads/2021/09/10940392-15801163831371557967828.jpg)
This is where Litecoin’s hashing algorithm comes in: Lee went with Scrypt because the algorithm is less susceptible to ASIC mining. To be clear, this would mean one organization could plausibly be processing more than 1/10 of all the Bitcoin blocks and, in the opinion of many, this goes against a philosophy at the very core of cryptocurrencies: decentralization. Core Scientific's CEO says this most recent purchase could help his company increase its global share of Bitcoin’s hash rate from 5% to 12%. On April 28, Core Scientific, the largest mining pool in North America, announced it had bought 112,800 Antminer mining machines from ASIC manufacturer Bitmain. ASIC miners have the advantage of being able to solve the complex data strings needed to mine (think "win") the block much quicker – generating considerably more hashes (think "tries") per second than CPUs or GPUs.Ĭonsequently, Bitcoin mining, using the more expensive and hard-to-find ASICs, is now a sort of arms race. The basics: mining can be performed using a central processing unit (CPU), graphics processing unit (GPU), or application-specific integrated circuit (ASIC) miners. Lee chose Scrypt for good reason, but we have to take a deeper look at cryptocurrency mining to understand why. Developers of Scrypt intended it to be an improvement on an even earlier hashing algorithm, SHA-256 (the one used by Bitcoin). Litecoin employs Scrypt, one of the first hashing algorithms implemented on blockchain networks. "Everyone is competing to get their transactions into the next block, and the way they do that is by paying more fees."Īnother fundamental difference between Litecoin and Bitcoin is their mining algorithms (2). "The Bitcoin blockchain is congested," says Lee. With Bitcoin, that number is much higher, with its average transaction fee being $26.89. The current average transaction fee for Litecoin, at the time of writing, is just $0.04. Cryptocurrency miners choose to validate the transactions that pay the most. One of the main differences between the two cryptocurrencies is transaction fees (1).
![lite coin news lite coin news](https://en.cryptonomist.ch/wp-content/uploads/2021/08/litecoin-developments-1.jpg)
The value of Litecoin over the past two years CoinDesk
LITE COIN NEWS SERIES
Let’s dive in.ĬRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where it’s going next. Although Lee is something of a polarizing entity in the cryptosphere, it’s worth hearing what he has to say about the cryptocurrency he invented. In an April 26 interview with CNBC’s Worldwide Exchange, Lee discussed Litecoin, comparing and contrasting its attributes with those of Bitcoin. You may have heard Bitcoin described as “digital gold,” and following that line of thinking, Litecoin could be considered “digital silver.” But the cryptocurrency’s history isn’t as spotless as you might think. Litecoin’s biggest differences from Bitcoin include:ĭon’t be deterred! We'll get into the specifics of these differences below and also have a look at how these factors contributed to Litecoin's success as a more "spendable" cryptocurrency.
LITE COIN NEWS CODE
It was created following a source code "fork" of the Bitcoin Core blockchain (a fork is when a blockchain diverges into two separate paths, creating two distinct coins). BTC and LTC have held places in the charts for 410 and 409 weeks, respectively (other top performers include XRP at 396 weeks and ETH at 291). Aside from Bitcoin, no other coin has stayed in the top ten longer. Ushered into existence by Google engineer Charlie Lee on October 13, 2011, Litecoin is the 10th largest cryptocurrency by market capitalization today.