Litecoin Cloud Mining
Cloud mining has become a common term in online cryptocurrency communities, and anyone with even a passing interest is sure to have encountered it at one time or another. In fact, some may even say cloud mining appears to have consumed the cryptocurrency world, with more and more users delving into it every single day.
As a result, it’s getting harder to mine some types of cryptocurrencies, though Litecoin (LTC) remains a fantastic option for miners. And that’s why we’re going to explore Litecoin cloud mining in detail in this extensive guide: by the time you read the final words, you’ll be in a better position to try LTC cloud mining yourself.
But first, we’ll start with the basics. What is Litecoin? What does cloud mining involve? Why should anyone bother to mine Litecoin at all? Once we’ve answered these questions, we’ll explore some of the most popular Litecoin cloud mining service companies and essential considerations to help you get started.
Litecoin is a blockchain-based, decentralized cryptocurrency, similar to Bitcoin. As it’s decentralized, Litecoin isn’t owned or governed by a particular organization: there’s no single leader at the heart of Litecoin.
As it’s an open-source platform, Litecoin is available to anyone: every user who wants to take part can make a valuable contribution to LTC’s development and wellbeing.
One of the main factors that makes Litecoin unique is the nature of its relationship with the original crypto, Bitcoin. Litecoin began as a Bitcoin spin-off, featuring parameters and data that were virtually identical. But there are some crucial differences between the two, particularly speed: Litecoin runs around four times as quickly as Bitcoin.
For some users, that speed makes Litecoin four times as appealing as Bitcoin. And it also means that Litecoin aims to offer four times the coins that Bitcoin does.
With this in mind, it’s fair to say that Litecoin was conceived as a stronger, faster, better version of the Bitcoin model.
Cloud Mining Explained
We’ve explored Litecoin’s basic design and advantages in brief, so let’s move on to the next critical matter: cloud mining.
Basically, cloud mining involves one user paying another to rent out a computer suitable for mining (AKA a “rig”) and its related services. This arrangement typically exists between two parties: the host and the buyer.
For example, imagine you’re a buyer looking to generate profits from a cryptocurrency. You know that placing investments in stocks demands a significant upfront sum to achieve real revenue, and you don’t know enough about blockchain development to take advantage of mining yourself. But it all changes when you discover a website online offering an expert cloud mining service.
These hosts tend to be large corporations. You’re unlikely to encounter one person operating their own cloud mining service, though it can’t be ruled out completely. The majority of the time, hosts will own multiple farms: facilities loaded with rigs designed for mining cryptocurrencies.
If you want to enter into an arrangement with one of these hosts, you just rent out the rig at one of their farms for a specific period.
Additional Considerations when Renting a Rig
A rig isn’t the only investment you make when you choose to rent one: you also need a space in which to keep it, as well as paying for its ongoing maintenance and management.
You will agree on a rental period with the host, which may be as short as three months, as long as several years, or there may not even be an end date at all. The option to rent on a lifetime basis, though, is rare. The majority of LTC cloud mining hosts also provide monthly payouts.
The related electricity and maintenance costs will be taken from any earnings you accrue. One host might calculate these expenses in a different way than another. All earnings remaining will be transferred to any cryptocurrency wallet you choose.
Cloud mining is regarded as a valuable choice for a number of reasons. The biggest and most important is that it’s incredibly easy — you just purchase the service online and start waiting for the outcome.
Some of the more high-end hosts provide extra perks, such as 24/7 surveillance on their farms through live streaming. That might help you enjoy peace of mind, but it’s not essential. But if you’re not interested in investigating additional perks, your role is over. The host will take over from here.
Another advantage of cloud mining is that it benefits hosts and the majority of open-source, decentralized cryptocurrencies in circulation. Hosts can turn impressive profits and keep evolving their mining farms, while the cryptos remain in active demand. This will improve their positions in the market and direct more user attention their way.
A Close Look at Litecoin Cloud Mining
We’ve covered Litecoin. We’ve covered cloud mining. But why should you put the two together and try Litecoin cloud mining for yourself?
The main reason is the sheer accessibility and availability of Litecoin. It’s four times faster than Bitcoin, as we’ve already established, which is a huge benefit for anyone looking to mine a cryptocurrency.
The worst problem people may experience with Bitcoin is that it can be extremely difficult to mine. Mining a solid portion of Bitcoins is time-consuming and consumes a lot of energy, primarily due to its supply and demand.
As Bitcoin is such a popular, successful crypto, a wealth of people find it exciting and want to see if it’s as good as the hype suggests. This mainstream appeal increases the number of miners mining Bitcoin, but as the crypto’s market cap determines the game’s pace, that keeps slowing down week on week.
It’s a different story altogether with Litecoin, though. Supply is far higher and demand is much lower than with Bitcoin, which makes LTC cloud mining an easier, profitable option.
Finding the Right Litecoin Mining Services
Many websites offer cloud mining services for Litecoin, and the first step you have to take before choosing your host is to determine if you want to try a paid or free option.
Yes, that’s right - you can sign up for free cloud mining. But you need to be aware of the potential disadvantages before you dive in.
Hosts providing cloud mining for free typically offer limited customer service — or none at all. They may be considered a little questionable and even risky, creating a danger of being scammed. You must stay vigilant when interacting with any host offering free Litecoin cloud mining services.
Free cloud mining is also usually substantially slower than paid alternatives. You could be waiting months before you start to receive any real profit. Think about whether getting the service for free is worth more to you than lower risks and faster profits.
Now that we’ve covered this fairly grim topic, let’s move on to some of the biggest websites offering Litecoin mining in cloud services.
Genesis Mining may be the most recognizable name here. This Hong Kong-based cloud mining company is a popular option with cryptocurrency enthusiasts, due to its mining services and cutting-edge projects.
This brand provides users with a variety of mining plans, offering options that appeal to diverse preferences. You can also choose to create your own tailored plan if you prefer.
Genesis Mining operates multiple large farms across the globe. This scattered structure is primarily a security measure. However, the disadvantage of using Genesis Mining is that it’s significantly more expensive than newcomers might expect. Customers have also criticized the company’s fairly weak support, which may be slow and fail to give you the answers you need.
Mining Rig Rentals
This online cloud mining company is based in the United States, and provides an extensive selection of altcoins for mining - including Litecoin.
The most distinctive factors of Mining Rig Rentals are the lack of minimum orders, the low benchmark for withdrawals, and that profits are paid out within 12 hours from the rental finishing. Payments are typically processed quickly.
Mining Rig Rentals also provides a range of mining pools to select from, free of charge. However, the website design is a little weak, and the overall presentation could use a touch up.
Seasoned cryptocurrency users will recognize the Nice Hash name. It’s known to provide a high degree of security and stability.
Some people may feel that Nice Hash is a poor choice for newcomers, due to the complex structure and popularity with professional miners. That’s worth considering, but may not be a problem in the long run. Another factor to bear in mind is that Nice Has only processes payouts in Bitcoin, despite allowing you to mine Litecoin.
This company has earned a reputation for being reliable and trustworthy. Estonia-based Hashflare offers Litecoin cloud mining along with dedicated customer support.
While Hashflare is known for its transparency with its Litecoin mining in cloud services, the maintenance fee the company charges can be a drawback for some users. However, it also provides contracts without fixed lengths, so you can buy one and stay with it for as long as you live.
This is a fairly small list of the well-known Litecoin cloud mining service hosts available, but there are many others out there (including paid and free options). How do you choose the right one for you? Find out below!
Picking the Best Litecoin Cloud Mining Host for You
The first factor to think about is security. Let’s say you choose a cloud miner and pay them the initial cost, only to discover that your profits have gone missing at the end of the first month. And even worse, some unscrupulous individual breached your bank account and took your savings!
It’s a terrifying prospect, and demonstrates just how important effective security is when working with a Litecoin cloud mining service. You must spend time researching your options to ensure you pick a trustworthy company.
Another factor you should consider carefully is the host’s rigs’ hash rate. If the farm’s hash rate is particularly low but the host’s prices are fairly generous, there’s a chance something strange is happening behind the scenes.
Make sure you do your research on hash rates for the different rig types available. Spend some time exploring online forums for insights and advice in this department, too.
Finally, look into the company itself for extra reassurance. Explore the website from end to end, including the About Us page, the blog posts, the Services information, and more. Try to find out who works for the company and authentic reviews online.
Your gut instincts can also serve you well here: if you have a bad feeling about a company that seems less reputable than others, pay attention to it. Transparent hosts usually have the least amount of information to hide from you.
We’re confident in assuming you know more about Litecoin mining in cloud processes now than you did when you started reading this guide. We hope we’ve helped you make sense of it all.
Cloud mining can be a difficult process for newcomers, but once you delve into it a little deeper, you’ll start to find it becomes clearer.
A final, bonus tip: look out for local cloud miners. You may be able to locate one in your home city or (more generally) country. If so, get in touch with them and consider arranging a chat. If it goes well, you’ll be supporting a local business and the host will have a new paying customer to sign up. Local businesses have been known to offer more information than online-only ones, so they may be more capable of answering your questions in detail.
Remember that Litecoin cloud mining can be slow, even though it’s faster than Bitcoin. You’ll need to allow time for any noticeable revenue to flow in. It depends on your plan, too: the more you pay, the faster your hash rate will be, and the sooner your possible profits will arrive.