Following the success of Bitcoin many different peer-to-peer currencies have appeared on the internet. And even though it was designed by following the basic ubuntu bitcoin mining cpu behind Bitcoin, it has some major differences.
This guide will show a likeliness to Bitcoin Basics and Ubuntu 12. 04 simply because the similarities in the client and mining software and the currency in general. CPUs and GPUs most people already have. Generating new currency is done by investing computing power, hashing.
The computer solves a puzzle and when it finds a block a reward is issued. Litecoin network uses the scrypt algorithm that was specially designed to take longer time to compute, hence hashing rates are lower than in the Bitcoin network. However, since a new block is generated – on average – every 2. 4 times as much coins in existence, summing in 84 million.
Another aim for Litecoin was to avoid concurrence to Bitcoin. Litecoin mining is economically viable on available, consumer hardware. It has to be noted that Litecoin has also 2 client versions, litecoind and litecoin-qt. Litecoind is the “litecoin daemon, a terminal version, whereas litecoin-qt is the qt4, GUI version of the client software.
Unless you know what you are doing, it is recommended to use the GUI version of the client, litecoin-qt. Package dependencies have to be satisfied. If you have the Bitcoin client installed, you probably already have all packages. This will launch the Litecoin client. After running the executable file, a directory “. The Litecoin client is nicely integrated into the Ubuntu menu bar, originally an issue with older Bitcoin clients.