Litecoin QT mining

For the next cryptocurrency review, I will be taking a look at which second to Bitcoin is probably the most popular cryptocurrency. By the way is cryptocurrency even a preferred term within the community? Litecoin is different from Bitcoin in that it uses the Scrypt algorithm as mentioned previously in my Feathercoin post. This lends itself to being mined on GPUs similar to how Bitcoins were mined before the cheap availability of ASIC mining rigs.

Litecoin is different from Bitcoin also in that it has a faster transaction time of approximately 2.5 minutes, as Bitcoin transactions can take up to ten minutes and it also differences itself in that there will be four times as many Litecoins as Bitcoins. Litecoin was started in October of 2011, making it one of the older alternatives to Bitcoin and has started to receive a good amount of mainstream media coverage as the interest in cryptocurrency has increased. Currently Litecoin is valued at approximately $24USD and continues to mirror volatility in many other cryptocurrencies, although it benefits from a strong and experienced community that lends more legitimacy .

The wallet system is very similar of course to Bitcoin and other coins that I have reviewed lately, using the Litecoin-QT wallet system. It takes quite a long time to download the blockchain. I setup an account on, which was simple and provided similar tools to other pooled mining sites. I did experience some problems with cgminer and Litecoin with my GPU, which would mine for several hours before starting to error. I was able to switch to a Feathercoin pool and continue mining so I have yet to figure out the source of that issue.