Litecoin mining pool comparison

Litecoin mining pool comparison

Bitcoin are often viewed as the digital gold and Litecoin being its equivalent in Silver. With the surge in price recently, the digital currencies are coming in strong. Since Litecoins are generated by mining, huge amount of computational power is required to solve the algorithm. The days of solo mining is near to impossible now. The crypto-currency miners group together their processing power and started pool mining, with the objective of generating a block, and the reward is then split according to processing contributions.   There are a number of mining pools. I will list out some of the famous and trustworthy pools for Litecoin mining with their reward types, connection url and port.

P2Pool Nodes

P2Pool nodes require no registration. Anyone can connect to it by using your LTC address as username and anything as the password. Due to the nature of P2Pool, the nodes are also interchangeable, which is why it is a good practice to set few in your miner as a backup for failover backup.

Mining Pools

It is usually required to register for an account at the pool, and add your workers at the configuration page before mining. Each pool have a different reward system, so choose one which works best for you.

Reward Types

• DGM – Double Geometric Method. A hybrid between PPLNS and Geometric reward types that enables to operator to absorb some of the variance risk. Operator receives portion of payout on short rounds and returns it on longer rounds to normalize payments.
• POT – Pay On Target. High variance reward system to those that like a gamble. You get more for shares of higher difficulty, meaning you get a big reward if you’re the block finder.
• PPLNS – Pay Per Last N Shares. Similar to proportional, but instead of looking at the number of shares in the round, it looks at the last N shares, regardless of round boundaries.
• PPS – Pay Per Share. Each submitted share is worth a certain amount of Litecoin. It is risky for pool operators, hence the fee is highest.
• Proportional – When a block is found, the reward is distributed among all workers proportionally to how many shares each of them has found.
• RBPPS – Round-Based Pay Per Share. Like PPS, but payouts are delayed until a block is found and confirmed by the network. If a found block gets orphaned, earnings relative to it are not paid.
• RSMPPS – Recent Shared Maximum Pay Per Share. Like SMPPS, but aims to prioritize the most recent miners.
• SMPPS – Shared Maximum Pay Per Share. Like PPS, but never pays more than the pool earns.

Large Mining Pools

These are pools that have exceeded 5 percent of the total network hashrate. It is not encouraged to mine at large mining pools due to the risks involved when pools grow to this size. With mining, bigger does not mean it is better, and joining a bigger pool does not mean bigger or faster payouts. If you are currently mining at one of the large mining pools, please Spread the Hashes and consider switching to a pool in the list above instead.

Spread the Hashes

Spread the Hashes is a campaign to raise awareness that miners should mine at a variety of pools instead of concentrating the network’s mining power at a few. Please try to keep individual pools under 16% of total network hashes. This helps keep Litecoin safe by making it so even the top three pools joining up will not be able to do bad things.