Litecoin on the rise to new records highs

Litecoin currently reaching record hashrates

Litecoin is currently reaching record hashrates after cryptocurrencies got some media coverage. It is not the only cryptocurrency rising as Bitcoin has also risen a lot in the last few weeks. For Litecoin, the publicity is not the only reason, it is also the only currency that is still viable to mine with the GPU. At the moment of writing the network hashrate is 2.181.020 kH/s with the difficulty being at 54. For long we’ve seen the network hashrate go up and down again when the difficulty went up but now it seems that a stable (growing) hashrate is going to be staying. Litecoin is rising in value and cryptocurrencies are getting more and more media coverage and support.

Litecoin vs Novacoin

Litecoin is pretty much on the low side compared to Novacoin. The exchange rate is lower than Novacoin’s and the hashrate of the NVC network is currently much lower and thus making it more profitable to mine Novacoin. Novacoin has been claimed to be a scam due to many premined coins. But when you exchange them fast for Bitcoins or Litecoins at BTC-e it is more profitable at the moment. Just don’t stock them up and keep track of the exchange rate and difficulty until Litecoin is more profitable again.

Litecoin is the future of GPU mining

GPU mining for Bitcoin is decreasing because of the lower profitability due to the rising network difficulty. In the last few weeks Bitcoin has risen in price substantially but with the FPGA miners and now the ASIC miners rolling in the Watt to Mhash ratio will go down to nothing for GPU’s. Even with lots of GPU’s you will not get many bitcoins anymore. Litecoin is Scrypt based and for the GPU miners much more interresting to mine then Bitcoin at the moment as ASICs and FPGAs are not yet available for Litecoin. It is expected that a lot of Bitcoin miners will move over to Litecoin. The exchange rate is going up and the difficulty is still fairly low so GPU miners will make more profit doing so.

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