Litecash is the first fork of Beam, and it’s mineable too — What & How?
Litecash is the first fork of the mimblewimble privacy purposed coin Beam. If you’d like to learn more about Beam, please review our video guides on it here.
One thing is immediately obvious when it comes to Litecash, the concept and branding are kept very close to the coin they have forked off of, Beam. For example, the branding, color scheme, and the mimblewimble privacy protocol focus. This can be quickly realized by viewing their wallet fork of Beams and the unchanged colors.
Litecash aims for real-world adoption with merchants through the use of their mobile wallet app. In 2020 Litecash is aiming to become a payment option for several yoga studios and restaurants. Another key difference is that Litecash has removed the development fund % of each block reward that Beam has, which allows more coins to go to the miners of their blockchain.
First, to clarify, this article is entirely about Litecash (CASH) of Lite.Cash. This is not to be confused with Litecash LCH, a scammy failed ICO, in which you can reference their Bitcointalk announcement thread here.
So let’s get to the fun part!
How do you mine Litecash CASH?
It utilizes BeamhashI, which is the original Beam mining algorithm. This means that Nvidia graphics cards will be best for mining Litecash, and AMD graphics cards (following the 2019–2020 mining trend) will not be effective or efficient mining Litecash, although its still possible to mine Litecash with lolminer.
Utilizing the latest version of Gminer, which you can download here, you’ll be able to mine Litecash with your Nvidia graphics cards, or GPUs. You can mine on Linux or Windows, this tutorial will focus on Windows GPU mining, but the concept is the same for both operating systems. You’ll download the miner, extract the files, and then right click, edit, on a any .bat file. Once you have completed this you will need to enter this into the .bat file.
miner.exe --algo beamhashI --server cash.coinmine.pl:2002 --ssl 1 --user yourlitecashaddresshere.workernamehere
You can simply copy and paste the above, and then swap in your litecashaddress.yourworkername so that you will be credited with your mining rewards, to your wallet address.
Currently, there is only one mining pool for Litecash, Coinmine.pl. You may be wondering about the 34% unknown block distribution, these are blocks being mined by private solo miners.
Give your miner a window of 15 minutes once you have started the mining program and it shows successful mining progress with shares being submitted, then it will show on the mining pool dashboard you are using. You can navigate to your results by simply entering in your wallet address. As shown above, you can see a balance confirmed (from older mining rewards), balance unconfirmed (from newer mining rewards), along with other information like your current hashrate. Your poolside hashrate is what you will be paid off of, via the mining pool. This is true for mining any cryptocurrency.
Very quickly you will notice your mining rewards begin to rise, this is the fun part about mining a smaller, newer, and higher quantity blockchain. It is more gratifying to acquire 100 coins vs 0.0004 of one coin, for example.
Currently, Litecash is only being traded on one cryptocurrency exchange, Citex. This is a newer development, and the volume is currently very low. At the time of this article being researched and written, the normal daily trading volume does not average more than $500 a day.
If you’re looking for more information about Litecash, you should review their official website here. If you have direct questions for the Litecash team, you should join their official Discord server here and ask them, they’re very responsive in their Discord server. If you’re looking for more information on mining, please ask either in their Discord server or join ours here! If you’re looking for more information on mimblewimble such as what it does and why its so interesting, Binance recently published a recent article explaining it in detail. Thanks for taking the time for reading our article on Litecash, if you’d like to see a video review and guide, please let us know!
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