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How to Mine Litecoin (LTC) on Binance

How to Mine Litecoin (LTC) on Binance

2021-11-08 11:37

What is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency powered by the Scrypt Proof of Work algorithm. LTC aims to provide an alternative to Bitcoin by making modifications to the original Bitcoin Protocol. Litecoin (LTC) was one of the first altcoins created. The Litecoin network was launched on 13 October 2011. LTC is still one of the largest cryptocurrencies by market capitalization since it was first created.
Litecoin aims to make it easier for merchants to accept LTC payments by making transactions faster than on the Bitcoin blockchain. Litecoin and Bitcoin do have a few key differences, for example, transactions are faster on Litecoin and it has a larger total supply (84 million LTC). In addition, Litecoin’s halvings were altered as well. Bitcoin halves every 210,000 blocks, while Litecoin halves every 840,000 blocks.

How can I get started with LTC mining on Binance?

Applicable Miners

Antminer (e.g. L5, L3+)
Or any miners that support the Scrypt Proof of Work algorithm

LTC Mining Step-by-Step Guide

1. Binance Pool account registration
Visit the official Binance Pool website and register for a Binance Pool account to create a mining account. Please refer to the link below regarding how to create multiple sub-mining accounts to suit your needs: What Is Binance Mining Account and How to Create It.
2. Mining configuration setup
2.1 Configure Stratum URL
Pool 1: stratum+tcp://ltc.poolbinance.com:3333
Pool 2: stratum+tcp://ltc.poolbinance.com:443
Pool 3: stratum+tcp://ltc.poolbinance.com:25
2.2 Create worker name and password
Create worker names in the form of "MiningAccount.Worker" and set up a password. Worker names can be numbers or numbers and letters. For example, if your mining account name is MiningLTC, your worker name could be "MiningLTC.001". Password is optional.
2.3 Mining configuration
Take Antminer as an example here. Log in to your Antminer and click “Miner Configuration”. Enter your details and click “Save & Apply” to finish the setup. To ensure stable mining, we recommend setting multiple ports. When one port fails to connect, the miner will automatically switch to the next port and continue mining.
3. Check hashrates
After the miners are up and running, the performance statistics are expected to be live in approximately 10 minutes. You can select [Workers] on the mining pool homepage to see the active hashrate.
Note: If you are mining BTC/ETH at the same time or have created a BTC/ETH mining account, please make sure you select the correct algorithm in order to see the active hashrate.
4. Check earnings
The settlement cycle calculates from 00:00 of the previous day to 00:00 of the current day (UTC). The mining pool payment time is from 02:00 to 10:00 (UTC) every day.
After the settlement is completed, mining income will be credited to your Binance Funding Wallet. You can check the daily income records from the Binance Pool [Earnings] page, or go to [Wallet] - [Funding Wallet]. You can also transfer your earnings to your Spot Wallet or other Binance Wallets without transaction fees.

Frequently Asked Questions

Why do I need to set multiple ports?
We recommend you set multiple ports to ensure stable and sustainable mining. Should one of them be inactive, the miner will automatically switch to the next port to continue the mining.
My miner is already running, but the mining pool displays “invalid miner”?
The status will become active after the miner keeps running for approximately 10-20 minutes. If the worker keeps producing invalid shares, please check your settings on the dashboard. If the issue remains unresolved, please contact Binance support.