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Edward Harper

Litecoin’s mining algorithm, Scrypt, is newer than the SHA-256 algorithm used by Bitcoin. Mining algorithms are sets of rules that govern the computational work performed to mine a cryptocurrency and verify its transactions. Rewards are halved to maintain the relative scarcity of these cryptocurrencies and preserve their value. Litecoin’s consensus mechanism uses a different proof of work algorithm than Bitcoin and article will help you to understand LTC power. While Bitcoin uses the SHA-256 hash algorithm of the Secure Hash Algorithm 2 (SHA-2) family, Litecoin relies on the scrypt hash algorithm for mining. The scrypt algorithm was specifically designed to require vast amounts of memory when solving computational challenges.