People pool their computing resources in mining pools in order to share the block rewards according to the proportion of computing power they contributed. Mining pools can be a better way to mine compared to mining on your own because it means rewards come in more smoothly while also ensuring that the way rewards are paid is a bit more predictable.
Choosing the mining pool you use is really important – it affects how often you are paid for mining, and how much you are paid. Also note that the power in a mining pool really lies with the person who owns it rather than the people participating in the mining pool. You can of course always choose to switch mining pools if you prefer.
You get all sorts of different mechanisms by which a mining pool shares the rewards for mining with the participants in the pool. Let’s take a closer look.
In the case of Litecoin mining pools there is no difference in difficulty – you can’t choose between base, standard or normal. So while the difficulty for Litecoin mining pools are measured in the same way it is measured for Bitcoin you will find that the more complex hashing algorithm of Litecoin implies that mining pools need to use a “share difficulty” which is less than 1.
So, Litecoin mining pools have some interesting characteristics when it comes to difficulties. In the first few months of Litecoin mining difficult share was set to either 2-15 or 2-16 or perhaps even lower. GPU hardware’s availability changed matters however so that the mining pools for Litecoin started looking at levels of 2-12.
There was a reason for this: it decreased the use of bandwidth as the higher difficulty meant fewer shares were sent into the mining pool. It’s not a change that had any impact on actual mining rewards it did mean that speed estimates were less precise.
Litecoin miners who were mining slowly would therefore have done better in a mining pool that had a lower difficulty level which meant they got more precise statistics on the work done. Some mining pools tried to overcome this issue by putting together an adaptive system which server units for work that varied alongside the speed that a miner was capable of.
There are a lot of mining pool comparisons out there, but the following is a list of the most common pull pools that are public. You’d obviously need to register an account with the pool and then go ahead to configure your miners on the actual portal page for the pool. Note the difference in payout methods and pick the pool with the method that suits you best.
|Name||kHash/s||Reward Type||Fee||PPS Fee||Location||Difficulty|
|NetcodePool.org||300||PPLNS + rewards for block finders||2%||-||US||Adaptive|
|THeMiNDPooL.com||1400||PPLNS + 1st block prize||0%||0%||US||21|
|Litepool.in||8||PPLNS + 0% fee for block finder||1%||-||SE, DE, EU||Adaptive|
|lite.coin-pool.com||10||PPLNS Bounty for finding blocks||0%||-||US||63|
|Hypernova||45||CPPSRB (PPS)||-||1%||EU, US||Variable|
|Cryptopool.info||12||PPLNS||0%||-||EU - Netherlands||16|
|Litepool.in||4||PPLNS||1%||-||SE, DE, EU||Adaptive|
|MyLTCPool.com||3000||PPLNS + 20 LTC reward for first block||1%||-||EU||Adaptive|
|Ecki Co LTD||2||PPLNS||1%||-||TH, DE||Adaptive|
|Invasion Mining Network||160||PPLNS||1.5%||-||US||Adaptive|
|prohashing.com||2,600,000||PPS, PPLNS, or solo||1.99%||3.99%||US||1-4,194,304 or vardiff|
As an alternative you could choose a P2Pool public node. We list the nodes you can use a member of the public, without prior registration. You simply need to include your Litecoin address in the space provided for the username, you can add anything as the password.
It’s easy to swap P2Pool nodes so most people would recommend that you actually set up an alternative P2Pool as a backup service on your mining kit so that you don’t end up stopping your mining when a P2Pool is not available.
Note that P2Pool have a standard payout method – it’s all PPNLS. Like we explained above the PPLNS payout is very much like the standard proportional method with the exception that it examines the last “N” shares rather than all shares, with “N” set by the pool owners.