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How is Litecoin Mined?

The way that Litecoin is made is not all that different from Bitcoin. Whereas banks and governments are centralized governments that can physically print currency, Litecoin is a decentralized currency that is created digitally by its community. The technology behind Litecoin is called a blockchain. This acts as a general ledger, recording every transaction ever made. These transactions are processed by “miners” who create new blocks to add to the chain. These miners are then rewarded with some Litecoin. This reward incentivizes users to process new blocks and regulates the creation of new tokens. This process is called proof of work where users are rewarded for using their own computing power to create new blocks.

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