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Scrypt miner algorithm miners carry out the computations based on proof-of-work. Scrypt algorithm is better than other proof-of-work algorithms like SHA-256 because it requires much energy and offers lower transaction fees, which is a mark of profitability.

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The scrypt algorithm is very easy to use when compared to other ones. It utilizes potent graphics processing units (GPUs). Miners earn rewards in the form of newly minted coins while also contributing to the security and integrity of the cryptocurrency network by solving these puzzles. The scrypt algorithm is primarily associated with cryptocurrencies like Lite coin, Dogecoin and Einsteinium. For better outputs, miners use scrypt with these cryptocurrencies.

What Is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

To learn more about this project, check out our deep dive of Litecoin.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence.

The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a "lite version of Bitcoin," in that it features many of the same properties as Bitcoin—albeit lighter in weight.