It is quite interesting to see how the world of cryptocurrency has been developing as of late. Nicehash, a large mining pool, is contemplating changing up the way they pay out users. Right now, payments occur in Bitcoin. That is only normal, as it is the world’s leading cryptocurrency. However, it is possible users may soon be able to request payouts in Litecoin too. That is quite an intriguing development.
Nicehash Keeps An Eye On Litecoin
About a year ago, no one would have assumed mining pools could pay out in Litecoin. More specifically, mining pools which have only paid in bitcoin from the start. Most people mine altcoins to convert them to Bitcoin in the end. Especially for multipools, paying out in Bitcoin makes a lot of sense. This leads to variable earnings and altcoins sometimes losing a lot of value, though. Pool operators sell batches of mined coins on exchanges for Bitcoin, effectively driving the price down.
However, it looks like at least one multipool is considering a payout switch. More specifically, Nicehash is considering letting users choose their payout method. They will not necessarily support dozens of options right away, though. Instead, it is very likely Litecoin will be added as a withdrawal option. This makes a lot of sense from the pool’s perspective as well. Litecoin has lower fees and better scaling than Bitcoin right now.
It would be quite interesting to see Nicehash enable Litecoin payouts. There seems to be a growing demand for this solution as of right now. Litecoin is getting a lot of positive attention, even though the price may not reflect this momentum. That will all change in due time, though. Litecoin is not going away anytime soon, and it has a technological advantage over Bitcoin right now.
Should Nicehash go ahead with this plan, they set an interesting precedent. Litecoin is in high demand right now, and the cryptocurrency has a lot of potential. This is not a marketing stunt by the LTC community by any means. There are people who do not hold Litecoin who wouldn’t mind receiving a Nicehash payout in LTC instead of Bitcoin. That may sound odd, yet Bitcoin has some issues of its own. Transaction delays and high fees make it a less attractive payout solution.
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