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It differs from its parent Bitcoin in that can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have. The Litecoin network is scheduled to produce four times as many currency units as Bitcoin. The purpose of Litecoin is to function as silver to Bitcoin's gold, in the sense of being a relatively less valuable coin that is easier to obtain and transact with.