I recently heard about litecoin and thought it would be a good alternative of bitcoin as it is "faster" with less requirement. however, I noticed that any attempt to mine litecoins is significantly slower than mining bitcoins. why is the hashrate so much lower?
Litecoin, by intentional design, uses a hashing algorithm that can't be made as efficient as Bitcoin's can. Computing a Litecoin block hash requires about 1,000 times more computations that a Bitcoin block hash.