Many people are talking about Bitcoins, few are aware of a much more profitable e-coin to mine, this guide focuses on mining Litecoins, but except for step 9 which simply requires a slightly different line it is all the same.
- I am not affiliated or selling any BTC/LTC or related products
- What I or any other miscer post here should be viewed only as our own opinion and not as a recommendation to buy/sell or take any sort of action. Use your brain to determine whether it's good for you or not.
- Not all of you will get rich from this! (probably most won't..)
- Will post more rules as needed
This is only a basic guide, I'll get into a lot more details as the thread grows. Google is your friend, pal.
Let's get started:
1. If you don't have one, get a decent AMD (Radeon) graphics card i.e. GPU, any of those would do:
The best price/mining power ratio would easily be a used HD5870, but those are relatively hard to get, since they are super strong (AMD accidentally made them too strong, that's why the series they released later the HD68XX are weaker) GPUs for their price tag.
Also, nVidia cards (all the GTX whatever) are not good for mining. This doesn't mean they are not good graphics cards, but mining exploits a certain type of architecture which AMD uses and nVidia doesn't.
2. Get the program cgminer from here: http://ck.kolivas.org/apps/cgminer/c....4-windows.zip -> that's the latest windows version, if you're using other OS just d/l the correct version from here: http://ck.kolivas.org/apps/cgminer/
3. Extract the file.
4. You can mine by yourself which is a big NO-NO for a beginner, and people without massive machines.
OR you can join a miners' pool, i.e. a group of people all using their GPUs to mine for the same group, each Litecoin the group finds is splitted between the members with respect to their contribution, i.e. someone running a crossfire configuration of 2xHD7990 will get a LOT more than someone runing a single HD5850, but you still make good profit, and since you're a part of a pool you get new profits pretty much every few minutes.
A great mining pool is this: *****://www.coinotron.com/coinotron/...ction=register (I don't mine there, so no due diligence haha)
5. Register account with the pool, and create a new worker ('worker' is what the pool uses to identify your connection, and that's how they know who to pay..), choose PPS (pay per share) and the coin you would like to mine.
6. That specific pool mines all sorts of coins, but BTC (bitcoin) is WAAAY too difficult to make any money with right now, and anything other than LTC (Litecoin) is too unknown for now, and less likely to make any serious gains in value any time soon, or at all. So I would advice to use LTC, which currently gives the best value (currently ~4 times better than mining BTC)
7. In the folder you extracted create an empty text file. Open the file and save it as runMiner.bat (make sure you save it as type- all files), the name of the file doesn't matter just the .bat extension
8. Now right click the file -> edit
9. You need to enter the command that will start the miner. So for the pool I gave in part 4 above this will be what you need: cgminer -o stratum+tcp://coinotron.com:3334 -u <workername> -p <password> -I 12 --scrypt
(NOTE: the < > brackets shouldn't be in the file you save, they are just to mark a place )
- workername and password -> are the name of the worker you created in part 5 above, and the pass. BTW neither are secret -> if anyone 'steals' your info and uses it they will be mining coins for you..
- (-I) sets the intensity level, it can go up to 18 iirc, but many GPU will fail at 16, and basically your desktop will not be useable with anything over 12. I found 12 to be the perfect balance between getting the most out of your GPU while still being able to do basic work on your PC (no gaming obviously..). If you leave your PC on 24/7 then at night time you can let it have -I 16, just wait for a few minutes to see it doesn't crash. When using higher intensities, also keep an eye on your GPU's temp and fan speed, which are displayed in the upper left part of the cgminer window. Most GPU's will handle 90 (şC) comfortably, anything over that, than unless you know what you're doing and sure it's ok just lower the intensity level
- cgminer have many other tweaks you can set, for this basic guide we'll just stick with those.
Save the .bat file!
10. Double click the file, and see if it starts working. If you get an openCL.dll error, you'll need to get the latest drivers for you GPU from AMD's website here: http://support.amd.com/us/gpudownload/Pages/index.aspx
This is roughly what cgminer looks like when runing (image displays cgminer working with 2 GPUs)
11. If it still doesn't work - make sure you written all commands properly, that the file is indeed a .bat file and not .bat.txt. Check that your firewall isn't blcoking cgminer.exe etc.
12. If cgminer started working it will give a 'connected' message, check under 'my account' (*****://www.coinotron.com/coinotron/...tion=myaccount) to see your progress/rewards. Allow a few minutes before you start seeing anything, just keep refreshing every minute or so.
Congratulations, you are now mining Litecoin!
13. Not necessary but recommended: cgminer displays your hashrate (as Kh/s), that's basically how fast your computer is mining, and this number determines your share of what your pool mines, so the higher the better. In the pool's website under your account you should also see your hashrate, now while this will never be the same as on your computer (usually lower), you should still make sure it isn't ridiculously lower, like if cgminer says your hashrate is 150, then anywhere above 110 is acceptable, note that it may take several updates before it shows your max rate. If you constantly get MUCH lower rates than what your computer says it does, then consider moving to a different mining pool, since you're probably having connection problems to their servers. The big pools are all considered safe to join, if you found a new/small pool, you can join it but you might be taking a risk that the pool operator will scam you.
14. Payments -> You need a Litecoin wallet to be able to accept/withdraw your revenues. You can download it here: http://litecoin.org/ First time you run it, it takes a couple of hours to sync with the network, and take up to 8GB of disk space.
Other considerations and warning:
1. Lose your mining account's details = you lost all your withdrawn funds, simple as that.
2. Lose your wallet's details = lose ALL your money (LTC).
3. BACK UP the details.
4. Mining is stress loading your GPU, at the higher intensity levels this may cause problems to your GPU or PSU (power supply), or just ruin your entire PC.. While this could happen to anyone, on 99% practicing simple logic can save you the unpleasent experience. Make sure your GPU's cooling works properly, monitor your GPU's temps at the first runs, so you'll know what is its working temp under full load. etc.
Just to clarify - This work isn't different for your PC than playing Crysis 3 for hours, so if you can do that safely, you can mine safely. But you are doing it at your own risk.
It has taken me a lot of time to write this 'quick' guide. If I got something wrong or you disagree with me on something, then please mention this in a POLITE manner, I will edit this post if necessary.
This should be a thread to help other miscers and not flame.
There are enough Litecoins for all of us, we just need to make sure we grab them now, before big players come in like with the ASIC machines in Bitcoin mining.
- add pics to the guide
- explain about guiminer: http://guiminer.org/
- link youtube vids