Cryptocurrencies In other languages: Configure your mining program. Top Cryptopians Coming Soon! Mining, or with the crowd? This is intentional as it helps prevent all of the possible currency from being mined immediately. Great guide but the scrypt is that it is quite difficult to solo mine majority of the coins coins that is the reason why most solo the people stick with pools.
You will need this wallet to store the coins that you earn while mining, or any coins that you purchase or receive. Running a gpu for hours or days and getting zero coins requires patience. Share this post Link to post Share on other sites. Create a "worker" in your pool. Well this guide can pretty much get you started Solo Mining any coins, Its a great basis to all solo mining.
Let me reemphasize scrypt I don't actually know anything, and this is just slightly informed speculation. Therefore, the latest version isn't necessarily the one to mining. Just curious if the coins of the upfront investment changes daily based on the solo rate of bitcoins? Unless you possess specific mining hardware, there are two ways to mine cryptocurrencies: A shortcut is now listed called casinocoin-qt.
Also when I solo mine just for safety and ease to eliminate problems I always use my wallet address as my rpcuser and I use X as the rpspassword. Even I do not have plans on mining solo, still nice to know all these information.
I am more into considering the auto mining contracts that could give back ROI the fastest possible. Great information and really well laid out. I have been slightly confused about this topic so it's good to have a simple guide. Thanks for the information. I thought it was impossible to mine solo and make a profit, now I know better! Well this guide can pretty much get you started Solo Mining any coins, Its a great basis to all solo mining.
You just have to change a few things for each coin. I know Bitcoin Affiliate Network is coming out with some cloud mining soon. They have the highest paying and most trusted mining pool right now. SO I know as soon as they come out I will be investing in their cloud. So i am anxiously awaiting their start up. Most likely a "fast" ROI in could will usually mean they are a scam. So you may get a good bit in returns, and if you get in during the beginning stages of their scam you will get an ROI, but the longer you wait to get in the less likely you will get an ROI, sometimes your lucky if you get you investment back much less an ROI.
The sites that are honest and real usually will have a 6 to 8 month ROI which is better than being scammed In my book. Just curious if the cost of the upfront investment changes daily based on the going rate of bitcoins? You are talking about 8 month return on investment, but that is assuming the price of bitcoins is at what rate? Great guide into solo mining guide. There might be a chance if there was a pool, but even then chances are slim.
Roi in cypto world is based of your investment at the time and how long it takes to get it back. No underline about it.
Price go's down on btc takes longer if it go's up less time. Great guide but the problem is that it is quite difficult to solo mine majority of the coins and that is the reason why most of the people stick with pools. It would be good to mine new coins solo though so thanks for posting this here. This has been a great starting point for me I think to learn some basics behind mining and how to get started! As far as I knew it was pretty much impossible to earn anything from solo mining, thanks a lot for the detailed guide and also a lot of the replies have been quite useful too!
Archived This topic is now archived and is closed to further replies. Posted January 10, Here is a short guide on how to solo mine them. If you have an 8 core machine you may want to use just 7 or 3 on a 4 core machine.
This guide was not made by me. Share this post Link to post Share on other sites. If you have external miners you may want to add a couple lines to that coin. Setting IP specific allowances keeps others from logging into your wallet without permission.
Posted January 11, Whenever a "block" of algorithms is finished being processed, more currency is released into the market, usually as a reward to the miner that finished the block. This is intentional as it helps prevent all of the possible currency from being mined immediately. The practical side effect is that the longer you wait to start mining, the less likely you are to solve blocks on your own. Mining pools were created to help individuals have a better chance at making money from mining.
The mining pool applies all of its members' processing power to solving a block, and if the block is finished by any member, all members get a share of the reward. You'll get far less reward than if you finished the block on your own, but have much higher chances of actually seeing results. Consider alternatives to mining. Unless you're willing to drop thousands of dollars on a dedicated mining machine, or you don't pay for electricity and don't care about the lifespan of your home computer, there's very little reason to mine Litecoins instead of just purchasing them.
This means that it will get more difficult to mine at a profit unless the value of the Litecoin sees a significant boost. If you're mining Litecoin to use as a speculative investment or to use an an alternative form of payment, it's usually better to just purchase them outright.
Purchase or build a mining computer "rig". In the cryptocurrency world, computers used to mine coins are called "rigs". In order to be remotely effective when mining Litecoins, you'll need a computer with at least two graphics cards. Ideally, you'll want four or five graphics cards attached in a custom setup.
You can purchase these online, or you can try building your own, though this requires a fair amount more work than building a standard desktop computer. You'll want some specialized cooling for your mining computer to keep your components alive longer. These are dedicated mining machines that can greatly increase your mining power, but they can be expensive for effective ones. ASIC Scrypt miners can come in low-power models too, allowing you to save on electricity.
ASIC Scrypt miners sell out quickly, but you can find them for purchase online at retailers such as Zeus Miner zeusminer.
You may have to put your name on a waiting list for the more popular models. Estimate whether mining will be worth it. Once you've decided on some equipment, look up the market trends for Litecoin and make a projection on how much mining you will have to do to make up the cost of the equipment, power, and internet.
If you can purchase the same number or more coins than you will earn mining, you're probably better off just buying the coins. Get a Litecoin wallet. You will need this wallet to store the coins that you earn while mining, or any coins that you purchase or receive. You can download the Wallet program from litecoin. There are also official wallets available for mobile devices. Download the Bootstrap file from here.
This will save you about two days of waiting for your wallet to sync for the first time. Give it a strong passphrase. Join a mining pool. There are a large number of mining pools out there, and it is highly recommended that new miners join a pool instead of trying to mine solo.
When you mine solo, you have the chance to make big rewards for completing a block, but the chances of you specifically doing that are very, very low. A mining pool combines the efforts of everyone in the pool to complete the block, and then any rewards are split amongst the pool. You'll earn less for completed blocks, but have a much better chance at a a steady income. When joining a pool, make sure that your wallet is linked to your account so that you can collect your earnings.
Create a "worker" in your pool. A mining pools use a system called "workers". These workers are assigned to you, and represent the work you are doing while mining. The process for creating workers varies depending on the mining pool you join. Many mining pools will create your first worker automatically when you register. Most beginner miners won't need more than one worker. You can create additional workers if you have multiple mining rigs.
Typically you assign a worker to each piece of mining equipment you have, which allows you to track efficiency across your machines.
Download a mining program. There are several different mining programs available depending on your needs: It was designed primarily for Bitcoin, but can mine Scrypt up to version 3.