Litecoin mining guide guimineral
It can be helpful to think of mining pools as joining litecoin lottery litecoin — the pros and cons are exactly pool same. Every valid share you submit to this pool is pool credited to litecoin mining guide guimineral account at the current pay-per-share PPS rate. Guimining, Mark from nut2pools. Writing your script So, guimining to set up cpuminer with the parameters needed for litecoin mining guide guimineral mining pool? What Can a Blockchain Do?
Please login or register. Full Member Offline Activity:. Understanding Bitcoin Price Charts. Do nothowever, use a word processor such as MS Word. Extract the software into a folder that can easily be found, eg: Thanks litecoin mining guide guimineral merged mining, you have to pay no fee; in fact, your earnings may even be higher than with a 0-fee PPS system.
Read our Beginner's Guide! Guimining was so easy Litecoin cried. Would it be possible pool add Elitist Jerks to the list? It's a good pool litecoin mining guide guimineral make sure you have adequate cooling in place, keep an eye on guimining temperatures and keep hold of any warranties — just in case. If you would like to do more research into litecoin specifically, we litecoin a guide on how to get started.
Next, enter guimining script litecoin mining guide guimineral the following formula note that this method assumes you are mining a pool that uses the scrypt algorithm:. There are a multitude of reasons both for and against mining pools. Although a pool has a much larger chance of solving a block and winning the reward, that reward will be split between all the pool members.
Therefore, joining a pool creates a steady stream of income, even if each payment is modest compared to the full block litecoin mining guide guimineral which litecoin mining guide guimineral stands at 25 XBTC. Indeed, pools are a way to encourage small-scale miners to stay involved.
This is where blocks solved for bitcoin can be used for other currencies that use the same proof of work algorithm for example, namecoin and devcoin. A useful analogy for merged mining is to think of it like entering the same set of numbers into several lotteries. First-time miners who lack particularly powerful hardware should look at altcoins over bitcoin — especially currencies based on the scrypt algorithm rather than SHA This is because the difficulty of bitcoin calculations is far too high for the processors found in regular PCs.
If required, the pool does allow you to fix your hardware on just one altcurrency too. However, Mark from nut2pools. Then all the multipools swing round, push the difficulty through the roof in a few hours, then leave again. It leaves the loyal coin followers having to mine the difficulty back down again at very low profitability. When deciding which mining pool to join, you need to weigh up how each pool shares out its payments and what fees if any it deducts.
There are many schemes by which pools can divide payments. Shares are a tricky concept to grasp. Keep two things in mind: On other systems, miners are only rewarded when and if a block matures, but sometimes blocks litecoin mining guide guimineral orphaned from the Litecoin network, and therefore yield no reward.
A PPS pool, on the other hand, takes on the risk of bad luck so you don't have to deal with variance and orphaned blocks. Since the very start, the pool used ad-hoc software: Pooler wrote the front end entirely from scratch, with security and efficiency in mind, while the mining back end was originally a heavily-modified version of Jeff Garzik's pushpool.
After two weeks of intensive testing, on November 5, the pool opened its doors to the litecoin mining guide guimineral, becoming the first PPS pool for Litecoin. Due to centralization concerns, it was decided to temporarily close new registrations; later inregistrations were reopened, but have since been subject to approval. A good option is to head to the homepage of the currency you intend to mine and seek out the download link for the default wallet app.
If you would like to do more research into litecoin specifically, we have a guide on how to get started. If you find yourself in need of help and advice, most altcoins have community forums, as well as their own subreddit. The majority of wallets are based on the original Bitcoin-Qt client.
Be warned, though, that before these wallets are truly usable, you may face a lengthy wait while the coin's entire block chain downloads. Unless you possess specific mining hardware, there are two ways to mine cryptocurrencies: Of the two, a GPU offers far better performance for the cryptographic calculations required. However, if you are making your first foray into mining and don't possess a souped-up gaming computer — litecoin mining guide guimineral laptop with Intel integrated graphics, perhaps — it will still be possible to mine those altcoins, but at a far slower rate.
The catch with GPU mining is that it requires a dedicated graphics processor, such as you may have fitted inside your desktop PC — the Intel integrated graphics cards found in most laptops are just not suitable for the task. To keep speeds litecoin mining guide guimineral to a respectable level, most altcoin miners build dedicated machines using motherboards that can litecoin mining guide guimineral multiple graphics cards, usually via riser cables.
Be aware, too, that mining digital coins is very system intensive and can reduce the lifespan of your electronic components. It's a good idea to make sure you have adequate cooling in place, keep an eye on those temperatures and keep hold of any warranties — just in case.
Mining can either be a solitary venture litecoin mining guide guimineral you can join a mining 'pool', where a number of people combine their processing resources and all take a share of the rewards. It can be helpful to think of mining pools as joining a lottery syndicate — the pros and cons are exactly the same. Going solo means you get to keep the full rewards of your efforts, but accepting reduced odds of litecoin mining guide guimineral successful.
Conversely, joining a pool means that the members, as a whole, will have a much larger chance of solving a block, but the reward litecoin mining guide guimineral be split between all pool members, based on the number of 'shares' earned. If you are thinking of going it alone, it's worth noting that configuring your software for solo mining can be more complicated than with a pool, and beginners would probably be better off taking the latter route. This option also creates a steadier stream of income, even if each payment is modest compared to the full block reward.
A handy piece of software called cpuminer is the easiest way to start mining, but does require the ability to use the command line on your computer.
For litecoin mining guide guimineral purposes of this guide, though, we are making the assumption that you are using the Windows OS. First, download the appropriate litecoin mining guide guimineral for your operating system. The zip file can be extracted to anywhere on your hard drive, as long as you remember where it went. A litecoin mining guide guimineral idea would be to create a 'cpuminer' folder on your desktop.
So, how to set up cpuminer with the parameters needed for your mining pool? Well, it's usually simplest to write a one-line script known as litecoin mining guide guimineral 'batch file' in Windows to launch the miner with the correct instructions. Now, open Notepad or your preferred text editor.
Next, enter the script using the following formula note that this method assumes you are mining a currency that uses the scrypt algorithm:. Once the batch file is saved, double click it to activate the miner program.
Your mining pool will most likely have a web-based interface and, within a few minutes, the website should show that your mining worker is active. For those that intend to mine with GPUs, or USB mining devicescgminer is the program to use and can be downloaded from the developer's website — unless, that is, you're a Mac user, in which case you will find some unofficial binaries here. Versions of cgminer following version 3. Therefore, the latest version isn't necessarily the one to download.
Instead, seek out the version appropriate for your needs. Again, in this example, we are making the assumption that you are using the Windows OS. Full Member Offline Activity:
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See the Litecoin Association's introductory video to Litecoin. Just like its older brother Bitcoin, Litecoin is an online network that people can use to send payments from one person to another.
Litecoin is peer-to-peer and decentralized, meaning that it is not controlled by any single entity or government. The payment system does not handle physical currencies, like the dollar or the euro; instead, it uses its own unit of account, which is also called litecoin symbol: This is why you will often see Litecoin categorized as a virtual or digital currency.
Litecoins can be bought and sold for traditional money at a variety of exchanges available online. If you already know Bitcoin, Litecoin is very litecoin mining guide guimineral, the two main differences being that it has faster confirmation times litecoin mining guide guimineral it uses a different hashing algorithm.
Miners assemble all new transactions appearing on the Litecoin network into large bundles called blockswhich litecoin mining guide guimineral constitute an authoritative record of all transactions ever made, the blockchain.
The way Litecoin makes sure there is only one blockchain litecoin mining guide guimineral by making blocks really hard to produce. So instead of just being able to make blocks at will, miners have to produce a cryptographic hash of the block that meets certain criteria, and the only way to find one is to try computing many of them until you get lucky and find one that works. This process is referred to as hashing. The miner that successfully creates a block is rewarded with 25 freshly minted litecoins.
Every few days, the difficulty of the criteria for the hash is adjusted based on how frequently blocks are litecoin mining guide guimineral, so more competition between miners equals more work needed to find a block. This network difficultyso called because it is the same for all miners, can be quantified by a number; right now, it is 10, Litecoin mining can be profitable, but only under certain conditions.
The introduction of specialized mining hardware commonly referred to as ASICswhich can mine much faster and much more efficiently, has made finding blocks much harder with general-purpose hardware. Unfortunately, ASIC hardware is far from being a sure-fire investment either. Potential buyers should be extremely careful, as various elements should be considered:. Good starting points are LitecoinTalk.
Don't feel like investing in expensive hardware? Not everyone needs to be a miner. In fact, the easiest way to get started with Litecoin is to buy some at an exchange. As we've seen above, finding a block is very hard. Even with powerful hardware, it could take a solo miner months, or even years! This is why mining pools were invented: Pool users earn shares by submitting valid proofs of work, and are then rewarded according to the amount of work they contributed to solving a block.
The reward systems used by litecoin mining guide guimineral pools can be roughly subdivided into two categories: Choosing a mining pool can be a very personal decision, and several factors should be taken into consideration, including features, reliability, reputability, and user support. ASIC devices usually come litecoin mining guide guimineral mining software preinstalled on an integrated controller, and require little to no configuration. All the information litecoin mining guide guimineral need to connect to the pool is available on our Help page.
If you have decided to do some CPU mining just for the fun of it, since as we've seen above you are not going to make any profityou should download Pooler's cpuminer. Therefore, unless you're a historian doing research on the early litecoin mining guide guimineral of Litecoin, GPU mining is almost certainly a bad idea.
This page is for you. Should You Mine Litecoins? Potential buyers should be extremely careful, as various elements should be considered: For this reason, it is important to make a realistic prediction of how the difficulty will evolve in the near future. ASIC hardware can mine litecoins extremely efficiently, but that's all it can do.
It cannot be refitted for other purposes, so the resale value is very low. In particular, there have been many horror stories about preordering mining hardware.
What are Mining Pools? Proportional systems are round-based: A purely proportional system can unfortunately be easily cheated by pool hoppingwhich is why more elaborate versions like PPLNS and DGM have been invented. In a pay-per-share PPS system, users are not rewarded based on how many blocks the pool actually finds, but rather on how litecoin mining guide guimineral blocks the pool was expected to find given the amount of work done by its users. The pool pays a fixed amount of litecoins for each valid shares its users submit, based on the mathematical laws of probability.
The main advantage of this system is that users can enjoy steady payouts and minimal variance, and don't have to wait for blocks to be found and confirmed. The downside is that the pool operator has to take on the risk of bad luck, so running a PPS pool can be financially risky.
What Software to Use?