How to Mine Litecoins

Litecoin is a cryptocurrency like Bitcoin, 안전한카지노사이트 though it uses some fundamentally different algorithms to process, called "Scrypt". Initially this made it easier for people with home computers to mine, but dedicated mining machines called ASICs can now process Scrypt coins like Litecoin, making it difficult to get in without a large investment. Still, if you want to try your hand at mining, you can have everything setup in an afternoon, and if you join a mining pool you can start seeing Litecoin returns almost immediately. 

Understand the basics of cryptocurrency mining. Traditional currencies are printed to increase the amount of cash in circulation. Cryptocurrencies like Litecoin are created by machines that solve complex algorithms. Each time an algorithm completes a “block” processing, more currency is released into the market, usually as a reward for miners who complete the block.

The mining algorithm becomes more difficult the more coins are mined. This is intentional as it helps prevent all possible currencies from being mined immediately. As a real side effect, the longer it takes to start mining, the less likely you are to resolve the blockage yourself. Mining pools were created to increase the chances of individuals making money from mining. The mining pool applies the processing power of all members to solve blocks, and when a member completes a block, all members receive a share of the reward. You'll get far fewer rewards than completing the block yourself, but you'll see a lot more results.

Consider alternatives to mining. Unless you're willing to spend thousands of dollars on a dedicated mining machine, or don't have to pay for electricity, and don't care about the life of your computer, there's little reason to mine instead of buying Litecoin. 에볼루션카지노 The electricity costs of mining 24/7 often outweigh the value of anything you mine, especially if you're using a home computer, and running constantly puts a serious strain on your hardware components. 

Litecoin mining is only going to increase in difficulty, as this one of the fundamental principles of cryptocurrency mining. 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 alternative form of payment, it's usually better to just purchase them outright. 

Purchase or build a mining computer ("rig"). In the cryptocurrency world, the computer used to mine coins is called a 'rig'. To effectively mine Litecoins remotely, you need a computer with at least two graphics cards. Ideally, you should have 4 or 5 graphics cards connected in a custom configuration. You can buy one online or build your own, but it's more work than building a standard desktop computer.

You need at least as much system RAM as your graphics card RAM. Mining computers need special cooling to maintain most of the parts.

Consider an ASIC miner script. These are dedicated mining machines that can significantly increase mining output, but can be expensive for an effective machine. ASIC Scrypt miners are also available in low power models.

One of the great things about Scrypt miners is that they can be easily modified to mine more profitable coins, as long as they are Scrypt based like Litecoin. 

You can get a USB ASIC miner and connect it to a Raspberry Pi for a low-power miner. 

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 에볼루션미니게임 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. 

For example, let's say that your equipment has a hash rate (processing power) of 200 KH/s, which is about the average for a high-end graphics card. The computer uses 600 watts of energy for mining and the electricity bill is $ 0.10 / kWh. Assuming mining alone, mining Litecoin at the current rate (March 2015) with the above setup would cost $ 520 per year, which is not breaking even.

2. Installation

Get a litecoin wallet. This wallet is needed to store coins earned through mining, purchased or received. You can download the wallet program from litecoin.org. There are also official wallets for mobile devices.

Download the bootstrap file. This will save you around two days of waiting for your wallet to sync for the first time.

Encrypt your wallet by clicking "Settings" → "Encrypt wallet". Give him a strong passphrase. Join the mining pool. There are a large number of mining pools and it is recommended that new miners join the pool rather than mining on their own. When mining on your own, you have a chance to get great rewards for completing blocks, but it's unlikely to do so specifically. The mining pool brings together the efforts of all pool members to complete the block and all rewards are distributed to the pool. The income for completed blocks will decrease, but your chances of earning a stable income are much greater. Make sure your wallet is linked to your account when you join the pool so you can deposit your winnings.

Create "employees" in your pool. A mining pool 에볼루션게이밍 uses a system called "workers". These workers are assigned to you and represent the work you do while mining. The process of creating employees varies depending on the mining pool you join. Many mining pools automatically create your first collaborator when you register. The employee is usually called "username_1" or "username.1".

Most early miners don't need more than one worker. If you have multiple mining equipment, you can create additional workers. Typically, you hire a worker for each mining rig you have so you can monitor the efficiency of your machines. Download the mining program. There are several mining programs that you can use depending on your needs.

cgminer - This is a good all-around mining program. Although originally designed for Bitcoin, Scrypt can mine up to version 3.7.2.

cudaMiner - a mining program dedicated to Nvidia graphics cards. You can download it from here.

cpuminer - a mining program designed for CPU mining. It's a lot less annoying than using a graphics card, but sometimes it's the only way. You can download it here.