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So now that the world is having Bitcoin shoved down their throats, you have done your internet research, know what it is and why it exists. If you are reading this, you grew a pair want to jump on the bandwagon. This is why you are thinking about mining litecoin, you may not be a computer nerd but you know that you need to get in before litecoin blows up like Bitcoin has.
But that is a story for another day. But for all you poor people out there, you need to join a pool. Before we get started, follow the link and create an account. Make your account yet? When you download and run your wallet for the first time, it is going to have to sync the entire blockchain. To encrypt your wallet all you have to do is open up your Litecoin wallet, click the settings tab and then clicky the encrypt wallet button.
It will ask you to type in a password twice, do not forget this password! Write it down and put it someplace safe if you have to! To get your Litecoin address, open up your Litecoin wallet and click the receive button. Right click on your address and copy it. While in the account settings, you can also setup automatic payouts for when your Litecoin balance meets an amount you defined. This is not necessary but its there if you want to use the feature.
Keep your wallet safe. If your hard drive fails and your Litecoin wallet is on it, say goodbye to any coins you had cause there is no recovering it; if someone steals your coins, you are never getting them back. To be extra safe, keep your litecoin wallet backed up offline and on external drive s aka cold storage.
Things you will need 1. You need a place to run your machine s. Some place cool, like a basement, the cooler the better. If you plan on running lots of machines, you will quickly figure out that keeping them cool will become an issue. When I first started mining, I had 8 GPUs running full-bore in a poorly ventilated room, it only took around 15mins for the room temp to go from 67F to the mid 80s. These things are space heaters for real, so make sure these things are very well ventilated, if you understand thermal runaway you know what I mean.
Obviously you need money, just like any other investment, money makes money and you need to buy hardware! Building a computer is sort of like legos, all the pieces only go in one way.
Literally, if you can read, you can build a computer. So this is what you need to buy. Now obviously there are millions of different options to choose from for each one of these types of computer parts, The trick is to figure out which ones are compatible with each other, which ones are the best etc.
When picking out parts say on newegg, just look at the specs and you will figure out whats what. Video cards are the the most important bit, you will hear people say all sorts of different cards are the best for mining, the consensus is that the is the most efficient card. What this means is that with non premium cards, performance will vary from card to card, you will never know how well each card performs.
The r is the exact same chip as the rx, the only difference is the binning. If you have not guessed, the reason the non-X cards are cheaper is because the chips cant clock as well so they are sold as lower performance cards. So with that being said, the X cards will have small variances between cards of the same model, the non X cards will often vary greatly. Both of these machines 4 cards running at speed, pull watts at the wall.
I recommend the good and more expensive cards because you know what you are getting. The price premium will pay dividends in the long run, trust me.
Now I will make it easy! If you decide to overclock and tune, you can get a better hashrate. You can get a case if you want. If you are in the midwest, go to Menards or Fleet Farm because they are two of my favorite stores.
So now that you have all your parts, you need to put it together. If you dont know how to put them together go look it up on google, its like legos and will probably take you 5 mins to do once everything is unboxed.
Next you need to take your jump drive and burn Linux to it, a specific version on Linux to make mining litecoin super easy. Now that you made an account at ltcrabbit , you can download said version of Linux here. After the download starts, go here and download Win32 disk imager. Once you have chosen the image make sure that the Device it is to be written to is your jump drive, it should be chosen automatically but it never hurts to double check. Now all you have to do is click the write button.
This will take a few mins to write so go get a beer. Once the image has finished being written to the jump drive, all you have to do is plug it into your Litecoin rig and power it on.
After a min of two of pressing the power button on your litecoin rig, it will be mining litecoins, but not for you! What you need to do next is go into the config file its on the desktop of your litecoin machine named cgminer. We will get to that in a second.
No that the rig has stopped mining, you want go ahead and make a worker at LTCRabbit. You dont have to worry about password strength here. For a beginner, the whole username and password thing may be confusing, let me explain. Your LTCRabbit username and password are not the same as your worker username and password. For your LTCRabbit account, you want to make your password a secure one that you can remember. Worker usernames and passwords do not have to be secure, the worst that can happen if someone got a hold of your worker username and password is that they can mine litecoins FOR YOU!
No one cares about your worker user and pass because they dont want to mine for you, they want to mine for themselves. You can be creative as possible when making worker usernames if you like, but like I said, I name my workers after the pools name followed by a number.
I name them this way because , if you have alot of rigs, it makes it easier to know what rig is what. More on that later though. So back to the cgminer. Do not remove the quotation marks! If you do not replace the username and password, you will be mining for yours truly! After you paste this into the config file make sure to replace my worker name and PW with yours , hit file save.
You are now mining Litecoins for yourself! You are now on your way to becoming a Litecoin Mogul! If you are stuck on something or need more help, feel free to leave a comment or hit the contact thingsmicro button up top.
So this is how to mine litecoin. So here is the magic litecoin guide to get you noobs up and running. Well almost, lets begin. A place to put all your rigs. Software Next you need to take your jump drive and burn Linux to it, a specific version on Linux to make mining litecoin super easy.
Hardware and Software company. A stock trader and technology enthusiast, Jeremiah is always digging deep into industries to see what the future holds. Readers beware of poor, unedited grammars. His opinions are his own.