Setting altcoin mining on your computer

When people started mining Litecoin in , it was possible to buy GPUs to help do this. Here is a link for download. Every week! A low-power model can also help save on electricity bills and help increase your ROI when you calculate all the expenses associated with mining. Contact Us Privacy Terms.

What to Consider Before You Start Mining

And the best way to learn more is to start participating. Sure, you could hit up an exchange and drop four hundred setting altcoin mining on your computer or more on a single bitcoin, but you can also get in for free by mining the coins. Here’s everything you need to know to get started mining altcoins. Because Bitcoin is open-source software, anyone with some development experience can copy it and create their own currency. Of course, like Bitcoin, the value of any altcoin is equal only to how much someone will pay you for it. Some altcoins, such as Litecoin, Peercoin, and even Dogecoin have active communities and economies—you can view a list of altcoins sorted by market cap here —but currently none are even a tenth as valuable as Bitcoins. The Bitcoin software works this way: Every time somebody spends a bitcoin, that transaction is recorded in a public ledger.

Why Bitcoin Needs Miners?

The idea that one can use their computer to earn a passive income in cryptocurrency has drawn a flood of entrepreneurs over the last few years, similar to the gold rush of the 19th century. This article will focus on mining Litecoin, one of the most famous cryptopcurrencies. What exactly is mining? Meaning not under the control or operation of a single company. Every transaction that occurs on a network needs to be verified and confirmed.

What Are Bitcoins?

And the best way to learn more is to start participating. Sure, you could hit up an exchange and drop four hundred dollars or more on a single bitcoin, but you can also get in for free by mining the coins. Here’s everything you need to know to get started mining altcoins. Because Bitcoin is open-source software, anyone with some development experience can copy it and create their own currency.

Of course, like Bitcoin, the value of any altcoin is equal only to how much someone will pay you for it. Some altcoins, such as Litecoin, Peercoin, and even Dogecoin have active communities and economies—you can view a list of altcoins sorted by market cap here —but currently none are even a tenth as valuable as Bitcoins.

The Bitcoin software works this way: Every time somebody spends a bitcoin, that transaction is recorded in a public ledger. For example, if you have 10 bitcoins in your wallet and send 7 to someone else, that transaction goes in the ledger, and everyone knows that your wallet only has 3 bitcoins.

For the system to work, the public ledger has to be completely trustworthy. It has to be impossible for anyone to record a fraudulent transaction. In order to incentivize people to participate in this transaction-verifying network, bitcoins are periodically generated and awarded to the machines engaged in maintaining the public ledger.

As bitcoin values have soared over the last couple of years, bitcoin setting altcoin mining on your computer has become a very lucrative business. As a result, companies have designed chips solely for running the cryptographic algorithms bitcoin uses for mining. You can then spend the altcoins or swap them for bitcoins at a cryptocurrency exchange. Turning altcoins into cold, hard cash is also more difficult than monetizing bitcoins. The mining process involves writing a short script to run in the command prompt.

First, select a currency to mine—you can find a list of the most active altcoins at CoinMarketCap. You can pick any coin you’d like we chose Litecoin for this articlebut the process will be virtually identical for any other coin.

Once the client is installed it will have to download the entire blockchain for the altcoin. You can join a mining pool before this process is done, but because you might need to run it overnight you should start. The first is whether to mine solo or participate in a mining pool. This streamlines the reward structure and makes your payments more reliable.

There are different pools for each altcoin, though some pools switch between different currencies, based on rising and falling values. GPU miners are much more efficient, but only if you have a discrete graphics card. You can even mine both ways at the same time, if you want to really get all the mining power you can out of your computer. Just watch that heat and power usage! You specifically want version 3. GUIMiner-scrypt is an alternative that also supports altcoin mining and uses a graphical interface, rather than the command line.

Make sure to update your graphics card driversand if you have an ATI graphics card, download the optional OpenCL driver. Cgminer works from the command line, but you can also run it using a batch file. Not the one you plug into your browser, but the one specifically for mining. Any pool service will make this information readily available on the help or getting-started pages. Many have multiple URLs you can choose from, so you can pick the server closest to you. Port: The port number will also be provided by your pool service.

Each worker has a name, either picked by you or assigned automatically by the pool. In notepad, type the following in, substituting setting altcoin mining on your computer personal info for the bolded words:. Windows will confirm you want to change the file type. Say Yes. Finally, you can double-click on the. Cgminer will take it from there, displaying your progress as you mine altcoins.

Just like with cgminer, you’ll need to create a batch file by creating a new text file in the cpuminer folder, entering a short script, then renaming it to a. For cpuminer, your script will look like this:. For now, though, mining is an interesting way to learn about a technology that could be most important invention of the decade, without putting your retirement fund on the line.

Alex Castle is a freelance tech writer based in Honolulu, Hawaii. He specializes in Windows software, how-to articles, and PC peripherals. What is an altcoin?

The Dogecoin logo. What it means to mine a bitcoin or altcoin The Bitcoin software works this way: Every time somebody spends a bitcoin, that transaction is recorded in a public ledger. Why mine altcoins? So how do I mine altcoins? The Litecoin wallet. Before you start mining there are two important decisions to make.

To pool or not to pool, that is the question The first is whether to mine solo or participate in a mining pool. Worker password: Similarly, every worker has a password. In notepad, type the following in, substituting your personal info for the bolded words: cgminer.

For cpuminer, your script will look like this: minerd. Note: When you purchase something after clicking links in our articles, we may earn a small commission. Read our affiliate link policy for more details. Related: Software Bitcoin.

5 Settings For Mining Cryptocurrency On Windows 10

What is an altcoin?

Here setying a couple of examples: Pay-per-share: This method offers instant mining output for each share that is solved jining a miner. InBitcoin was worthless. This image comes from our bitcoin infographic, but litecoin miners follow the same process. The advantage of this approach is that users can enjoy a steady stream of mining outputs without the need to wait for blocks to be found and confirmed. Getting answers to these questions will help you better understand the best option for your situation. When bitcoin was released you could mine only coins a day using a CPU. If your computer manages to solve the problem, you get rewarded. We offer you a smart and easy way to start mining by reducing the costs associated with mining. They have a Web app, an iOS app and an Android app. Dogecoin was launched on December 6th, Enter this address in Storj Step 1, then move on and choose a folder to host your rented HD space. The litecoin community, however, activated a technology upgrade this year, which sparked additional. To find out more, please read our Cookie Policy. However, Dogecoin mining differs from other setting altcoin mining on your computer in several important areas. Well, this requires LOTS of electricity!