Saturday, 18 January 2014

Where To Pool Mine Bitcoins



2017 Edit: Antpool seems to be the most profitable now Ghash.io has closed its doors. You can still use CEX.io to trade Bitcoins but they no longer run the mining pool

So if you have decided to mine Bitcoins for me there is only one place I would go, it has the fastest pool rates on the internet and controls the biggest share of Bitcoin mining. A block is roughly solved every 17 minutes which for Bitcoins is fantastic.
  The site is cex.io which is affiliated with ghash.io here you can join the mining pool and you can even deposit, exchange or buy coins or hosting power in GH/s, I also believe if you have lots of power you can sell you GH/s to other people. Go check it out

Friday, 10 January 2014

Quick Guide For Setting Up Cgminer For Litecoin

Quick easy guide on setting up a litecoin miner on the Coinotron pool:

1. Download the Litecoin wallet from http://www.litecoin.org/ and let that update. You don't really need it much for this but it's good to have.
2. Download cgminer 3.1 (it's what I use because 3.7.* doesn't work with GPU mining)
3. Register an account with coinotron
4. Login and create a worker
5. Setup the cgminer (Took it from this guide):

You’ll have to determine the optimum settings.

-I

Intensity, this you can set anywhere from 0 to 18 where at 18 your computer becomes unusable and might even freeze. For me the optimum setting is 12 when I’m at my computer and -16 when I’m not working on my computer. You’ll have to see what works best for you. The difference in hashrate is quite big, at 10 I only get 80Kh/s while at 16 I reach nearly 250Kh/s

--thread-concurrency

You can try any of the thread concurrencies within these ranges but it has to be a multiple of 64. Make sure you use the concurrency that fits your card model.

57xx cards: 2368-4096 (3200 is common)
58xx cards: 4096-8192 (5600, 7168, and 8000 are common)
5970 card: 4096-8192 (5632 or 8000 are common)

67xx cards: 2368-4096 (3200 is common)
68xx cards: 3008-6720 (4800 is common)
69xx cards: 4096-8192 (5600, 7168, and 8000 are common)
6990 card: 4096-8192 (5632 or 8000 are common)

7xxx cards 64 * bus_width_of_card_in_bits. So, for a 7950, that would be 64 * 384 = 24576; ideal values are 21712 or 24000. Find your bus width here: Radeon HD 7000 Series - Wikipedia, the free encyclopedia

--temp-cutoff

You can set a maximum temperature if you run into problems, the default is 95 which is ok for most cards.

I prefer to run it from cmd so I can see any error might it occur. Replace -u and -p with your own username and password.

6. Start your miner: For pooled mining you have to use: c:\cgminer-2.11.3-win32\cgminer --scrypt -ohttp://coinotron.com:3334 -u rapid86.1 -p 1 --thread-concurrency 8192 -I 10 -g 1 -w 256

Make sure you change the info in this to yours so you don't mine on my account!

What Hardware For Mining


This is where all of this can spiral out of control, if you are going to mine SHA-256 then you will require ASIC's, there is no point in using a CPU or GPU as you will not compete with ASIC's. A simple place to start will be with a block erupter USB stick, I would find one from eBay and I would not pay no more than £$20 as even that would hard to earn its money back. I must emphasise that getting into this now such as me seems to be more for a hobby than making the fortunes that people made early on, although do not get me wrong there is some money to be made. Have a look on eBay for some cheap block erupters but if you look at the picture above you can see why you will not be able to compete with the people that vast equipment that early mining paid for

Scrypt Mining
This can be a bit more profitable for beginners mining as most people who inquire about mining already have a good graphics car which can pull good numbers for mining. The only issue that makes it less profitable is graphics cards are expensive and they use lots of power. I would recommend using a profitability chart to work out if this will make you money

XPM CPU Mining
For me if I wasnt given some ASIC's for free I would have got into this alot earlier. This system uses Primecoin and only allows CPU's to crunch the numbers and earn money and is also very easy to setup. You will need a good CPU to earn good money but at the moment ypool is giving good rates for there pool and you can mine on your pc while still using it. I do warn though that it will get hot as it will have very high CPU usage so make sure your pc is well ventilated. Now the profitability is something again that you will have to work out how much power your computer uses mining on full throttle CPU compared to the money you will earn in the mining pool as if your CPU is not a high standard then it may take you a while to earn

Picked My Coin Network What Now?


Now for me this is where it started to get complicated and really, really confusing so I will try my best to explain this. 
  Once you have picked your coin network you need to download the wallet which will store your coins, now this is important, this writes your coins to you hard drive so always back it up. Once you have downloaded and installed the wallet it will update or sync itself with the previous blocks found, now this can take an absolute age so do not worry if it takes a long time its quite normal. Once your wallet has synced with previous data you will need to add a config file to it, now this will vary for each wallet and each network you are going to use so for me to give an example is going to be very difficult. Most networks will give you a demo config file to upload to your wallet with all you having to do is add a username and password. 
It will look something like this, this is for Betacoin which uses SHA-256, ones which use Scrypt look very very different as you will have to put graphics card settings. These config files need to be placed in the correct folder, click start and in the search bar put in %appdata%\roaming and find the wallet you have installed and place the file in there
 rpcuser=yourusername
rpcpassword=yourpassword
maxconnection=50
rpcallowip=127.0.0.1
rpcallowip=192.168.0.*
rpcport=32332
server=1
listen=1
addnode=76.74.177.244

If you have decided to use something like Primecoin which uses CPU then this is nice and easy you will need to sign up to a pool ypool.net and then download a mining program. Ypool recommend jhprimeminer which is designed to be used with it and is nice and easy to setup as ypool will give you your login worker details. Once downloaded and installed all you need to do is right click on the !start.bat click edit and enter your worker details

Now...

Back to the other coins if you wish to mine these you will need to find a mining pool to sign up to and get the worker details ready to enter into the miner. For SHA-256 and scrypt I would recommend using cgminer, this is the main one everyone uses and there are plenty of guides out there for. I will trry and write a quick guide to setting up cgminer but with all different networks some using GPU's and some using ASIC's it is very difficult to get settings for everyone

Alternative Internet Currencies Similar To Bitcoin


There are plenty of other Internet currencies to work with online and the best place to see them all and how they are currently performing is coinwarz.com
  They are the biggest it keeping tabs on all of the coin networks and how they are doing, they even provide you with profit calculators to work out if you can make money from any of these ventures

Now different coin networks use different methods, Bitcoin which is the biggest uses SHA-256 which is the most popular and also the hardest as it is massively exploited with people using ASIC miners. 
 Other more profitable networks currently at time of writing are Litecoin which uses Scrypt to mine for blocks, this makes ASIC miners useless keeping the difficulty down allowing people with good GPU's to mine at good rates but still will not be that profitable due to power consumption
 Alternatively you have Peercoin which uses exclusively CPU and CPU power only, this is one of the best for n00bs to get into as we can start earning straight away and the difficulty has always been relatively low

For mining all of the above I would never recommend solo mining, always mine in a mining pool as it will earn you alot more than solo. There are lots of pools and for the three above these are the ones at the time of writing I would consider to be the best

Bitcoin - I really would not start mining you would be better off trading for coins
Litecoin - I used coinotron.com as it was good rates and lots of users
Primecoin - ypool.net this comes with the highest recommendation for starters as this will use CPU power and be competitive in earning coins which you can trade for Bitcoins

There are other SHA-256 coin networks that are worth mining with beginner ASIC software such as entry level block erupters which can be picked up for £20 off of ebay, if you are going down this route I would advise using Peercoin or Betacoin at time of writing 

What is Bitcoin and mining?


So if you have been looking for Bitcoin I would imagine by now you have some idea that it is an internet currency which has exploded in the last few years, people who mined the currency a few years ago are now worth an absolute fortune.

Bitcoin wiki here worth a read

What is mining? Or at least what is my interpretation of mining...

  As always this may not be the best explanation but this is how ive used and seen it being used while i have been researching. Mining is where you download a client to search for blocks which in turn reward you with Bitcoins is the quick explonation. Each block is a mathematical equation which uses massive computing power to solve and eventually complete the block rewarding people once they are found. This used to be able to be done solo on your own but now is impossible so people join mining pools where everyone comes together to find blocks and the reward is shared to everyone in the mining pool

Technical Explonation of Mining 
During mining, your computer runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header. For each new hash, the mining software will use a different number as the random element of the block header, this number is called the nonce. Depending on the nonce and what else is in the block the hashing function will yield a hash which looks like this:
93ef6f358fbb998c60802496863052290d4c63735b7fe5bdaac821de96a53a9a
You can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) Now to make mining difficult, there is what's called a difficulty target. To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target is 1000000000000000000000000000000000000000000000000000000000000000, any number that starts with a zero would be below the target, e.g.:
0787a6fd6e0782f7f8058fbef45f5c17fe89086ad4e78a1520d06505acb4522f
If we lower the target to 0100000000000000000000000000000000000000000000000000000000000000, we now need two zeros in the beginning to be under it:
00db27957bd0ba06a5af9e6c81226d74312a7028cf9a08fa125e49f15cae4979
Because the target is such an unwieldy number with tons of digits, people generally use a simpler number to express the current target. This number is called the mining difficulty. The mining difficulty expresses how much harder the current block is to generate compared to the first block. So a difficulty of 70000 means to generate the current block you have to do 70000 times more work than Satoshi had to do generating the first block. Though be fair though, back then mining was a lot slower and less optimized.
The difficulty changes every 2016 blocks. The network tries to change it such that 2016 blocks at the current global network processing power take about 14 days. That's why, when the network power rises, the difficulty rises as well.
Ok so now you have read this and want to start mining...... Well dont

Mining Bitcoins is no longer profitable for us noobs that are starting out with normal computers and normal money. People now mine Bitcoins with thousands of dollars of equipment which has all been paid for from previous mining when the Bitcoin price exploded and made them a small fortune.
  People used to originally mine Bitcoin with CPU power and then created programs to use your GPU's which in time keeps increases the difficulty. Now people have designed ASIC's which are processors specifically designed for mining which solve the solutions incredibly fast for very little power use. The only problem with this is people have invested big with ASIC's and are pushing some serious numbers mining which in turn give us no hope of making money as we cannot crunch the numbers as they do.
  Making money is possible still with Bitcoin but will take you an absolute eternity with entry level ASIC's, even if you pick up a USB unit for £20 it would still take you over 6 months to pay it off with electrical usage using Bitcoins.

So What is The Alternative?

The easiest alternative is to use very similar crypto currencies which are just starting out and can still be profitable, if you mine these you can trade them for Bitcoins or hold on to them hoping the value of the coins will shoot up in time.

Next up I will show you where to go and what to look for.

Introduction


Ok hello and welcome to my blog, as of today I have officially started mining online crypto currency. Now by all means this blog will not always be correct and will not always possibly give the best advice but this is my experience of what I have learnt so far.
  There is alot involved with mining internet currency and it has taken me a few days of reading and searching google for information to work out where to start and what with. I will be posting bit by bit of what I have found to be useful and what I am currently using. Like I stated before this may not always be correct and up to date but I always searched for something like this and couldnt find anything, if you wish to contribute you are more than welcome to contact me and help out