What is Crypto Currency Mining?
According to me any cryptocurrency like Bitcoin/LiteCoin/Dogecoin/Omnicoin etc are decentralized currencies meaning currency without a centralized government or management to control over them.
Mining is a way to generate these currencies which by means of your CPU or GPU you tend to solve mathematical algorithms or operations. More powerful PC's meaning more difficult algorithms to solve. As your PC solves the algorithms you get some amount of these coins as your labour.
Now what to use CPU or GPU for Mining?
Basically your CPU isn't a a CPU of a super computer or a high end system solver so my personal choice would be a GPU cause most of us here would be having according to me a i5-i7 processor and a decent GPU for gaming or encoding. Most of the RDP providers here wouldn't allow you to use their resources to mine the coins so don't try wasting your time with them.
Anyways i would be explaining both the methods below. So give it your best shot.
Solo or Pool Mining?
For beginners i wouldn't even suggest going solo cause it is way hectic to try to mine solo. Pool Mining is where a group of miners share their resources and mine together and the amount gain gained via mining is then distributed among the users depending upon their share of contribution.
What are CryptoCurrency Wallets?
Wallets are where you can generate your payment address just like your Bank Account Number. The wallet creates a file which is stored in your PC where all your transactions are listed and your money also. So if you loose your file you loose your money. So keep it safe. There are offline as well as online wallets.
Offline wallets tend to sync with the online networks which might take quite a decent amount of time for new comers initial it might even sync or try to fetch 3-4months of data.
Bitcoin wallet(Offline) : https://bitcoin.org/en/download
Bitcoin wallet(Online): https://blockchain.info
Every cryptocurrency has their own wallet system so search around well before starting to mine.
I would be showing the tutorial below with Omnicoin mining as currently my miners are positioned to mine those coins
First i would suggest you to join a mining pool as for Omnicoin i would be going with Omni-Blu pool : OMNI-BLU - The official omnicoin pool - Login Register yourself here and lets get started.
CPU Mining...
After you have created your wallet and have joined a pool and have created a worker you would need a miner for CPU you would need Pooler's CPU miner : https://bitcointalk.org/index.php?topic=55038.0
After Downloading the Miner and extracting it to a folder you would have to create a run.bat file to execute the miner.
For the CPU Miner you would need this configuration below:
tcp://pool.omnicoin.cc:3333 is the pool IP where you would be sharing your hashes.
As soon as that is done just run the bat file which you had created and it would start mining your coins. Go to your Pools dashboard to view your earnings.
Note: It takes a few minutes for the pools to verify your contribution and credit the coins into your account.
GPU Mining...
The procedure is same as CPU mining just the miners are different here.
nVidia Miner : http://johnsesl.com/software/cgminer-3.7.2-windows.zip
AMD Miner : https://mega.co.nz/#!UIBwiATb!6pCkYdYkLYQfMw5nZIQRVCjIi8teFj1_vtLaGNv74gY
Just the configuration is a bit different here in the run.bat file.
+ a bit of extra addition to the code.
+ a bit of extra addition to the code.
Go here : https://litecoin.info/Mining_hardware_comparison and find your GPU in the listed GPU's there you would see Config related to your GPU like mine is shown in the image below.
[SLIDE]http://i.imgur.com/JoJ8tCv.png[/SLIDE]
So your end configuration would be
Thats it just save it and run the bat file your miner would connect to your pool and start mining and you would see something like this on your screen
[SLIDE]http://i.imgur.com/qnp1iSX.png[/SLIDE]
Happy Mining and Great Earning. You can use the same methods with different crypto currencies just the pool and a bit of settings here and there would be different.
According to me any cryptocurrency like Bitcoin/LiteCoin/Dogecoin/Omnicoin etc are decentralized currencies meaning currency without a centralized government or management to control over them.
Mining is a way to generate these currencies which by means of your CPU or GPU you tend to solve mathematical algorithms or operations. More powerful PC's meaning more difficult algorithms to solve. As your PC solves the algorithms you get some amount of these coins as your labour.
Now what to use CPU or GPU for Mining?
Basically your CPU isn't a a CPU of a super computer or a high end system solver so my personal choice would be a GPU cause most of us here would be having according to me a i5-i7 processor and a decent GPU for gaming or encoding. Most of the RDP providers here wouldn't allow you to use their resources to mine the coins so don't try wasting your time with them.
Anyways i would be explaining both the methods below. So give it your best shot.
Solo or Pool Mining?
For beginners i wouldn't even suggest going solo cause it is way hectic to try to mine solo. Pool Mining is where a group of miners share their resources and mine together and the amount gain gained via mining is then distributed among the users depending upon their share of contribution.
What are CryptoCurrency Wallets?
Wallets are where you can generate your payment address just like your Bank Account Number. The wallet creates a file which is stored in your PC where all your transactions are listed and your money also. So if you loose your file you loose your money. So keep it safe. There are offline as well as online wallets.
Offline wallets tend to sync with the online networks which might take quite a decent amount of time for new comers initial it might even sync or try to fetch 3-4months of data.
Bitcoin wallet(Offline) : https://bitcoin.org/en/download
Bitcoin wallet(Online): https://blockchain.info
Every cryptocurrency has their own wallet system so search around well before starting to mine.
I would be showing the tutorial below with Omnicoin mining as currently my miners are positioned to mine those coins
First i would suggest you to join a mining pool as for Omnicoin i would be going with Omni-Blu pool : OMNI-BLU - The official omnicoin pool - Login Register yourself here and lets get started.
- After Registering ( Simple process) being a webmaster or a user here i think you are mentally strong to go and register on a website :P
- Go to the navigation panel on the left and select My Account and then My Workers like the image below
[SLIDE]http://i.imgur.com/M5AOLxY.png[/SLIDE]
- Add a worker like the image below
[SLIDE]http://i.imgur.com/K9s4IDO.png[/SLIDE]
- Activate the monitor button on your worker to keep a track of your mining ration via the worker
[SLIDE]http://i.imgur.com/EUB1t0G.png[/SLIDE]
- Your worker is ready to mine and so are you so lets get started
- Note: You would be donating 1% of your share to the pool (The percentage of donation depends upon the pool as well)
CPU Mining...
After you have created your wallet and have joined a pool and have created a worker you would need a miner for CPU you would need Pooler's CPU miner : https://bitcointalk.org/index.php?topic=55038.0
After Downloading the Miner and extracting it to a folder you would have to create a run.bat file to execute the miner.
For the CPU Miner you would need this configuration below:
Code:
minerd.exe --url=stratum+tcp://pool.omnicoin.cc:3333 --userpass=username.workername:workerpasswordtcp://pool.omnicoin.cc:3333 is the pool IP where you would be sharing your hashes.
As soon as that is done just run the bat file which you had created and it would start mining your coins. Go to your Pools dashboard to view your earnings.
Note: It takes a few minutes for the pools to verify your contribution and credit the coins into your account.
GPU Mining...
The procedure is same as CPU mining just the miners are different here.
nVidia Miner : http://johnsesl.com/software/cgminer-3.7.2-windows.zip
AMD Miner : https://mega.co.nz/#!UIBwiATb!6pCkYdYkLYQfMw5nZIQRVCjIi8teFj1_vtLaGNv74gY
Just the configuration is a bit different here in the run.bat file.
Code:
cgminer.exe --scrypt -o stratum+tcp://pool.omnicoin.cc:3333 -O username.workername:password
Code:
cudaminer.exe -o stratum+tcp://192.99.42.54:3333 -O username.workername:passwordGo here : https://litecoin.info/Mining_hardware_comparison and find your GPU in the listed GPU's there you would see Config related to your GPU like mine is shown in the image below.
[SLIDE]http://i.imgur.com/JoJ8tCv.png[/SLIDE]
So your end configuration would be
Code:
cgminer.exe --scrypt -o stratum+tcp://pool.omnicoin.cc:3333 -O username.workername:password -I 12 -g 1 -w 256 --thread-concurrency 8192
Code:
cudaminer.exe -o stratum+tcp://192.99.42.54:3333 -O username.workername:password -I 12 -g 1 -w 256 --thread-concurrency 8192[Thats it just save it and run the bat file your miner would connect to your pool and start mining and you would see something like this on your screen
[SLIDE]http://i.imgur.com/qnp1iSX.png[/SLIDE]
Happy Mining and Great Earning. You can use the same methods with different crypto currencies just the pool and a bit of settings here and there would be different.
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