How to Setup in Your Computer Before Mining Litecoin?

Maureen Sander  2019-09-12 16:16:47

Many have heard “Mining cryptocurrency”, but only a few know how to carry on. After preparing hardware and software we need, we also need to prepare our computers to effectively mine Litecoins and then get profit.

  1. 1Get a Litecoin wallet. You will need this wallet to store the coins that you earn while mining, or any coins that you purchase or receive. You can download the Wallet program from “litecoin.org”. There are also official wallets available for mobile devices. You should download the Bootstrap file. This will save you about two days of waiting for your wallet to sync for the first time. Encrypt your wallet by clicking "Settings" → "Encrypt Wallet". Give it a strong passphrase.
    • 2Join a mining pool. There are a large number of mining pools out there, and it is highly recommended that new miners join a pool instead of trying to mine solo. When you mine solo, you have the chance to make big rewards for completing a block, but the chances of you specifically doing that are very, very low. A mining pool combines the efforts of everyone in the pool to complete the block, and then any rewards are split amongst the pool. You'll earn less for completed blocks, but have a much better chance at a a steady income.
      • 3Create a "worker" in your pool. A mining pools use a system called "workers". These workers are assigned to you, and represent the work you are doing while mining. The process for creating workers varies depending on the mining pool you join. Many mining pools will create your first worker automatically when you register. The worker will typically be named "username_1" or "username.1". Most beginner miners won't need more than one worker. You can create additional workers if you have multiple mining rigs. Typically, you assign a worker to each piece of mining equipment you have, which allows you to track efficiency across your machines.
        • 4Download a mining program. There are several different mining programs available depending on your needs: First, cgminer. This is a good all-around mining program. It was designed primarily for Bitcoin, but can mine Scrypt up to version 3.7.2. Second, cudaMiner. This is a mining program specifically for Nvidia graphics cards. Third, cpuminer. This is a mining program that is designed for use for CPU mining. This is much less efficient than using a graphics card, but for some it's the only way available.
          • 5Configure your mining program. Different mining programs have different configuration processes. Below are instructions for setting up cgminer in Windows. You will need to know your mining pool connection details, including the "stratum" (address), port number, and your worker information. Your mining pool should have detailed instructions on configuring your miner for the pool.