How to mine SCRYPT based currencies and cash out [OLD]

[Virgule]

edit (2014-09-19) : This guide has been useless for a couple of months since the mining scene has evolved. For old time's sake, here is the original post. Step 1 : DON'T USE THIS GUIDE.

 

 

 

 

So after seeing a few threads by people that had similar problems or questions with mining scrypt based currencies, I contributed to one of them with a understandable guide to mining which I think would benefit from having its own separate thread. Anyone who want to add to this guide, feel free.
 
 
 
HOW TO MINE
 
1- Dowload cgminer (I'm using version 3.7.2) and create a .bat file pointing to the executable.

http://ck.kolivas.org/apps/cgminer/
 
2- Subscribe to a pool of your choice. Depending on what you want to mine, what type of payout you want, what mining fee you can tolerate, ... you'll choose a pool. You basically don't want to mine anything that's ASIC based. I suggest mining dogecoins on multipool.us.

 

A good way of comparing pools would be to consult this site : https://litecoin.info/Mining_pool_comparison
 
3- Login to your pool account and create a worker and its password.
 
4- Go into the HOME or STATS or HELP portion of the site to try and locate the port information (should look like this : -o stratum+tcp://pool1.us.multipool.us:7777 -u username.1 -p x)

 

username.1 being username (of the account).worker name and -p x ,  x being worker password , or account's , usually mentionned in this same section
 
5- go to https://litecoin.info/Mining_hardware_comparison and locate your hardware. In the 8th column will be the cgminer settings you'll use for startup. If you can't locate your hardware, lookup similar hardware. If there is a lot of discrepancy on the mining settings for similar hardware as yours, ask around forums for cgminer settings you could use.
 
6- Open the .bat file with wordpad and paste the following information (without the brackets and their content) :
 
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_USE_SYNC_OBJECTS 1
cgminer --scrypt -I XXX -d 0 [0 for your first gpu, 1 for the second, ...] --remove-disabled --thread-concurrency XXX  -w XXX -g XXX --shaders XXX [COPY POOL INFO HERE] 
 
 
N.B. : depending on your hardware, you might use or not use several fields here (see 5- for a general idea).
 
7- Replace the "XXX" with your hardware's recommended settings (see 5-) and replace [COPY POOL INFO HERE] with your pool's port and user info (see 4-)
 
8- Open the .bat file by double clicking.
 
9- IMPORTANT : spot the field named HW: right away and see that it remains 0. If there's a non 0 number there and/or if it's growing CLOSE CGMINER RIGHT AWAY. Revise your settings (typically the -I setting in the .bat file is too high)
 
10- Second thing to look for in cgminer window is the temperature of the gpu. See that it stabilizes at an "acceptable" temperature. If it rises too much, change fan speed, overclock settings or .bat file settings (typically in this order) )
 
11- Third thing to look for in cgminer window is the hashrate in KH/s which will vary every second or so. Look that it reaches approximately your hardware's typical hashrate (see 5-). If wanted, revise settings (see 10-).
 
12- Log into your pool account and find your statistics. See that the pool detects you mining (info in your pool account can be delayed) and that your worker is detected mining.
 
13- Download the wallet of the currency you are mining. Run the application and wait for it to update (can take a while, you can do that first as well). 
 
14- Once your wallet is updated, find (or create) your reception address. Copy it.
 
15- Paste that address as your payout address in the appropriate field of your pool account. You can chose the threshold at which it makes a payment. 

 

It is usually not recommended to make automatic payouts to a trading site address. However, if you're mining multiple coins on multipool, like I am for instance, you don't have to dowload every possible wallet to received payouts. You can then make payouts directly to Cryptsy.com (for instance). I never had a problem doing this. On the contrary, I had dogecoin "dissapear" when I was mining dogecoin on a dogecoin-only pool having cryptsy.com as my automatic payout address. 
 
16- Once you have a decent amount in your wallet (or trading site account) you want to sell, you'll typically want to trade it for Bitcoins first.

 

Go and check Cryptsy.com. It however has suffered from its own popularity and it's getting laggy. I hope they can upgrade their servers soon since it's the best site, and only that I know, that can handle trades of many crypto currencies.

 
17- Once you have a decent amount of Bitcoins to sell, you'll want to find a site that can do such a thing in your country. I live in Canada and use CAVirtex. You will have to create an account and authenticate it with proof of residency, ... Once it is done, make BTC deposits there and sell for USD/CAN , then make transfers to bank account / paypal.
 
18- PROFIT.
 
 
Possible problems causing under-performance or crashes
 
- Bad cgminer settings;
- Not enough power from PSU;
- Bad PCIe riser;

- Idle GPU (low Clock on core or memory) : Plug monitor on that card to "wake it up" or make a dummy plug;
- GPU throttling (voltage, heat, ...);
- Motherboard being "picky" for obscure reasons and needing to swap GPUs from one PCIe lane to another or swapping risers;
- GPU being "picky" and requiring a swap to a 16x lane (if on a 1x). Or the contrary;
- Wrong AMD driver versions (not necessarily the latests), wrong SDK version;
- Bad GPU.

 

 

HOW TO BUY CURRENCIES FOR SPECULATION

(Canada)

 

1- open up a CAvirtex account

2- add your information to the account (personnal, address, bank, ....)

3- complete the authentication process (bear with it, can take a while, be sure to upload documents as specified)

4- make CAN deposits by bank wire transfers

5- buy BTC when satisfied of the rate

6- withdraw BTC towards a deposit address on cryptsy or coinex

7- trade BTC for whatever currency you want

8- buy, sell, buy, sell, jump from one currency to the next, ride the wave !

 

For those miners that already have LTC, BTC or other, start at step 8 !

[AK0490]

This needs to be stickied. The current Bitcoin related post is irrelevant to what 95% of people here want to do.

[Virgule]

This needs to be stickied. The current Bitcoin related post is irrelevant to what 95% of people here want to do.

Yep. MODDS ??

[Vitalius]

-snip-

Just saying...

That's what I see. Please fix the font color. You can't copy/paste and keep typing. You have to copy as plain text to allow dark theme to adjust.

Also, I would change Bitcoin to Litecoin or something similar. Simply because no one is going to mine Bitcoin with a GPU setup and profit. You mention Bitcoins in 16.

I prefer to use cgminer.conf because that's what the guy who made cgminer uses. It keeps things tidier, but at the same time is easier to screw up. I don't like using a batch myself. 

The setx GPU_MAX_ALLOC_PERCENT 100 and setx GPU_USE_SYNC_OBJECTS 1 settings only needs to be done once. Then it's stuck that way. Keeping it in the batch is unnecessary.

 

Those two settings are where the black font starts. Before that, the font is white.

[Virgule]

That's what I see. Please fix the font color. You can't copy/paste and keep typing. You have to copy as plain text to allow dark theme to adjust.

Fixed (I think). edit : I changed the theme to check it out and even if I select all and chose automatic color, this issue still arrises. Can you tell me how to fix it ?

 

 

Also, I would change Bitcoin to Litecoin or something similar. Simply because no one is going to mine Bitcoin with a GPU setup and profit. You mention Bitcoins in 16.

I mention bitcoins only because when mining other "less popular" crypto currencies, you're going to have to convert to BTC to cash out, as explained in 16- and 17-.

 

 

The setx GPU_MAX_ALLOC_PERCENT 100 and setx GPU_USE_SYNC_OBJECTS 1 settings only needs to be done once. Then it's stuck that way. Keeping it in the batch is unnecessary.

You still have to set it at first. This is an step-by-step guide. Having this as first lines in the batch file is just a simpler way of making sure people don't forget it.

 

 

I prefer to use cgminer.conf because that's what the guy who made cgminer uses. It keeps things tidier, but at the same time is easier to screw up. I don't like using a batch myself. 

I suppose you could do that too. Never tried.

 

 

[Editing in progress]

...

[Vitalius]

Fixed (I think). edit : I changed the theme to check it out and even if I select all and chose automatic color, this issue still arrises. Can you tell me how to fix it ?

 

I mention bitcoins only because when mining other "less popular" crypto currencies, you're going to have to convert to BTC to cash out, as explained in 16- and 17-.

 

You still have to set it at first. This is an step-by-step guide. Having this as first lines in the batch file is just a simpler way of making sure people don't forget it.

 

I suppose you could do that too. Never tried.

 

...

In Order: 

Copy all of it. Right click the text box. Click "Paste as plain text". That fixes it. You will have to re-do any formatting you have already done.

True. Didn't think of that.

Fair enough.

It can get complicated because it's in JSON format. Meaning a single space or , out of place and it won't work. To have cgminer build a .conf file for your setup that you've already made with a batch file, you press S to go to settings, then W to write the .conf file, then you just press enter. And it writes it with all your settings in the same directory as your cgminer.exe.

I need to remove that now. Thanks.

[Virgule]

It can get complicated because it's in JSON format. Meaning a single space or , out of place and it won't work. To have cgminer build a .conf file for your setup that you've already made with a batch file, you press S to go to settings, then W to write the .conf file, then you just press enter. And it writes it with all your settings in the same directory as your cgminer.exe.

Now let's say you're mining from several different cards using several different batch files, is your option still viable ?

[Virgule]

Copy all of it. Right click the text box. Click "Paste as plain text". That fixes it. You will have to re-do any formatting you have already done.

Done.

[MariusJS]

Maybe add --failover-only ?

[Virgule]

Maybe add --failover-only ?

What is that ?

[Vitalius]

Now let's say you're mining from several different cards using several different batch files, is your option still viable ?

Yes. 

When you tell cgminer to write the .conf file, it asks for a name. If you just press enter and do not type anything, it defaults to cgminer.conf which is the default .conf file selected by cgminer. If you type something, it will name it that name. 

So if I am running cgminer with my 290X, and I wanted a .conf file for that setup, I would press S, then W, then type "290X.conf" and hit enter. Or if I had Crossfire 290X's, I would type "CF290X.conf" or something. 

Then to call that specific .conf file, you put this in a shortcut or batch file:

cgminer --config /config/path/CF290X.conf

The advantage I like to .conf files is that they are structured.

{"pools" : [ {  "url" : "http://www.ulr.com:port",  "user" : "user",  "pass" : "pass" }],"intensity" : "13, 17","gpu-engine" : "0-800, 0-850","gpu-thread" : "2, 2","scrypt" : true,"api-listen" : true,"shaders" : "800, 960","thread-concurrency" : "1600, 2400","lookup-gap" : "2, 2"} 

 

Done.

Thank you.

What is that ?

It sets the pool structure to only switch pools when the one you are mining on fails (happens sometimes). So that it isn't randomly switching between pools as it mines, because that's less efficient.

[Virgule]

 

In that example do the parameters separated by a comma apply to one or the other card ?

{"pools" : [ {  "url" : "http://www.ulr.com:port",  "user" : "user",  "pass" : "pass" }],"intensity" : "13, 17","gpu-engine" : "0-800, 0-850","gpu-thread" : "2, 2","scrypt" : true,"api-listen" : true,"shaders" : "800, 960","thread-concurrency" : "1600, 2400","lookup-gap" : "2, 2"} 

[Vitalius]

In that example do the parameters separated by a comma apply to one or the other card ?

It's in order based on how CGMiner sees them. You can have it lists the GPUs it sees and the numbers correlate to the values in that config file. 

So, if you listed them, and you had 3 GPUs, they would appear like this:

And in your config file, each value's position is for each GPU. So GPU 0 is 1, GPU 1 is 2, and so on. 

So for this value:

"gpu-engine" : "0-800, 0-850, 500-1050",

0-800 would be for GPU 0, 0-850 would be for GPU 1, and 500-1050 is for GPU 2.

Visual aid, the colors are what each number applies to:

"gpu-engine" : "0-800, 0-850, 500-1050", GPU 1 GPU 2 GPU 3

 

That's true for all the values, except that some values don't need multiple inputs and just apply for everything. Lookup gap, GPU Threads, and such are examples.

[Virgule]

snip

Nice I'll try and summarize this in original post. You can help too !

[amintha1992]

does this procedure work for Litecoin ?

 

what is a good exchange for LC in canada?

 

what is a recommended pool for litecoin minning?  

[Virgule]

does this procedure work for Litecoin ?

That procedure applies to every SCRYPT based mining. So Litecoin, Dogecoin, Lottocoin, Worldcoin, Diamonds, ...

 

 

what is a good exchange for LC in canada?

By good exchange are you talking about exchange rate or exchange website ? The exchange rate varies everyday. Right now it's 22 USD/LTC. As for an exchange website, I would recommend BTC-e for converting LTC to BTC, latter of which you'll sell for CAN.

 

 

what is a recommended pool for litecoin minning?  

I've been using multipool.us which has a particularity. It has a port for mining the currently most profitable coin according to difficulty, price, ... But you can also mine LTC there.

[amintha1992]

That procedure applies to every SCRYPT based mining. So Litecoin, Dogecoin, Lottocoin, Worldcoin, Diamonds, ...

 

 

By good exchange are you talking about exchange rate or exchange website ? The exchange rate varies everyday. Right now it's 22 USD/LTC. As for an exchange website, I would recommend BTC-e for converting LTC to BTC, latter of which you'll sell for CAN.

 

 

I've been using multipool.us which has a particularity. It has a port for mining the currently most profitable coin according to difficulty, price, ... But you can also mine LTC there.

thanks for the infor

 

what do you think about the poop weminelitc?

 

and yes i was talking about an exchange website. and i have already seen the BTC-e site but how do you deposit USD/CAD in its wallet? what service do you use?

[Virgule]

what do you think about the poop weminelitc?

This has all the info you need https://litecoin.info/Mining_pool_comparison. Compare and chose for yourself. Don't be afraid to try it out if you think it could suit you. (Adding this info to OP)

 

 

and yes i was talking about an exchange website. and i have already seen the BTC-e site but how do you deposit USD/CAD in its wallet? what service do you use?

I'm not sure I understand you. You want to make deposits of USD or CAN to a BTC-e account ?

[amintha1992]

I'm not sure I understand you. You want to make deposits of USD or CAN to a BTC-e account ?

buy low and sell high? its better than spending money on electricity?

[Virgule]

buy low and sell high? its better than spending money on electricity?

That doesn't answer my question. If you want me to help you, please explain exactly what it is you want to do.

[amintha1992]

That doesn't answer my question. If you want me to help you, please explain exactly what it is you want to do.

i want to buy litecoin with CAD/USD and then sell them back when its more expensive? 

yes the return is not as much as mining the coin itself but this way i dont have to invest in hardware and can start with a small amount of capital?

[Virgule]

i want to buy litecoin with CAD/USD and then sell them back when its more expensive? 

yes the return is not as much as mining the coin itself but this way i dont have to invest in hardware and can start with a small amount of capital?

Ok I get it now. Are you in the US or Canada ?

[amintha1992]

Ok I get it now. Are you in the US or Canada ?

Canada

[Virgule]

Canada

Ok what you do is :

1- open up a CAvirtex account

2- insert your infos (personnal, address, bank, .... E-VE-RY-THING)

3- complete the authentication process (bear with it, can take a while, be sure to DO AS THEY SAY)

4- make CAN deposits by bank wire transfers

5- buy BTC when satisfied of the rate

6- withdraw BTC towards a deposit address on BTC-e

7- trade BTC for LTC on BTC-e

8- wait and see

[amintha1992]

Ok what you do is :

1- open up a CAvirtex account

2- insert your infos (personnal, address, bank, .... E-VE-RY-THING)

3- complete the authentication process (bear with it, can take a while, be sure to DO AS THEY SAY)

4- make CAN deposits by bank wire transfers

5- buy BTC when satisfied of the rate

6- withdraw BTC towards a deposit address on BTC-e

7- trade BTC for LTC on BTC-e

8- wait and see

thanks and maybe you should add this to the OP as well.