alright, so i made a thread before, but it was poorly written. so im going to go into more detail in this one.
First off, what is litecoin? its a fork of bitcoin, that uses scrypt instead of SHA-256 for its proof of work algorithem. the thing that makes scrypt special, is that it reuires much more memory, so it is less prone to being implimented on FPGA's and ASIC's. this means that the people mining on their computers are more likely to find coins.
even with bitcoin skyrocketing in price, litecoin is more profitable to mine (132% as im writing this). you can check that here: http://dustcoin.com/mining
back when i was first posting about litecoin, that was well over 200%... and though trading bitcoins for litecoin, i made a 410% profit!.
===============setting up a miner===============
the first thing you need to do is download the wallet from litecoin.org
next, open the miner so the block chain starts downloading.
now you need a miner, there are a few different ones, but ill post the ones i use.
- for your CPU: https://bitcointalk.org/index.php?topic=55038.0 and extract to your litecoin-qt folder that you downloaded from litecoin.org
- you need a minerd to connect to a pool. by defult the wallet can only solo mine, which will take arround a month to get any coins.
- for your gpu: https://bitcointalk.org/index.php?topic=168823.0 //fixed link to be the working one :)
- everyones configs will be slightly differen, however at the bottom of the post ill do some generic configs for you all.
reaper is stand alone, it doesnt need to go in any folder.
===============pools===============
ok, so there is a list of pools... i was using http://ltc.kattare.com however it was going down a lot... which means lost proffit. so me and my friend made our own pool.... its hosted on a gigabit line with 2 cores from an xeon and tons of ram... so its not going down. soon we will be getting a dedicated box.
the pool is pool.gotgrapedrink.com
feel free to use another pool if you want, but it would be cool if we could get some more users using it :)
the setup is under the getting started tab.
===============litecoin tradeing===============
the goto site right now is btc-e.com however there are a few others. currently there is no good way to deposit / withdraw usd from there, so most people just take their litecoins, convert to bitcoin, then use mtgox.
HOWEVER, on the mt gox irc they have confirmed that they will be adding ltc support to mt gox. so expect ltc value to go up quickly, and dwolla will work with that.
===============configs===============
NOTE: YOUR CONFiGS WILL BE DIFFERENT! THIS IS JUST TO HELP!
litecoin.conf
http://pastebin.com/PSbm2cej
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reaper.conf
http://pastebin.com/QJUm9cQS
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if you have 2 gpu's add "device 1" before mine litecoin in your reaper.conf
worksize needs to be 64, 128, or 256. this is a small increase to hash rate, so do this last. it all depends on your cards.
aggression is how hard it will push your gpu. if you start getting "gpu errors" you need to lower this.
gpu_thread_concurrency is a number based off of the number of shaders your card has... so find the shaders, then try shaders*2, shaders*3 and so on... untill reaper doesnt work any more. if you cant find your shaders, do multiples of 800.
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post questions below :)