Actually, this piqued my interest, I have several (30-40) fairly high spec (Core i5 or better) laptops that have been scrapped for various reasons and I was wondering if I could mine bitcoin but it seemed a waste of time, could you suggest a decent getting started guide?
Bitcoin is too hard, because of the extremely high difficulty and due to lots of people using ASICs to mine.
I'll teach you how to mine Monero , you can then apply this to other coins with the same algorithm (Cryptonight). For ex. go to
http://whattomine.com/calculators and type in text box "crypto" and it will show cryptonight coins. Coinmarketcap will show you the value of coins and trends :
https://coinmarketcap.com/It's not the most profitable to mine (other coins give you more value per work done) but you can convert these easily into some currency without going through exchanges or some other crap.
Step 1. Create a Monero wallet. Either download the
official Monero wallet from their website or use third party wallet software like Jaxx or Exodus (I used Jaxx and it's OK, Exodus I didn't use but it's praised by others)
Step 2. Find a mining pool which has low fees and pays out at a low threshold but also has a decent hash rate overall. It would take too much time to mine by yourself, if you mine in a pool you submit partial results and you get a percentage of the money made when a coin is mined, less the pool fee.
I personally use XMRPool.net , which pays out at 0.3 XMR and has a 0.6% fee. Here's a list of pools :
http://moneropools.com/ - you want a pool that has servers as close as possible to you.
Step 3. Download a miner software and configure it for that pool.
Most pools have a "Getting started" section or "How to configure" where they give links to CPU only miners and GPU only miners or miners that can do both.
Those pages should also have a list of server addresses and ports - most pools have different ports for different difficulty ranges - the pool may suggest one port if your processor mines in the 100-200 hashes per second and another port if you're going to use GPU cards for mining (ex 500-2000 hashes per second)
For example, for XMRPool.net the host is mine.xmrpool.net and the port is 5555 for mid-level hardware (up to 160 hashes per second) or 7777 for higher end (up to 300 hashes per second)
For CPU mining, i like xmrig since it's super easy to use :
https://github.com/xmrig/xmrig (and downloads page :
https://github.com/xmrig/xmrig/releases )
You can either open a command window or create a batch file where you put the parameters in the command line, or you edit the config.json file (you can open it in Notepad) and just run the executable
So the command would look like this:
xmrig.exe -o mine.xmrpool.net:5555 -u MONERO_WALLET_ADDRESS_THAT_LONG_STRING_OF_DIGITS_AND_LETTERS -p x -k -t 4
where
-o host:port is the host and port ,
-u tells the wallet address,
-p is the password ( 'x' if the pool doesn't use passwords, but on some pools you can enter something here and then on dashboard you see statistics for each machine separately using this as machine name)
-k keep the connection alive (in case it takes a lot of time for your pc to find a result)
-t the number of cpu threads, ideally one per 2 MB of L2 cache
If you want to edit the json file, it looks like this:
{
"algo": "cryptonight", // cryptonight (default) or cryptonight-lite
"av": 0, // algorithm variation, 0 auto select
"background": false, // true to run the miner in the background
"colors": true, // false to disable colored output
"cpu-affinity": null, // set process affinity to CPU core(s), mask "0x3" for cores 0 and 1
"cpu-priority": null, // set process priority (0 idle, 2 normal to 5 highest)
"donate-level": 1, // donate level, mininum 1%
"log-file": null, // log all output to a file, example: "c:/some/path/xmrig.log"
"max-cpu-usage": 75, // maximum CPU usage for automatic mode, usually limiting factor is CPU cache not this option.
"print-time": 60, // print hashrate report every N seconds
"retries": 5, // number of times to retry before switch to backup server
"retry-pause": 5, // time to pause between retries
"safe": false, // true to safe adjust threads and av settings for current CPU
"threads": 4, // number of miner threads <- fx8320 has only 8 MB L2 cache, more threads just increases cpu usage, with 4 threads = ~60% usage
"pools": [
{
"url": "mine.xmrpool.net:5555", // URL of mining server
"user": "MONERO_WALLET_ADDRESS_THAT_LONG_STRING_OF_DIGITS_AND_LETTERS", // username for mining server
"pass": "fx8320", // password for mining server <-- i was hoping to see this separated from other pc, but xmrpool.net doesn't have this feature, leave x if you want
"keepalive": true, // send keepalived for prevent timeout (need pool support)
"nicehash": false // enable nicehash/xmrig-proxy support
}
],
"api": {
"port": 0, // port for the miner API [url]https://github.com/xmrig/xmrig/wiki/API[/url]
"access-token": null, // access token for API
"worker-id": null // custom worker-id for API
}
}
for xmr-stak (another popular monero and other cryptonight currencies) ... which you can get from here:
https://github.com/fireice-uk/xmr-stakyou just edit config.txt and you have there something like this:
"pool_list" :
[
{"pool_address" : "mine.xmrpool.net:3334", "wallet_address" : "MONERO_WALLET_ADDRESS_THAT_LONG_STRING_OF_DIGITS_AND_LETTERS", "pool_password" : "fx8320gpu_test", "use_nicehash" : false, "use_tls" : false, "tls_fingerprint" : "", "pool_weight" : 1 },
],
and you can add there more pools or more host:port combinations and the miner will switch between them if one times out
Step 4. convert to some cash ...
You can trade the monero on exchanges ... most major exchanges don't allow signups these days due to popularity increase. Some only accept US members. You can sort of figure which exchanges are popular from here:
https://cryptocoincharts.info/markets/info and here's another one :
https://coinmarketcap.com/currencies/volume/24-hour/Bittrex may accept new members soon (and it's good, lots of coins and traders), OKEx still allowed signups a couple days ago
There are some sites which buy or sell various coins directly. I personally have used AnyCoinDirect.eu
https://anycoindirect.eu/ and it works well, they pay to bank account or Paypal, not the greatest exchange rate but they work nice and fast.