LiteCoins - My experience so far

By Michael Marneros, in , posted: 4-Feb-2014 23:30

OK, so basically, I was told about Lite Coins (its like a new Bit Coin variant).  Knowing what happened to bit coins, decided to try mining lite coins.  Who knows what will happen, but if it continues to grow, then mining them with existing hardware (if you have the right stuff) could contribute to a nice Christmas bonus (sometime in the near/distant future).

I found some guides online which I read up and eventually followed.  It seams as long as you have some sort of gaming or decent performance ATI graphics card (nVidia does not perform as well, there is a whole article about this topic alone), and a computer for it to run in.  Then you could probably switch it to mine mode when your not using it.  Like when your sleeping (if the noisey pc is not around) or at work, on holiday, out at parties.. you get the idea.

I have an old crusty (but still working) ATI Radeon 4850 x2.  You can see it near the beginning of this chart (which means its at the bottom and performs poorly).  Chances are, if you have a gaming rig, then you probably have a better graphics card than me.  =)

Mining Hardware Comparison

You will need to set some things up
  • Download the Lite Coin wallet
  • Make Catalyst Software installed
  • Latest GFX card drivers installed
  • Get yourself CgMiner or GUIminer-Scrypt
  • Join a network, setup your worker, then start mining
Done . right?

Pretty much.  I did all this stuff, and found the card performing ok.  It was outputting 107 kh/s.
I also joined a network in the US (vegas).  I didn't realise this at the time, but latency affects your successful processing (or mining).  You want more successsful attempts without any loses.  I was averaging 1/5 loss/success ratio.

You can also tweak the settings.  This can allow for larger output.  I ended up fiddling around with overclocking and tweaking numbers.  I have 2x GPU on my card, so was able to setup 2 miners eventually both running at 107 each.  I managed to get higher output, but it was not as stable and kept overheating.
Can be fun to experiment seeing how much you can push the boundaries.  Or just run as standard.  Either way your mining right?

OK so my workmate (who also told me to start LiteCoin mining) also pointed me at a new Mining network with a Melbourne server.  Great for lower latency which means better performance, and more lite coin mining (and they have a very nice interface).
This team is called LTC Rabbit.  Worth a looksie if your mining from New Zealand/Australia.


If your interested in having a tinker here are some useful articles. =)

Well I hope this inspires some of your to take advantage of this new potential cryptocurrency.  If anyone goes crazy and makes a massive rig (or has something crazy in place already).  I would love to see, hear about it =)
Now I think about it, there must be a forum on this already in here.





Other related posts:
More Crypto - Social currency? Redd Coins






Comment by DravidDavid, on 5-Feb-2014 08:59

Thank you!

I was looking in to Bitcoin trading when it was $30.00 per coin...Boy am I sorry I didn't start then!  I missed out on a house deposit!
I will definitely be looking in to this.

Cheers!


Author's note by kinsten, on 5-Feb-2014 15:03

@DravidDavid
Yea should be worth a dabble.  It is worth noting that power consumption can out weight initial gains of value.  Ideally you would want to be hitting more of a rate than me (currently breaking even or slight loss with 215khz/s).  It is a good excuse to upgrade my graphics card though hehe.  Which I can also use for gaming.
Overall, if the market price doubles at any stage (along with the difficulty of mining) I would have drastically out weighed the cost of both purchasing a new card, and any power use I have used.

Food for thought. =)


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Michael Marneros
New Zealand


What do I do?
I work for a Software Development company teaching people how to use our amazingly simple & yet complex software.  I also test the software for bugs, and help come up with ideas for improving our software for our customers.

What do I do when i'm not working?
Usually at home enjoying my wife's company or enjoying time with friends, & playing games or watching tv/movies. I love most kinds of movies.

Interests?
I love computer games and music. I have taught myself Piano, and created my own style and sorta tinker from there. Compose my own music & currently working on some Electronica projects. You can download and listen to some of my works for free from here.  Or check out my soundcloud here.

Computers?
Yes, they are terrible inventions, sent to make peoples lives supposedly easier. So far I get enjoyment out of the ease of communication (I hate hand writing letters) & how close it has made the world. Constantly called upon by friends to help with somewhat simple tasks (removing viruses, installing applications, hiding the material they want hidden from their partners).

Web design & Hosting:
I dabble in web design, getting the occasional contract via friends or through word of mouth.  Here are some of my projects. 


Trott's Garden - Internationally recognised garden design, Alan & Catherine Trott are my first customers

Container Waste - Recent project presented to me by their graphic designer

The Cheshire Cats Grin - My wife was diagnosed with cancer & she REALLY needed an outlet.  So I setup this wordpress blog to express herself.  We also decided to trial those Penguin Cold Caps to help prevent her from losing hair during the Chemo.

Darjon Vineyard - A venue for weddings or events.