how can i dig my own coins, would be fun to test. have only invested but would be cool to earn coins. I am quite inexperienced so please answer me respectfully
get a scrypt miner. join a pool or go solo (need a lot of hash to have any real results solo)
Mining solo is not always profitable because of the cost of equipment and high electricity costs. The latter also depends on where you live, though. Joining a mining pool or cloud mining are better alternatives for most people.
I would not do cloud mining - if you look at any of them, they cost more to use than the profits they provide - for that, just buy the coin outright, after all that is what cloud mining is really about, someone else mines and you pay them for the coin. And yes to mine, you need cheap electricity or it’s not going to be worth it either.
Yeah, i agree with your narrative. People don’t consider all of these factors when the start and later it backfires on them.
Let me write in bullet points form so you could understand it easily.
1 - So start from beginning and not from the end (mining). Read about Cryptocurrency concept so you could understand why it came into being at first place and what was the original proposal by Satoshi Nakamoto.
2 - Try to find his white paper on Bitcoin (Bitcoin: A Peer-to-Peer Electronic Cash System) and go through it. It is just 9 pages but these 9 pages changed the world.
3 - Read about Blockchain technology. Remember, Bitcoin is proof of concept. Real thing is blockchain. All coins are based on this technology.
4 - Study about various coins and what are their features. Simple google will do the job.
5 - In order to understand mining, understand related jargon like Hashpowers, CPU/GPU/ASIC mining. What are these different techniques and why someone would use them
6 - Understand what Mining Pools are and why you would need them.
7 - Search about companies who develop Mining ASIC hardware and how much that costs.
8 - In this whole mining business, electricity cost, equipment cost etc matters a lot. Use web sites like “https://www.cryptocompare.com/” to find out more.
9 - I think by the time you will have this knowledge, you will pretty much disappointed that your dream to mine and become millionaire is almost shattered…lolz
10 - However, in order to test how mining works, download a GUI based program from “EasyMiner.net”. In background it uses two executables “cudaminer.exe” for nVidia cards and minerd for CPU mining. These two programs were written by two different people and EasyMiner author is yet another person. Install it, configure it and kick hard on “Start Mining” button …lolz … I configured it for the pool from “litecoinpools.org” and another one is “prohashing.com”. Both pools are free. All you need are three things. Pool URL, Username and Password. These are passed as arguments in EasyMiner which in background will kick off minerd or cudaminer.exe
So once you are back from this epic journey of excitement to disappointment, please do share your thoughts with rest of folks.
P.S-1: BTC and LTC coin mining is only profitable using ASIC Hardware costing huge sum and lot of electric power which you cannot use in your home. So some people advise to buy LTC and BTC form Crypto Exchanges like “Binance.com”
P.S-2 : All the web sites that I shared above are based on my own research. NO direct or indirect connection with them.
P.S-3 : I was able to write this long due to some free time at work. So excuse me now.
Any reliable cloud mining service for LTC mining