P2Pool mining guide
P2Pool is currently the only pool that isn't centralized. With P2Pool, your coins are not controlled by any server or pool; what you are owed is store in P2Pool's sharechain. Due to the decentralized nature of P2Pool, it is currently the only way for the network to be secure--even if 100% of the miners are using P2Pool.
At the current time, it is recommended that you use P2Pool if your hashrate is around the value displayed on http://ltc.noshit.pl/p2pool. This is not to say that you can't use P2Pool if your hashrate is lower, but your payouts might come less often or it might be more difficult to get a good payout.
Setting up and mining P2Pool is extremely easy; setting it up for Windows is probably the simplest process of all. This guide is currently written to help miners set up a local P2Pool node on Windows.
Download and sync Litecoin
rpcuser=<user> rpcpassword=<password> server=1
- Make sure you use a secure password. You can even use long random strings for both your user and password since you don't need to remember these values.
Run Litecoin and let it sync; you can use bootstrap.dat to sync it much more quickly.
If Bitcoin client is running
If you also have the Bitcoin client running, it probably won't be an issue, but you might run into problems with Litcoin P2Pool connecting properly; add the following to your litecoin.conf to fix this issue:
Download and set up P2Pool
Download P2Pool from http://p2pool.in/.
Make a file in your p2pool folder called p2pool.bat and add the following within:
run_p2pool.exe --net litecoin <user> <password>
<user> and <password> are the ones you used in your litecoin.conf.
Download and set up miner
Make a cgminer.conf file in your cgminer folder.
- Your url will be 127.0.0.1:9327.
- Your user will be your own Litecoin address.
- The password can be anything, people usually use
Litecoin must be running for your P2Pool node to connect, and your P2Pool node must be running in order to mine with it. Your node will join the P2Pool network and you'll be able to securely mine Litecoin right into your own wallet!
By default, P2Pool nodes donate 1% to the author of P2Pool. If you don't want to donate, want to donate more, or if you want to lower the donation, you can add
--give-author 0, or
-give-author 1.5 to the p2pool.bat file.
If you want to add a fee to your node, to acquire funds from any other miners you might potentially get to join your node, you can simply add
-f 1 to your p2pool.bat. Using a value of
1, your node will take a 1% mining fee from any miners and deposit it to the address set by the
-a flag, or to the default address of your Litecoin client (if the wallet is loaded).
You might want to run Litecoin without a wallet by using the
disablewallet=1 setting inside of your litecoin.conf. If you do this, you can also set P2Pool to send any potential fees to another address of yours by adding
-a <litecoinaddress> to your p2pool.bat. This not only saves RAM on the Litecoin client, since it doesn't load the data for a wallet, but it also lets you send your coins to a wallet secured elsewhere, or a paper wallet.