So I have 8 gb of ram, mining this would be "setgenerate true -1" in console correct? or is there a "setgenerate true 'Number of threads' " that i should use?
yes you are correct, setgenerate true -1 will mine with all available threads. 8 GB ram is more than enough for most processors. Since each thread will take ~750 MB
To simplify the process, the next update will have GUI option for this among other things.