September 21, 2020

Bitcoin mining on Mac

Bitcoin mining on Mac

Bitcoin is a very promising asset. Its price grows, and it becomes more and more popular in different spheres: business, trading and private transfers. Naturally, the best method to get cryptocurrency is to mine it. It allowed to get Bitcoin almost for free. Now, this process is more expensive and not as profitable as earlier, but there are mining methods that can help you increase your income.

What is Bitcoin?

Bitcoin is the first cryptocurrency that started a new niche and new industry. You can use Bitcoin as a full payment method and buy different goods and online services, such as food products, technology and even a house.

Bitcoin has a lot of advantages:

  1. Decentralization. There isn’t any person or country that can regulate it. In fact, this is a cross-national technology like the internet. The number of businesses that work with Bitcoin grows every day around the world. Even big companies such as Microsoft and Dell take Bitcoins as a payment method.
  2. Price is set by the market.
  3. Stability. This point sounds strange but Bitcoin is more stable than other money in the crisis time because it is protected from political circumstances.

In addition, you can totally control your money. No one can block your bank account. Also, Bitcoin is protected from inflation and other different unwanted situations.

What is mining?

Mining is a process of Bitcoin creation. To achieve this goal, you need a powerful computer. Even more, powerful graphics cards. Now, you can’t do it by yourself because other companies have huge computing power, and the level of difficulty has significantly grown. Now, you need to collaborate with other people, create your pool or join an existing one.

Mining on the Mac

You need to buy a lot of additional equipment and pay a lot of money for electricity. Also, you need to renew computers because increased loads cause damage to them.

What computer do you need if you want to mine the cryptocurrency? We recommend you to buy iMac. If you have MacBook Pro, it is also a good computer but the more efficient the device is the better, don’t forget about this.

We don’t recommend you to mine Bitcoins on MacBook Air or Mac Mini because of weaker characteristics. You can always buy an efficient computer on credit. If you do it right, it is not a problem. You can repay a loan quickly.

Creating a wallet

The first thing you need to do is create a wallet where your Bitcoins can be kept. It is necessary because you can’t mine cryptocurrency without a place for keeping them.

There are many websites that can create a wallet for you.

Bitcoin mining on Mac

It is necessary to ensure that you have copies of your wallet, and you keep your data in a reliable place. It is similar to losing your wallet in real life. You can’t restore the money you lost. You can read more about the safety of your Bitcoin wallet on the Bitcoin official website.

Connecting to a pool

After creating and setting up your wallet, you have to join a pool. You can choose any you want. The biggest pools are situated in China.

The best are F2Pool, Slushpool and BTCC.

They can have different transaction fees, and you need to compare these websites before you mine.

Installing a software

If you want to mine, you need to install a software. If you are a beginner, you can use the MacMiner application. Unfortunately, there are some problems associated with a lack of a big number of applications. It’s quite hard for Mac users to find a quality application.

Also, you can install Minergate. It’s one of the most productive programs.

Bitcoin mining on Mac

Also, Asteroid is a great application with a very simple interface without a need to work with the console. An advantage of this app is the number of pools.

What should you understand?

Apple doesn’t create devices for mining. Their computers are excellent for work, but not for getting cryptocurrency. We also don’t know what Apple thinks about the idea of mining Bitcoins on their devices.

For example, there was one incident when Apple deleted the application for mining Monero. They explained this decision by a low productivity of this application. However, they don’t protest against this type of application.

You should also understand that the difficulty of mining always increases. That’s why every year, you need to have more and more powerful GPU. We can’t say that Apple devices have good productivity.

More or less normal mining can occur only when you have several devices. However, even if you have 10 MacOS devices, it will be hard for you to mine any expensive cryptocurrency because of a big number of competitors with more powerful equipment. That’s why you’d better mine simpler coins that have some growth prospects but aren’t so demanding of GPU.

To be honest, Windows and Linux devices can mine more Bitcoins. For instance, a modern GPU Nvidia GTX 1080ti can have a hashrate up to 750-800 MH/s. The maximum hashrate on Mac is 550 MH/s.

Also, Apple devices consume a lot of electricity. This is not so critical if we do regular work, but mining can «eat» up to 380W. This is too much and associated with higher spendings.

You can’t make all necessary settings because everything is adapted for the standard user. This is a unique feature of Mac, but if we talk about mining, this is a big disadvantage. You can’t optimize your mining process even if you want.

That’s why mining on Mac is considered a waste of money.

H2: How much money will you make?

This question is difficult to answer. You can have rights to some percentage of the pool’s income. If the pool earns the money, you will get it. Every pool declares its hashrate. The higher it is, the more likely it is to earn some cryptocurrency and the more chance to get payouts regularly.

Remember, if you are a Mac user, you can’t contribute even a minimum power to the pool. That’s why you won’t be able to get the money. Don’t forget about the fact that these platforms keep the commission 1-4% of an income.

To sum up

According to the information above, you aren’t supposed to mine Bitcoin via Mac. This is a very hard task because these devices are not so powerful. This situation becomes more difficult because of a lack of possibility to set up the mining process on the level Windows or Linux allow it. Also, Mac computers are very demanding for the electricity. These computers stop working efficiently very fast. It’s a bad idea to buy an Apple computer specifically for mining.

You can use these devices for getting cryptocurrency only if these conditions are met:

  1. You have a Mac computer that just lies around without any real need in it.
  2. You have free or super cheap electricity.
  3. You want to mine cryptocurrency for pleasure, not for money.

Some people solve this problem by installing a Windows or Linux on their Apple computers or laptops. However, you can buy Windows computer three times cheaper than Mac.