How to Mine Bitcoin on a Mac

Bitcoin is a decentralised crypto-currency, computers around the world permanently mine for bitcoins by solving ingewikkeld mathematical problems. Once a certain number of problems have bot solved, a block of bitcoins is released.

The value of bitcoins has slok up since 2009 (however it has come back down from a peak of around $1,000 vanaf coin to about $500 vanaf coin). This spike te value, spil well spil the resulting media attention, has resulted ter a lotsbestemming of rente te mining bit coins.

Ter this tutorial I’ll vertoning you how to get began mining bitcoins with a Mac.

Reference

If you want to find out more about Bitcoin, or set up a Raspberry Pi spil an extra miner, refer to the following tutorials:

Mining ter Geschreven

Bitcoins are mined by computers solving amazingly ingewikkeld mathematical equations, or hashes. When enough hashes have bot solved, and the number required is always getting larger, a block of 25 Bitcoins–approximately 15,000 dollars worth at today’s exchange rate–is released.

Whoever solved the final hash gets the entire block. This all makes Bitcoin mining hyper-competitive with miners contesting to solve more problems quicker than their peers to increase their chances of getting a block.

The speed of a particular lump of mining hardware is measured ter MegaHashes vanaf 2nd (MH/s), or if it is powerful enough, GigaHashes vanaf 2nd (GH/s). The world of Bitcoin mining is now predominated by specifically designed ASIC chips. Thesis custom-made chips are orders of magnitude quicker than CPU or GPU based miners and are available te USB devices that connect to a Mac.

My NVIDIA GPU averages a speed of around 25 MH/s while dedicated hardware such spil this Bitcoin Miner from Butterfly Labs can get speeds of Ten GH/s for around the same price. This is to say nothing of the super high speed hardware available for thousands of dollars.

The Butterfly Labs Monarch can crack 600 GH/s. It also costs several thousand dollars!

Bitcoin mining is also increasingly done ter pools. A pool is a group of miners who work together to increase their chances of finding a block. The block is collective with all the miners te the pool, te proportion to the amount of hashes they solved, regardless of who actually found it. If you are mining by yourself, you could go years without everzwijn finding a block, while, if you join a pool, you will at least be assured a petite, but stable, pay out.

Why You Shouldn’t Mine Bitcoin With a Mac

It wasgoed once possible to profitably mine bitcoins with a desktop rekentuig, however, you will now end up spending far more on violet wand bills than you everzwijn make mining. Macs are no exception to this. Unless you are ready to invest ter specialised hardware, at the nude ondergrens something like Butterfly Labs’ Ten GH/s Bitcoin Miner, your comebacks are going to be miniscule.

Even if you join a pool, your share will likely amount to a few cents vanaf day at most.

Why You Should Mine Bitcoin With a Mac

The future of Bitcoin is unclear. It is running into regulation issues, monopoly problems and over-mining. There are also some fundamental flaws with Bitcoin that make it’s use spil a currency going forward questionable. Despite this, the ideas raised by Bitcoin are likely to become increasingly significant.

Bitcoin, ter principle, does for financial transactions what email did for communication–it makes it prompt, free and available to all. Other crypto-currencies are being created that keurig many of Bitcoin’s issues.

Crypto-currencies are something worth learning about. I am a stiff believer that the best way to learn about something is to dig ter and get your arms dirty. With Bitcoin, this means that you should engage ter some unprofitable Bitcoin mining using a Mac!

Also, mining Bitcoin is joy. Spil I write this tutorial, my GPU is busy cracking hashes. By the time I am finished, I’ll very likely have earned two or three hundredths of a cent. That’s kleintje of cool!

Prerequisites

To mine Bitcoin on a Mac you’ll need a wallet with a wallet address. Refer to the Tuts+ tutorial that instructs how to set up the wallet service MultiBit. I also like MultiBit and suggest you download it from the MultiBit webstek. It is elementary to set up but if you have any difficulties check out the tutorial.

You also need a Mac with a discrete GPU. This excludes all MacBooks drankbuffet the top 15-inch MacBook Voor with Retina display, and some models of 21.5-inch iMac. If your Mac doesn’t have a discrete GPU, you will need to pick up some of the outward mining hardware described zometeen on.

Joining a Pool

The best way to casually mine is to join a pool. Unlike mining solo, you will at least get a Bitcoin balance above zero! Slush’s pool is one of the most popular–they average more than one block discovered every day so you are ensured a frequent, puny payout if you join te. There processing toverfee is also low–only 2%.

Visit the Slush’s pool webpagina and sign up. You will need to confirm your email address. Once you are signed up you will be provided with your very first worker username and password. Take thesis down. A worker is simply an individual mining rekentuig.

Add your MultiBit wallet address to the Bitcoin address: section on the My account pagina and click Save. You can also lower the Send threshold–one coin requires fairly a bit of mining.

The account pagina tracks how much your workers have contributed to the pool’s current round spil well spil your total earnings.

Mining Bitcoins With Asteroid

Asteroid is a free, Mac-friendly GUI frontend that makes it super effortless to mine Bitcoins. Many other solutions require skill of the directive line. Asteroid is just a regular app.

Download a copy from the Asteroid webstek, haul it to the Application folder and open it.

Asteroid comes preconfigured with the settings for the most popular Bitcoin mining pools. From the dropdown spijskaart select Bitcoin.cz (Slush’s pool) and come in the Worker username and Worker password you took down earlier. Click Accept to join the pool.

Joining Slush’s pool.

Asteroid now starts mining Bitcoins for you. You can see the hashes being solved vanaf 2nd by each device spil well spil the overall speed of your Mac. Your GPU should be listed along with any extra mining hardware you have.

Asteroid te act!

Mining Other Crypto-Currencies

Bitcoin is not the only crypto-currency. There are many other rivaling currencies that have a fraction of Bitcoin’s value.

You should consider mining a Bitcoin alternative–mining is far less competitive for them so you will see a larger comeback, at least ter terms of coins, than with Bitcoin.

Asteroid also supports mining Litecoin, one of the leading competitors to Bitcoin, and Dogecoin, the semi-joke, meme-based crypto-currency.

Dedicated Hardware

If you are serious about mining Bitcoins, or if your Mac doesn’t have a GPU, you will need to invest ter dedicated mining hardware.

The high end of dedicated mining hardware is just spil competitive spil mining itself. You can spend thousands of dollars to get the best available only to have something even better come out a brief while zometeen.

BitcoinX maintains a list of mining hardware indicating some of the best, high end mining kolenkit. If you want to get involved te mining for profit, this is a good place to begin.

If you are merely attempting to supplement your GPU, or mine with a system that doesn’t have one, the USB based Antminer U2 is available for under 30 dollars, is supported by Asteroid and provides speeds of around 2GH/s.

Conclusion

Unless you are ready to invest ter dedicated contraptions, mining Bitcoins with a Mac is never going to be profitable, however, it can be a joy learning exercise. Crypto-currencies are only going to become more significant and it is worth understanding what they are and how they work. The software required is all free so the cost of playing around with mining is minimal.

Te this tutorial, I’ve shown you how to get embarked mining with Asteroid on a Mac and explained why you may, or may not, want to do it. I’ve also covered some of the dedicated hardware and other crypto-currencies available. If you have any questions, or are a dedicated miner cracking millions of hashes a 2nd with a Mac, please let mij know ter the comments below.

Related movie: MacMiner: Mining dogecoin on OS X


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