How To Mine Ethereum on Your Mac
Mining cryptocurrencies can be both profitable and risky. This is how to mine Ethereum on your mac.
As we begin to slowly progress into a digital world, one of the biggest developments has been the evolution of cryptocurrency. When bitcoin arrived on the scene, it was met with both skepticism and high expectations. While it started off slow, bitcoin has now exploded in terms of value. As recent as 2016 or 2017, one bitcoin was barely worth anything. Now, one bitcoin is worth nearly $8,000.
With the addition of blockchain networks, cryptocurrencies have become incorruptible and easy to exchange for goods and services. Blockchains use decentralized networks that cut out third party servers, allowing users to connect and share files with each other directly. One blockchain platform utilizing smart contracts is Ethereum, which uses its own currency called Ether and can be used to purchase items and exchange for other currencies.
Because cryptocurrencies don't use a centralized provider the way traditional banks do, network participants known as "miners" are given extra tasks to complete in exchange for bitcoins. These tasks include ordering transactions chronologically so users don't spend the same bitcoin twice. In failed attempts to build more blocks to the chain, miners show "proof of work," which prevents them from falsifying an amount of bitcoins and keeps the network secure.
Ethereum works in a similar capacity, as miners work to secure the blockchain network and are rewarded with Ether. Anyone can virtually be a miner, but depending on what kind of computer you have, it could be damaging. Here's how to mine Ethereum on your Mac.
Sign up for an account on MinerGate.
MinerGate is the most common mining hardware for a Mac. MinerGate guides you through the process of mining Ethereum and even sets you up with an Ethereum wallet. MinerGate allows you to switch between different cryptocurrencies and see which ones are more profitable. Go to minergate.com and just download the program for free.
Create an Ethereum wallet.
Once you've installed MinerGate, you'll be required to create an Ethereum wallet where your Ether will be transferred to. You'll have the ability to decide which currency you'd like to mine also. And just like an ordinary bank account, you'll also be able to withdraw any Ether from your wallet and mine Ethereum on your Mac.
Download a CPU temperature app.
Mining in general makes your computer work harder than usual. Ethereum mining on a Mac can quickly overheat your computer and fry the battery or any other parts. Downloading a CPU temperature monitor will help you keep track of how hard your computer is working and when to take a break from mining. It also helps to close any other tabs or downloads you might have going at the moment.
Select how hard you want your computer to work.
When you start mining Ethereum on your Mac, you'll be able to select the amount of cores you want to use, meaning how hard you want your computer to work. Keep in mind that the harder your computer works, the more you will mine and receive more Ether. But this also comes at a cost where it could slow your computer in the long run and potentially fry the board without monitoring the temperature.
Try using the smart miner feature.
MinerGate has a feature called smart miner which guides you through the process. Smart miner shows you all the different coins you can mine, although there are certain currencies such as Bitcoin that you won't be able to mine. Smart miner also has the ability to show you how good and capable your hardware is for mining and shows you the hash rates with how fast your computer is mining.
Don't mine on a laptop.
If you want to mine Ethereum on your Mac, use a desktop. Laptops, even newer MacBook Pros will not have the same capabilities as a desktop with a graphics card. If you want to make money by mining, you will have to keep your computer mining 24/7. By keeping your laptop mining all the time, it will quickly overheat the computer and destroy your CPU and graphics card.
You need a strong GPU.
Mining coins uses both your computer's CPU and GPU. If you have a strong GPU, it will take the pressure and heat off your CPU, making mining more efficient and healthy for your computer. GPU's run faster and have larger numbers of ALU's than CPU's, giving it the ability to handle more mathematical labor than CPU's.
Consider using a mining pool.
There are easy alternatives to mine Ethereum on your Mac. Pooled mining is when multiple miners contribute to generating the same block, then split the reward evenly. The only downside to mining pools is the possibility of cheating, but there are certain steps to ensure it doesn't happen. "Slush's pools" uses a scoring method in which older shares bear less weight than newer ones, reducing the motivation to cheat.
Use Binance or Coinbase to sell ETH.
Once you mine enough Ether to exchange it for real cash or other currencies, you can use Binance or Coinbase. These sites offer a safe and secure exchange that'll transfer directly into your Ethereum wallet. With Binance or Coinbase, you'll also be able to trade your coins for other currencies and even buy other coins.
Beware of malware!
One of the issues with downloading a mining program is the malware some phony websites may embed it with. Over half a million computers were infected with malware created by hackers. Although most of these malware infections are associated with PC's, it is advised to keep most of your software updated in order to mine Ethereum on your Mac.