![]() With Bitcoin, this means that you should engage in some unprofitable Bitcoin mining using a Mac!Īlso, mining Bitcoin is fun. I am a firm believer that the best way to learn about something is to dig in and get your hands dirty. Other crypto-currencies are being created that correct many of Bitcoin’s issues.Ĭrypto-currencies are something worth learning about. Despite this, the ideas raised by Bitcoin are likely to become increasingly important.īitcoin, in principle, does for financial transactions what email did for communication–it makes it fast, free and available to all. There are also some fundamental flaws with Bitcoin that make it’s use as a currency going forward questionable. It is running into regulation issues, monopoly problems and over-mining. ![]() Unless you are prepared to invest in specialised hardware, at the bare minimum something like Butterfly Labs’ 10 GH/s Bitcoin Miner, your returns are going to be miniscule.Įven if you join a pool, your share will likely amount to a few cents per day at most. It was once possible to profitably mine bitcoins with a desktop computer, however, you will now end up spending far more on electricity bills than you ever make mining. Why You Shouldn’t Mine Bitcoin With a Mac If you are mining by yourself, you could go years without ever finding a block, while, if you join a pool, you will at least be guaranteed a small, but steady, pay out. The block is shared with all the miners in the pool, in proportion to the amount of hashes they solved, regardless of who actually found it. A pool is a group of miners who work together to increase their chances of finding a block. It also costs several thousand dollars!īitcoin mining is also increasingly done in pools. The Butterfly Labs Monarch can crack 600 GH/s. This is to say nothing of the super high speed hardware available for thousands of dollars. ![]() My NVIDIA GPU averages a speed of around 25 MH/s while dedicated hardware such as this Bitcoin Miner from Butterfly Labs can get speeds of 10 GH/s for around the same price. These custom chips are orders of magnitude faster than CPU or GPU based miners and are available in USB devices that connect to a Mac. The world of Bitcoin mining is now dominated by specifically designed ASIC chips. The speed of a particular piece of mining hardware is measured in MegaHashes per second (MH/s), or if it is powerful enough, GigaHashes per second (GH/s). This all makes Bitcoin mining hyper-competitive with miners competing to solve more problems faster than their peers to increase their chances of getting a block. Whoever solved the final hash gets the whole block. When enough hashes have been 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.
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