A Beginner’s Guide to Mining Cryptocurrencies on the Mac

What are the possible Altcoins to mine on a mac?

There are like a thousand different Altcoins. 1854 to be exact. Including Bitcoin there are 1855 different cryptocurrencies. All of these 1854 Altcoins want to be the next Bitcoin or something even better.

But we are going to look at the most popular / advanced / practical coins to mine on a Mac. All the test mining results that follow were run on a MacBook Pro 15″ mid 2017 (A1701).

Monero (XMR) :

Monero stands out among other cryptocurrencies as it is widely considered as the most advanced anonymous digital currency. Monero is based on a proof-of-work algorithm known as CryptoNight, which is designed with certain specifications that make it difficult for Monero mining using ASICs to work well. In turn, it is actually relatively easy to mine Monero on your PC / Mac.

This means people all over the world will be leaving mining software running on their home or work PCs. Those that do this will earn Monero in exchange for running the software that processes and verifies other Monero transactions. Therefore, if someone else is paying the electricity bill (e.g. an employer or a university), then there will be a financial incentive for people to mine Monero using the spare capacity of the computers they already have access to. Far more people will be willing to casually use existing computers for this task than there would if they would need to purchase and install purpose built ASIC mining hardware. Because no special mining equipment is required, it means that it would be easy for anyone that downloads a Monero wallet to simply click a single button to start mining on their computer.

Monero is the most profitable coin to mine on a Mac. Or any other Laptop. Period. Monero is one of the best coins to mine for absolute beginners. All you need to do is fire up the GUI and hit mine. That simple. But still Profitable.

So ordinary people who are interested in Monero will be able to earn their first little bit of Monero by participating in the mining process. This is a major marketing win, as it distributes Monero to the broadest possible number of participants to fuel their enthusiasm. Monero is currently the 10th largest cryptocurrency. 1 XMR = $96.7. Monero supports mining with CPU/GPU or both.

I Calculated the earnings based on the average hashrate I was getting on a MBP A1701 over a period of 24 hrs on Minergate.

So if you have a more powerful Mac and if you hook in a supported GPU, you could be making serious money in the future if not immediately.

Ethereum / Ethereum Classic (ETH / ETC) :

Ethereum was developed to augment and improve on bitcoin, expanding its capabilities. Importantly, it was developed to feature prominently “smart contracts” : decentralized, self-executing agreements coded into the blockchain itself so that there is no authenticating third party required.

Ethereum is the second most valuable cryptocurrency (market cap). Ethereum Classic is a fork of Ethereum. 1 ETH = $302. Ethereum rewards its miners based on the proof of work algorithm called Ethash, which actually encourages decentralized mining by individuals and doesn’t support ASICs mining. You can mine Ethereum with CPU/GPU mining or both. But recently ASIC mining became possible on the Ethereum Blockchain.

I Calculated the earnings based on the average hashrate I was getting on a MBP A1701 over a period of 24 hrs on Minergate.

So unfortunately, Ethereum is also a no show on the Mac. But external GPUs will really help boost your earnings. But your best bet is to buy it or ASIC mine it.

Litecoin (LTC) :

Litecoin is a fork of the Bitcoin Core client, with a few slight differences. It had a reduced block generation time at two and a half minutes; it had significantly more coins or tokens and a different hashing algorithm using scrypt, instead of SHA-256. 1 Litecoin costs about $56.90. It has the 7th highest market cap as of 2018.

CPU only mining of Litecoins is still sort of possible. In the sense that if you mine for 24/7 for an entire year with an average hashrate of 15 kh/s you would mine 0.0003841 LTC. Which is about $0.022! If you continue to mine at this rate you would make a dollar in 45 years!

I Calculated the earnings based on the average hashrate I was getting on a MBP A1701 over a period of 24 hrs.

So Leaving your Mac running the mining program 24/7 would almost definitely cost you more in electricity than it would earn you in Litecoin, so I don’t recommend trying this! Ever! Again if you are serious about mining, buy a mining rig! But anways here’s a link to a guide where you can set it up on a mac.

Bytecoin (BCN) :

Bytecoin was the first ever Altcoin based on CryptoNote technology. Bytecoin advertises itself as a totally anonymous Altcoin and as the first enterprise-ready altcoin. Fee-free instant international payments: The Bytecoin network works as fast as the internet. Your payments will take a little bit of time to process, as payments require cryptographic confirmation. Bytecoin claims transactions are processed in about 2 minutes. The makers of Bytecoin claim that hacking the currency “would require immense amount of expensive electricity and computational power of a supercomputer”.

Bytecoin is the 27th largest cryptocurrency in the world. 1 BCN = $ 0.001816!

I Calculated the earnings based on the average hashrate I was getting on a MBP A1701 over a period of 24 hrs on Minergate.

The only reason you would want to mine Bytecoin is for HODLing. 1 Bytecoin now worth micro cents maybe worth hundreds someday. And that is a huge MAYBE. Huge. Huuuugeeee. So keep calm on HODL!

But here’s what a smart person would do instead of mining Bytecoin:

Instead of mining Bytecoin, use the same compute power and time to mine Monero which is more profitable and use it to buy Bytecoin.

A week of mining Monero will give you about 0.00711 XMR which will buy you about 378 Bytecoins! So mining Bytecoin for an entire year will make you only 50 more coins. But mining monero for an entire year will buy you 19,845 Bytecoins! Well let’s make it more simple. $1 will buy you 551 Bytecoins. Just simply buy using cash. You’ll save time and also your precious machine!

This applies for all those penny cryptocurrencies that can be mined and those that can’t be mined like

XRP(Ripple), EOS, Stellar, IOTA, Tether. A $5 investment in any of these coins is a safe bet to make and will buy you a bucket load of those coins. It’s 5 bucks!

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