Crypto currency mining help

Discussion in 'iMac' started by Applegeeky, Mar 10, 2019.

  1. Applegeeky macrumors regular

    Applegeeky

    Joined:
    Aug 30, 2014
    #1
    Hi all

    Anyone here doing crypto currency mining?

    Been trying to do so but seems like everything is for windows or linux. :(
     
  2. casperes1996 macrumors 68040

    casperes1996

    Joined:
    Jan 26, 2014
    Location:
    Horsens, Denmark
    #2
    Tools that work on Linux are almost always work on macOS as well, at least if they aren't graphical. And even if they are sometimes you can get it to work still, if you have X11 set up via XQuartz. - Though I've had no problem setting up miners on macOS in the past using native tools. Though I've never looked for graphical user interfaces if that's what you're looking for. Only CLI tools.(command line interface)

    I do not recommend mining for cryptocurrencies anyway though. Unless you have hardware specialised for it (or know what to look for) the electricity bill will be far greater than the value of the currencies.
     
  3. Applegeeky thread starter macrumors regular

    Applegeeky

    Joined:
    Aug 30, 2014
    #3
    Thanks for the reply. Would you be kind enough to guide me through? I want to give it a try just for interest in the topic.
     
  4. phoneme macrumors regular

    Joined:
    Sep 27, 2015
    #4
    i use to mine crypto mostly litecoin and convert them in bitcoins. i still have like 3 million doge coins. but i used a mining rig i built running windows. i don't own any mac stuff. so i do think i can be of much help. but listen to "casperes1996" he is right you will waste more money on electricity than what it would cost you to run your miners. plus all time you would have invested to get it running smoothly. if you want bitcoin you best bet is buy them from a exchange and buy a hardware wallet and don't leave your coins on the exchange
     
  5. wardie macrumors regular

    Joined:
    Aug 18, 2008
    #5
    +1 i tried this on cheesegrater Mac Pro and the electricity cost far outweighed the coins I got - unless you are using existing hardware so no extra cost and have free electricity e.g. solar PV possibly
     
  6. casperes1996 macrumors 68040

    casperes1996

    Joined:
    Jan 26, 2014
    Location:
    Horsens, Denmark
    #6
    A bit busy with uni so I may not necessarily respon super quickly.

    Guiding you through isn't necessarily as simple as just a step-by-step guide.

    I mean, what do you want to mine for a start? There are many cryptocurrencies out there.
    Do you already have a wallet?
    Do you want to join a pool or mine solo?

    How familiar are you with command line interfaces?

    Only one I've tried and have experience with myself is Electroneum or whatever it's called, but I'm sure I can help you with any coin you'd like.

    But again, I'd like to stress that it's not worth it. Anybody reading this; Don't bother. The electricity bill and the wear & tear on the hardware outweighs anything you might potentially earn. And hell, you might mine for a long time, without getting a coin thus thinking it's pointless, since it could take a long, long time before any you get to any results whatsoever.
     
  7. SoyCapitanSoyCapitan

    Joined:
    Jul 4, 2015
    Location:
    Paris
    #7
    These people are burning electricity and hardware away and being played for fools by criminals and scammers in a zero sum game. It’s really tragic thing to witness. When you call it out they say ‘you just don’t understand it’ even if you know every line and dot. Perfect exploitation of the gullible.
     
  8. Freida macrumors 68000

    Joined:
    Oct 22, 2010
    #8
    2OP - don't mine crypto with Mac hardware (especially iMac).
    Its not really profitable unless you have cheap (and I mean CHEAP) electricity and you also have specialized hardware. If you wanna accumulate crypto then you have few options:
    a) learn to trade and start small there
    b) put money aside and buy some each time - BTC is now super "cheap" so if you believe in BTC then invest
    c) buy a proper mining rig, invest tons of money and wait 1+ year to get the investment back whilst burning tons of money on electricity

    So, which person are you?
     
  9. wlossw macrumors 65816

    wlossw

    Joined:
    May 9, 2012
    Location:
    Montreal, Quebec, Canada
    #9
    Mining is currently a terrible ROI. I don't see you creating enough value on your Mac hardware to outweigh the time required to set up and babysit the equipment, let alone the inevitable hardware wear and tear.

    Even with free electricity the payback time on hardware investment is terrible right now as well. If you want to get into crypto just buy some for fiat.
     
  10. northernmunky macrumors 6502a

    northernmunky

    Joined:
    Jan 19, 2007
    Location:
    London, Taipei
    #10
    I used to mine Ravencoin using simplemining OS for a while when it first came out and was easy to earn coins, I think what people fail to understand is that you mine with the expectation that the value will increase over time. Initially, the coins will be worth nothing in relation to your electrical spending but as time goes on and the coin becomes more popular.. what you mined will increase in value.

    The coins I mined are now worth more than what I paid in electricity and I've watched my coin reach several highs in the last few weeks and looks like it may increase further which is why I havent sold a single coin.

    As for mining, yes Windows/Linux is the way to go, and mainly because first Macs are not built to support multiple GPU setups. Mining on a Mac is admittedly pointless. Also the popularity of the OS, and if your NVIDIA remember that Apple has killed NVIDIA and CUDA support on Macs which is whats needed if youre an NVIDIA user like myself.

    If you want to get into it, what I did was start simple with CLI tools in Windows and get the hang of the options, then once I got that figured out I set up a proper multi GPU rig and setup simpleminer which runs off a USB stick to manage it which I highly recommend.
     
  11. fishbert macrumors member

    Joined:
    Aug 20, 2009
    #11
    So then buy them outright.
    There is no reason to mine for coins worth less than the cost of mining at the time of the mining.
     

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10 March 10, 2019