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Beginners Guide To Mining Bitcoin on Your iMac

Beginners Guide To Mining Bitcoin on Your Mac

Within the last 3 months, a new, decentralized global currency has risen in popularity on the internet.  This new currency is called Bitcoin, and in this article we will explain what it is and how you can get your hands on it with your iMac, other methods and a new range of Bitcoin Miners coming at the end of the month that are compatible with Apple Mac.

Bitcoin was created by a Japanese Mathematics Genius called Satoshi Nakamoto and was released in early 2009, gaining little notoriety and being used by only a few people world wide.

The currency began flowing more freely as more people began mining it on their CPU’s until it was discovered that high end GPU’s could also mine the currency and much faster.

The project was recently granted $500,000 and from then on the currency has grown in popularity, becoming exchangeable for many other real world currency’s, spiking at $240 for 1 BTC and then crashing back down to roughly $80 for 1 BTC.

The process of mining the currency on iMac’s is possible however it is recommended that you have a Powerful ATI Radeon GPU fitted.

Here is a short guide on how to mine Bitcoin on your iMac (Part 1)

  1. Download the latest version of the DiabloMiner for Mac and move it to the /Applications folder
  2. Using a Web browser, register an account with Bitcoin Pooled Mining (BMP)
  3. Using a Web browser, add a new worker (machine) to your BMP account

Notice that the worker login is <account-username>.<worker-name>, for example user.machine.

Diablo works on any version of 10.6 ‘Snow Leopard’, and requires a recent GPU which (in all recent Macs.) (AMD Radeon 5xxx and up; and Nvidia 8xxx and up.)

Here is a short guide on how to setup your Mining Software (Part 2)

  1. Launch the miner by double-clicking on the DiabloMiner icon in the /Applications folder
  2. When asked, enter the host-name for your pool, and press Enter
  3. When asked, enter the port number for your pool, 8332 and press Enter
  4. When asked, enter the miner’s name (user.machine, as explained above), and press Enter
  5. When asked, enter the miner’s password (not the account password), and press Enter

You only need to set up the application once. The server and account information is stored in a settings file on your Mac. So double-clicking on the application icon again will be sufficient to get the miner going again.

Check back in on your account page at BMP to see how your machine(s) are doing and to manage payout settings.

There is a much more simple way to mine Bitcoin and something that provides a much faster way to those looking to make money in the business.

ButterflyLabs latest range of ASIC Bitcoin Miners are due for release at the end of this month and, while demand is high, they still have a range of devices for pre-order on the site with delivery expected in July due to the site shipping on a first come first serve basis.

ButterflyLabs Range of New ASIC Miners

ButterflyLabs Range of New ASIC Miners

These machines technically replace the need to buy many Graphics Cards and instead connect via USB connections to PC or Mac OS and they look to revolutionize the Bitcoin, Litecoin and Terracoin markets forever.

There are drivers provided on the company’s website driver page and these can be installed should your device not recognize the hardware.

The miners are currently on Pre-Order, however many have sprung up on eBay for much higher prices and MacReviews recommends that you buy directly from ButterflyLabs Website to avoid loosing your money.

If your looking for an example of how much you could earn with the 5GHz model then you could be looking at roughly $600+ month at the current exchange rate, which, at the time of writing is $67 for 1 Bitcoin.

If your mining Bitcoin on Mac successfully then please throw us a tweet at @macreviews on twitter.

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