How to mine Cryptocurrency on an M1 Mac (2024)

FAQs

Can you mine crypto on a M1 Mac? ›

Unfortunately, the M1 chip isn't powerful compared to other crypto-mining hardware. While the specialized devices can achieve hash powers of over 110TH/s, the M1 chip maxes out at around 5MH/s. Of course, this difference is huge and will certainly have an impact on the success rate of your mining venture.

The shortest amount of time it can take to mine at least 1 bitcoin is about 10 minutes. However, the actual time it can take you depends on several factors such as the hashing power of your mining hardware, the overall network hash rate, and the Bitcoin mining difficulty.

Bitcoin (BTC)

Bitcoin is the largest crypto by market capitalization and the most popular cryptocurrency to mine, with a reward of 6.25 BTC per block - although this halved in April 2024. Due to competition, you'll need a top-of-the-line mining rig to mine Bitcoin successfully, as well as to join a mining pool.

You may also choose to invest in the following cryptocurrency-related assets in your M1 Brokerage Accounts or IRAs: ProShares Bitcoin Strategy ETF (BITO) Grayscale Ethereum Classic Trust (ETCG)

M1 and Apex Crypto currently do not support direct transfers from one wallet to another. However, you can sell your crypto positions and withdraw cash to a linked bank account.

On-demand trade windows for Crypto

M1's newest trading feature allows M1 Plus members to execute on-demand trades in their Crypto Accounts. Auto-Invest in their Crypto Accounts. Simply place your trade and navigate to the on-demand location under your Pie to execute.

Hardware limitations: Mac Pro computers, especially older models, may not have the necessary hardware capabilities to efficiently mine Bitcoin. The mining process requires specialized hardware called ASICs (Application-Specific Integrated Circuits) that are specifically designed for mining cryptocurrencies [2].

Yes, it is possible to mine Bitcoin on a Mac Pro, but it may not be the most efficient option. The Mac Pro's powerful processor and graphics card can handle the complex calculations required for mining, but it may not be as profitable as using specialized mining hardware.

Running the numbers through a crypto calculator shows that the profit, after allowing for electricity costs, is just $12.82 per month – or around 42 cents per day. If you were buying the MacBook Pro purely for mining, that means it would pay for itself in… 17 years!