People might not even need to know how crypto technology works behind the scenes. In February of 2022, Apple unveiled its new Apple Pay feature that will enable millions of merchants across the U.S., to use their iPhones to seamlessly, instantly, and securely accept payments simply by tapping their iPhones. It’s called Tap To Pay and it can also be potentially used to transact crypto. Perhaps one of the most notable mentions of crypto from Apple was in September 2019. When Apple Pay’s VP Jennifer Bailey said the company was “watching cryptocurrency” and strongly believes it has “interesting long-term potential.”
Apple dominates the world of tap and go payments and with more than $200 billion cash in hand, they could shake up the fintech world with an Apple Card expansion, checking accounts, international payments, and crypto wallets. Apple is a $2.7 trillion cap behemoth with more than 1 billion active iPhone users as of February of 2022. This means billions of people follow their software and hardware ecosystem and hundreds of thousands of people wait in excitement for their Keynote events and product releases. Though still in the early innings, there are strong signs that crypto and blockchain use cases are gaining prominence through mobile phones.
Apple Silicon Mining Is Possible, But Barely Profitable
This was huge news for the mining industry and had people questioning whether Mac devices would be the next coveted device for miners. This is good news for those who want to give crypto mining a go without spending hundreds or thousands of dollars on new hardware. After all, the most financially draining part of typical crypto mining ventures is the setup, as ASICs and GPUs can be very pricey. Other smartphone brands are already adding features into their phones to attract crypto users. HTC is one such example with its Exodus product, a blockchain-powered smartphone that allows users to store private keys.
Explore DeFi & Crypto
This is especially good news for those who frequently do crypto transactions. If you’re curious on how to do some basic crypto transactions on your digital wallet, read on to know more. Though the M2 is an improved version of the M1, with a notably higher processing speed, it is by no means designed for crypto mining and still does not offer a high enough hash rate to make significant daily profits. In early 2021, a software engineer managed to mine Ether using an M1 chip (as it is a GPU-friendly mining option).
- But you can cut down costs using your pre-existing computer to mine.
- He started covering rumors with Spymac when the iPod was the iWalk, and has owned nearly every iPhone Apple has ever made.
- Now that I might have some more time on my hands, I would like to utilize the entire realm of possibilities.
- It’s understandable that some might be concerned about an M1 chip being used to mine the trendy cryptocurrency, but in this case, the relatively underpowered GPU in the M1 makes it a poor candidate for cryptominers.
Adding cryptocurrency as a form of payment withing Apple Pay would be a big move for Apple. While there is some cryptocurrency support Apple Pay, it works through third-party credit cards such as Coinbase, which converts all cryptocurrency to U.S. dollars first. You can also download third-party apps to buy Bitcoin, Ethereum, or other popular currencies. PayPal also lets users buy one of four types of cryptocurrency in its app.
Again, the M2 chip isn’t very powerful compared to other crypto-mining hardware. It simply cannot compete with ASIC miners, meaning you’ll find it incredibly difficult, or somewhat impossible, to successfully mine Bitcoin via an M2 chip. Gu said the MacBook Air could only mine Ethereum at roughly 2MH/s; CryptoAge said the M1 offered similar performance mining Monero. This would lead to profits equivalent to just $0.14 of daily profitability with either coin. To that point, the current state of Web3 products has room for more design iterations due to a lackluster user experience design. This is due to the developers creating for other developers mindset and that the entire ecosystem is still in early-stage, which means there are a lot of changes.
In short, Coin Wallet is an app that provides its users to directly access blockchains with a user-friendly interface. With this integration, crypto traders are now able to not only transact with better security but also with more ease. Overall, mining cryptocurrency using the M1 and M2 chips isn’t ideal, though it still is possible. So, if you’re simply curious about leveraging your Silicon chip for crypto mining, you could give it a go, but note that this is not a venture suitable for those looking to make an adequate income stream.
Can You Mine Crypto With the Apple M2 Chip?
As Tim Cook said, Apple thrives in its culture of secrecy, so less likely. However, we know one thing for sure, Apple never backs down on innovations that have the range to change people’s lives for the better. For instance, they don’t refer to their users as “users”, but instead as “humans”. As highlighted in their human interface guidelines, which is a guideline adopted by people that work at Apple. Specifically, Apple’s iPhone could be the key not only to onboard people into crypto, but to also help them understand the possibilities of transacting on a decentralized, permissionless, and transparent network.
They explain the process they took to get the Ethminer software used to mine Ether working on an Apple M1 chip, since it takes some work to port the software to Apple silicon. Mining cryptocurrencies is a great way to earn passive income, but you’ll need to invest in a mining rig to get started. Some have speculated that Apple might get into the cryptocurrency business, either investing some of its own cash surplus, enabling crypto in the Wallet app, or even creating a hardware wallet. Tim Cook dismissed the first of these possibilities, at least for now, but did reveal that he has invested some of his own cash. The first thing to note is that you wouldn’t want to be mining in the background!
Opera, the world’s first blockchain-enabled browser, announced this year that users can now buy Bitcoin and Ethereum through their browser. In partnership with Wyre, a US cryptocurrency-brokerage firm, Opera now has a built-in crypto wallet that allows its users to directly do crypto transactions in it. Using an M1 chip will not be possible if you’re considering mining Bitcoin. This is because Bitcoin mining iethereum apple is now only possible with ASIC miners that have significantly higher hash rates than that offered by the M1. While Bitcoin mining is theoretically doable using GPUs, they are generally no longer a feasible option for generating adequate profits. You also won’t mine Ethereum using an Apple M1-powered chip, as Ethereum mining is dead post-Ethereum 2.0 Merge.
Worldwide reach and cult-like following
Another way Apple can help with crypto is the storing of private keys and seed phrases in iCloud tied with their multi-factor authentication. This will enhance the security of your sensitive crypto wallet information. Apple always does the right thing when it comes to the privacy and security of its users. Notice the timing of the job posting and the highlighted key qualification. It’s understandable that some might be concerned about an M1 chip being used to mine the trendy cryptocurrency, but in this case, the relatively underpowered GPU in the M1 makes it a poor candidate for cryptominers.
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