While new bitcoin mining software is being developed every year, only a handful grabbed our attention due to their reputation, features, and ease of use. At the top of our list is CGMiner, which we chose as the best overall since its open-source platform can be used on any computer and practically any mining rig.
Bitcoin mining software is essentially what makes Bitcoin work. By tracking and securing transactions known as blockchains , users are able to earn bitcoins rather than having to pay for them with actual currency. Bitcoin mining software can only be used by specialized hardware that is powerful enough to run the complex calculations required to create new secure blocks. In general, it takes about 10 minutes to mine one bitcoin. However, this assumes an ideal hardware and software setup which few users can afford.
A more reasonable estimate for most users who have large setups is 30 days to mine a single bitcoin. Although bitcoin mining software is free, there are tremendous costs involved in both hardware and electricity costs. Mining equipment is also very power-hungry. One way to reduce this cost is to join a mining pool that harnesses the computational power of hardware owned by multiple miners.
The drawback is that each miner receives only a small portion of each mined bitcoin. We looked at close to a dozen bitcoin mining software for this review. At the top of our list was the oldest and most widely used software, which we analyzed for features and ease of use.
Next, we differentiated between the best mining software for novices and those for advanced power users. Mostly this broke down into the type of interface command-line versus GUI and ability to either automate or customize mining features. Finally, we looked for software that could be used on as many platforms as possible and that was compatible with the widest array of mining rigs to give users the most flexibility in their mining operations.
Business Wire. Your Money. Personal Finance. Your Practice. Popular Courses. Best Bitcoin Mining Software Expand. Best Bitcoin Mining Software. Final Verdict. Compare Providers. What Is Bitcoin Mining Software? Can You Mine Bitcoin for Free? Best Overall : CGMiner. Learn More. Cons Better for advanced users Obscure command-line interface Hard to install on Windows 10 computers. Cons Better for more advanced users. Best for Ease of Use : MultiMiner.
Pros Graphical user interface Automated mining features Optimized for Windows computers. Best Centralized Management : Awesome Miner. Pros Supports more than 50 mining engines Customized triggers and actions Access from any computer, tablet, or smartphone. Final Verdict While new bitcoin mining software is being developed every year, only a handful grabbed our attention due to their reputation, features, and ease of use.
Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. It is honestly hard to forget about the Bitcoin craze and without other cryptocurrencies running side by side, it will become even more difficult to forget about their existence.
After all, the iPhone 8, iPhone 8 Plus and iPhone X are the best phones to buy right now according to their benchmarking results so it should be fairly obvious that these mobile computing marvels should also be able to mine Bitcoin properly, right? Not quite; while it is more than possible to mine Bitcoin plus other cryptocurrencies using an iPhone, it is more difficult than its being let on.
According to 9to5Mac, an app called MobileMiner is one way of making virtual gold but there are some caveats that you will find along the way. The last two you can only get after you sign as an Apple developer.
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