Cryptocurrencies like Bitcoin (BTC) are created using a distributed computing process called mining. Miners (the network participants) undertake mining to verify the legitimacy of transactions on the blockchain and ensure network security by preventing double-spending. In return for their efforts, miners are rewarded with a certain amount of BTC.
There are various ways to mine cryptocurrencies, and this article will discuss how to get started with mobile crypto mining from the comfort of your home.
What is crypto mining?
Mining, a resource-intensive activity that often demands enormous computing power to solve a computational problem and add the next valid block to a blockchain, is a crucial component of cryptocurrencies.
Typically, graphics processing units (GPUs) or high-performance hardware are used for cryptocurrency mining. When considering the electricity expenses resulting from the power consumption of the mining process, even application-specific integrated circuits (ASICs) are necessary to generate economic mining outputs.
However, mining may be dispersed simultaneously among numerous less powerful devices. Alternatively, miners frequently link to so-called mining pools to pool their computing power and increase the predictability of mining results. But can you mine cryptocurrency on your phone? Proof-of-work (PoW) cryptocurrencies can be mined using smartphones, which is explained in detail in the below sections.
What is mobile crypto mining, and how does it work?
Mining cryptocurrencies using smartphones that support the iOS and Android systems is called mobile crypto mining. It is crucial to note that rewards will be based on the computational power offered by the crypto miner using smartphones. On mobile devices, cryptocurrency can be mined utilizing apps available for iOS and Android operating systems.
However, most apps are only available on third-party crypto mining sites, whose legitimacy must be carefully investigated before use. Cryptocurrency mining apps aren’t available on the iOS App or Google Play Stores because firms offering such apps have regulations prohibiting the apps from using too much processing power or storage space on a device. For instance, in 2018, Google barred cryptocurrency miners from the Play Store for an unknown reason.
Despite the low cost of mobile crypto mining, miners join cryptocurrency mining pools to combine their computing resources and accelerate the discovery process by cutting latency or investing in GPUs or ASICs to produce profitable mining outputs.
How to mine cryptocurrency on an Android smartphone
To know how to mine Bitcoin on mobile, you need to understand the type of mining for which you can opt. As a miner, one can either go for Android solo mining or join mining pools like AntPool, Poolin, BTC.com, F2Pool and ViaBTC. As solo mining is less profitable due to its low rewards, miners prefer cryptocurrency mining pools to generate adequate computational processing power and rewards, which will be shared with contributing stakeholders.
Cryptocurrency mining apps are required to join a pool of your choice. One can download the Bitcoin miner or MinerGate Mobile Miner app to mine BTC or other altcoins. However, miners’ pay, payment frequency and incentive options depend on the pool size. Also, please note that each mining pool follows a different payment system, and rewards may vary accordingly.
For instance, in a pay-per-share system, miners receive a specific payout rate for each share they successfully mine, each worth a particular amount of mineable cryptocurrency. On the contrary, the block reward and the mining service fee are settled according to the theoretical profit. Miners also receive a portion of the transaction fees under the full pay-per-share system.
In addition to solo mining and mining pools, cloud mining using a smartphone is an alternative method to mine cryptocurrencies. In cloud mining, third parties rent out computational power to miners, eliminating the need for miners to update and maintain their expensive equipment.
Cloud mining apps like Bitdeer are available on Android and iPhone. Miners access computing power through cloud-mining contracts or sell their hash rate to interested buyers via merchant contracts.
How to mine cryptocurrency on an iPhone
iOS devices also support cryptocurrency mining apps like CryptoTab, Robomine, etc. The CryptoTab application needs miners to turn on Bitcoin mining before mining BTC on the iPhone. Similarly, Robomine supports mining BTC but consumes less battery power during the process.
Regardless of the mining app you use, keep in mind that mobile crypto mining may not be an ideal medium to earn a high yield and is more of a learning experience. Additionally, high-performance and high-capacity devices like ASICs are required to reward your time, efforts and resources reasonably.
Another drawback of mining cryptocurrencies on the iPhone is the device’s low performance due to the excessive computing power required and the constant need to charge the phone. Therefore, choose mobile crypto mining only if it suits your mining goals.
Is mining cryptocurrency on your phone free?
Cryptocurrency mining on the phone requires one to invest in a smartphone, download a cryptocurrency mining app, and get a stable internet connection. Some people use mobile phones to mine as they utilize less computing power and consume less energy than conventional mining equipment.
However, the reward for crypto miners is substantially smaller and may not cover the cost of the electricity used to mine. Additionally, your smartphone will experience extreme strain from mining, reducing its lifespan and perhaps destroying its hardware, costing you extra pennies to buy a new smartphone.
Is mobile crypto mining profitable?
Mining profitability depends upon the equipment used for the crypto-mining process. That said, the more advanced machines one uses to mine cryptocurrencies, the more likely one will earn more profit than those using smartphones. But is mobile mining legal?
The legality of mining on smartphones, ASICs or any mining equipment depends upon one’s jurisdiction of residence, as some countries restrict cryptocurrencies. Nonetheless, crypto miners perform a cost-benefit analysis (the advantages of a choice or action less the expenses involved with that choice or activity) to ascertain the mining profitability.
Above all, one should first determine their mining goals and prepare their budget before choosing any mining device. Also, environmental concerns about crypto mining should be considered before making any investments.
The future of mobile crypto mining
Despite the surge in popularity of cryptocurrency mining, it has been criticized for being economically and environmentally harmful, causing PoW cryptocurrencies like Ethereum to move to a proof-of-stake consensus mechanism.
Additionally, the legal status of mining cryptocurrency is unclear, enabling mobile service providers to prohibit mobile mining. Such restrictions further cast doubt on the viability of a mining monetization strategy. However, mobile users can use cloud mining to mine cryptocurrencies more efficiently and sustainably.
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Source: https://cointelegraph.com/news/how-to-do-mobile-cryptocurrency-mining