Crypto Mobile Mining: Does it give results? Let’s have a look into how it’s done
Mobile mining seems like an unreal phenomenon. It is a somewhat recent development in technology for creating digital currency tokens. Mobile mining is the generation of cryptocurrencies using a smartphone as opposed to traditional methods when one would require a GPU mining rig or an ASIC miner to mine. These methods consume a lot of power supply and have other by-products as well. There are now applications that allow mobile mining to take place.
Can I Mine Cryptocurrency on My Mobile?
It is technically possible to mine popular cryptocurrencies in the market today on your smartphone. However, how profitable and convenient it is, is another aspect altogether.
You can mine the following cryptocurrency on your phone:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Monero (XRP)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
There are cryptocurrencies like Pi (PI) that are free to mine as it offers energy-light applications. These are known to be simulated mobile mining as it’s like an airdrop that needs your attention at intervals. However, there might be risks involved with them as some allegations came forth concerning these applications being fraudulent.
How to Mine Bitcoin on My Phone?
There are applications introduced to mine cryptocurrency on your phone available on Android and iOS systems. However, many times they’re difficult to find since Google Play Store and the Apple Store have stern policies against them. They don’t cater to applications using excessive resources which may potentially damage the smartphone in the long run. Hence, you would need to download these applications from third-party platforms. Do, however, make sure of their authenticity and credibility before using them.
To check how profitable cryptocurrency mining can be on your smartphone, a YouTuber, TechWizTime conducted an experiment. He began mining Monera (XRP) with seven devices in total which gave him a hash rate of 110 H/s, which equates to USD 0.78 per week. You should also bear in mind the electricity costs, maintenance, up-gradation, and the initial investment in the smartphone. Looking at everything, this is really not generating much of a profit.
On the other hand, joining mining pools would assist you in sharing the computing power and the rewards can proportionally be distributed amongst the stakeholders. Some of the mining pools to look out for are Poolin, AntPool, F2Pool, BTC.com, ViaBTC, etc.
If you choose to mine directly and solo from your smartphone, let’s have a glance at the applications available.
- MinerGate Mobile Miner
This mobile application provides you with an array of options of cryptocurrencies to mine apart from Bitcoin. The altcoins that it supports are Monero, Dash, QuazarCoin, MonetaVerde, and many others. It also features a wallet to safely secure your earned coins.
- Bitcoin Miner
This is the most popular application for mining cryptocurrencies today and is available on most if not all devices. The interface is quite easy to use and has great performance. This application can only mine Bitcoin, as the name suggests. It also has good reviews.
How Long Does It Take To Mine Bitcoin?
It is difficult to mine one whole Bitcoin on a phone as you would need to mine one block. At the time, one block is rewarded in 6.25 tokens. The amount you hash depends on the hash rates which range between 4 H/s to 50 H/s. In comparison, the traditional cryptocurrency mining setups give a hash rate in TH/s, which is trillion hashes per second. It becomes clear that using a cellphone to mine Bitcoin is not as fruitful in comparison.
Let’s access the benefits and drawbacks of smartphone mining in detail. Let’s have a look at the Pros and Cons
Pros Of Mobile Mining
- It’s convenient
- Minimal investment required
- Doesn’t require GPUs and ASIC machines
- Cater to Proof-of-Stake altcoins
- Could be made easier when smartphone mining is more popular
Cons of Mobile Mining
- Impacts on the life of your smartphone
- You cannot use the smartphone for other routine tasks
- Minimum profitability
- Might require rebooting often to avoid lagging.
- Blocks cannot be generated quickly
- Smartphones are at risk of getting hacked, hence you need to be careful.
Cryptocurrency mobile mining is possible and comes with its set of disadvantages. It, of course, cannot come close to what traditional mining hardware brings to the table. If you are looking to generate big profits, this might not be your cup of tea. However, if you have faith in the future of smartphone mining, and want to begin your mining journey with minimal profit, this is definitely your pick!