Everything you need to know about mining crypto on a smartphone

All you need to know about cryptocurrency mining on a smartphone

by CNBCTV18.com IST (published)

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You have two methods that you can use to mine smartphone crypto. The first is solo mining, where you are on your own, fighting with other miners with the computing power of your smartphone. The second is mining pools. Here, you pool your arithmetic resources with others, increase the odds of bonuses and get a percentage of these bonuses based on how much arithmetic power you’ve added to the deck.

If we zoom out and look at the progress we’ve made in terms of computing power, chips and circuits, we’re sure to stay in awe. From the CPU that occupied a large hall in the 1960s to 10 times the computing capacity now found in simple calculators, we’ve come a long way.

This also applies to smartphones in our pockets. These devices are getting more complex with each passing minute, and their usefulness has expanded beyond the field of communications. Today, smartphones are used for banking, surfing the Internet, playing games, and most recently, mining cryptocurrency.

In this article, we discuss cryptocurrency mining on smartphones, what it is, how it works, its profitability and more. Let’s get started!

What is cryptocurrency mining?

When a cryptocurrency runs on a Proof of Work (PoW) consensus mechanism, you need computing power to add new blocks to the blockchain. Miners use their computing power to solve mathematical equations. The miner who solves these equations first is allowed to add a new block and is rewarded with new cryptocurrencies for all his efforts.

When it comes to cryptocurrency mining, computing power is a resource calculated by the hash rate, that is, the number of mathematical equations that are solved per second. Of course, more powerful systems have an advantage over others. Bitcoin was initially possible to be mined using only a regular computer, but this changed as more and more miners joined the race, and the network became more difficult. Today, mining operates on an industrial scale where you have buildings full of Application Specific Integrated Chips (ASICs) just for the sole purpose of mining.

What is mobile mining?

Can you use your mobile phone to mine bitcoin or other cryptocurrencies? yes. But can it be profitable enough as a livelihood? Not right. This is because, as more miners enter the fray, the difficulty of mining increases exponentially, and the mining rewards are reduced periodically, every four years in the case of Bitcoin.

Today’s smartphones have more computing power than any size. They use 5nm chips that are as energy efficient as any other chips and can be used for cryptocurrency mining. However, there are two main drawbacks related to smartphones and cryptocurrency mining. The first is their computing power. The hash rate of a smartphone can range from 4 H/s to 50 H/s. By comparison, a Bitcoin ASIC miner can have a hash rate of 950 terabytes/second (trillion hashes per second).

Therefore, mining BTC using only mobile phones is clearly a difficult task, especially when you are faced with giant mining companies with thousands of ASICs. All these excavators are trying to mine the same block you are trying to mine with your smartphone. Another drawback is that smartphones are used more than any other gadget in our daily lives. If something is using its computing power nonstop, it will be fast and inconvenient to discharge the battery. Moreover, the smartphone has to run almost at full power throughout the day, which significantly reduces its life span.

How to mine cryptocurrency with a smartphone?

Despite the drawbacks, if you want to get started with smartphone crypto mining, you have two methods you can take to make it happen. The first is solo mining, where you are on your own, fighting with other miners with the computing power of your smartphone. To mine single crypto on mobile, you need to download one of the following applications to get started.

MinerGate Mobile Miner

It is a reasonably easy-to-use app that can help you not only mine bitcoin but also some of the other listed altcoins. It comes with its wallet where you can store your cryptocurrency to move it somewhere else later.

Bitcoin miner

Bitcoin Miner is another crowd favorite when it comes to mobile crypto mining. It is called Bitcoin Miner but it also allows other currencies, with new coins being added frequently.

Youtuber TechWizTime tried to estimate the profitability of cryptocurrency mining on Android phones. In order to give it a try, try mining Monero (XMR) using a combination of three OnePlus 5Ts, 1 Xiaomi Redmi 5 Plus, 1 Bluboo S8 Plus, 1 Lenovo Tab4 Plus, and 1 Umidigi S2 cell phone.

These seven devices gave him a combined mining hash rate of 110 hours/sec and allowed him to earn $0.78 per week. When you factor in the cost of appliances and the power source to keep them running 24/7, this is unlikely to be a profitable investment. Moreover, the phones would not be usable after prolonged mining, and would not have any resale value, because their parts would have worked great.

Therefore, the second most viable option is pool mining. Here, you pool your arithmetic resources with others, increase the odds of bonuses and get a percentage of these bonuses based on how much arithmetic power you’ve added to the deck. For smartphone-enabled mining pools, you can download the F2Pool mobile app or the ViaBTC pooling app to get started.

conclusion

The profitability of Bitcoin mining or altcoin mining on mobile phones depends on many factors such as the network difficulty of the coin, the computing power of your smartphone, the price of the coin in the markets and more. You should assess the profitability of mining by considering all these factors before committing your mobile device to cryptocurrency mining.

#cryptocurrency #mining #smartphone

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