Crypto mining can be performed on Android and iOS by solo or pool mining services. Cryptocurrencies such as Bitcoin are created with the help of distributed computing process known as Mining. Miners undertake Mining to verify the legitimacy of transactions on the blockchain, thereby ensuring network security by preventing double-spending. As a reward for their hard work, miners are rewarded with some BTC.
There are many ways to mine cryptocurrencies, and in this article, we will discuss how to get started with mobile crypto mining from the comfort of your home.
Mining is a resource-intensive activity that demands considerable computing power for solving a computational problem and adding the next valid block to a blockchain, which is considered a significant component of cryptocurrencies.
Generally, GPUs (graphics processing units) or high-performance hardware are used for cryptocurrency mining. However, application-specific integrated circuits mining equipment, unlike GPU mining rigs, is mainly made for digital currencies, making an Application-Specific Integrated Circuit (ASIC) miner more powerful and energy efficient than the GPU miner.
ASICs, which are application-specific, can be used exclusively for a purpose, such as to mine a particular coin. Nonetheless, the risk of Mining isn’t one coin is comparatively high due to the significant volatility of the crypto market. For example, the ASIC equipment will be useless if the coin’s value decreases with time or the developers decide to change the hashing algorithm.
Steps in the crypto mining process
Some of the steps in cryptocurrency mining are:
- Choosing a cryptocurrency
- Buying your equipment
- Setting up a crypto wallet
- Configuring the mining device
- Joining a pool
If you don’t have a PC or cannot be available on a PC 24/7, then you must be wondering, Can you mine cryptocurrency on your phone?
Well, PoW cryptocurrencies such as Bitcoin can be mined using a phone. Small-scale miners can join mining pools to combine their computing power to increase the likelihood of mining a block successfully. However, the computing power offered by using smartphones will be negligible compared to ASICs, and miners’ payout will be roughly equal to their contribution.
Mobile crypto mining and its working
Mining cryptocurrencies by using the processing capacity of phones powered by Android systems and iOS is called mobile crypto mining. As mentioned before, in mobile Mining, you will get rewards that would be approximately the same percentage as the computing power that the miners offer.
Many of you might be thinking, is mining cryptocurrency on your phone free, or do you need to pay for it?
Well, Cryptocurrency mining on mobile needs one to invest in the phone, download a cryptocurrency mining app and get a stable internet connection. However, the incentive for crypto miners may be substantially smaller and may not cover the cost of the electricity that is used for Mining.
In addition, the smartphone will be experiencing extreme strain from Mining, thereby decreasing its lifespan and perhaps destroying its hardware. In this way, they make it worthless to use for another purpose.
Many apps are available for Android operating systems and iOS to mine digital currencies. However, most apps are only available on third-party crypto mining sites, whose legitimacy must be carefully investigated before use.
According to Google’s developer policy, mobile mining apps aren’t allowed on Play Store. However, it enables developers to create applications that let them control Mining taking place somewhere else, such as on cloud computing platforms. The possible reasons behind such restrictions include the quick depletion of batteries; the smartphones will overheat if Mining is done “on device” due to intensive processing.
Mining cryptocurrency on an Android smartphone
For Mining on Bitcoin on mobile, miners can either go for Android solo Mining or join the mining pools such as Poolin, Ant Pool, BTC.com, Via BTC and F2Pool. However, not every smartphone user can go for solo Mining as it is a computationally intensive task. Even if you use one of the newest flagship models, it may take a long time before you can mine your cryptocurrencies using your smartphone.
Alternatively, miners can join cryptocurrency mining pools using apps like MinerGate Mobile Miner or Bitcoin miner to generate adequate computational processing power and share rewards with contributing stakeholders. However, the miner’s pay, incentive options, and payment frequency depend on the pool size. Also, you should know that each mining pool follows a different payment system, and rewards may depend accordingly.
Mining cryptocurrency on an iPhone
Miners can download mining apps on iPhones for cryptocurrencies without investing in expensive hardware equipment. But, regardless of the mining app miners select, mobile crypto mining may result in high wear and tear without reasonably rewarding their effort and time.
Is mobile crypto mining profitable?
Mining profitability depends upon the computational power and efficient hardware used during the crypto-mining process. It is to be considered that the more advanced equipment one uses to mine cryptocurrencies, the more likely one will profit more than those using phones.
Additionally, some cyber criminals use the crypto-jacking method to use the computing power of unprotected devices to mine cryptocurrencies, thereby making them inefficient for Mining in case the original owner wants to mine cryptocurrencies.
Nonetheless, crypto miners often perform a cost-benefit analysis to ensure the mining profitability before investing. However, it’s a question of interest is mobile Mining legal?
The legality of Mining on smartphones, ASICs or any hardware equipment, depends upon the jurisdiction of residence, as some countries banned cryptocurrencies. Therefore, using many hardware equipment will be illegal if cryptocurrencies are restricted in a specific country.
Future of mobile crypto mining
Despite the surge in popularity of cryptocurrency mining, it has been criticized for being economically and environmentally hazardous, causing PoW cryptocurrencies like Ethereum to move to a PoS consensus mechanism. Moreover, the legal status of mining cryptocurrency is unclear in some jurisdictions, which doubts the viability of a mining strategy. Furthermore, with time, mining apps have begun to degrade smartphones’ functionality, making them inefficient for cryptocurrency mining.
Contrarily, while the evolution of mining hardware equipment enabled miners to run their rigs profitably, the struggle for sustainable mining rewards will keep driving technological advancement. Therefore, what the next significant innovation in mobile mining technology looks like is still unknown.