However, the rising value means that most Cryptocurrencies are already out of reach for those who want to buy. This makes the idea of mining appealing to many people. But mining Cryptocurrencies isn’t as simple as it sounds.
This article discusses mining Cryptocurrencies, whether you can do it on your mobile phone, and if yes, how?
What is Cryptocurrency Mining
Cryptocurrency mining is the process through which new tokens are generated. But it’s much more than that. It also helps secure and maintain the blockchain ledger and involves using high-level specialized computing devices to solve complex mathematical problems.
Mining only applies to Proof of Work blockchains as such blockchains require miners who will complete blocks to verify transactions. As a reward for their work, miners get a portion of the native token of such blockchain.
Generally, the mathematical puzzles that must be solved to complete a new block get more complex as more blocks are created on a blockchain. Thus, the amount of computing power needed to mine Cryptocurrency increases with time. However, the fact that mining gives people the chance to earn Cryptocurrencies for free has made it very attractive to many.
Can you Mine Cryptocurrencies with your Mobile Phone?
Even though you’ll find many articles and adverts promising you the possibility of mining Cryptocurrencies with your mobile phone, it’s not as simple as it sounds. Unfortunately, Crypto mining isn’t as simple as it sounds. It requires significant processing power and can generate a lot of heat. This is why most people use laptops and desktops for mining.
Even then, they’re not used alone as most miners use an application-specific integrated circuit (ASIC) or GPU (graphics processing unit) to set up a mining rig.
The amount of processing power needed for mining is especially high for popular Cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. Most of these popular cryptos, especially Ethereum, require specialized devices to mine. But you still use your phone to mine tokens like Monero. Thus, while mining offers rewards for Cryptocurrencies, having the right devices to mine, the tokens require a lot of money.
The processing power needed for mining also makes it impractical to use your mobile phone. Beyond that, the two most popular mobile phones process manufacturers, Google and Apple, prohibit on-device crypto mining. Google’s Developers Program Policy specifically bans all apps that mine Cryptocurrencies from its devices. Therefore, it’s impossible to download a crypto mining app directly from Google Playstore.
The ban on crypto mining is due to the energy-intensive nature of the process, which drains the battery and puts pressure on the device’s processor. Thus, it’s impossible to mine Cryptocurrencies directly with your phone.
However, it’s still possible to use your phone for crypto mining, only that the mining will be done remotely, but you can monitor it through your phone. Several apps make it possible for you to do this and having one of them will let you mine indirectly with your phone.
Although you can’t mine crypto with your phone, you can still use it to track mining that you’re doing remotely, either with your computer or in the cloud. Such apps as MinerGate Control are not for mining directly but for keeping remote mining operations. You can join a mining pool or use your computer to mine and track the process. But if you’re still considering mining with your phone, there are apps for doing that even though you are unlikely to find them on the AppStore or Play Store.
How to Mine Crypto with your Phone
If you choose to mine Cryptocurrencies with your phone, you’ll find various apps that you can sideload, especially for Android devices. These apps require you to join a mining pool and contribute your phone computing power to the overall processing power of the pool. In most cases, the bigger the pool, the more processing power, which means more chances of earning something.
MinerGate Mobile Miner
This mobile application allows you to mine with your phone. With it, you can mine several altcoins such as Dash, DigitalNote, Monero, etc., as well as Bitcoin. This app promises lower power consumption and better performance. Moreover, it has one of the largest Bitcoin mining pools.
This app allows you to mine not only Bitcoin but other Cryptocurrencies on your phone. It operates in the background, using your mobile device computing power once you install it. The application can have two types of mining pools, the SMPPS (shared maximum pay per share) and PPLNS (pay-per-last-n shares). Your device computing power and how actively it contributes to the mining pool determines how much you earn.
You can still find several others on the internet.
Risks of Using Mobile Phones for Crypto Mining
As rewarding as crypto mining might be, using your phone for mining comes with lots of risks. The first risk is exposing your phone to malware attacks since these apps are third-party applications that are not from the verified marketplace.
Also, the computing power required for mining Cryptocurrencies is too high for mobile phones. As more people join the network, computing and energy demands will keep increasing. Even mobile phones designed for mining, such as HTC Exodus 1S, will have to mine crypto for 100 years to cover its purchase cost.
Thus, not only could it damage your phone and cost you in many other ways, the chances of you earning anything significant is also very limited. But if you’re not going to use your device to mine crypto, yin should also be extra careful as hackers can crypto-jack your mobile phone.