It is common knowledge that you can trade cryptocurrencies on the market, but did you know you could mine them? Yes, crypto mining is a thing, and to take it one step further, you can mine on your smartphone. Your smartphone can become a tool to help boost your portfolio. But does it work? How do you do it? We will answer some of those questions in this article.
Bitcoin mining is a process through which a new set of crypto assets (Bitcoin, Ethereum etc) are being generated and injected into the circulation. The process also includes the confirmation of new block transactions. Notably, this process requires solving algorithmic equations that verify transactions in the crypto asset.
Yes, it works. You can mine Bitcoin or any other cryptocurrency on your smartphone. However, it has its cons, including not being as efficient as the traditional software and hardware. There’s also the fact that mining cryptocurrency on an Android device will not give you nearly as much profit as you would receive if you put that same time and effort into traditional mining setups which more sophisticated and powerful tools.
Crypto mining is an industrial activity with some miners turning entire buildings into mining farms. There is also specialised software dedicated to mining, and miners can now invest in ASIC mining devices that drastically increase their profits compared to Android devices.
However, through the advancement in technology and software engineering, pool mining was born. These innovations aim to bring together more miners, which translates to more computing power and increases miners’ chances of getting more rewards. This technology is the same as mobile crypto mining, just on a smaller scale.
Users can join a mining pool with a smartphone. Your smartphone then adds up its computing power to the system. Still, since it’s very little compared to other miners who use AISCs and PC setups, your rewards will be about the same percentage as your computing power.
Here’s how you can mine Cryptocurrency on your smartphone.
One way you can get in on the action is to solo. However, mining cryptocurrency on your Android isn’t going to be easy. But in recent times, cryptocurrencies like Bitcoin have continued to grow exponentially and attract more miners. Therefore, you can choose to go on a solo hunt for cryptocurrency, although this will take you more time.
Your next option would be to join a mining group. There are several mining groups hosted on blockchain servers. The aim here is to generate adequate computational energy by combining everyone’s resources to execute transactions on a block. Where this is successfully done, every pool member gets a percentage of the pool based on the computational power they contributed.
Some pools have created mining apps where you can join and start mining in a simple way. Although there are several things you need to consider before joining a pool; block size and pool size should be the most important. The size of the pool will determine how much you are paid, how often you are paid, and their reward methods.
Many pay-per-share pools have a fixed amount they pay whenever they submit a share. In comparison, score-based pools only pay a portion of the shares which are offered in percentage.
To get started on your mobile crypto mining journey, you will need a mining app, and below are some popular ones you can use:
You can mine multiple altcoins and even Bitcoin with this app. Some altcoins you can mine include Monero, QuazarCoin, Dash, DigitalNote, Moneta Verde, etc. The app also has an in-built wallet for users to store coins they’ve mined.
Just like Bitcoin is the biggest cryptocurrency on the market, this app is the most popular mining app for cryptocurrencies. Although it is called Bitcoin Miner, you can also mine other multiple coins.
Ultimately, starting out as a mobile Crypto miner isn’t as sophisticated as many are made to see it. All you need is a smartphone, a mining app, and an internet connection. Just start mining, and you can go about your daily activities while you mine in the background.
However, the downside to utilising mining apps is that they start to affect the performance of your smartphone after some time. So it’s up to you to decide if it’s worth it.
Those who enter the market at this time may be surprised to hear that Bitcoin…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire