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Everything you need to know about mining crypto on a smartphone
You have two ways to do smartphone crypto mining.
The first is just mining, where you are alone, fighting other miners with the computing power of your phone.
The second is pool swimming. Here, you combine your resources with others, increasing the chance of rewards and receiving a percentage of those rewards based on the ability to calculate the amount you add to the pool.
If we step outside and look at the progress we have made in terms of computer power, chips and circuits, we will be impressed. From room-filling machines in the 1960s to 10 times the computing power of a simple calculator, we have come a long way.
This also applies to smartphones and our bags. These devices are becoming more sophisticated with each passing minute and their benefits have extended across the spectrum of communication. Today, smartphones are used for banking, internet browsing, gaming, and recently, crypto mining.
In this article, we discuss crypto mining on smartphones, what it is, how it works, how it benefits and others. Lets get started!
What is crypto mining?
When a cryptocurrency works with a proof-of-work (PoW) system, you will need computing power to add new blocks to the blockchain. Miners use their computing power to solve mathematical equations. A miner who solves these equations is allowed to add new blocks and get paid the newly created crypto for all their efforts.
In crypto mining, computing power is a resource calculated from the hash rate, i.e. the number of calculations processed per second. Naturally, the system is more powerful than others. At first Bitcoin could be mined using a normal PC, but that changed as more miners joined the race and the difficulty of the network increased. Today, Mining works in many companies where you have a house full of ASICs (ASICs) for the sole purpose of mining.
What is mobile mining?
Can you use your mobile to make Bitcoin or other crypto? Yes. But can it be useful enough as a source of livelihood? Not really. In fact, as more miners enter the fray, the difficulty of mining has increased significantly and the mining reward has been decreasing periodically, every four years in the case of Bitcoin.
Smartphones today have more computing power than their size. They use a 5nm chip that works just as efficiently as any other chip that can be used to mine cryptocurrency. However, there are two drawbacks regarding smartphones and crypto mining. The first is their computer power. The hash rate of a smartphone can range from 4 H/s to 50 H/s. In comparison, a Bitcoin ASIC mining rig can have a hash rate of 950 TH/s (trillion hashes per second).
Therefore, it is clear that mining BTC using only a mobile phone is a difficult task, especially when you are facing a large mining company with thousands of ASICs. All these platforms are trying to get the same block that you are trying to mine with your smartphone. Another bad thing is that smartphones are used more than any other device in our daily life. If the device uses its power continuously, the battery drain will be fast and negative. In addition, the smartphone should be fully functional almost all day, which will significantly reduce its lifespan.
How to mine crypto with a smartphone?
Regardless of failure, if you want to get into smartphone crypto mining, you have two ways to do it. The first is solo mining, where you are alone, fighting other miners with the computing power of your phone. For mobile crypto wallets, you need to download one of these apps to get started.
MinerGate Mobile Miner
It is an easy to use tool that can help you not only Bitcoin but also other listed altcoins. It comes with its own wallet configuration where you can store your virtual crypto to transfer it later.
Bitcoin Miner is another crowd favorite when it comes to mobile crypto mining. It is called Bitcoin Miner but allows other altcoins, adding new coins frequently.
Youtuber TechWizTime tried to explain the benefits of cryptocurrency mining on Android phones. For his experiment, he tried to mine Monero (XMR) using a combination of three OnePlus 5T, 1 Xiaomi Redmi 5 Plus, 1 Bluboo S8 Plus, 1 Lenovo Tab4 Plus, and 1 Umidigi S2 mobile phones.
These seven devices gave him a combined packet hash rate of 110 H/s and earned him $0.78 per week. When you consider the cost of the equipment and the ability to run them 24/7, it would not be a huge investment. In addition, the phones will not be able to be used after they have worked for a long time, and they will not have any profit to sell, because their parts would have transferred a lot of debt.
Therefore, the second, relatively simple option is the mining pool. Here, you combine your resources with others, increasing the chance of rewards and receiving a percentage of those rewards based on the ability to calculate the amount you add to the pool. For mining pools powered by smartphones, you can download the F2Pool mobile app or the ViaBTC package to get started.
The value of bitcoin mining or altcoin mining on mobile depends on many factors such as the difficulty of the network for the coin, the computing power of your smartphone, the price of the coin in the market and other factors. You should evaluate the benefits of mining considering all these factors before putting your mobile device into crypto mining.