How To Perform Mobile Cryptocurrency Mining
Mining is the distributed computing process in the crypto space that is now being used to create a number of cryptocurrencies. In order to ensure that the transactions are being carried out safely and securely and the validity of the blockchain network, mining procedure is usually adopted by the miners. As a result of their services, a certain amount of Bitcoins is awarded to the miners.
The users can carry out the crypto mobile mining by utilizing the pool or solo mining services on all kinds of phones that may be an android or an iOS. Here is a detailed article about mobile crypto mining that will explain the various ways to the readers using which they can comfortably carry out mining at home.
What is Crypto Mining?
In order to solve a complex mathematical problem and add a block into the blockchain, a huge amount of computing power is required for the mining process. It is considered as an important and mandatory part of dealing with the cryptocurrencies. To perform the cryptocurrency mining, usually hardware having high performance and efficient graphics processing units (GPUs) are used.
In addition to that, to mine the cryptocurrencies, the application specific integrated circuits (ASICs) are also created. These mining circuits are entirely different from the GPU mining rigs as they are more efficient in energy and powerful. As the ASICs are specific in their application, they are only used for mining purposes and nothing else.
However, as everyone is aware of the high volatility risk that is integrated with the crypto market, mining only a single coin could prove risky. In case the hashing algorithm gets changed by the developers or the value of the coin goes down in the market, the ASIC equipment will be totally useless.
Steps Involved in Cryptocurrency Mining Process
Following are the steps involved in carrying out the mining procedure for any kind of cryptocurrency.
- Choosing a Cryptocurrency: This is the very first step to start the crypto mining. One should look for the cryptocurrencies that use the Proof of work protocol as their basis.
- Buying the Desired Equipment: The next step is to find out the required graphics processing units (GPUs) or the application specific integrated circuits (ASICs) that could be used in mining.
- Setting up a Crypto Wallet: After that the user has to select the wallets from all the wallets that are available online free of cost.
- Configuring the Mining Device: Then for the cryptocurrency being used, the user has to download the required mining software.
- Joining the Suitable Pool: To earn the maximum profit, it is advised to the users to join a mining pool and earn the rewards by validating the blocks in the blockchain.
What is Mobile Crypto Mining?
Mobile crypto mining is the term used when the processing capability of the smartphones is used to mine crypto currencies. Using the smartphones, both android and iOS, the cryptocurrencies that are based on the Proof of work (PoW) such as Bitcoin can be mined.
In order to increase the probability of a block being mined, the mining pools can be joined by the miners operating at a small scale. This will help to increase their computing power manifold and gain more profit.
But the fact should be kept in mind that by using the smartphones, the computing power would be lesser than the computing power that could be achieved by using the GPUs or the ASICs. Moreover, the miners may not be able to earn a considerable profit as they are paid almost equal to their contribution only.
To begin mining cryptocurrencies using the mobile phone, it is mandatory for one to buy a smartphone of his own choice. in addition to that, it is important to have a stable internet connection and then download a crypto mining app of your own choice from the store. As already mentioned, the cost of electricity consumed for mining could not be fulfilled by the earning made by the crypto miners.
The mining process can also reduce the life span of the smartphone as it could exert a lot of strain over it. It may also cause a damage to the hardware and making it difficult to use the phone for any other requirement.
To mine the cryptocurrencies, there are a number of applications that are available for the users on all kinds of phones may it be android or iOS. However, it is important to check out for the validity of some of the crypto mining applications and sites that could only be accessed through the third party.
The mobile mining applications are not available on the Google Play Store as it is against the policies of Google developers. But the developers are allowed to carry out the mining process on some other platforms such as cloud computing platforms using the applications available on Google Play Store.
The fast deterioration of the battery life or the excessive heating of the hardware when mining is carried out as mining is a strenuous process could be the possible reasons of restricting these applications directly.
How to Mine Cryptocurrency on a Smartphone?
As mentioned already, cryptocurrencies using the proof of work consensus can be mined on all kinds of smartphones. Here is the detail how to mine them on android phone or an iOS.
- Mining Crypto Using an Android Phone
In order to carry out mining process using the Bitcoins, the users can choose solo mining or may join any pool. There are a number of mining pools available that may include ViaBTC, F2Pool, BTC.com, Poolin, AntPool etc.
But one should be aware of the fact that with reference to the computational power, mining is an aggressive task therefore, a number of android may not be eligible for carrying out solo mining. Moreover, before initiating the mining process on the smartphone, it may take years to set up the structure even if one is using the latest hardware structure for mining.
However, it is advised for the miners to use the pool mining procedure to earn a good amount of profit. There are a number of mining pools available for the miners such as MinerGate Mobile Miner or Bitcoin Miner that could help in the generation of a sufficient amount of computational power to solve a problem and also earn rewards as a result.
The size of the pool that is chosen by the miner will get to decide the options of giving incentives to the miners, the frequency of payment and the pay of the miners. However, it is important to keep in mind that each pool has its own criterion of payments, and their incentives may also differ accordingly.
This can be understood by certain examples such as if the miners choose to carry out the mining using the pay per share procedure, then for every successful mining process they carry out they will be paid a specific payment. But that would be sufficient enough to be given as a reward of their contribution to the mining process.
On the other hand, it is the theoretical profit that is calculated would decide the service fee of mining process and the block reward. Moreover, using the pay per share system, a part of the transaction fee is also paid to the miners who are contributing in the process.
- Mining Crypto Using an iOS
There is no need to invest in expensive hardware equipment to carry out mining as the applications for mining cryptocurrencies can be downloaded by the miners on their iPhones. However, the miners should keep that in mind that while mining with mobiles, they may not be paid according to their contribution and effort in some cases, and they may have to face a loss that is not dependent on the application they are using for mining.
It can be understood by the example that operating the iPhone at a high energy may become costly for the miners. But at the same time, the cryptocurrency that has been mined by them whether it be altcoin or Bitcoin will be not much in quantity. In addition to that, the phone needs to be charged time and again and requires a lot of computing power that may result in the low performance of the iPhone.
Applications for Mobile Crypto Mining
Here are some applications that could be used by the miners to mine cryptocurrencies.
Cryptocurrencies can be sold or bought using the website of Binance. The website can be accessed through the android phones through Binance Inc application.
- Coin Club
The cryptocurrency investors all around the world have created the application for smartphones named as Coin Club. It helps in the provision of certain traits in real time and also updates the users with newest information related to blockchain. All the crypto investment groups are a part of this network and tokens are also presented as rewards to the participants.
- Sweatcoin
Developed by the Sweatcoin Ltd, it is an application designed for fitness purposes and crypto mining. When a fitness session is completed by any user, he is awarded with coins as a result. This meant the actions of the user are tracked by the application and then converted in the form of coins.
- Alien Run
This is basically a game designed by the Bitcoin Aliens that helps the players to play and earn crypto at the same time. the application can be easily accessed through the iOS 8.0, android 3.0 and their later models.
- Blockchain Game
A mining application called as Blockchain game is also designed by the Bitcoin Aliens. It also helps the users to playa and then get their rewards converted into Bitcoins as a result.
- BTC SAFARI
This is a mining application that is available to all free of cost. In every 15 minutes, this application helps in the generation of about 400 Satoshis.
- Storm Play
It is an application that is designed by the StormX Global and can be accessed by the users through it. The users are allowed to carry out different experiments with the products introduced by the firm using the software and earn crypto rewards in return.
- Free Bitcoin
This is also a mining application that can be accessed through android phones that helps in the generation of Satoshi rewards per hour. One has to enter the information of his BTC ID wallet in the application initially. In case one does not own a bitcoin ID wallet, he will be guided by the application to create one.
- Kryptex
It is a software program that is computer based and is primarily being used for the mining and generation of cryptocurrencies. The user can then later convert this cryptocurrency into original money. The equipment that is used for mining decides the cost required for mining.
Can Mobile Crypto Mining Prove Profitable?
The efficiency of the hardware used for mining and the computational power that is generated by it decide the profit that will be gained by the mining procedure. It is evident that the miners who use advanced and upgraded hardware systems to perform mining will gain more profit than the ones who are carrying it out using their smartphones.
Mining activity can also be affected by the cybercriminals and hackers in one way or other. The cryptojacking method is used by the cybercriminals these days where they might hack the devices of miners and keep on using their computing power without the owner being knowing. This leaves behind insufficient computing power for the device that the owner himself cannot mine any cryptocurrency further.
Before initiating the mining process, the miners perform a detailed analysis whether if investing in mining would prove beneficial or not through the cost-benefit analysis. This is done to calculate the ratio of profit before making any investment.
In addition to that, it is important to prepare a proper budget and consider the goals that one wants to achieve with mining activity. Moreover, it is also important for the miners to consider the environment aspects and the impacts that may be caused by the hardware devices on the atmosphere in the mining region.
Is Mobile Crypto Mining Legal?
As the trading or dealing with cryptocurrencies is not allowed in some of the countries, therefore mining can also be carried in the regions where the crypto assets are permitted. The use of hardware such as GPUs, ASICs or even smartphones for mining totally depends on the geographical region where mining is to be performed.
The higher authorities of the region can declare mining an illegal process and ban it in case they do not allow the residents to deal or trade with crypto assets.
Impact of Mobile Crypto Mining on Environment
Not every kind of mining causes a severe impact on the environment. However, mining the cryptocurrencies that operate on the Proof of work protocol such as Ethereum or Bitcoin may have harmful environmental effects. The amount of Carbon generated through bitcoin mining has reached to a significant dangerous level.
Due to this reason a number of cryptocurrencies are now shifting towards the Proof of stake protocol from Proof of work consensus. The PoS consensus helps in mining and validation of blocks to the blockchain on the basis of number of coins staked without affecting the environment.
What is the Future of Mobile Crypto Mining?
Though the hype of cryptocurrencies and crypto mining is increasing all around the globe, still there are some concerns related to the harmful impacts it may cause on the environment or the economy of a region. This has caused the cryptocurrencies that were previously operating using the Proof of Work mechanism to the Proof of Stake consensus such as Ethereum.
However, according to some of the higher authorities in the world, the actual status of crypto mining is still not clear. This has put the miners in a doubt about the validity of mining and earning made through it. in addition to that, as mentioned already that the applications used for mining also affects the life span and the battery life of the smartphones used for mining making it difficult for the owners to create sufficient computing power.
On the other, there exists a brighter aspect too that has enabled the miners to run their rigs in a successful manner through mining by using advanced hardware systems. The technological advancement is increasing because of the potential rewards that are won as a result of mining. However, no one knows about the next prominent advancement in the mobile crypto mining space, and it is yet to be predicted.
Conclusion
Mobile crypto mining is a convenient and feasible process that can be carried out by the miners in any part of the world at any time with comfort. One just needs to initially invest in a smartphone and carry out mining easily. However, there are certain economic and environmental aspects that should be looked after too before initiating the mobile mining to prevent any potential loss in the future.
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