Introduction: Mining, Smartphones and Technology of Tomorrow

Advancements in technology have introduced smartphones, which are essential in our daily lives. Similarly, envisioning a world without digital currencies like cryptocurrencies is challenging. When these two pivotal elements merge, we get an inventive and practical solution - mobile cryptocurrency mining.

Today, we explore the idea of mining cryptocurrency on a phone and assess its viability.

What is Crypto Mining with Smartphone?

Mobile crypto-mining refers to the practice of mining cryptocurrencies on mobile devices, which have considerably less processing power compared to specialized hardware used for traditional mining. This method employs less resource-intensive mining algorithms like proof of stake or proof of power.

Typically, mining demands significant computing power and robust graphics cards. However, both the equipment and its upkeep are highly energy-consuming and costly. To make mining more affordable and accessible, the concept of "phone mining" emerged in the crypto world.

Cryptocurrency mining involves verifying and recording transactions on the blockchain, as well as creating new blocks that sustain the network. Its popularity today stems from the rewards miners earn for maintaining the blockchain network. For instance, miners currently receive 6.25 BTC per Bitcoin block.

For more information regarding the “traditional” Mining and rewards, you can check out our blog.

How Does Crypto Mining with Smartphone work?

Generally, smartphone mining operates similarly to cryptocurrency mining on computers. You can mine cryptocurrency whenever you have a phone or tablet at hand.

To enable mining on Android or iPhone, specialized applications have been created. These crypto mining apps utilize your smartphone's hardware to generate a certain hash rate, thereby increasing the chances of mining blocks. Despite the innovation in these applications, opinions on the efficiency of mobile mining vary. Now, let's delve into the pros and cons of this digital asset mining method.

What are the Advantages of Smartphone Mining?

• Accessibility - A significant benefit is that anyone with a phone or tablet can mine cryptocurrency anytime, anywhere, without being restricted to a specific location or computer.
  
  
• No Big Investment - Contrary to popular belief, there is no single, most expensive or best phone for mining crypto. All you need is any smartphone or tablet, the right software, and a stable internet connection.
  
  
• Simple Algorithm - The mining process is streamlined to the maximum, and obtaining cryptocurrency that you can mine on your phone can be accomplished in just a few clicks.
  
  
• For Beginners - Beginners who have just started mining cryptocurrency on iPhone or Android are fortunate. Through this process, every miner has the chance to learn extensively if they are keen on delving into the blockchain and cryptocurrency realm from within.

What are the Disadvantages of Smartphone Mining?

• Restricted Currency Options - Mining Bitcoin and other leading coins based on Proof of Work consensus is nearly impractical through this method. However, alternatives like Proof of Stake, cloud mining, and faucets are deemed more lucrative.
  
  
• Limited Processing Power - Unfortunately, the processing power of our phones falls short in competing with specialized mining computers and rigs. This lack of competitiveness can significantly diminish potential income and consume your time.
  
  
• Device Lifespan - Mining on mobile devices can rapidly deplete battery life and lead to overheating. Hence, even the most superior phone for mining crypto may not endure unscathed.
  
  
• Risk of Viruses or Scammers - Obtaining cryptocurrency through mobile mining poses a significant risk of installing malware or engaging in fraudulent schemes.

What do I need for Cryptocurrency Mining via Smartphone?

Firstly, you require a robust smartphone capable of meeting the necessary requirements for profitable Mobile Mining.

Secondly, you need the right app. There are numerous apps available for this purpose:

• Bitcoin Mining

The Bitcoin Mining (Crypto Miner) app allows users to participate in Bitcoin mining via cloud-based services, removing the need for costly hardware or technical know-how. Users can choose their preferred mining hash rate, enabling them to see a consistent increase in their Bitcoin balance without the intricacies of traditional mining techniques. With a user-friendly interface, the app caters to both novices and experienced miners, making it accessible to a broad audience.

• Minerstat

Founded in 2017, minerstat is an app offering a range of optimized solutions to simplify cryptocurrency mining. It charges a monthly fee of 1-1.7 €.

However, note that the app is not regulated or overseen by any financial institutions.

• Bitdeer

Founded in 2018, Bitdeer offers users comprehensive bitcoin mining solutions on a cloud-based platform. Serving users in over 200 countries and regions, the platform currently attracts more than 2.5 million monthly active users.

Summary: Crypto Mining with Smartphone might be a good way

As we observe, mobile crypto mining has its share of pros and cons. These factors shape people's opinions on the subject. Some firmly believe that phone crypto mining isn't worthwhile due to high market competition, the significant time commitment required (around 8 hours daily), and fraud risks.

Conversely, others view smartphone mining as a straightforward, affordable, and efficient way to earn money.