There are two methods of cryptocurrency mining on smartphones. The first is solo mining. Use your smartphone’s computing power to battle other miners all by yourself. The second is pool mining. Here we are pooling computational resources with other users to increase the odds of rewards and getting those reward percentages based on the amount of computational power we add to the pool.
Zooming out and seeing the progress we have made in terms of computing power, chips, and circuits is sure to leave you in awe. We have come a long way to ten times more computing power.
This also applies to smartphones in our pockets. These devices are becoming more sophisticated by the minute, and their usefulness extends beyond the realm of telecommunications. Today, smartphones are used for banking, browsing the internet, gaming, and most recently, mining cryptocurrencies.
In this article, I will explain the overview, mechanism, profitability, etc. of cryptocurrency mining on smartphones. let’s start!
What is Cryptomining?
If a cryptocurrency works with a Proof of Work (PoW) consensus mechanism, it needs computing power to add new blocks to the blockchain. Miners use their computing powers to solve formulas. Miners who are the first to solve these equations are allowed to add new blocks and are rewarded with newly created ciphers for all their efforts.
When it comes to cryptocurrency mining, computing power is a resource calculated by hash rate, the number of equations solved per second. Naturally, more powerful systems are better than others. Initially, Bitcoin could only be mined with a regular PC, but that changed when more miners entered the race and the network difficulty increased. Today, mining is done on an industrial scale, with buildings full of Application Specific Integrated Chips (ASICs) dedicated solely to mining.
What is mobile mining?
Can I use my mobile to mine Bitcoin and other crypto? Yes. But is it profitable enough as a source of life? Not much. This is because mining difficulty increases exponentially as more miners join the fray, and mining rewards also decrease periodically (in the case of Bitcoin he every 4 years). .
Today’s smartphones have computing power beyond their size. It uses a 5nm chip that is as power efficient as any other chip and can be used for cryptocurrency mining. However, he has two main drawbacks when it comes to smartphones and cryptocurrency mining. The first is its computing power. Smartphone hash rates range from 4 H/s to 50 H/s. By comparison, a Bitcoin ASIC mining rig has a hash rate of 950 TH/s (1 trillion hashes per second).
Therefore, it is clear that mining BTC using only a mobile phone is a difficult task, especially when going up against giant mining companies with thousands of ASICs. All of these rigs are trying to mine the same blocks you’re trying to mine using your smartphone. Another drawback is that smartphones are used more than any other gadget in our daily lives. If something uses your computing power non-stop, your battery will drain faster and you’ll be inconvenient. In addition, smartphones have to work at full capacity most of the day, greatly reducing shelf life.
How to mine cryptocurrencies with your smartphone?
Despite its drawbacks, there are two ways to start mining cryptocurrency on your smartphone. The first is solo mining. Use your smartphone’s computing power to battle other miners all by yourself. To get started with mobile solo crypto mining, you need to download one of the following apps:
MinerGate Mobile Miner
This is a fairly easy-to-use app that helps you mine Bitcoin as well as other altcoins listed. It comes with a wallet setting that allows you to store mined crypto and later transfer it to another location.
Bitcoin Miner is another favorite of the crowd when it comes to mobile crypto mining. Despite the name Bitcoin Miner, new coins are added frequently and other altcoins are available.
Youtuber TechWizTime tried to estimate the profitability of mining cryptocurrencies with Android phones. In the experiment, we combined 3x OnePlus 5T, 1x Xiaomi Redmi 5 Plus, 1x Bluboo S8 Plus, 1x Lenovo Tab4 Plus, 1x Umidigi S2 mobile phone to try to mine Monero (XMR).
The combined mining hash rate of these 7 devices was 110 H/s and I was able to earn $0.78 per week. Considering the cost of the device and power supply to keep it running 24/7, this is unlikely to be a profitable investment. Additionally, smartphones become unusable after long hours of mining and have no resale value.
So a second, slightly more viable option is pool mining. Here we are pooling computational resources with other users to increase the odds of rewards and getting those reward percentages based on the amount of computational power we add to the pool. For smartphone-activated mining pools, you can download the F2Pool mobile app or the ViaBTC pooling app to get started.
The profitability of bitcoin mining or altcoin mining on mobile phones depends on many factors, such as the difficulty of the coin’s network, the computing power of the smartphone, and the price of the coin on the market. All these factors should be taken into account to evaluate the profitability of mining before using your mobile device for cryptocurrency mining.