It’s common knowledge that you can trade cryptocurrencies on the market, but did you know you can mine them? yes, crypto mining is one 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 it works? how do you do it? we will answer some of those questions in this article.
what is crypto mining?
bitcoin mining is a process through which a new set of cryptographic assets (bitcoin, ethereum, etc.) is generated and injected into circulation. the process also includes the confirmation of transactions of new blocks. in particular, this process requires solving algorithmic equations that verify the transactions in the cryptoasset.
Reading: Can i mine bitcoin on my phone
does mobile crypto mining work?
yes, it works. you can mine bitcoin or any other cryptocurrency on your smartphone. however, it has its drawbacks, including not being as efficient as traditional software and hardware. There is also the fact that mining cryptocurrencies on an android device will not give you as many benefits as you would if you spent the same time and effort on traditional mining setups with more sophisticated and powerful tools.
Crypto mining is an industrial activity in which some miners turn entire buildings into mining farms. There is also specialized software dedicated to mining, and miners can now invest in ASIC mining devices that drastically increase their earnings compared to Android devices.
However, thanks to the advancement of technology and software engineering, pool mining was born. These innovations aim to bring more miners together, which translates into more computing power and increases the chances of miners to get 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 its computing power to the system. still, since it’s very little compared to other miners using aiscs and pc setups, your rewards will be roughly the same percentage as your computing power.
how to mine cryptocurrencies on android?
This is how you can mine crypto on your smartphone.
android solo mining
One way to get in on the action is solo. however, mining cryptocurrencies on your android will not be easy. But in recent times, cryptocurrencies like bitcoin have continued to grow exponentially and attract more miners. therefore, you can choose to search for cryptocurrencies alone, although this will take more time.
cryptocurrency mining pool
Your next option would be to join a mining pool. there are several mining pools hosted on blockchain servers. the goal here is to generate adequate computational power by combining everyone’s resources to execute transactions in one block. when this is done successfully, each pool member gets a percentage of the pool based on the computational power they contributed.
Some groups have created mining applications that you can join and start mining in an easy way. Although there are several things you should consider before joining a group; block size and group size should be the most important. The size of the group will determine how much you get paid, how often you get paid, and your reward methods.
Many pay-per-share pools have a set amount that they pay each time they submit a share. by comparison, score-based funds only pay a portion of the shares offered as a percentage.
what apps can I use to mine crypto on a smartphone?
To start your mobile crypto mining journey, you’ll need a mining app, and below are some of the most popular ones you can use:
minergate mobile miner
You can mine multiple altcoins and even bitcoins with this app. Some altcoins you can mine include Monero, Quazarcoin, Dash, Digitalnote, Moneta Verde, etc. The app also has a built-in wallet for users to store the coins they have mined.
Just like bitcoin is the biggest cryptocurrency in the market, this app is the most popular cryptocurrency mining app. Although it is called a bitcoin miner, you can also mine other multiple currencies.
Ultimately, getting started as a mobile crypto miner is not as sophisticated as many believe. 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 mining in the background.
However, the downside of using mining apps is that they start to affect your smartphone’s performance after a while. so it’s up to you to decide if it’s worth it.