Mining is not only possible on one computer.
Mining is not only possible on a computer.
Smartphone mining software is becoming more and more popular. We inform you about the possibilities and perspectives of alternative methods for mining digital currencies.
Is it possible to mine with cell phone?
Yes, it is possible to mine cryptocurrencies like bitcoin using your smartphone. For this, there are various providers who provide their software for mining cryptocoins. Mining cryptocurrencies on your smartphone, however, is different from traditional mining.
How does mining work on the phone?
Bitcoin is managed decentrally via the blockchain, which consists of individual transactions. These transactions need to be checked with the help of complex arithmetic tasks. In order to mine cryptocurrencies despite the low computing power of smartphones, one uses so-called cloud mining. In this process, multiple mining devices join together, increasing computing power and solving more complex computational tasks faster. These mining pools are hosted by external servers. This increases profitability, because you get the respective cryptocurrency for providing your computing power.
In a so-called mining pool, the devices solve mathematical computational tasks called hashes. You can manually set the hashrate with many providers to control how much you want to mine.
Note the size of a mining pool if you want to join it. Large mining pools have the characteristic that they produce a profit more often. In addition, size also correlates with fees and withdrawal methods. There are two payout methods. With Pay per Share (PPS), a fixed amount is always paid out when your smartphone has solved a task. Pay per share is used by most providers. But there are also score-based pools that always pay out only after a certain amount is reached.
Differences to classic mining on a computer
Classic mining works without a mining pool. Each bitcoin has a 64-bit address with a public and private key generated during the mining process. Here, modern and high-powered devices, such as.B. the ASIC miner is used. Bitcoin is based on the proof-of-work mechanism. This means that only the miner who produces the correct hash is rewarded with the cryptocoins. So it is lucrative to mine with high-powered devices outside mining pools.
If you are part of a mining pool with your smartphone, you have a very small share of the computing power of the entire pool. Therefore, the reward is also very low. However, you don’t need powerful equipment to mine bitcoin and thus have less costs.
Phone mining costs
When mining with a smartphone, the main cost is the increased power consumption. However, the life span, the hardware installed in the smartphone, also decreases. If the smartphone has to be replaced sooner for this reason, very high costs arise, which can hardly be covered by the mining itself.
In addition, some cloud mining providers charge fees for the ability to participate in your mining pools.
Mining cryptocurrencies via the smartphone is usually not worth it for the time spent at the current rate, but if the bitcoin rate is high at the moment, you can make a good income. When electricity costs are low, the profitability of mining increases.
How to start mining on your phone
You need a smartphone with internet access. Once you have that, you can download apps from various cloud mining providers in your app store or even from your browser. If you have then created a user account with the respective provider and the if applicable. Once you have paid the required fee, mining can normally start. Your Hashrate you can increase with many providers depending on deposited money very much, so that above returns of over 100% are realistic.
If you are looking for a free variant, there is for example the app from StormGain, where you can start mining after registration. However, the hashrate is very low at 0.5 and after 4h the mining process is always automatically aborted and has to be activated again. Furthermore, the minimum amount needed to get your Bitcoins paid out is 10 USDT, which can be achieved with a hashrate of 0.5 after ca. 450 hours of active mining achieved.
For mining of different Altcoins there is the app MinerGate Mobile Miner. The user interface is very easy to understand, you get your own crypto wallet in the app and can store there coins such as z.B. Mining Monero, QuazarCoin and DigitalNote. Unfortunately, the app is no longer available in the Playstore, which is why you need to download it from the browser to install the app.
Advantages and disadvantages
It is comparatively easy to start mining with your smartphone, because you don’t have to buy extra mining hardware of your own. You only need an app that only runs in the background and does not restrict the use of your smartphone as much as possible. This is what you earn your cryptocoins for.
However, this is offset by a very small earnings. Also, the performance of your device may decrease and there is an increased likelihood that the hardware in the smartphone will take a hit faster.