Many of us are aware of cryptocurrency mining but few know that you can mine using your smartphone as well. It may sound strange to a new ear but it is possible.
Does it really work?
If you wish to mine Cryptocurrency, it can now be done from the palm of your hand. Mining requires solving a complicated hash which consists of puzzles and mathematical problems. The first person or pool to find the solution for it is rewarded with a token for their success.
How Mobile Mining Works
With your smartphone or mobile mining farm, you can join a mining pool. A mining pool is an innovation which was introduced to bring together more computing power to enhance the chance to solve algorithms. Once you partake in the mining pool, the amount of power you bring into the network will determine the percentage of the profit you will make.
Why prefer Android?
Apple doesn’t support crypto mining software on any of its platforms as it puts stress on the device, generates heat and drains the battery. Crypto Mining applications go against the App Store guidelines; this is the reason it is particularly difficult finding secure mining apps on the Apple App Store.
Google put a similar ban on crypto mining for the Google Play Store, however they still give access to ‘apps that remotely manage the mining of cryptocurrency’. This makes room for applications catering to cloud mining and mining pools.
Finding legitimate mining apps across Google Play Store can still be difficult because of the fraudulent applications readily available.
Types of Crypto Mining on Smartphone
If you wish, you can begin your mining solo, however, it is relatively difficult and takes up more time. There are some options you can look into which makes it easier to mine cryptocurrencies since they are specifically designed for mobile devices.
- Pi Coin
Pi coin is introduced by the Pi Network which endorses itself as ‘the first digital currency you can mine on your phone’. It aims to provide an inclusive and smart contract platform for people.
After downloading the application, you must play one of these four roles; The simplest one requires a confirmation that the user is not a robot by marking their presence once a day. Other roles require existing users to validate new users or become ambassadors by referring the network to others. At the end, users will be awarded new Pi coins.
Pi coin seems to be transparent with its working as their development team is not anonymous. They provide clear information regarding how their projects work and what their objectives are.
AntCoin is the official invention of the Ant Network. It aims to prioritise privacy and establish advertising and social media sharing networks for content creators and their viewers. This mining based network requires no energy consumption and is environment friendly.
Invest into a company to mine the cryptocurrency of your choice using their mining rigs and equipment. You can keep track of your profits using your smartphone. Cloud mining using smartphones is a more reliable method of earning cryptocurrency. These services connect users to cloud mining services which makes it easy to track or make changes.
ECOS is a crypto investment platform that offers multiple services which include crypto exchange, a wallet, portfolio management tools and cloud mining. It offers a variety of contracts starting from $50. With its app, users are able to track mining operations and purchase or sell crypto assets on the ECOS exchange.
Stormgain is an all-in-one app that gives you access to your account, lets you buy, sell or exchange cryptocurrencies.
This crypto investment platform offers services including Bitcoin cloud-mining with contracts available at various prices. This application is not available in the Apple App Store.
Bitdeer provides cloud-mining services for different cryptocurrencies including Bitcoin, Bitcoin Cash, Zcash and Filecoin. This mining platform also offers contracts to miners who have their own equipment and are interested in selling their hashrate to potential buyers.
Bitdeer is available on both Android and iPhone. It lets you keep a check on your revenue and mining operations.
BeMine is a cloud-mining platform offering contracts for different ASIC Mining devices. They provide four offers, prices varying with different hashrates. It also features a profit calculator which provides a rough estimate of the profits the user will make. BeMine has an official application available for only Android users.
We don’t endorse any platform for crypto mining mentioned above. Download or invest through these applications at your own risk.
Top 3 picks for Smartphones for Mining Application
Using a Smartphone for mining means investment in a device which is durable, has a capable battery, great storage and the fastest processor in town. We have shortlisted the top three picks for you.
1. Asus Rog Phone 5
The Asus ROG Phone 5 is one of the best contenders to mine cryptocurrency. It is powered by Qualcomm Snapdragon 888 chipset and is available with up to 16 GB of RAM. The 5nm based processor on the smartphone can provide essential computing power to mine cryptocurrency.
2. Samsung Galaxy S22 Ultra
The Samsung Galaxy S22 Ultra comes with 8GB of RAM. This 4nm chipset will prove a good call for crypto mining on your smartphone.
3. OnePlus 10 Pro
OnePlus 10 Pro comes with 8GB and 12GB of RAM. For mining, it is recommended that the user goes for 12GB of RAM instead of 8GB for a better performance. This smartphone comes with a 4nm chipset and is capable of crypto mining from the palm of the hand.
We don’t endorse any of the devices mentioned above. The top contenders will change when more compatible smartphones enter the market.
The Downside of Crypto Mining on your phone
Smartphone Crypto Mining has its set of cons. Mining from your phone is not close to the traditional mining methods and what mining equipment offers. It will likely not provide you with the profits that you expect from traditional mining hardware and software. This is not because the smartphones do not possess enough power to mine crypto, it's simply because other miners give competition with extremely powerful tools which can overtake the efforts of a smartphone. Miners using powerful PCs will generate a decent incentive from mining. Crypto mining, over the years, has become an industrial activity with miners turning buildings into mining farms. There is also specialised equipment dedicated to mining which encourages investors to move towards ASIC miners. These can drastically increase their profitability but require a significant amount of initial capital.
Mining through your smartphone is always an option but in comparison to traditional methods will not give enough profitability.