Crypto-investments have gained worldwide popularity in the last few years. Popular currencies like Bitcoin and Ethereum are considered asset-class commodities today. Today there are more than 100 million traders spread across the globe.
Today, with the availability of trading applications, investing in cryptos has become a lot easier. The improved functionality and features, like automated trading applications, have helped users form positive opinions about brexitmillionaire.net trading.
But trading is not the only way in which you can make money out of cryptocurrencies. One of the most popular ways in which you can make money from cryptocurrency is through mining.
You may be aware of the high expenses required to set up a mining rig. It takes highly powered GPU units to mine cryptocurrencies. However, you may not be aware that it is also possible to mine cryptocurrencies on your smartphones! In this article, we will discuss if it is feasible to mine cryptocurrencies from phones.
How does Mining Work?
The primary thing about mining is the audit of transactional data from a particular crypto network. The task of the miner is to generate a unique hexadecimal number. This hexadecimal number, also known as the hash value, can solve mathematical equations required to verify transactions on the blockchain.
Every transactional data is encrypted to hash values. The hash is used to cross-check and verify the legitimacy of transactions made on the crypto network. Thus the miners use their mining rigs to generate the correct hash value. This hash value is required for the creation of new blocks.
Miners get rewarded when they can successfully generate new blocks in a chain. The transaction history is retained in the form of blocks within the existing blockchain. For the maintenance of this blockchain ledger, the miners earn their remuneration in cryptocurrencies.
Is Mining Bitcoin on Smartphones Practical?
The mining rigs used by professional miners are pretty expensive. The reason is that these rigs use high-powered graphics processing units to solve the mathematical equations for the correct hash value.
Every miner competes with other miners searching for the correct hash number that will earn them the reward. This competition is why miners invest an excessive amount of money on powerful hardware for their mining rigs. A lot of money is invested in the power supply to keep the mining rig functional consistently.
While Bitcoin mining on a high-powered personal computer may be profitable, mining on smartphones is highly unprofitable. These are the reasons:
- The processing power in any flagship smartphone device is extremely low compared to that of a professional mining rig. The smartphone cannot generate the minimum processing power required to make mining on smartphone devices a profitable venture.
- Although Google and Apple do not support mining on android devices and iPhones, it is possible to sideload applications directly from the internet. The reason that Apple cites is that mining will put extreme stress on the smartphone devices, decreasing the longevity of the device and its battery life.
- Applications that can be sideloaded do not adhere to the app store regulations. Developers can introduce malware into your device through these unsafe applications.
Mining on Smartphones
However, if you still want to go ahead with mining, go for currencies that are easy to mine. To mine on your device, follow these steps.
- Install applications like CryptoTab or MinerGate on your android device that has an OS Android 4.1 or above.
- Make sure your device has the free memory that is required to run the application.
- Register on the application using your email id and a password for the application.
- Use the calculator to get an estimate of the profitability from mining.
- You can also customize mining speed or join mining pools from these applications.
Mining on a smartphone is possible, but it is not recommended by the two leading smartphone OS developers, Google and Apple. It would help if you mined at your discretion.