Mining crypto

Everything you need to know about mining crypto on a smartphone

By CNBCTV18.com IST (Released)

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you have two ways to do crypto mining on smartphone. The first is solo mining, where you are on your own, battling other miners with the computing power of your smartphone. The second is pool mining. Here, you pool your compute resources with others, increasing the chances of rewards and getting a percentage of those rewards based on how much compute power you’ve added to the pool.

If we zoom out and look at the progress we’ve made in terms of computing power, chips and circuitry, we’re sure to be impressed. From a processor taking up a large room in the 60s to 10 times the computing capacity existing on simple calculators, we have come a long way.

This also applies to the smartphones in our pockets. These devices are becoming more sophisticated with every passing minute and their usefulness has extended beyond the realm of telecommunications. Today, smartphones are used for banking, internet browsing, gaming, and more recently, crypto mining.

In this article, we discuss crypto mining on smartphones, what it is, how it works, how profitable it is and more. Let’s start!

What is Crypto Mining?

When a cryptocurrency operates on a proof-of-work (PoW) consensus mechanism, you need computing power to add new blocks to the blockchain. Miners use their computing power to solve mathematical equations. The miner who solves these equations first is allowed to add a new block and is rewarded with newly created crypto for all their effort.

In crypto mining, computing power is a resource calculated by the hash rate, i.e. the number of mathematical equations solved per second. Naturally, more powerful systems have an advantage over others. Bitcoin could initially be mined with a normal PC, but that changed as more miners joined the race and the difficulty of the network increased. Today, mining operates on an industrial scale where you have buildings full of application-specific embedded chips (ASICs) just for the sole purpose of mining.

What is mobile mining?

Can you use your mobile to mine Bitcoin or other cryptos? Yes. But can it be profitable enough as a source of livelihood? Not really. Indeed, as more and more miners have entered the fray, the mining difficulty has increased exponentially and the mining rewards are also reduced periodically, every four years in the case of Bitcoin.

Smartphones today have computing capacity beyond their size. They use 5nm chips which are as energy efficient as any other chips and can be used to mine cryptocurrency. However, there are two main drawbacks regarding smartphones and crypto mining. The first is their computing power. The hash rate of a smartphone can range from 4 H/s to 50 H/s. In comparison, a Bitcoin ASIC mining rig can have a hash rate of 950 TH/s (trillion hashes per second).

Therefore, it is obvious that mining BTC using only mobile phones is a difficult task, especially when you face giant mining companies with thousands of ASICs. All of these platforms are trying to mine the same block that you are trying to mine using your smartphone. The other downside is that smartphones are used more than any other gadget in our daily life. If something uses its computing power non-stop, the battery drain would be fast and inconvenient. In addition, the smartphone should work at full capacity almost all day, which would drastically reduce its lifespan.

How to mine crypto with a smartphone?

Despite the downsides, if you want to get into smartphone crypto mining, you have two ways to go about it. The first is solo mining, where you are on your own, battling other miners with the computing power of your smartphone. For mobile solo crypto mining, you need to download one of the following apps to get started.

MinerGate Mobile Miner

It is a relatively easy to use application that can help you mine not only Bitcoin but other listed altcoins as well. It comes with its wallet setup where you can store your mined crypto to transfer it elsewhere later.

bitcoin miner

Bitcoin Miner is another crowd favorite when it comes to mobile crypto mining. It’s called Bitcoin Miner but also allows other altcoins, with new coins being added frequently.

Youtuber TechWizTime attempted to estimate the profitability of cryptocurrency mining on Android phones. For his experiment, he attempted to mine Monero (XMR) using a combination of three OnePlus 5T, 1 Xiaomi Redmi 5 Plus, 1 Bluboo S8 Plus, 1 Lenovo Tab4 Plus, and 1 Umidigi S2 mobile phone.

These seven devices gave him a combined mining hash rate of 110 H/s and earned him $0.78 per week. When you factor in the cost of appliances and power to run them 24/7, it’s highly unlikely to be a worthwhile investment. Additionally, the phones would not be usable after prolonged mining, and they would have no resale value, as their parts would have been grossly overcharged.

Therefore, the second, slightly more viable option is pool mining. Here, you pool your compute resources with others, increasing the chances of rewards and getting a percentage of those rewards based on how much compute power you’ve added to the pool. For mining pools activated via a smartphone, you can download the F2Pool mobile app or the ViaBTC pooling app to get started.

Conclusion

The profitability of bitcoin mining or altcoin mining on mobile phones depends on many factors like the difficulty of the network for the coin, the computing capacity of your smartphone, the price of the coin in the markets and more. You should assess the profitability of mining considering all these factors before committing your mobile device to crypto mining.