A Beginner’s Guide to Cryptocurrency Mobile Mining
Crypto Mining, as we all know, is an expensive investment. For instance, to start mining Bitcoin in 2020, you first have to invest in a top-end mining rig costing upwards of $1000, make sure the electricity around your place is cheap, store it in a cool place then connect it to a mining pool.
Mining Bitcoin on a smartphone is completely out of the question. It is more or less similar to Ethereum and other top mineable coins out there.
But wait, then what was the recent buzz about mining on the mobile? We all know mining is the task of verifying transactions, and as the number of miners increase, it becomes more and more complex to mine. Then how can one even think about mining cryptocurrencies on the mobile? Is it even possible or profitable?
Let us try to answer all the questions you might have about Mobile Mining and its feasibility.
Is Mobile Mining a Scam?
Let us make it clear right away, Cryptocurrency mobile mining is possible, but it comes with a long list of reasons not to do it. In reality, mining on your smartphone doesn’t even come close to any other mining hardware or software form. At least the ones on the top, doing it on your smartphone might not bring you enough profit to be worth the time and effort in the current state of the market.
Crypto mining is usually advertised to be an attractive scheme. We see things like “Cryptocurrency mobile mining isn’t complicated. All you need is a decent smartphone and a mining app. The app runs in the background while you’re using your phone, and you receive rewards for it.” But the truth is much more complex than that.
Mobile Crypto Mining is not worth it, not because the smartphones we have today aren’t powerful enough to be used for cryptocurrency mining. The main point is that the tools that other miners use for mining are way more powerful. This means that they have higher chances of winning the incentives, decreasing mobile miners’ chances of getting any rewards.
Well, Then Why is Mobile Mining a Thing?
Although crypto mining on mobile is not that profitable, projects pop up, which appeal to a prospective customer by providing mobile mining. Mobile mining is a possible marketing strategy wherein projects lure in customers by promising rewards without any investments. Later, when a sizable number of users are captured, they move on to the next phase. This thereby makes mobile mining a short-term effective strategy in gaining users, if played properly.
There are several projects currently in the market that allow one the luxury of mining coins on their mobile. It must be noted that although they advertise mobile mining, it is not necessary that it is profitable and comes with the added risk of burdening your mobile with too many tasks than it can effectively handle.
In 2019, after realizing that a lot more mobile mining apps were popping up in the play store, Google decided to ban all mining apps due to the harmful effects they had on devices. But one can still download applications from third-party sites. Apple guidelines for developers explicitly prohibit iOS and Mac apps from mining cryptocurrency in the background. Apple effectively banned mining apps from the App Store back in 2018.
Top Mobile Mining Projects
Mobile Miner Gate
MinerGate Mobile Miner is an app that enables you to mine for multiple altcoins besides Bitcoin. Among them, you have Monero, Dash, DigitalNote, MonetaVerde, and QuazarCoin. The app also provides a built-in wallet, where users can store their hard-earned coins. Ever since both Google and Apple have updated their mobile mining regulations, MinerGate has focused on Laptops and Computers.
Electroneum is a digital blockchain ecosystem developed by a UK based team. When it was released, Electroneum advertised itself as the world’s first cryptocurrency mineable on mobile. Later on, Electroneum announced that its planned Android smartphone (the Electroneum M1) would come with cloud mining features to boost its ecosystem. This feature does not truly use your device’s power to mine; instead, Electroneum is effectively running a token giveaway.
Pi Network is an experimental blockchain and cryptocurrency created by researchers from Stanford University. Pi claims to be the “first digital currency that you can mine on your phone.” Like Electroneum, Pi mining does not cost anything in terms of electricity, investment, or upfront costs. Once again, Pi mining does not rely on your device’s power; instead, you earn tokens based on referrals and participation in the Pi community, meaning that the rewards are based on the network’s usage.
Mobile Mining is definitely a lucrative strategy for new and upcoming projects looking to increase the user base. But the same cannot be said for the actual mobile miners. The downside of mobile mining apps is that they interfere with the performance of your smartphone and usually end up damaging your device. What may have seemed like a simple way of making some extra cash could cause more expenses in the long run. If you’re planning on doing cryptocurrency mobile mining with your $1,000 smartphone, you may not end up earning enough to cover the damage.