There is no doubt cryptocurrency space has taken the world by storm. All across the globe, everyone is looking for the best way including great apps to mine these currencies. While they are starting to command some real value in the market, the journey is just beginning. More trends in the cryptocurrency world are expected to come up in future.
The cryptocurrency industry is no longer for the selected nerds who have extremely expensive hardware setups. While some cryptocurrencies such as Bitcoin require special equipment to mine, others like Monero can be mined using a simple CPU on your Android smartphone using the right application.
When many people come across cryptocurrency mining, they envision a large number of powerful computers stacked in one room with a lot of in-built power supply to run the expensive hardware. But, the crypto revolution has advanced, and for the enthusiastic cryptocurrency miner, mining can be easy and more accessible thanks to the existence of advanced mobile devices.
The main question is, is virtual currency mining on mobile devices really profitable? We’ll take a look at it in detail.
Mobile Mining Versus Normal Mining
The main difference between mobile mining and normal mining is the cost. As altcoins such as Bitcoin continue to rise, more people are looking to join the market, making the virtual currency mining a good option. But when mobile mining is involved, there is no need to spend money on any piece of hardware. All you have to do is to buy a good mobile device or tablet for mining purposes. The higher the quality, the better. The main reason behind this is that mining cryptocurrencies such as Bitcoin require a lot of power and can, consequently, damage a mobile phone quite quickly. So, before purchasing a mobile mining device, it is imperative to note its lifespan and usage to choose the most suitable device for the job. It’s also a good way to determine the amount you need to invest in that device.
Still, buying a mobile device can lower the cost of mining compared to the traditional way of mining where you need a set of hardware worth a lot of money not to mention the high cost of electricity that is incurred. Also, it is important to consider the nature of data fees involved if you’re don’t have access to Wi-Fi as well as the energy consumed by the device. Remember, your device will need to be changed almost constantly.
But when mobile devices are compared with the tradition crypto mining, these devices are price friendly and hence more lucrative. Although it is unlikely you will get the same number of altcoins mined using powerful hardware.
Platforms and Devices
Apple users may be unfortunate since there are almost no iPhone or iPad apps available for mobile cryptocurrency mining. Although there are some mining games available in the Apple App Store, they are not that profitable. On the other hand, Android user can enjoy a variety of mining apps such as Electroneum and Droid Miner. Sure, these apps are capable of draining your battery quite quickly, and the reviews are not that good due to the high expectation by individuals using them.
Let’s look at the potential costs of mining with Android apps and their rewards in the long-run.
Android Mining Applications
Recently, there have been some great Android apps for mining cryptocurrencies. The best ones are:
DroidMiner BTC/LTC Miner: This a pretty app that allows you to mine all cryptocurrencies that use SHA-256 or Scrypt. The cost of downloading is relatively low. In this platform, pools are seen as a collection of miners that pull their efforts and resources together to mine cryptocurrencies and share profits. The reviews indicate that miners can expect to reach approximately 1 mega hash using a high-end device such as a tablet. If you have to use this app, you need to be plugged into power constantly as it drains down the battery quickly.
Electroneum ($ETN): It is a cryptocurrency which can be mined, traded, and used to send or receive payment across the globe. Just like Bitcoin and other virtual currencies, the Electroneum blockchain makes use of Proof-of-Work algorithm where miners have to validate every transaction in blocks. Compensation is given for the machine’s work with the $ETN tokens.
It is actually the first crypto project to launch a mobile mining app. Electroneum main aim is to provide a global mobile app that works simultaneously as a wallet, miner, and payment platform. Cryptocurrency enthusiasts might be skeptical about the outcome of mobile mining on a Proof-of-Work algorithm. Of course, the major concern is whether this process would drain the batteries or even overheat the hardware quickly.
While it is possible to mine Electroneum on your mobile phone, it would drain your battery pretty quickly, and the profits might be small. The truth is that the mining feature in Electroneum’s app is relatively virtual mining. In this case, miners play a simple game, and they receive $ETN as a reward. Although mobile phones are not being used for intensive mining on Electroneum networks, the mobile mining feature is intended to allow almost anyone with a smartphone to engage in cryptocurrency mining in a direct way. If you want to engage in the serious mining of ETN, they will need to use the traditional PCs. [
The Mobile Mining Experience
When it comes to mining on apps such as Electroneum, your mobile device won’t perform the real mining like a common computer, but rather a simulation of mining.
Rather than using the smartphone’s CPU to solve some of the complicated cryptographic problems, this app is capable of monitoring the CPU power available on your mobile device. This process allows the user to determine the amount of CPU power that the phone may have used for mining if the device was actually mining.
In the process, the device is issued with a hash rate or the speed of mining, depending on the available CPU power. In most cases, the value will range between 30 and 50 hashes per second. As a reward, your online wallet will be credited with ETN coins based on this hash rate.
When machines are involved, the question of cost always comes into play. If you plan to start mobile mining, it is important to determine the potential costs involved. The first thing to consider is the amount you need to buy a new smartphone or tablet. This could vary based on the quality and brand. Of course, the cost will be a bit low compared to using a mining rig. However, remember that cryptocurrency mining requires a lot of power which could ruin your devices rather quickly. Unfortunately, there is no data to determine whether or not the amount of altcoins mined over the lifespan of a certain mobile device will outweigh the actual cost of buying a given device.
Another potential cost is the data fees. While it’s easy to keep a smartphone connected to a wireless router to either cut or eliminate data fees. It might not make the device too mobile, because as the miner will be relying heavily on Wi-Fi throughout the process.
It’s also important to consider the level of energy consumption since the mining devices would need to be connected to a charging system constantly or have to be charged frequently.
The major benefit of mobile mining is that there are no major upfront costs to install the mining apps. Although some apps that allow users to mine cryptocurrency could come with some benefits, it’s still difficult to compare the theme with CPU and GPU mining rigs. That said, Electroneum seems to be a good mining option.
Mobile Mining: Is it Worth?
We have seen that mobile mining apps are cost-effective, but mobile mining is unlikely to compete with the traditional crypto mining strategy that involves the use of GPU and CPU mining rigs. Initially, cryptocurrency mining was a hobby for the few experts who understood the industry well. But since the sudden rise of Bitcoin and other cryptocurrencies, mining has become a significant industry.
Considering the high cost of energy, low computing power, and potential data fees, mobile mining proves to be a difficult method to earn cryptocurrency and make profits. While mobile mining is still possible, the only way it will be profitable is through reduced electricity costs.
Mobile mining may never be as powerful and profitable as using GPU or CPU mining. In fact, the CPU unit is unlikely to yield something substantial to count on. It would take decades to mine enough coins to earn you profit using this method. In addition, you will need to replace your cell phone or battery a hundred times.
Sure thing, the crypto market is growing quite quickly. We are likely to see major advancements in mobile computing power as well as the functionality of mobile mining apps. But, it is clear that mobile mining will be no match for traditional mining in the coming future. It still has a long way to go.