As you might already know, cryptocurrencies are based on the blockchain system, and to process any crypto transaction, the transactions are first validated through computing power to update the ledger and add new blocks. That computing power is provided by miners who have suitable computers or other devices that can mine blocks by solving the arbitrary mathematical equations offered by the network. Miners are paid quite handsomely for providing computing power. They mostly use computers with multiple graphics cards and are dedicated crypto mining machines for enhanced performance and more significant profit.
So can you do the same with your mobile phone and earn some extra money every month? The answer is yes! Thanks to the advanced tech, specialized applications, innovation, and cloud concept, it is actually possible to mine a variety of cryptocurrencies or at least manage them through your phone and create an income stream. But before we move on, let’s answer some crucial questions and then move on to the ways you can mine crypto assets with your phone.
Is mobile mining dangerous for your phone?
Mobile mining might seem a really great way to earn money without doing anything, but it has its disadvantages too, that you should keep in mind. While mobile mining is definitely not destructive for your phone, it can heat it up and reduce its overall lifespan if you continually mine all day long. This is why it is better to mine for a few hours at a time, but not days or weeks without stopping. Otherwise you risk having to buy a new phone a lot earlier than expected.
How much can you make mining crypto on your phone?
Sadly, you cannot make much money mining crypto on your mobile. This is largely due to a lack of power, efficiency, and speed of mobile devices. You might make enough to buy a coffee every now and then, but do not expect to make hundreds or thousands of dollars with your mobile phone.
How to mine crypto on your phone
Following are some of the best and most practical ways to mine cryptocurrencies on your phone. You can use any of your old phones you might have lying inside a drawer, or even your current phone, and get them to work for you.
Opt for mining pools through mobile apps
The reason why solo mining is not the most practical way to mine cryptocurrencies on a phone is that it requires a lot of processing power, that a smartphone simply cannot provide. That is where the concept of mining pools comes in, where many small miners come together in order to solve a single block on a certain network. When the reward for mining that particular block is paid, it is distributed among all the miners who participated in mining that block according to the percentage of their contribution. Of course, mining pools offer relatively less mining revenue, but it can be worth it, considering you can do it with your phone.
There are countless mobile applications designed for both Android and iOS devices that you can download from your respective app store and join mining pools through them. Make sure to opt for the pool that has the best returns to make your experience worth it in the end.
Mine phone-based cryptocurrencies
Since the concept of phone-based mining was introduced to the market, quite a lot of phone-based cryptocurrencies were introduced too. The question you may ask next, is what are phone-based cryptocurrencies? They are coins that can easily be mined through solo mining, straight from your phone.
All you have to do is register for a network that provides you the option to mine a crypto asset specifically designed for a mobile device. Then you can download the given mobile app and start the mining process to gain rewards in no time.
Invest your money in cloud mining
While the two mining methods mentioned above actually use the power of your mobile device to mine cryptocurrencies, cloud mining does not follow the same structure and works quite differently. As the name suggests, instead of mining crypto assets yourself, you pay others to mine for you and give you profit based on the work done. There are quite a lot of cloud mining services available that you can opt for through your mobile phone, and you can easily keep track of everything through the dashboard provided.
This option is only viable if you are willing to invest an initial amount, and do not want to wear out your mobile phone due to mining.
What are the best mobile mining apps and cloud services?
You may now have a better understanding about how to mine cryptocurrencies through your mobile phone, but the next step is to know which mobile mining apps to choose and which cloud services to register for. Here is a short list for you to explore.
Pi Network claims to be the first crypto network ever to create a cryptocurrency that is mineable on a smartphone. They introduced Pi Coin along with their network that users can mine by downloading their application. The app is available on both the Apple Store and Google Play Store, and anyone can easily register on the platform to start mining.
MinerGate does not offer solo mining options to miners, but they have a great variety of pools available that mobile users can participate in and mine popular cryptocurrencies like BTC and ETH. Again, you can download the app on your Android or iOS device and start mining by joining any pool available.
StormGain is not just a cloud mining service, but it is a complete crypto exchange that lets users exchange, trade, buy, and sell cryptocurrencies too. You can download their app, register, and opt for different mining contracts according to your budget and start mining without any problem. StormGain is fast and efficient in pretty much all aspects and can provide you with an excellent experience when mining.
If you are on a budget but still want to invest your money in mining cryptocurrencies, then ECOS can be an excellent fit for you. ECOS offers budget-friendly cloud mining options to miners that they can explore once they are registered on the platform.
Now you have all the ways through which you can start mining on your phone. The mining methods are quite simple and straightforward, but make sure to keep the performance of your mobile device in mind if you do not want to face any issues. Mining apps do slow down your phone and can even affect the health of your device; it is better not to mine for days on end, which will cause too much stress on your phone.
If you want to become a professional crypto miner, it is best to buy dedicated computing equipment or invest your money in cloud mining to gain considerable returns. A mobile phone will not be able to support heavy crypto mining.
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