The evolution of the mobile phone industry over the past two decades has been spectacular. Catalysed by technological improvements, mobile phones have gained some strong computing capabilities. Some modern smartphones display superiority in computing compared to old computers. For this reason, many believe smartphones can help deal with complex computations, including crypto mining algorithms.
So, can smartphones mine cryptocurrency? Their ability to run heavy applications equips them with the capacity to mine crypto. This guide examines what you need to start mining crypto on your phone.
What do you need?
The vigorous task of crypto mining is a potential for investment for different level investors. However, the processes involved are not welcoming to everyone or every device.
Of course, Yes, you can mine crypto using your phone. But not just any mobile device. It has to be a robust, highly powerful device. Your first investment should be a good mobile phone, which could cost you upward of $1000.
There is a general belief amongst analysts and experts that phones with top specs should be capable of mining BTC and crypto, however slow. The specs are;
- 8GB RAM — The short-term storage of the phones should be large enough to process app data fast and in real time.
- 64 GB ROM — The phone’s ability to store data should also be high since the processes involve large amounts of data.
- High battery capacity — Good battery means your online mining time will be high.
Examples of phones offering such robustness include iPhone 13 and above and Samsung Galaxy flagship phones like S20, S21, S22, and S23. Moreover, some devices fashioned by Google Pixel and other phone brands are capable of mining.
Once you secure a good phone, you must research the best mining applications and other smaller investments needed.
Simple steps to Phone mining
Securing the phone is the biggest task. From here, choose which type of mining to follow. There are two major subgroups;
- Cloud mining via mining pools
- Manual mining using complex mining applications.
Cloud mining using mining pools
The ambition behind the launch of this system was to create a way for Bitcoin miners to earn even without owning the necessary equipment. It’s a luxurious mining type involving simple investments and no actual mining work done.
The founding idea of cloud mining is simply leasing hash rate. Consequently, you can use your newly acquired hash rate to mine Bitcoin in a mining pool.
Cloud mining provided income for thousands of Bitcoin and crypto miners at its peak. Although it’s far from its ceiling, cloud mining is still lucrative.
Binance exchange network recently launched its cloud mining services. For the network’s staunch supporters, this new system provides a way of earning Bitcoin and crypto without much work. Here are the key steps to mining;
Step 1: Install a cloud mining software
Cloud mining draws success and profitability from the selection of cloud mining apps. Today, dozens of companies claim to offer the best crypto-cloud mining services. But, the intensity of this activity requires choosing the best application for profits and the phone’s security. Any wrong call bears adverse consequences. So, which mining software is the best?
Here are a few reliable applications for miners;
- Bitdeer – a product of Bitdeer group, this application allows you to rent and mine crypto in only a few clicks. Its long-term existence is confidence bolstering.
- Binance – Binance’s cloud mining product is also a reliable tool for investors looking to earn income passively with crypto. Born in mid-2023, this tool is already shaping up as a great player in the industry.
You need to register for the software services by creating an account and setting up the necessary password.
Step 2: Select the coin to mine
In the applications is a list of coins offered for mining. Select the one that mostly impresses you. Of course, Bitcoin, the largest crypto, has been the go-to coin for most investors.
Check key details like hash rate, profitability, and more. Start mining Bitcoin on the pool if everything aligns with what you want.
Step 3: Wait for rewards
Finally, this is the point where you sit and wait to see the mined coins flow into your crypto wallet. Depending on your choice, you could earn income daily or weekly.
What about manual Bitcoin mining?
Manual mining’s complexity makes it the most risky and impractical way of mining Bitcoin by phone. It’s not a system for technically challenged miners.
Here you sideload a mining app, i.e., forcefully installing mining software into a mobile phone. Sideloading happens when dealing with apps not found on the Google Play Store or Apple Store.
Note that this process makes you a blockchain validator; hence you can mine Bitcoin manually.
An application mainly used in sideloading is F-Droid. Once you install F-droid, you can access different applications associated with crypto mining. The dilemma, however, is that, albeit the intensive process, it will take months, even years, to secure a fraction of Bitcoin.
Is mobile crypto mining worth it?
As popularly known, mining Bitcoin is complex and highly energy-intensive, even for GPU and ASIC devices. Yes, a phone can mine cryptocurrency. By leveraging cloud mining pools, investors can create a reasonable income stream from crypto. While you can make an income, they are way less when compared to other modes of mining.
Manual mining using phones is not practical. It takes ages to mine a small fraction of a coin, but the intensity of the undertaking reduces the device’s life.