Perhaps every time you hear the word “crypto mining,” you almost always imagine a very powerful PC rig, or even a huge farm with dozens of interconnected pieces of computer hardware that work day and night, and also a huge electricity bill that comes together with all this… What if we told you that you could mine cryptocurrency using your smartphone?
In this article, we will talk about mining via your phone, which coins you can mine, and how profitable that can be. So let’s dive in!
How does mobile crypto mining work?
First things first, what is crypto mining in general?
To put it simply, mining refers to the technical process that involves hardware and cryptographic processes to solve functions and record data onto a blockchain: miners use the power of computer networks to solve complex mathematical equations and in return they receive rewards in the form of cryptocurrency. Mining is usually performed with a use of CPU (processor-based), GPU (video card-based) or via ASIC (application-specific integrated circuits).
The most well-known mining-based cryptocurrency is Bitcoin, however altcoins can be mined as well, such as Monero, Litecoin, Zcash and so forth.
But what about mining on your smartphone? Do you need to buy yourself a top smartphone for that?
In fact, you don’t. What you need is a smartphone operating on an iOS or Android system, a crypto mining app and a stable internet connection. So hardware is not an issue here, however, you might face some difficulties when searching for crypto mining apps.
Google Play Store and Apple’s App Store have banned crypto mining apps long ago. The App Store clarifies this ban, saying that apps “should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources.” Crypto mining apps do all of the above: they can put huge stress on phones’ processors, which can lead to battery draining or even battery bloating, overheating, etc.
All that means that there is no straightforward way you can download mining apps from your app store—you need to download them from the internet, which can bring potential risk for your smartphone.
So what are the options for those who still want to try mining on their phones? Well, there are technically three ways to do it: target mobile-based crypto, mine via cloud-mining apps, and use full-fledged mining software. They all differ from each other, so let’s take a look at them down below:
Mobile crypto mining
As obvious as it can be, the simplest way to make money with your phone is to mine mobile-based cryptocurrencies.
Perhaps the most notable and famous example here is the Pi coin – a project developed by Stanford graduates, which calls itself “the first digital currency you can mine on your phone”.
To start earning Pi, a user must download the project’s app (available both on iOS and Android) and check in every 24 hours to hit the lightning button to start mining. Once you are mining, a user can boost his or her hourly rate by inviting other users to join the community. After 3 days of mining, a user can boost his or her earnings more by building a security circle, which contributes to the overall security of the network.
Another example of a crypto that can be mined via phone is Eagle, a native token of the Eagle Network.
Eagle Network is similar to Pi coin as it allows users to mine its token by pushing a button every hour to mine coins. And, just like Pi Network, Eagle utilizes a referral model to encourage existing users to refer the app to other users in exchange for a higher earning base rate.
Cloud mining
Cloud mining refers to connecting your smartphone to legitimate cloud mining services, and perhaps this kind of method is the most preferable one, since with it a user can easily track remote mining operations and make changes on the go. Let’s take a look at some of the examples of cloud mining apps down below.
- Bitdeer. BitDeer is one of the largest platforms offering cloud mining services. They started their company in 2018. The Bitdeer app connects to mining pools at the user’s request, and any digital currency mined is sent directly to the user’s wallet. To use BitDeer mining services, users must rent cloud computing power at a certain price and have it routed to their mining pool of choice. Their cheapest mining contract costs $35 and can cost more than $2,000.
The app is mostly focused on Bitcoin mining; however, Ethereum Classic, Zcash, and Litecoin are also available for mining. For miners who own their own mining equipment and wish to resell their hashrate to interested buyers, Bitdeer also provides merchant contracts in addition to cloud-mining contracts. The app is available for both iOS and Android users.
- ECOS. ECOS is a crypto investment platform that, along with cloud mining, can offer multiple services, including a crypto wallet, a crypto exchange, portfolio management tools, and even ASIC Bitcoin mining hosting contracts.
To use ECOS mining services, users must obtain a mining plan; the cheapest one will cost $149. However, the higher the cost of your mining contract, the more power you receive, and thus the more currency you can mine.
They have been operating since 2017 and already have more than 100,000+ clients all over the world. Their app is also available on both iOS and Android.
- Stormgain. Stormgain is an all-in-one crypto app that includes a Bitcoin cloud miner and also lets you buy, sell, or exchange cryptocurrencies on the platform’s exchange. Their app is stacked with other products, such as a crypto wallet, an exchange, and trading signals. They’ve been operating since 2020 and already have more than 5,000,000 clients across the globe.
Mining with Stormgain is different: you don’t need to pay anything since they do not have mining contracts. Instead, you’ll have to push a few buttons every four hours to keep your mining going, and when you mine an equivalent of more than 10 USDT, you can withdraw the currency to your account and use it for trading. It is important to note that there is no way to withdraw your mined currency directly.
Full-fledged mining apps
This is the most dangerous method of mining cryptocurrency with your smartphone. To do that, you need to download sideloading crypto mining apps, bypass the App Store and Google Play Market, and install them on your smartphone. We do not recommend this kind of approach, but in case you still want to try it, you can download the F-Droid app (available only for Android). In this app you can search for free and open source software (FOSS), which also includes mining applications.
As you might have guessed, these kinds of apps can potentially harm your phone with malware. Moreover, crypto mining is an intense process that can also have a negative effect on your phone’s lifespan. The more stress you put on your phone during solo mining, the more your hardware degrades.
Plus, your phone cannot be compatible with powerful PC rigs, and even their computing capabilities are not always enough to become profitable in the first months of mining. Phone mining is simply not worth it because it will take decades to mine enough cryptocurrency to break even on electricity and internet fees.
What are the benefits of mobile mining?
In general, crypto mining via smartphone has quite a few advantages. Let’s take a look at them:
- No need for a powerful rig. The only thing you need is a smartphone, so you don’t have to buy an expensive PC.
- Doesn’t require a top-notch smartphone. Your old smartphone will be more than enough for it.
- It’s not rocket science. Unlike traditional mining, the majority of the mobile mining apps are easy to comprehend and quite intuitive, so it won’t take long to understand how they operate.
- Usually it doesn’t require extra costs. In most cases, the only things you need is electricity to keep your phone charged and access to the internet.
- Not time consuming. You don’t have to be glued to your phone, simply install the app and check it once or twice per day.
What are the weaknesses of mobile mining?
Certainly, mining crypto on your phone has its own weaknesses, and the main one is profitability.
Even mining on high-end rigs like ASIC rigs may take weeks, months, or sometimes even years to start making a profit. Unfortunately, traditional mining on smartphones just won’t be able to get you enough profits to justify the time, electricity, and internet bills and performance issues you might face.
Mining via apps is a little bit different. If we take the Pi coin, for instance, then you can increase your income by referring the app to other users. The more people who join your circle, the higher your status and, thus, your income. If you are not willing to increase your circle, then the maximum you can get per day is 3.6 pi.
It is hard to say for now if it’s a little or a lot, since the project is still under development and hasn’t been listed on any exchange. So in case you’re willing to try Pi Network, you should keep in mind that all the Pi coins you get cannot be exchanged for crypto or fiat yet.
Source; freelensia/Pi
So in general, mobile mining can get you some additional income, but you shouldn’t expect too much from it. In fact, it is potentially more profitable to earn from buying and selling crypto through exchanges, or via staking.
Another issue is security. Since not every mining app is available in official stores, you’ll have to download it directly from the project’s website. Certainly, you can do your due diligence and check the reviews first before downloading anything on your phone; however, there is always a risk that on the developer’s end something might go wrong, and it will be you who will have to face the consequences.
Final thoughts
In conclusion, using a smartphone to mine cryptocurrency is not that simple. In fact, mining apps are no longer available in the app stores of Google and Apple due to their policies, so the only options are either cloud mining or those apps for crypto mining that could be sideloaded. Still, doing so would put your device at risk for security breaches and could endanger your phone’s battery, so you must always keep that in mind.
If you’re really committed to mining cryptocurrency, your best option is to buy rigs and sign up for a mining pool. Or, if you want to make passive income but don’t want to spend thousands of dollars on farming rigs, then consider other alternatives, like staking.
FAQ
What is crypto mining?
To put it simply, mining refers to the technical process that involves hardware and cryptographic processes to solve functions and record data onto a blockchain: miners use the power of computer networks to solve complex mathematical equations and in return they receive rewards in the form of cryptocurrency.
Is it profitable to mine crypto on your phone?
In general, mobile mining can get you some additional income, but you shouldn’t expect too much from it. In fact, it is potentially more profitable to earn from buying and selling crypto through exchanges, or via staking.