The Basics Of Mobile Cryptocurrency Mining
By CoinControl on Altcoin Academy
Cryptocurrency mining is a process that typically requires a powerful computer node to verify transactions on a blockchain, but many efforts have been made toward making mining possible with just a smartphone.
Mining can cause various negative effects on the average smartphone, however, and it’s currently not recognized as a viable mining option. In spite of this, there are still some projects dedicated to making mobile mining more viable in the future.
How It Works
Using a smartphone to mine cryptocurrency is as simple as downloading an app and letting it run in the background, preferably while close to a charging source or consistently charging.
Mining, for those who are unaware, is the process of solving cryptographic equations to verify transactions on the blockchain, which acts as a ledger. Devices that participate in the mining process are called nodes and each one receives a cryptocurrency reward for solving puzzles.
Downsides
While today’s smartphones are capable of running node software, the mining process tends to take a toll on the device. Mobile mining can lead to overheating, which can subsequently cause damage to the battery and affect the phone’s performance.
The cost of having to frequently replace a smartphone may not be worth the amount of money earned from mobile mining. Because a smartphone produces less processing power for the blockchain, it will earn less reward than the standard computer mining rig.
Mining Mobile Apps
Apple and Google have both banned crypto-mining apps from their app stores because of the potentially damaging effects mining can have on a smartphone. Right now, the only way to download a mining app is to find one for Android that’s not listed in the Google Play Store.
Mobile-Based Cryptocurrencies
There are several cryptocurrency projects dedicated to circulating a digital currency that operates exclusively through mobile mining in a way that’s more efficient and less damaging to the device. The goal of these projects is to make crypto mining more accessible to the average smartphone user.
Examples include Electroneum, Pi, MIB, and Phoneum.
Many of these projects currently operate through cloud-based mining, where the user downloads a mobile app that acts as an interface and borrows power from other nodes to earn rewards. That is why it’s possible to download these mining apps through the Google Play Store and the App Store despite the bans from Google and Apple.
Additional Reading
This article from The Next Web examines the blockchain and mining phones currently in development.
