The world of cryptocurrency has undergone a rapid evolution in the past years. From requiring large computation power to mine cryptocurrencies, miners (the network participants) can now mine cryptocurrencies with their own mobile devices.
In this article, we will take a closer look at how crypto mining can be done in mobile devices, its advantages and some of its difficulties that come with it.
What is Crypto Mining?
Cryptocurrency mining is a process that involves solving complex mathematical problems to validate transactions and add new blocks to a blockchain. This process is vital for the cryptocurrencies ecosystem, as it helps secure the network, distribute new coins, and keep the blockchain running smoothly.
Simply put, miners engage in the process of mining to validate the authenticity of transactions on the blockchain and maintain network security. As a result of their efforts, they receive a specific amount of cryptocurrency as a reward.
Steps in Cryptocurrency Mining
Mining is a crucial & resource-intensive process for cryptocurrencies. Mining repeatedly demands large computation power to solve a computation problem and add the next valid block to a blockchain.
The graphic below will show you the steps of crypto currency mining:
With technology advancement, miners can now mine cryptocurrencies on their smartphone. Small scale miners can join mining pools to combine their computing power, increasing their chances of successfully mining a block. However, the computing power that can be provided by smartphones is limited compared to specialized ASICs, and the rewards received by the miners will be proportional to their contribution to the pool.
How does Mobile Crypto Mining Works?
Mobile crypto mining refers to the process of extracting cryptocurrencies using the processing power of smartphones that run on iOS and Android operating systems.
Mobile Crypto Mining requires users to invest in a smartphone, download the crypto mining app and have a stable internet connection. The intense demands placed on a smartphone during the mining process can put a significant strain on the device, causing it to wear out more quickly and potentially causing damage to its hardware, rendering it unusable for any other purposes.
There are a few apps available on App Store or Google Play Store that allow for the mining of cryptocurrencies. Many of these apps however can only be found on third-party cryptocurrency mining websites. Caution should be exercised in verifying their legitimacy before using them.
How to Get Started with Mobile Crypto Mining?
With that said, here are some Mobile Crypto Mining apps that is available on App Store or Google Play Store:
Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide. It aims to be more accessible and decentralised than traditional cryptocurrencies like Bitcoin.
Users can mine Pi with its mobile app, you can read more about Pi Network here.
(Pi Network is still in its early stages and is not yet available for trading on cryptocurrency exchanges)
Launched in 2017, Electroneum is a mobile-based cryptocurrency that aims to bring the benefits of digital currencies to the masses. Electroneum users have the ability to both send and receive ETN through their mobile apps, and also use their smartphone’s processing power to mine ETN.
Read more about Electroneum here.
Oi! Network: A Sustainable Way for Crypto Mining (Twitter Mining)
Oi! Network is a mobile first Web3 gig platform for cryptocurrencies earning. Users have the ability to earn crypto by performing social gigs provided on the mobile app. Social gigs range from Twitter Gig (Like, comment & retweet) to Hashtag Gig (Tweeting with required hashtags).
Oi! Is building an extra incentive & task layer to a traditional social media application. Advertisers and promoters can utilize Oi! Network to enhance the visibility of their products by creating social gigs, while Networkers (users) can earn rewards by sharing the products on their own pages.
Read more about Oi! Network here!
(Oi! Network Testnet will be launching soon, find out how to participate on its Twitter!)
Crypto mining has been criticized for being economically and environmentally harmful despite its popularity. On the bright side, crypto mining on mobile is eco-friendly, it uses much less energy compared to traditional crypto mining.
Crypto mining on mobile is a simple and accessible way to get involved in the Crypto world and earn rewards, it can also be fun and engaging to learn about the world of cryptocurrency.
Mobile mining creates tokens from thin air. The success depends on massive consensus buildup rather than pre-existing positive externalities.
Oi! Network is also a great sustainable way for crypto mining, users can earn rewards like crypto mining, but without harming the device.