Crypto Venture News One stop Crypto Track Down 
More than 170 Android cryptocurrency mining apps that include 25 on Google Play, have been found trying to scam people by providing them crypto mining services for a certain fee but not being able to deliver anything in return. According to a study, a security firm illustrated their discovery of these apps stating that they were able to fly under the raiders as they did not perform any malicious activity. In turn, these crypto miners apps acted as a service provider to their users but did not provide one.
Following the primary analysis of the cyber security firm, Google Play successfully removed these 25 Android cryptocurrency mining apps, which was basically a scam. However, there are many such apps that are still available on the third party app stores that claim themselves to be the best mining app android 2021.
There are some mobile security products that can detect and also block the access of such scams. But when someone downloads apps from third party stores they are at risk, as they do not get the protection that Google Play provides. But what are these crypto mining apps and how do they work?
What Are Android Cryptocurrency Mining Apps And How Do They Work?
You may wonder how to mine Ethereum on Android 2021? Here is your answer. Android cryptocurrency mining apps (be that Ethereum, Bitcoin, or any other cryptocurrency) use the processing power of your mobile phone to solve complex problems of mathematics as a mode of verifying the digital currency transactions. In return for volunteering your mobile phone’s resources, you should be rewarded with a small portion of crypto.
If considered individually, you may contribute a very little share of the digital currency mining that is required. But collectively you and others together create a mining pool through which a huge amount of mining can be performed.
An Android cryptocurrency mining app uses the processing power of your mobile to mine cryptos. Such applications will need you to join mining pools. Even though the processing power of your phone as compared to your PC is small, there is a neat convenience in performing this from your mobile phone.
There are many free Ethereum mining apps for android, and also the best Bitcoin mining apps android 2021.
What Is The Solution Of This Scam?
It is true that cyber criminals have entered into the scamming act with a series of varied crypto mining scams. In the instance that has been cited by the cyber security firm, these criminals set up realistic but fake cryptocurrency mining services that do not hold up their end of the bargain. They primarily targeted desktop users but the recent scams have been aimed at mobile users.
Those Android cryptocurrency mining apps scams are a great threat for Android users in general. In 2018, Apple banned digital currency mining from the iPad, iPhone, and Mac. Google has still not stopped the practice.
After classifying the 170 applications were found in two different sections, the BitScam and CloudScam. The cyber security agency found out that the majority of them are paid, some through subscription and some through one time payment. Several apps get more money by shooting additional subscriptions, in-app updates, and other services. In a gist, the scammers working behind the app can earn money without giving anything in return.
So far the amount stolen by the fake Android mining cryptocurrency apps is estimated to be $350,000 from nearly 93,000 people. Nearly $300,000 was collected by selling the apps whereas cryptocurrencies worth $50,000 were collected from those who did their payments for services and phony upgrades.
For people who are wishing to do crypto mining through android apps, there are various best free Bitcoin mining apps android 2021 which you can choose. But how will you understand which is the authentic one? Here are some tips that will help you to identify scamming apps and authentic apps.
- If any app interests you, the first thing that you should do is dig deep about the developer. Find out what credentials or certificates they have and also what are the other applications that they offer. Find out the ways in which you can contact the developer and if they have a website.
- Avoid installing apps from third party stores. They do not provide any protection. Try to install apps from official app stores like Google Play. With that, you will be entitled to a lesser risk of being a victim of any scam.
- Before you download any application, read the terms and conditions. There are many scam apps that either give you phony information or fail to provide any terms and conditions to their users.
- Reviews are very important. so before you download any app look for the rating and reviews. Read all the reviews carefully. Then you can get an idea about the app.
Conclusion
With time, and the world changing digital there have been improvements and deterioration at the same time. Malicious activities have increased on the web and one among them is Android mining cryptocurrency apps scam, where the scammers take payments for mining and do not provide anything in return. It’s we who will have to stay conscious before getting into such apps.
- Which Is The Best Bitcoin Mining Software? - 03/08/2024
- Reddit NFT Airdrop: How To Participate In It? - 03/08/2024
- Senso Airdrop Deadline Inches Closer. How To Participate? - 03/08/2024
