Crypto mining as we all are aware of is an expensive investment. For example, to begin mining Bitcoin in 2022, you will first be required to invest in a top end mining rig that will cost you around $1000, ensure that the electricity around your place is cheap, keep it in a cool place and connect that to a mining pool. But what if the buzz around mining happens in mobile. In this article, we will talk about crypto mobile mining.
Is Crypto Mobile Mining A Scam?
Let us make it clear right now, crypto mobile mining is possible but it arrives with a lengthy list of reasons not to do it. In reality, mining on your smartphone does not even come close to any other mining software or hardware form. At least the ones on the top, doing it on your smartphone might not bring you sufficient profit to be worth the effort and time in the present state of the market.
Crypto mining is usually portrayed to be a lucrative scheme. We see things like
“Cryptocurrency mobile mining isn’t complicated. All you need is a decent smartphone and a mining app. The app runs in the background while you’re using your phone, and you receive rewards for it.”
But the truth is much more complicated than that. crypto mobile mining is not worth it, not because the smartphones that we use today are not powerful enough to be used for digital currency mining. The main point is that the elements that other miners use for mining are more powerful. This implies that they have greater chances of getting the incentives, reducing the chances of mobile miners receiving any rewards.
What Is Crypto Mobile Mining?
Even though crypto mining on mobile is not a very profitable option, projects pop up, that cater to a prospective customer by offering mobile mining. Mobile mining is a great marketing strategy wherein projects attract in customers by promising rewards without any prior investments. Later, when a sizable number of users are attracted, they move on to the next level. This thereby makes mobile mining a short-term effective approach in receiving users, if played properly.
There are several projects presently in the market that enable one the luxury of mining coins on their mobile. It must be noted that even though they advertise mobile mining, it is not important that it is profitable and comes with the added risk of burdening your mobile with too many activities than it can effectively manage.
In 2019, after understanding that a lot more mobile mining apps were coming up in the play store, Google planned to ban all mining apps because of the harmful effects they had on devices. But one can still download those applications from third-party sites. Apple guidelines for developers explicitly stop Mac and iOS apps from mining digital currency in the background. Apple effectively banned these crypto mining apps from the App Store back in 2018. You can use famous crypto mining apps for Android like Binance. These are no such best mobile mining apps. Mining would fall too short to be done on a smartphone.
Top Crypto Mobile Mining Projects
Now let us have a look at some of the popular mobile mining projects.
Mobile Miner Gate
MinerGate Mobile Miner is an application that allows you to mine for several altcoins along with Bitcoin. Among them, you have Dash, DigitalNote, Monero, MonetaVerde, and QuazarCoin. The app also offers a built-in wallet, where users can keep their hard-earned coins. Ever since both Apple and Google have updated their crypto mobile mining regulations, MinerGate has aimed at Computers and Laptops.
Electroneum is a digital blockchain ecosystem that was developed by a UK based team. When it was launched, Electroneum advertised itself as the first digital currency mineable on mobile in the world. Later on, Electroneum declared that its planned Android smartphone would arrive with cloud mining features to promote its ecosystem. This characteristic does not truly use the power of your device to mine; instead, Electroneum is effectively operating a token giveaway.
Pi Network is an experimental cryptocurrency and blockchain that has been created by researchers from Stanford University. Pi asserts to be the “first virtual currency that you can mine on your phone.” Similar to Electroneum, Pi mining does not cost anything in respect to investment, electricity, or upfront costs. Once again, Pi mining does not depend on the power of your device; instead, you can earn tokens that are based on participation and referrals in the Pi community, implying that the rewards are based on the usage of the network.
The Bottom Line
Crypto mobile mining is definitely an attractive strategy for the latest and upcoming projects looking to raise the user base. But the same cannot be said for real mobile miners. The disadvantage of mobile mining applications is that they interfere with the performance of your phone and generally end up damaging your phone. What may have looked like a simple way of making some extra cash could create more expenses in the long run. If you are planning on doing digital currency mobile mining with your $1,000 smartphone, you may not finally earn enough to cover the damage.