Drop that pickaxe and get ready to go mining in this digital age!
Today, we’ll be showing you how to mine for Bitcoin using your phone.
What’s up cryptopeeps? It’s your girl Maria, here to deliver your daily dose of Bitcoin news.
By now, I’m pretty sure you’re all familiar with the concept of mining,
wherein miners confirm transactions on the blockchain by solving complicated algorithms.
You can also check out the video we made about how mining works!
People opt to go for mining rather than buying bitcoins because you can earn it passively.
But- there’s a catch!
The difficulty of bitcoin mining automatically adjusts so that only 50 new of bitcoins are created and every ten minutes
So the more people try to mine, the harder it gets.
This keeps the currency valuable.
If you want to get in on the action but don’t have one of those expensive PC’s with multiple GPUs,
then I’ve got good news for you!
You can still mine on your mobile phone.
Although this won’t make you rich overnight, it’s still an awesome way to earn a passive income.
The first thing you need to know is that there’s a reason why people prefer to use PCs as mining rigs
and that’s because smartphones don’t have a high hash rate.
A hash rate is the speed at which a device can complete a cryptographic puzzle.
So if you plan to mine using your Android, you won’t have much luck with an old model.
To give you a comparison, here are popular Android models and their hash rates:
Now it’s time to download an app to start mining.
Some apps will require you to join a mining pool like DroidMiner BTC.
It’s best to join a bigger pool to get regular payments,
however you will get a smaller cut of the reward.
There are 2 types of pools.
Pay-per-share (PPS) pools, pay a fixed amount every time a share of the current block is submitted.
While score-based pools pay a proportion of shares weighted by the time the share is submitted.
Currently there isn’t a definitive list on what’s the best app to get on Android
but here are 2 apps that are user-friendly.
Number one: MinerGate Mobile Miner
This app is one of the few mining apps that has a built-in wallet for storing your coins.
It also has cool features like a crypto price checking tool and chatrooms for miners.
After creating an account, the app will give you 2 options:
Mobile Mining or Buy Cloud Mining.
Mobile Mining uses your phone’s system-on-chip to mine cryptocurrency
while Cloud Mining offloads the processing to MinerGate’s servers for a nominal fee.
MinerGate also enables you to customize your mining experience
by allowing you to increase or decrease your thread count,
which is the number of processor cores it’ll use to mine coins.
You can even choose between mining speeds of low, medium or high.
The higher the mining speed, the more system resources it would require.
Number two: Crypto Miner
This app is much simpler than MinerGate
but it supports way more cryptocurrencies such as Helixcoin, Litecoin, Monero, and many more.
Once you enter your mining pool credentials and select an algorithm from the drop-down menu,
you’re free to specify the number of processor threads dedicated to the app’s decryption routine.
You can also set the processing priority,
and choose whether the app’s allowed to run in the background or alert you of newly generated coins.
And that about wraps it up for today! But is cell phone mining really worth it?
Currently, you’re much better off using a PC but hopefully in the future we’ll see some advancements
in mobile computer power and mining apps.
Know any other Bitcoin mining apps? Let us know in the comments section down below!
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Once again, my name is Maria and this is WeTheCryptos.