Mobile crypto mining is the ultimate way to “verify, not trust”—validating transactions yourself, securing the network and being rewarded for doing so. With around 7 billion smartphones worldwide, the idea of mining cryptocurrency and running a blockchain on mobile is closer than ever before. In this guide, we’ll explore the ins and outs of mining cryptocurrency on your smartphone, weighing the pros and cons, discussing the best apps to use, and even recommending phones suited for the task.
What is Cryptocurrency Mining on a Phone?
Cryptocurrency mining is the process by which transactions are verified and added to a blockchain or distributed ledger. Miners, or nodes on the network, earn coins for doing so—which are added to circulation. Running a node has traditionally required powerful computers or specialist server hardware but as smartphones have become more widespread and advanced the idea of using them to mine has become more feasible. Mining usually refers to proof of work blockchains such as Bitcoin and Litecoin, but can also be used to refer to validator nodes on proof of stake networks such as Ethereum or Cardano.
Mining usually features several steps:
- Transaction Verification: When someone initiates a cryptocurrency transaction, it is broadcast to the network for validation.
- Creating a Block: Proposed transactions are grouped together in blocks, forming collections of data.
- Verify the Block: In proof of work networks, miners are tasked with solving complex mathematical puzzles to validate the block. In proof of stake networks like Ethereum, validators are selected based on factors including the amount they have staked, reputation, or other criteria.
- Adding to the Blockchain: Once validated, the block solution is broadcasted to the network. Other nodes verify the solution’s accuracy and the validity of transactions in the block. This consensus ensures agreement before the block is added to the blockchain.
- Mining Reward: As a reward for their contributions, miners in proof of work networks receive predetermined amounts of newly created cryptocurrency units. In proof of stake networks, validators may receive rewards for their participation and staking.
How to Mine on a Smartphone Device:
To start mining cryptocurrency on your phone you will need a smartphone and a mining app. Some crypto mining applications are available through the Appstore on iOS and Google Play Store on Android, while others can be installed via an APK downloaded from the internet. This can be less secure so make sure to verify the source before you install any third-party APK.
There are different kinds of mining app:
- Mining information apps that allow you to check the status of your cloud mining (for example, your annual returns)
- Pooled mining apps that use your phone processing power, memory, storage and data to connect to a shared mining pool with others, and share the block rewards
- Sole mining apps that use your phone processing power, memory, storage and data to run a full node to process transactions on the device
It’s important to note that smartphone mining is more feasible for certain cryptocurrencies that utilize less energy-intensive algorithms, such as Proof-of-Work (PoW) coins that are designed for CPU or GPU mining.
Best Apps to Mine Crypto on the Phone:
When considering apps to mine cryptocurrency on the phone, it’s essential to choose reliable options. Some popular apps include:
- ANTPOOL: Offers a straightforward user interface to manage pooled (cloud) mining, and supports a variety of cryptocurrencies.
- NiceHash: A hashpower marketplace where users can manage mining rigs, deposit/withdraw crypto and order hardware.
- Minima Global: Still in testnet, allows users to run a L1 node on Android devices and use simple ‘mini dapps’.
- AmazeWallet: Self-custodial smartwallet live on iOS and Android that offers on-device mainnet mining for a L1 chain.
Best Phones to Mine Crypto:
You will always need a solid internet connection to mine cryptocurrency since a blockchain is always online. Smartphones with more memory, larger storage capacity and a faster processor may be able to mine more cryptocurrency depending on the app. Android and iOS are the most common operating systems, and most apps will be compatible with one or both.
Some smartphone options to consider include:
- Samsung Galaxy S21: A flagship Samsung device with powerful hardware.
- iPhone 14 Pro: The top-of-the-range Apple device with Apple’s A16 Bionic chip.
- OnePlus 9 Pro: A more affordable option known for solid performance.
- Google Pixel 6: A more affordable option from a reliable phone manufacturer.
Pros of Mining Cryptocurrency on Your Phone:
- Accessibility and Convenience: Anyone with a smartphone can potentially mine cryptocurrencies, democratizing the process.
- Energy Efficiency: Smartphones are energy-efficient compared to traditional mining rigs, making it a more sustainable option.
- Low Entry Barrier: Smartphone mining offers an entry point for newcomers to the cryptocurrency mining space without requiring significant investments.
Cons of Mining Cryptocurrency on Your Phone:
- Limited Hashing Power: Smartphones have significantly lower processing power compared to dedicated mining rigs, affecting mining efficiency.
- Battery and Heat Issues: Mining generates heat and rapidly depletes the battery, potentially causing long-term damage to the device.
- Profitability Concerns: Smartphone mining might not yield substantial profits due to limited hashing power and the potential costs of electricity.
If you already know about cryptocurrency, mining on your phone is a great opportunity to get rewarded for using your redundant processing power. Very few blockchains have managed to make mining crypto efficient and scalable because they usually take up too much data or battery. If you want to get started, read more about AmazeWallet and download our mobile app today on iOS or Android. As ever, always research thoroughly, use trusted apps and projects, and keep an eye on this rapidly changing space!