In 2023, smartphones are pocket computers with powerful processors. Their resources can be channeled into earning cryptocurrency. One of the ways is mining on your Android phone. Mobile crypto mining attracts minimal initial investment and simplicity. The process is fully automated, you only need to download and run the program.
Features of mobile mining
Serious cryptocurrency mining requires powerful equipment – video cards and integrated circuits. However, it is possible to mine some coins with the help of smartphone CPUs. The process has peculiarities:
- Low income. The profitability of mining depends on the hash rate of the equipment. To earn, you need a farm with 5-10 ASICs. On mobile devices, you can get no more than $0.07-0.010 for 8 hours of continuous crypto mining.
- Lack of mining programs in the App Store and Google Play stores. Such applications overheat the technique, which leads to its premature wear and tear. Therefore, Apple and Google stopped supporting them in 2018.
- Mining of top coins is not available. The complexity of the Bitcoin network in 2023 is so high that even modern graphics cards cannot cope with this task. The power of a smartphone is enough for amateur mining of new or obscure coins.
- There are applications for mining simulation. They allow you to study the process in a game form, without loading the gadget.
Is it possible to mine cryptocurrency on your phone?
Since the invention of smartphones, their capabilities have expanded. In 2023, many are interested in whether you can mine cryptocurrency on your Android phone. In modern cell phones install powerful processors capable of solving complex computing tasks. In essence, such a phone is a mini-computer with a powerful battery.
Cryptocurrency can be mined on devices with 64-bit processors and higher. The hash rate will be 9-80 H/s depending on the coin and CPU of the device.
Which cryptocurrencies can be mined on a smartphone
Analysts predict that in 2024-2025 a new growth cycle of bitcoin and altcoins will begin. In that case, 2023 is a good time to launch a mining business. Many investors support these forecasts, so the complexity of top networks is constantly growing. The power of even the latest smartphone models is not enough to mine tokens from the top 10. But it is possible to mine cryptocurrencies on mobile devices using the CryptoNight algorithm:
- Monero
- Bytecoin
- DigitalNote.
Algorithm developers have implemented GPU and ASIC protection to keep networks decentralized. There are also new coins that are not yet listed on exchanges. They are being specifically designed for mining on smartphones. They are most popular in early 2023:
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- Pi Network
- Midoin
- PHT
- Bee Network.
Where to store cryptocurrency
Profits from mining can be transferred to exchange or personal wallets. The first method is less secure – if the platform is hacked, users will lose money. However, on exchanges, you can get additional income from holding assets for a long time. For example, on Binance, clients deposit Monero at 1.87% per year.
Storing coins in personal wallets is more secure. Developers of non-custodial services give users private keys to their accounts. The client is personally responsible for storing the funds and can return the assets even if the platform stops working.
For example, Bytecoin, a popular cryptocurrency for mobile mining, is held in an official wallet from the developers, Gate.io, CoinEx, HitBtc, Poloniex, etc. exchanges. Another popular asset Monero is stored in multi-currency wallets:
- Trust Wallet – a service with a built-in browser to access DeFi projects.
- Atomic Wallet – an app in mobile and desktop versions with an integrated exchanger.
- Ledger – hardware vault. Coins are in a segregated environment, virus-free.
Popular apps for mining on your phone
Extraction of cryptoassets is an automatic process that is controlled by special programs. First, you need to decide on the coin. New cryptocurrencies are available only in official applications. Top assets are mined in cloud services, games and popular mobile mining software.
Author: Saifedean Ammous, an expert in cryptocurrency economics.