Jan 8, 2019 01:30 UTC
Jan 8, 2019 at 11:12 UTC
Can you Mine Bitcoin on Your Mobile Phones?
Is mobile mining a real thing, or just a facade, we will try to find the answer through carefully examining a few key-factors in mining.
Bitcoin grabbed everyone’s attention towards the end of 2017 by touching an all-time high rate of almost $20,000. Many who were aware of the term felt disheartened on missing the golden opportunity as the high price rise had made it almost impossible for the normal ‘not so rich’ users to make any investments.
So, the next viable option for the people interested in Bitcoin was to start mining to reap the Bitcoin reward. However, 2018’s bearish market trend made it almost impossible for individuals to mine Bitcoin. As the mining rigs used for Bitcoin easily cost in upwards of thousands of dollars.
You May Also Read: Top 10 Bitcoin Mining Software For 2019
Is Mobile Mining the Way to Earning Bitcoin Rewards?
Mobile mining works differently from computer mining, and whatever options are currently available, does not work on the basic principle of mining.
Mining is the process of transaction verification, where the miners verify the transaction by solving complex mathematical equation encrypted with the transaction. Mining requires specific computational hardware, CPU and GPU based rigs are common, however, ASIC based rigs are emerging as the latest trend, since CPU or GPU based mining rigs consume a ton of energy.
Once you have mined a block of a certain network, the network rewards you with a certain number of tokens called Block Reward.
However, Mobile mining rewards the user in a different way, the software you are using generally rewards you a fraction of the token for watching ads and playing different games. It’s more like an advertisement reward than mining.
Many experts believe that Mobile mining is nothing more than a Ponzi scheme, as the process of mining can only be made possible through complex hardware setup, which consumes energy at the same rate as an airplane consumes aviation fuel or a Bugatti Veyron emptying its full tank within a few minutes.
Most of these so-called mobile mining software does not provide transparent information about the rewards. For example, a mobile application called, ‘Earn Free Bitcoin Every Hour’ pays out rewards in Satoshis, which is like pennies when compared to Bitcoin.
A few other works on the principle of click-bait where they charge you a fee for even cashing out the ‘rewards’ you have earned on the platform.
You May Also Read: Bitcoin Mining Pool Explained
The Math Of Mobile Mining Does Not Add Up
According to a research conducted by Lookout, an individual with a Samsung Galaxy S3 (One of the Flagship phones of the brand) mining for a solid 24-hour period, would be able to earn a mere 0.00000007 Bitcoin or $0.00004473. So, in order to mine a single Bitcoin, you would need 14,285,714 Galaxy S3s working full-tilt simultaneously.
Even if we consider Litecoin which is fairly new and requires less energy consumption would require four Galaxy S3s working 24 hours simultaneously to mine a single Litecoin. One Bitcoin is valued at around $4,000 while one Litecoin is around $38.
The Researchers at Lookout believe that any community who gets a bad light is only because of few defaulters and not necessarily the majority of the community. There has been a major mining malware crisis, where some of the mining farms want to make the most of the profit. In order to do so, they have started to put malware onto the phones to gain whatever free computational power they can get.
You May Also Read: Is Cloud Mining Profitable Than Bitcoin Mining Hardware?
Is Mobile Mining Fake?
No, definitely not, there are a few application which follows the basic principle of blockchain and decentralization, and also provides clear information regarding how the software application aims to reward the user. With new hardware and powerful processors being added every year onto phones, mobile mining would surely gain momentum in coming years.
Major mobile phone makers like HTC have already started to manufacture blockchain based mobile phones. And if decentralization is the future, mobile phone makers would find a way to bring the technology in the hands of masses.
For the time being, you can make use of the following application which is genuine and not based on bogus claims of making you a Bitcoin Millionaire overnight.
- BTC SAFARI
- Blockchain Game
- Bitcoin Farm Free
- Storm Play
- Crypto Miner
- Coin Club
Mining through mobile phones is surely going to gain momentum as the technology improves, however at the present there is no right way to earn Block Reward or token rewards through mobile mining. There are a few software applications which can be used to earn a fraction of the reward what a GPU or CPU based mining rigs can fetch.
However, it’s advisable to wait for the blockchain based mobile market to grow and become more sophisticated or if you want to dive in immediately, you can invest in a mining pool or a mining farm to earn at least some profit from mining.
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