Can you mine crypto on your phone?
The short answer is yes. You should not do it, though. Mining requires complex computer operations to occur for you to “mine” a block in the blockchain. There are various reasons why you should not bother mining on your phone that we will explore today.
What is mining?
Mining is when you use your computer’s power to solve a complex algorithm that requires a lot of computer processing power. Your phone is nowhere near that processing power, and you will essentially never turn a profit when considering power costs and the loss of value when mining using your phone.
Mining on the phone is possible, but it’s not worth it. The rewards you will get from mining on the phone will not equal the phone’s value when it eventually breaks due to the stress it puts on the system and the power consumption of charging your phone more often. If that does not convince you, Yahoo has an article that looks further into mining on phones.
Mining apps is something that you will encounter when you look into mining on the phone. They are not what they claim to be. They do not follow the same mechanics as regular crypto mining. They’re just reward programs for watching advertisements.
One of these mining apps is “Pi Network.” This app makes you open it every 24 hours to press a button to start mining and plays an advertisement. The token has no use, can’t be withdrawn, and you had to provide the app with your identity to withdraw it in the promised future. It seems like an elaborate advertising viewer that rewards you with fake points.
Essentially all miners for the phone that do not require you to use the phone’s hardware to mine blocks in the blockchain are not mining. Some require you to share your location; some require you to look at ads; some require you to provide your info or a combination of those few things. If it sounds too good to be true, it always is. They’re profiting off you and giving you a fake token they can generate on the spot.
I want crypto. What should I do?
There are multiple alternatives when it comes to acquiring crypto. The best is probably to mine it directly. To mine, you require hardware. Either you go with mining with graphics cards or with ASICS, depending on what you want to mine. Mining requires a decently sized investment, though, which not everyone can afford.
Another great way to get crypto is to stake crypto that you already own. Staking is essentially mining without having to mine every block in the blockchain. You are picked as the miner of a block based on various factors. After mining a block, you get rewarded crypto proportional to the amount of crypto you have staked. If you want to know more about staking, check out our article.
Another way to get crypto is just to buy it. If your end goal is to own crypto, buying it might be the most straightforward pathway. Having crypto allows you to invest and make speculative trades. If you’re interested in purchasing crypto check out our article where we help you find ways to buy crypto.
Lastly, there are faucets. Faucets are websites that allow you to receive crypto for free. The reason for faucets’ existence is that they’re used for testing crypto functions or advertising. Sounds good, right? Well, yes, the only downside is that you get a tiny amount, sometimes less than one cent. People have attempted to set up automated bots to collect faucets regularly to make money, some have succeeded, but it does not seem to be a rather lucrative idea.
So should I mine on my phone?
The simple answer is no. The longer answer is up to you. If you find a mining project for your phone that mines like all other traditional mining, let us know over at our subreddit or tweet at us, we would like to hear about it and your success. Consider all costs when mining because your phone is worth a lot more in the current state of mining than any income you would be able to get.