Is it possible to mine cryptocurrency on a smartphone?

Is it possible to mine cryptocurrency on a smartphone?

How to Mine Cryptocurrency on Mobile Devices (2020)

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answers (7)

Answer 1
January, 2021

You can mine, but while you mine something, your phone will die. If you do not have the necessary equipment and funds to purchase it, study the issue of cloud mining.

Answer 2
January, 2021

There are several projects at once that are configured for mobile mining, but their current success is controversial. For example, the MIB Coin cryptocurrency, which is in 1238 place in the list of the largest digital money by capitalization according to Coinmarketcap, has a daily trading volume of $ 1. There is no mistake, the coin has been showing such indicators since the end of January 2019.

The cryptocurrency sphere is full of scammers, they come up with new ways to deceive users. If you want to start mining, then doing it on your smartphone is not the best idea.
In the article https://altcoinlog.com/chto-takoe-maining-cryptocurrency/, read how to mine normally.

Answer 3
January, 2021

Cryptocurrencies are gaining incredible popularity every year. Many economic experts call virtual money the currency of the future. However, even now in some countries of the world, for example, in Japan and Spain, the most popular cryptocurrency, bitcoin, is recognized as an official means of payment.

Since the number of bitcoins is limited, over time, so-called altcoins or alts were developed for example Ethereum, Litecoin or Darkcoin. As a rule, the cost of alts is lower than that of bitcoin, however, many alternative currencies do not have emission limits. This means that the number of alts is not limited by issue.

You can mine cryptocurrency in two modes:

Solomining - in this case, a person uses his own technical capacity for mining.

Mining in pools - miners are united into groups using common technical capabilities. Accordingly, the revenue is divided between the pool members, depending on the activity.

As for the second method, I advise you to read the article https://altcoinlog.com/obzor-binance-pool/

Answer 4
January, 2021

Mining on the phone will not work - the cost of electricity, Internet and depreciation will many times exceed your earnings. You won't be able to make money without investing in cryptocurrency, so you should get start-up capital and try, for example, making money with the help of companies that trade in cryptocurrency, or study the issue and try to trade on your own.

Answer 5
January, 2021

The boom in cryptocurrencies in the last year has attracted a lot of interest in this market due to the possibility of quick money. It could be achieved in two ways - trading and mining. The first method is trading cryptocurrency on exchanges, the second is the creation of cryptocurrencies using a special algorithm.

Mining is performed by a computing device and its essence boils down to adding new blocks of information to the blockchain of a particular cryptocurrency. At the same time, its emission occurs simultaneously, since for each new block there is a reward in cryptocurrency.

Since this whole process is accompanied by a large number of calculations, the efficiency of mining increases with the growth of the power of the device on which it runs.

Therefore, everyone has already heard about the so-called mining farms - special data centers with a large number of computers combined into a single whole and mining cryptocurrency around the clock. But how possible is mining on an ordinary home computer in modern realities? Does it make sense to try yourself in this area now? We will try to answer these questions in this article.

Bitcoin mining on PC in 2018

Bitcoin is the most famous and expensive of all cryptocurrencies. Therefore, it is not surprising that when it comes to mining, it is he who is primarily meant. Before evaluating the possibility of mining bitcoins on a personal computer in 2018, we need to understand such a concept as "mining difficulty".

A limitation on the number of mined coins has been added to the code of many cryptocurrencies. This is done in order to keep the issue of coins within certain limits and not bring the matter to their complete depreciation due to unlimited issue.

Also, the more coins are mined, the more difficult and longer it becomes the mathematical calculations for adding each new block to the network. That is, over time, more and more computing power must be attracted to receive the same reward.

Bitcoin is now one of the most complex cryptocurrencies in all these parameters. Almost all mining capacities in the world mine it. Of the 21 million possible coins, almost 17 million have already been mined.

Therefore, mining bitcoin on a PC is now an unpromising undertaking. You will spend more money on electricity and internet bills than you can mine coins. Therefore, in order to mine cryptocurrencies on your home computer, you first have to select a specific coin for this.

How to choose a coin for mining on a personal computer?

The best way to find out if your computer is suitable for mining and which coin is best for you to mine is by using special calculator sites. The most famous and accurate of them is Whattomine.

Since we already have a ready-made computer, use a calculator to select a coin by the brand of your video card (it is she who is responsible for the calculations). This method is especially suitable for owners of gaming PCs with top-end cards. OnThe Whattomine website has a list of the most popular video cards for mining right under the header.

It is advisable to choose from the first 5-7 in the list. To do this, you need to carefully study the features of each trend in the change in its price. You can be guided by the criteria that we described in the article "Which cryptocurrency is the most promising?"

If your video card was not in the list, you can use the algorithm search. The 13 columns with blue headers on Whattomine are different algorithms. To calculate for each of them, three indicators are required:

  • hashrate,
  • your PC's power consumption
  • cost per kilowatt / hour of electricity.

The hashrate can be accurately determined during the mining process. But it's easy to find tables with hash rates for different video cards on the network. It is important that the units of its measurement coincide - H / s, MH / s, KH / s.

Even after picking up a coin for mining, you need to check how much your home computer is generally suitable for this process. After all, besides the video card, it also has other important components.

Minimum computer requirements

  • Video card (most important device) - full versions of gaming video cards from AMD Radeon or GeForce with at least 2GB of memory are required;
  • Processor - any 2-core;
  • RAM - at least 4GB;
  • The hard drive is SSD, the size is not important.
  • In addition to the specialized software that will be discussed below, the mining computer must have -Windows 64bit and Microsoft .NET Framework 2.0 or higher packages, Microsoft Visual C ++ Redistributable.

It is also worth getting an uninterruptible power supply so that power surges do not interrupt mining.

You cannot use laptops for mining cryptocurrencies. Since video cards in them are always inferior to their counterparts in stationary PCs and, most importantly, they are much less resistant to overheating, which is very important when working around the clock.

It is worth recalling that before you start using your home PC for mining, you should clean the system dust block, replace thermal paste if it hasn't been done for a long time.

How to start mining, instructions for beginners?

  • Open a wallet by choosing the most suitable cryptocurrency for mining on your home PC. You must create yourself a wallet on her website and install the software;
  • Software for a video card. It is necessary to install software that controls the temperature of the video card, even if you do not plan to use the program to overclock it. The temperature should not exceed 70 degrees;
  • The choice of service - it directly depends on your coin. You need to either find mining programs that support it, or find a pool of miners for this cryptocurrency and download the necessary software on its website. The second option is more preferable, since the program you are using will be created specifically for this coin and being in the pool of the same home maynerov increases the overall efficiency of the process;
  • After installing and configuring all the software, you can start mining on your home computer and periodically monitor it and the temperature of the video card. The received coins will go to your wallet.

How much money can be made by mining on a PC

The amount of your earnings will depend on several factors:

  • the number and capacity of video cards;
  • electricity and internet bills;
  • the selected coin and change its rate.

The last point is the most crucial. If you guess right with the choice of a young and promising cryptocurrency (altcoin), then your earnings can be several hundred dollars per month.

For example, mining bitcoin on one NVIDIA GTX 1070 video card costing about $ 500, you can earn a maximum of $ 70-80.

Comparison of the profitability of mining: computer or farm

Of course, with a professional approach to mining, a farm will always be more profitable than a home PC in a number of reasons:

  • higher power;
  • the possibility of using cheaper electricity;
  • efficient use of funds - on a farm, the main costs go to video cards, and buying a powerful gaming computer you spend more than 60% of your funds on equipment that is not important for mining.

In general, taking into account all factors, a farm is 3-4 times more profitable than a home PC. But all this must be taken into account if you are going to turn mining into your main type of income and are ready to invest in it.

What are the alternatives to mining at home?

If you still decide to mine cryptocurrencies not at home, then you have two options:

  • budget mining farm - a computer equipped with 4 powerful video cards like GTX 1070 will cost several thousand dollars and you can mine any altcoins on it. The payback period for such a farm is usually about six months;
  • cloud mining - allows you to get cryptocurrency by using someone else's computing power. You pay for the rental of equipment from a specialized service. The costs for it are lower than for creating a farm, but the choice of the operator is important here. You can read more about this in our article on cloud mining.

Isn't it too late to get into cryptocurrency mining in 2018?

You can start mining cryptocurrencies on your home computer in 2018 as well. The main thing in this, in addition to a powerful PC, is the choice of a suitable young and promising coin. Here you first have to work as a trader and analyze the cryptocurrencies suggested to you by the calculator, and only then you can start mining. This approach is fraught with great risks, but does not require additional financial costs, as when organizing a farm.

If you nevertheless decide to take mining more seriously and do it, then after your home computer, before creatingfarm, you can try cloud mining.

Answer 6
January, 2021

It is possible and necessary. If you have old smartphones lying around, you can become a member of several modern projects. Enable old phones for mobile mining by downloading programs in advance. It can be tablets and various android emulators both in virtual systems and the same Pi Raspberry. True, the power of such devices is not large, but coins for exchange can be collected quite realistically. I checked it personally. The link to the description of the coins, I gave in the comments to the answer of Eugene, I will not spam.

Answer 7
January, 2021

Mining is performing complex mathematical calculations rewarded with cryptocurrency. For mining, you need a fairly powerful device like a modern gaming video card or specialized equipment.

No smartphone even comes close to providing the necessary computing power to mine cryptocurrency. Usually, under the programs for mining cryptocurrencies using a smartphone, various malicious programs are hidden that can steal your banking and personal data. If someone offers you to start mining on your phone, ignore the offer.

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