Trade on a smartphone?

The rapid increase in crypt prices attracts more and more attention. This is an ideal period to create mining farms and mobile applications specialized in coin mining. Not in vain, both multiply at the speed of changing frames in a movie projector. We know that they are convenient for the user of any generation. The question is, is mobile mining profitable and is it possible to become an advanced miner with it?

TOP-6 questions on the topic Trade on a smartphone

Many novice digital currency hunters imagine their lives with a couple of bitcoins in their account. The complex process of setting up the equipment and its high cost returns to the dreamer’s land. And then an alternative way of mining coins comes into play: mobile mining. We provide answers to the most frequently asked questions by smartphone owners.

1. Can I mine crypto using my phone?

Answer: In theory, yes, but in practice, such activities are ineffective. At least for higher and liquid currencies. It should be noted right away: we are talking about PoW mining. It is very demanding on the computing power of the device. Today, there are no smartphones that come close to video cards in terms of power. And this is without taking into account ASICs (ASIC, from application specific integrated circuit in English, “special purpose integrated circuit”).

PoS mining does not require any calculations. All you need is to keep the cryptocurrency in your wallet and have a permanent internet connection. This is, in fact, the interest on your bank deposit, passive income. In turn, PoW mining is an income in the form of salary for the work done. In this article we will talk about the latter.

2. So it is possible, but not profitable due to insufficient power of the smartphone?

Answer: not only for that. Mining places a higher load on the hardware of whatever computer it is running on. Asics, video cards, processors, hard drives are initially designed to work at full capacity for a long time. Observing the requirements for operation, the owner can use them for mining cryptocurrencies for many years, and the device will not lose its characteristics.

But with smartphones, things are different. For the sake of miniaturization, speed, advanced features, reliability was sacrificed. Yes, the device will be able to work at full load for some time. But this is a few hours, a maximum of a day. So at best it will just shut down due to overheating.

A few of these “best cases” and the device will fail with almost 100% probability. And that’s not counting the problems associated with increased power consumption. These include rapid battery discharge and the need to live near a power outlet.

3. What happens if I decide to mine on my smartphone?

Answer: then you need to install a special mobile application. But Google and Apple are strongly opposed. In 2018, they officially banned adding a new cryptocurrency mining software suite to the Play Market and AppStore.

The latest version of the Google Developer Policy dated 01/20/2021 explicitly states: “Publishing applications designed to mine cryptocurrencies on devices is prohibited. Apps that regulate cryptocurrency mining remotely are allowed.”

Four. And in the “mining” application I found several applications in the Play Market.

Answer: They are most likely only designed to provide remote access to mining farm management at home or in the cloud. Perhaps these are developments for cryptocurrency trading or earning coins in ways other than mining (bounties, games, airdrops, clickers). Google constantly monitors its app store for potentially unwanted programs and removes them. In any case, before installing, you should read the user reviews, see the number of downloads and the average rating.

5. Can I download an Android app not only on the Play Market?

Answer: Of course, Google does not prevent you from downloading and installing apps on your smartphone from other sources. But you need to understand that third-party products are often infected with a virus or miner. But they will not mine cryptocurrencies for you, but for the developer. By the way, according to statistics, hidden mobile mining software is the most common and dangerous today.

6. But what’s the point in malware? After all, smartphones are too weak to mine cryptocurrencies.

Answer: Yes, in fact, a mobile phone must work without interruption for thousands of years to mine 1 bitcoin. But when there are tens and hundreds of thousands of these devices linked in a network (botnet), the process becomes profitable. In addition, the attacker does not pay for electricity or the repair of the device in case of failure.

Therefore, it is possible to search for crypto on smartphones, and in fact it is no different from traditional mining on ASICs or video cards. But from an economic point of view, this method is not yet feasible. However, those who were counting on a rapid influx of coins should still not get angry ahead of time. Blockchain technologies are developing at a record pace. Perhaps soon there will be such mining algorithms that will allow you to have real income on mobile devices.

Information about them already appears on the Internet. For example, the Enecuum project. It is a blockchain protocol that combines the computing power of smartphones to process actions within the network. For this, their owners receive a reward in the form of project tokens.

As of today, more than 13 thousand wallets have already been created on this platform, providing up to 10 transactions per second. During the working year, about 140 million transactions were made with the help of the project. After the introduction of the next generation of the network, it is planned to increase the speed of data processing to 1200-1500 per second.

Although mining Enecuum tokens is possible on the mobile app, there is also a desktop version. And the process itself uses the PoA algorithm, which is an analogue of PoS. Here, the received profit does not depend on the computing power of the device, but on the amount of funds locked in the wallet and the time that the node is online. There are currently no complete projects that initially involve mining exclusively on mobile devices. Everywhere, the smartphone plays the role of the “little brother” of a personal computer or laptop.