Today, millions of people around the world earn money through cryptocurrency mining. Not only do you secure the blockchain network through mining, but you can earn a steady stream of income. While ASICs and GPUs are typically used to mine cryptocurrency, other hardware has similar capabilities. But can your smartphone mine cryptocurrency? And if so, is it a good idea?
Crypto mining requirements
Two key elements are required in crypto mining: specialized software and a hardware device.
To mine cryptocurrency, you need hardware that can provide something known as “hash power”. Hash power is what miners need to solve complex computations so they can mine a block and receive the block reward. “Hash rate” is the term used to measure the amount of electricity a given unit can contribute to the mining process.
In general, the higher the hash rate, the more chance you have of mining a block. Therefore, high hash rate devices such as ASICs and GPU rigs are often used in cryptocurrency mining instead of less powerful hardware. The software required to mine cryptocurrency can also be very demanding on your device if it is not suitable for such tasks.
But can less powerful hardware, like smartphones, still be used to mine crypto, or is it not worth the effort?
Mining crypto on a smartphone
Cryptocurrency mining on a smartphone is indeed possible. There are various crypto mining apps that you can use to mine crypto directly through your smartphone’s hardware. These apps often allow you to join mining pools that use some of your phone’s power in the mining process. This is because mining cryptocurrency individually using just a smartphone is unlikely to be profitable.
But even if you were to join a crypto mining pool using your smartphone, you shouldn’t expect huge profits. Don’t forget that smartphones aren’t as powerful as regular mining devices, which means you can’t contribute as much hashpower to the pool. Mining pools often pay in proportion to how much power a user contributes. So if you have dedicated a very small amount of power, your reward will also be small.
But small rewards are better than no rewards. Using a smartphone is possible if you only use crypto mining to generate a small side income. But is this really a good idea for your device?
Crypto Mining will damage your phone
Of course, your smartphone is not designed to mine cryptocurrency. Because of this, you may experience operational problems if you use your smartphone in this way. Crypto mining is an intense process and requires a lot of electricity. So if you use a mining app on your phone while using it for daily activities, you may notice that the overall performance speeds are lacking.
Mining crypto on your smartphone can also have a negative effect on its lifespan. The more stress you put on your phone, the more its hardware degrades. This is far more the case for solo mining than pool mining, but the rule can apply to both.
It’s also worth noting that cryptomining apps are used to spread malware. The crypto industry is full of malicious actors looking to exploit victims, and the case is no different in the mining realm. Even if a mining app is not designed to infect your device, the app’s operators can steal your profits without your knowledge. Additionally, sketchy apps are common in crypto, so you need to make sure your potential mining app is reputable and trustworthy before installing.
There are also cryptocurrencies out there that are designed to be mined on smartphones, but many of these are quite suspect. Such cryptocurrencies are often not supported by most exchanges and therefore cannot be traded or sold for a cash profit. These cryptos also have little or no value, so mining them won’t be very profitable anyway.
Overall, using a smartphone to mine cryptocurrency is not very profitable. So while it may seem convenient and affordable, your focus should be on the rewards you can earn from the process. After all, that’s why most people mine cryptocurrency.
But if smartphones aren’t a good idea for crypto mining, are there other cheaper alternatives to regular mining hardware?
Cheap mining alternatives
In crypto mining, people are constantly looking for cheaper ways to carry out the process. While crypto mining can certainly be profitable, these profits are often eaten up by upfront and maintenance costs. Specialized mining hardware is expensive and often consumes large amounts of energy, meaning your electricity bills will also take a hit. So, is there a cheap alternative to crypto mining?
This all depends on the type of cryptocurrency you want to mine. If you want to mine a hugely popular asset like Bitcoin, there’s really no way to do it on a low budget. Furthermore, Bitcoin is now incredibly difficult to mine, meaning that powerful hardware such as an ASIC miner is required if you want to stand a chance.
On the other hand, there are smaller cryptocurrencies out there that can be mined with single GPUs or even CPUs. Some cryptocurrencies are even ASIC resistant, meaning their mining algorithms favor GPUs and CPUs and make the use of ASICs quite unprofitable. Examples of ASIC-resistant cryptos include Ravencoin, Vertcoin, and Haven Protocol.
Crypto mining is also theoretically possible using a simple USB “rig.” USB Bitcoin mining saw a brief surge of popularity in early 2022 when a miner reportedly raked in a profit of $215,000 in BTC rewards via a USB. But it is worth noting that this method is not a good option for high profits, as USB sticks simply cannot offer the high levels of power that ASIC miners offer. Typically, USB mining rigs do not exceed a hash rate of 10 Th/s, while ASICs can exceed a hash rate of 110 Th/s.
You can always consider using your computer’s CPU to mine cryptocurrency, which allows you to avoid upfront hardware costs. But note that crypto mining is an energy-intensive process, so you probably won’t be able to use your computer as you normally would while the mining software is running.
Crypto mining on smartphone is not profitable and will destroy your device
While you can technically mine cryptocurrencies using your smartphone, it probably won’t be worth the effort. If you can’t generate a solid profit in this venture, you’re wearing out your smartphone for little or no benefit. On top of this, crypto mining apps can be malicious. So, before delving into crypto mining for smartphones, you should first consider the various disadvantages and risks.
