The best-known method to mine cryptocurrency is the use of mining rigs and sophisticated equipment. However, this is not the only to carry out the mining process. The initial algorithm for cryptocurrency mining was based on a system of linked computers whose CPU was the engine of production. The thesis produced by Satoshi Nakamoto only outlined the use of linked computers for mining.
Research results made available since the early days of cryptocurrencies showed that the mining process could be expedited. Further studies led to the emergence of ASIC machines that mine cryptocurrencies faster and at a lesser cost. However, since ASIC rigs involve huge investments, cryptocurrency enthusiasts decided to forge mining pools.
The emergence of mining pools is essentially what has given rise to the introduction of mining of cryptocurrencies using mobile gadgets. So, it is now possible to mine cryptocurrencies with your Android, iPhone and similar devices. Earning passive mining income is one of the impacts of blockchain technology investment in the world today.
The Mobile Mining Paradigm
The mining of cryptocurrencies involves the use of computing capacity and online storage so that processes can be expedited. The greater the number of devices available for the mining process, the more efficient the blockchain process will be. What now obtains as mobile mining follows a defined process. To be clear, how fast your smartphone can mine depends on the capacity of the phone.
So, the power of computing of each phone determines the hash rate, and in effect, how much crypto it can mine per minute. If you are using an old smartphone, you should not expect it to give you the megabucks in one day. So, the greater the power of your smartphone, the better the returns you will get. Also, determining what to mine is also important as the altcoins have proven to be more profitable. So, with mobile mining, bitcoin is not recommended as it only becomes profitable in a bull run.
In realistic terms, the average NVIDIA device rated as optimal for altcoins mining will give you an income of about $58 dollars a month. If you use a smartphone, you will earn far less than this and maybe, just around $10 a month. But, in twelve months, you will be able to earn a couple of hundred dollars for a passive activity. That is making money while you sleep.
Here is an idea of the computing speed for each phone:
How Mobile Mining Works
Mining of cryptocurrencies requires solving of mathematical difficulties and the use of data on linked computers. Each mobile device possesses a computing power and storage that is helpful in the mining process. So, with crypto mining, the process will be passive without any disruption to the functionality of the device. The mining will be ongoing at the background while you go about your normal business.
In effect, whether you are sleeping, walking, or chatting on your phone, the mining process will continue. This is the reason that it is often said that with mobile mining, you can mine crypto while you sleep. So, making money cannot be said to be any easier than this. However, just before you jump up to say let’s go, you need to know how this works.
1.Joining a Mining Pool
Mining pools use the power of shared resources to maximize cryptocurrency mining. When you join a mining pool, you will be required to provide your computing power available on your mobile device and this means downloading a patch to your phone. When it is completed, you will be ready to mine cryptocurrency passively.
You can also invite others to the pool and earn affiliate income in the process. This gives two ways to earn as a cryptocurrency miner. Before you join a mining pool, you might want to consider their reward system. The Pay Per Share basis, using your contribution determined by the computing power you supplied is a common reward method. Others use a fixed rate of about 3 percent each time a block is successfully mined.
Some well-known mining pools are F2Pool, SlushPool, BTC.com and AntPool.
2. The Mining App
Mining apps that supply widgets for mobile mining abound on the Internet. While some might be clandestine, others are promoted legitimately on Android and iOS respectively.
You can join any of the mobile mining programs on an affiliate basis and be able to earn money as people join the program through your shared links.
Some highly ranked mining apps include MinerGate Mobile Miner, NeoNeon Miner, AA Miner, among others.
Process 1: Signing Up
When you have identified a mining app to download, you will need to sign up. To do this is easy as all you need to do is to supply your personal details and email address. After you click on the registration confirmation in your inbox, your registration will be confirmed. What is next is for you to download the mining link and save it to your device.
Process 2: Start Earning
The next step after you have saved the mining widget to your mobile device is to simply go to sleep while it works. You do not need to do anything after this step for the mining of cryptocurrencies to start on your device. You will be able to see the pace of mining and how much is your income on the dashboard of the mining pool at any time.
Process 3: Cash Out
You will be able to cash out each time your income reaches the minimum threshold that is pegged for withdrawal. You will be able to withdraw your earnings to your crypto wallet and exchange for fiat in any way you choose.
You can also boost your affiliate income by sharing your affiliate links for the mining app on social media and among your friends. The idea here is that as more people sign up through you, you will be able to earn more.
Most of the cryptocurrencies for the global financial market today can be mined with the exception of a few like IOTA. Mobile mining of cryptocurrencies might not be a sure way to hit the megabucks, however, you are sure to earn. By figuring out the dependable app to use or the best mining pool to join, you will be well-placed to enhance your earning power.