The cryptocurrency market is one of the highest valued markets in today’s global economy and it only makes sense that most people nowadays want to have some cryptocurrency of their own. One way to do so is through investing, but that requires a considerable upfront capital investment.
The other much more lucrative option is crypto mining where you can start getting free cryptocurrency as long as you have a device to mine it. While ASIC mining rigs and high-end PCs are the most common ways of mining, you can theoretically do it with any device that has a CPU and adequate computing power – even your smartphone.
Mining cryptocurrency on a phone might be a relatively easy process but you need to know exactly what you are doing to ensure that you retain the privacy and security of your device. Besides that, there is also the question of whether it truly is a good idea to mine cryptocurrency on your phone and which apps are the most reliable for mining cryptocurrency.
In this article, we will help you answer and understand all the aspects related to mining cryptocurrency on a phone and ultimately help you decide if you should do it or not.
How To Mine Cryptocurrency On A Phone
The only way you can use your smartphone to start mining cryptocurrency is through a mining app. These mining apps put you in mining pools, i.e. groups of other miners, that utilize the hardware present inside your smartphone to mine cryptocurrency at a specific hashrate.
After some time, you’ll generate enough cryptocurrency that you can then convert into fiat currency for a profit.
Finding Apps For Mining Cryptocurrency On A Phone
Google Playstore and Apple’s App Store have banned crypto mining apps long ago. The main reason for this is because they put huge stress on your phone’s processors which can lead to battery draining, battery bloating, overheating and lagging issues.
We’ll talk about this in detail later but the essential fact you need to understand is that you can’t download (legal) mining apps from your smartphone’s app store. You need to either download them from the internet, which is extremely risky, or ask someone you know to share a crypto mining app.
Using Apps For Mining Cryptocurrency On A Phone
Once you obtain the app, all you need to do is sign into it, find a mining pool to join and start mining the cryptocurrency you want. It’ll take a long time but you are bound to get a tangible amount of your favorite cryptocurrency that you can then trade for real currency through the app.
However, there are various reasons why we don’t recommend mining on a phone. Let’s talk about them in detail in the next section.
Is it a good idea to mine cryptocurrency on your phone?
To be honest, no, it’s not a good idea to mine cryptocurrency on your phone.
Firstly, crypto mining apps are currently the number one source for getting malware on your smartphone. If given unlimited access to your phone, these apps can steal your personal data, location and other personal information that can severely threaten your privacy and security.
Secondly, these crypto mining apps rarely ever profit the user that installs them and instead directs all the profit to the app makers. According to a recent research, in the past few years, criminals have attacked various media platforms for the purpose of cryptocurrency mining – with attackers generating a continuous stream of profit that in some cases may reach in the millions.
Thirdly and most importantly, these apps severely handicap your phone’s performance. You’ll face considerable lag while using your phone. Not only that, but your gameplay and media watching experience would also be significantly worse.
How profitable is crypto mining on your phone?
The harsh truth about crypto mining is that it’s only profitable when you do it on high-end and powerful rigs such as a ASIC mining rig which is specifically designed for mining Bitcoin, or a gaming PC where you can use the PC’s powerful GPU to mine most of the PoW (proof of work) cryptocurrencies out there.
Unfortunately, mining on smartphones isn’t a good idea simply because you won’t get enough profits to justify the time, electricity and performance issues you’ll face. In fact, if you were to mine cryptocurrency on any current flagship phone, it’ll be decades before you mine cryptocurrency with enough value as your phone.
Reliable apps for mining cryptocurrency
Regardless of the risks, mining can still be a viable option for a smartphone – especially with several apps now giving users the option of choosing mining to get a ‘premium’ subscription for their apps that removes all the ads. A recent study shows that many people are willing to allow crypto-mining as a means to replace ads to trade-off for benefits such as a better user experience.
Mining can also be viable for smartphones that you don’t use anymore and have none of your personal information inside them. If you do decide to mine crypto on your smartphone, the best app for doing it is MinerGate.
Minergate has always been one of the best apps for mining cryptocurrency on your smartphone. The app is particularly secure and has tons of features as well as analytics for miners to access. You can also set your own preferences for mining cryptocurrency on the app such as the low usage setting which reduces your overall hashrate but retains most of your device’s performance.
More than 5 million miners use MinerGate, so it’s clearly quite popular around the world. MinerGate also boasts 99.7% uptime to ensure you maximize your profits.
The only drawback of the app is that it doesn’t allow you to join mining pools of your own choice for a cryptocurrency and instead puts you in the pre-existing mining pools within the app.
Alternatives To MinerGate
Although there are many other crypto mining apps out there, most of them are notorious for being used in illegal activities and thus, we cannot recommend them to you in goodwill.
How To Safely Store The Crypto You Mined On Your Phone
It’s not enough to just mine crypto: you also need to store it somewhere safe to ensure you hold on to it for the long term. To keep your crypto safe, I recommend storing it with Bitbuy or CoinSmart, two of my top-ranked crypto exchanges, both of which offer bank-level security technology.
While mining cryptocurrency on a smartphone isn’t very difficult, it has plenty of risks that you should be aware of. The profitability isn’t as high as you may think, either, so we don’t suggest it as a great way of profiting from crypto.