What is mobile mining? Bitcoin (BTC) is a virtual currency created by a distributed computing process called "mining". Network participants known as miners perform mining to verify transactions on the blockchain. They also ensure security by preventing duplication of expenditure. In Bitcoin, miners will receive a certain amount of rewards. There are many ways to mine virtual currency, and now it has been developed that mobile phones can be used for mining. So, can we make money mining with mobile phones? The following content will answer for you.

1、 What is mobile phone virtual currency mining?

Mobile encryption mining refers to the use of the processing power of smartphones running iOS and Android to mine virtual currencies. As we mentioned, the mobile mining reward is roughly the same as the percentage of computing power provided to miners. But on smartphones

You need to install a virtual currency mining application and connect to the Internet for virtual currency mining. Incentives for miners may be much smaller and may not be enough to pay for electricity. In addition, smart phones may shorten their life due to the great pressure of mining, or even cause irreparable damage, making them unable to be used for any other purpose.

Android and iOS have many apps that can mine virtual currencies. Many applications are only available through third-party password stations. It is important to verify their legitimacy before using them. For example, according to Google's developer policy, mobile mining applications are not allowed on the Play Store. Developers can create applications that allow them to control mining that takes place elsewhere, such as on cloud computing platforms. Possible reasons behind these restrictions include rapid battery depletion; If the mining is carried out "on the device", the smartphone will overheat because it requires intensive processing.

2、 Is mobile mining profitable?

The mining profit depends on the efficiency of the hardware and computing power used in the mining process. More powerful devices for mining virtual currency will generate higher profits than devices using smartphones. Crypto hijacking is used by cyber criminals to steal the computing power of unprotected devices to mine virtual currencies. This makes them inefficient when the original owner wants to mine virtual currency.

In order to determine the profitability of mining, a cost/benefit analysis was performed by the densified miners. This is a calculation that compares the benefits and costs of different actions to determine the profitability of any investment. In addition, the legality of mining on smartphones, ASICs and any other hardware devices depends on the jurisdiction where you live, because some countries prohibit mining with virtual currency. If a country does not allow virtual currency, it is illegal to use any hardware equipment to mine.

Before purchasing any mining equipment, it is important to first determine what your mining goals are, and then budget accordingly. When investing in secret mining equipment, it is important to consider environmental issues. Because, although virtual currency mining has become more and more popular, it has been criticized as harmful to the environment and economy. This led to the virtual currency of power, such as Ethereum, mobile phone to a consensus mechanism, namely proof of rights.

In some jurisdictions, the legal status of mining virtual currency is unclear, which makes it difficult to determine whether the mining strategy is feasible. In addition, over time, mining applications began to reduce the capabilities of smartphones, making them inefficient for virtual currency mining.

summary

The above is the explanation of mobile phone mining virtual currency and is it profitable to use mobile phone to mine virtual currency? The answer to these two questions. It should be noted that although the development of mining hardware and equipment has enabled miners to gain profits, the struggle for sustainable mining returns will continue to promote technological progress. However, it is unclear what the next major innovation of mobile mining technology is.