Bitcoin is slowly starting to reach its fully evolved form. It is now easier and more efficient to buy bitcoin and despite its recent price drop, people are still finding ways to use bitcoin to their advantage. Processes are much smoother now that people have built up a community where knowledge is so accessible. It’s not only the currency itself that has evolved but the bitcoin mining process has experienced some good changes as well.
Bitcoin mining can now be done on our smartphones. This is probably because our smartphones are much more advanced now. Just think about it… What did our cellphones look like 10 years ago? They were bricks that we could call and text on… compared to the phones we have now. Right now, we have the most advanced smartphones available… until the tech juggernauts create more advanced ones in the coming years.
Disclaimer: This article will be targeted towards Android phones as they are more mining-friendly and they have a lot more applications that support it.
How bitcoin mining works
Before we get into applications that can allow you to mine bitcoin from your phone, you first have to understand how bitcoin mining works. Bitcoins are mined in units called “blocks” (hence the “blockchain”). In layman’s terms, bitcoin miners are being paid to verify bitcoin transactions, bring new coins into circulation, and give the blockchain the assured security that it promises. Using actual dollars as an example, let’s say that you have a real $20 bill and someone hands you an exact replica of that $20 bill. These two bills would have the same serial number, a clear indicator that one is fake. So how would you be able to tell which one is real? Going back to the context of bitcoins, it would be the job of the miner to check the transactions that have been done to make sure that no one would try to spend the same bitcoin twice.
So how much are these guys being paid? In all honesty, bitcoin mining used to be a much more lucrative business. Back in 2009, you’d earn 50 BTC per block you’d mine. In 2012, it was halved to 25 and in 2016, it was halved once again to 12.5 (the current reward as of March 2019). This happens because it answers to the law of supply and demand. If coins are created too quickly, they might eventually lose their value. Plus, even if it has been halved twice, 12.5 is still a lot of bitcoin. Putting that into context, if the price of bitcoin is at around $3,800 (as of the time of writing), then you’d earn a total of $47,500 (12.5 x 3800) per block – you just have to take into account that mining a block by yourself is extremely difficult and time-consuming. This is why people join mining pools. You can check the date of the next bitcoin half at Bitcoinblockchalf.com.
Mining bitcoin on your smartphone
Although the most profitable bitcoin miners earn their keep on powerful computers (most of which are custom-built), it doesn’t mean that you can’t mine on devices that aren’t as powerful. Smartphones are the perfect example of this. There are applications for both iOS and Android that allows users to earn incremental bitcoin (as well as other cryptocurrencies) in the background.
It’s important to know that you have to be careful when it comes to choosing an application to mine on. There are a lot of apps that claim to mine insane amounts by just mining on your phone. Bitcoin mining apps on smartphones do not make a lot of money. Some applications will also claim to “generate” bitcoins for you. There is no such thing as “generating” bitcoins and if you run into anything like this, it’s important that you know that this is an outright scam.
Best bitcoin mining applications for Android
If you’re still looking to push through with bitcoin mining on your Android smartphone, then there are several applications that can help you do so. We scoured through the web and these are the top 5 applications we’ve found:
One of the more popular applications, Bitcoin Miner is well known for its performance. It has an intuitive interface that allows the application to solve complex hashes within seconds. Its features include mining pool accessibility, visible hash rate, and a variety of different cryptocurrencies. There are also several performance graphs that allow you to check up on your mining process. The application issues weekly payouts with at least 5,000 Satoshis and if the account doesn’t reach that amount in time, it carries over to the next week. It is available on the Microsoft Store for free and is available on PC, tablet, and mobile devices.
Developed six years ago, CG Miner has grown to be one of the more popular mining applications out there. It gives you a capable mining solution. At the same time, it also supports ASIC (Application-Specific Integrated Circuit), GPU (Graphics Processing Unit), and FPGA (Field-programmable Gate Array) mining. It’s an open source software that supports the C programming language. If you don’t know what C language is, Techopedia defines it as “a high-level and general-purpose programming that is ideal for developing firmware or portable applications.” The downloadable software packet has versions compatible with major operating systems such as Windows, Mac, and Linux.
MinerGate Mobile Miner
MinerGate is one of the easiest applications to use. It’s a spin-off of their popular PC cryptocurrency mining client. It’s extremely user-friendly despite the occasional pop-up ads. It supports Monero, Bitcoin, Bytecoin, Dashcoin, DigitalNote, FantomCoin, Infinium-8, MonetaVerde, and QuazarCoin. It has a built-in wallet for storing generated coins, price-checking tool, and even chatrooms for miners.
Like CG Miner, BFG Miner also supports the use of ASIC machines and it also supports the use of C language. In addition to that, it is also FBGA compatible. Its features include pool failure detection, multi-device support, remote interface, fan control, and many more. It is also compatible with Mac (OSX), Linux, and Windows.
With an easy user-friendly interface, you can combine this software with CG Miner, Minerd, and CC Miner through a computer. It’s easy to use and recommended for people who are trying this out for the first time. It’s supported on Android, Windows, and Linux OS (sorry again Mac users)
Is bitcoin mining on my Android worth it?
Determining if mining on your Android is “worth it” is really up to you. If you’re looking to make a sustainable profit, then it’s really not worth it. The processing power of smartphones is just too weak compared to the much stronger alternatives you can find out there. It might be a cheaper mining outlet but it’s balanced out by the little amount of bitcoin you get from them.
On the other hand, if you’re doing it as a hobby (hobby mining) then it’s all good. To each his/her own right? There are tons of people out there that just mine for the love it and you can be one of those people. It could also be a way for your smartphone to earn a little (emphasis on “little”) money on the side, just be ready for your smartphone battery to be drained constantly. Bitcoin mining takes up a lot of electricity, no matter which kind of mining you’re doing. This means that you have to be wary about how much energy you’re using.
Are you thinking about trying this method of mining? If you’ve already tried it, how was it? Any advice you can share with those who are interested in trying it out? We’d love to hear your thoughts! Let us know in the comments section down below!