Crypto mining on mobile phones: How it works, risks, rewards, & app recommendations
The story discusses mobile cryptocurrency mining, its risks, and recommends secure storage with exchanges like ZenGo. Caution is advised for using legitimate mining apps not available on app stores.
Highlights
- These apps connect you to mining pools, allowing you to contribute your phone's hardware to generate hashrate and mine cryptocurrencies
- MinerGate has gained a significant user base of over 5 million miners, reflecting its widespread use and reliability
Cryptocurrency mining has traditionally been associated with powerful computer systems and specialised hardware. However, with the advent of mining apps, you can now utilise your smartphone to mine Bitcoin and other cryptocurrencies.
These apps connect you to mining pools, allowing you to contribute your phone's hardware to generate hashrate and mine cryptocurrencies. While this may sound enticing, it's crucial to understand the risks and limitations associated with mobile mining.
The risks & opportunities of mobile mining
Mining apps were previously prohibited on major app stores due to the strain they put on smartphone processors, leading to issues like battery loss, overheating, and latency problems. As a result, legitimate mining apps cannot be downloaded directly from app stores.
Instead, users have to obtain them from trusted sources or ask friends to share the apps. Despite the dangers, some users find mobile mining appealing because certain apps offer benefits like ad-free experiences in exchange for mining contributions.
Among the various mobile mining apps, MinerGate stands out as a popular choice. It offers a secure platform with extensive functionality and detailed statistics for miners. The app allows users to customise their Bitcoin mining settings, optimising performance according to their preferences.
MinerGate has gained a significant user base of over 5 million miners, reflecting its widespread use and reliability. However, one limitation is that it restricts users to built-in mining pools rather than allowing them to join pools for specific cryptocurrencies.
Ensuring safe storage of mined cryptocurrency
Apart from mining, it's crucial to store mined cryptocurrency securely. Utilising reputable cryptocurrency exchanges with top-notch security technology is essential for safeguarding your digital assets. Exchanges like ZenGo and Revolut offer bank-level security and integrated wallets, ensuring the safety of your cryptocurrencies.
ZenGo, in particular, employs innovative keyless technology, using separate mathematical secret shares on your phone and in the cloud to protect your funds fully. This approach ensures that even in the event of a lost or damaged phone or issues with the exchange, your funds remain accessible and secure.
In summary, mobile cryptocurrency mining presents both opportunities and risks. While it allows users to mine and potentially earn from their smartphones, the associated strain on devices necessitates caution.
Disclaimer: All of the information in this opinion piece/story/article is for educational purposes only and is not investment or financial advice. We suggest you do your own research before making any investment decisions. Cryptocurrencies and NFTs are volatile and high-risk in nature. Don't invest more than what you can afford to lose. India Today will not be liable for any loss incurred if you refer to this article for details on crypto or any other form of investment.
