Whatever the old-school people think about cryptocurrency, it is here to stay. While many still question the integrity of the digital currency, like whether it is a valid alternative to the traditional Fiat currency or whether it is an elaborate scam, no one can deny its popularity. Also, with so many billion-dollar companies investing in cryptocurrency and countries starting to recognize it as legal tender, the reservations about crypto as being an elaborate scam should be addressed.
There are several cryptocurrencies available in the market today that you can purchase. The most famous and renowned among them is Bitcoin. There are also a large number of exchanges available from where you can buy the crypto of your choice. Your purchase decision depends entirely on you. You can assess which crypto is showing strong fundamentals, which crypto has a higher probability to grow further in the future, which is showing bullish signs, etc. The other way you can attain your preferred crypto if you have the required resources is through Crypto Mining.
What is Crypto Mining?
Crypto Mining is the process by which new digital currencies are created, and transactions are verified and added to a blockchain. The method of crypto mining is essential to maintain the operations and the securities of most cryptocurrencies.
Crypto mining involves a process where complex mathematical puzzles are solved with the help of powerful computers and a large array of processing units. The puzzles are part of a verification process for miners who intend to mine new cryptocurrency. Once a miner successfully solves the mystery, they validate a block of transactions and add it to the blockchain. The reward for completing this objective is a freshly minted cryptocurrency coin. At its core, cryptocurrency mining is a decentralized process.
Mining helps serve two purposes in the cryptocurrency ecosystem. Firstly, mining is a very expensive process to carry out. Crypto Mining requires a lot of computational power, which cannot be done in a single system. You need to create a rig of multiple systems, with each one having a powerful processing unit and air conditioning environment to keep the mining rigs cool; otherwise, the machinery will start to malfunction due to higher surrounding temperatures.
This a very expensive undertaking, and it cannot be achieved by everyone. The upside to this whole scenario where mining is a costly process to carry out is that hackers would certainly stay away from this as it wouldn’t make much sense for them to spend all their resources in mining a cryptocurrency. Secondly, mining ensures the integrity and security of the blockchain by making it very difficult for anyone to manipulate records or alter transactions that have been carried out by an unauthorized source.
Can you Mine Crypto on Your iPhone?
These days there are Mobile Applications available for Apple devices, which you can install on your phone to mine cryptocurrency. The best part of mining crypto on your iPhone is that you don’t need to set up computer rigs or equip yourself with a large number of GPUs to mine crypto on your iPhone. All you need is a mining app, a strong internet connection, and a charged phone, and you are in business. This also provides you with the opportunity to carry a portable crypto-mining device in your pocket anywhere you go, and you don’t need to spend a lot of time setting up mining rigs.
There are, however, some drawbacks to this process as well. Firstly, phone companies like Apple wouldn’t want you to mine crypto on your phone as it will deteriorate the battery life of your phone, making it susceptible to getting overheated due to the high processing power required to mine a cryptocurrency and as a result, your phone is vulnerable to getting damaged. There is also the question of whether crypto mining is legal in your country and the application you want to use for performing mining operations in your country. There is also the question of whether or not Apple allows you to download mining software or applications on your Apple device.
To our knowledge, Apple has banned the usage of mining software on its devices and has also removed mining applications from its App Store. Third-party advertisements that might use the devices’ computing power to mine cryptocurrency are also banned. There are ways you can circumvent Apple’s directives, and that is putting your phone in developer mode and downloading applications from third-party sources to carry out your desire to mine cryptocurrency. Lastly, the reward for mining cryptocurrency on your iPhone is not very substantial. In other words, you may find that the reward for going through all these processes might be so low that you won’t find it worth the effort.
So, you are going to risk losing the performance of your device, deplete your battery life quickly, and become susceptible to attack from third-party applications whose validity is not confirmed by an authorized source and will only prove legitimate once you use it without any malicious attacks and in the end get a very minimal reward for all your efforts. It depends on you now whether you think that this venture is worth pursuing.
Which Cryptocurrencies can you mine on your iPhone?
You would be glad to know that you can mine cryptos like Bitcoin and Ethereum on your iPhone. Not only Bitcoin; there are other altcoins as well that can be mined on your iPhone. The list is very extensive, but there are options for mining altcoins like Monero, Litecoin, Dash, Zcash, Pi, QuazarCoin, and so forth.
Steps Involved in Mobile Crypto Mining
There are a few steps that you will have to go through to set up and start your mining operations.
Select the Mining App:
There are several applications available online from which you can select to start your mining activity. Bitdeer, CryptoTab, HappyMiner, ECOS, and SparkPool are some of the notable examples of applications available in the market that you can download for crypto mining operations. Each application has its pricing policies. Some applications require no fee to start mining, while other applications may charge you a fee before you start mining, so you need to explore your options and look at your preferences before you select one to download.
Note that you should always prefer the option to download the app directly from the source, which can be the website of the app, and also make sure that the source is reliable. Try to search for the reviews of the application left by the other miners to gauge its authenticity. We must warn you that while this is also not a fool-proof method to remain safe from any malicious attacks or unauthorized access of your device to the application, you must be very careful in your selection choice.
Create Account:
Once you have downloaded the app, create an account by filling out the required details. If they require you to verify your identity then follow the required steps to complete this task. Remember to set a strong password and set a two-factor authentication if the option is available so that your crypto is secure.
Customize Your Settings:
Be sure to set your preferred settings, like hours on which you want the mining process to commence, how much access to the mobile’s battery power you are giving, and other parameters that the application allows you to set. This way, you can somewhat control the strain of mining activity on your mobile device so that its battery life won’t get depleted too quickly. But remember that whatever you do, mining crypto on your mobile device can have a toll on the overall life of the device and the processor.
Select Mining Pool:
Smartphone users are encouraged to steer clear of solo mining because it’s a power-hungry process and could take an incredibly long time, potentially decades, to mine any cryptocurrency successfully on your own. Instead, a better approach is to join mining pools, which significantly boost your chances of successfully mining a cryptocurrency block and receiving rewards. It’s important to note that the rewards you get in mining pools depend on various factors, including the pool’s size and the specific payment system it uses.
It’s important to choose your mining pool wisely, as they can have different payment systems, fees, and reputations. The size of the pool matters, too, as larger pools tend to find blocks more frequently, but the rewards are distributed among more participants. Smaller pools find blocks less often but may offer a larger share of the rewards to individual miners.
Start Mining:
Once you are done will all these processes, you are good to go. Remember to keep track of your mining activities and also your device’s health. Keep an eye on memory usage as well so that you can still have storage for other essentials, like photos, videos, documents, etc., on your mobile. When you reach your withdrawal limit, pull those mining rewards and transfer them to a crypto wallet of your own choice so that they can remain safe there.
Conclusion
While from the outset, mobile crypto mining looks like a profitable endeavour, the reality is very much different from it. It’s essential to understand that crypto mining on your mobile device carries a lot of risks and challenges with it. It requires you to compromise the battery health and overall life of your mobile device to carry out your desire to mine crypto. It can also cause irreparable damage to your mobile device due to overheating or due to any malware attack from a third party or unauthorized source from where you have downloaded the mining application. The reward for mining crypto on your phone is also considerably less and requires a lot of waiting and patience on your part before you see tangible results for your efforts. You need to go through the pros and cons of mobile crypto mining before you jump into it.
