How to Mine Bitcoin with Your Smartphone: A Beginner’s Guide

Introduction

Crypto mining has become the hottest topic among people looking to make money in the crypto space apart from crypto trading and investing. However, mining crypto assets like Bitcoin require considerable computational, energy resources, and specialized equipment to solve cryptographic problems, which may only be affordable for some. Thanks to the rising popularity of these digital assets and communities coming up with innovations, there are now ways to get involved in crypto mining just with your mobile phone. In this article, we will dive into ways you can use your smartphone to mine Bitcoin, where to store those mined Bitcoins, and more safely. But before that, let’s clear some basics of Bitcoin mining.

What is Bitcoin Mining?

In the traditional banking system, when you perform a transaction through net banking or debit cards, a centralized intermediary like banks or financial institutions ensures the money you spend is accounted for and updated in their ledgers. But in the blockchain, users’ transactions are peer-to-peer, pseudonyms, and no intermediaries exist. So, who’s responsible for checking double spending of funds?- miners. 

When one party sends funds to another party on the Bitcoin blockchain, they are collected in a mempool. From where miner nodes take a few transactions and act as an auditor to verify the authenticity of transactions. This process involves solving a cryptographic mathematical puzzle, and the first miner to get the correct answer- verify those transactions and create a new block in the blockchain. Next, the block is sent to other nodes to confirm validity using Proof of Work consensus and is updated into the public blockchain ledger. As an incentive for employing their resources and supporting the network, these crypto miners are rewarded with cryptos (at present, 6.25 BTC).

Additional Read: What Happens after all 21 Million Bitcoin are Mined?

How to mine bitcoin on your smartphone

Bitcoin mining requires extensive computational resources, for this reason, mining with smartphones might not be as practical as specialized ASIC equipment and mining rigs. Some specific applications let you participate in mining pools and earn a share of mined assets. These apps use your smartphone’s hardware to generate a certain hash rate to increase the likelihood of block mining. Here is a step-by-step guide to mining Bitcoin with your smartphone:

Select the mining application:

There are several applications for crypto mining, but the key is to select a trustworthy one- that actually gives you a payout for your contribution. Take a thorough look at available applications, check their review and user base, and understand their working terms and conditions. Some of the popular mobile mining applications are:

• MinerGate: This application is available for Android smartphone users and allows the mining of various cryptos, including Bitcoin, Ethereum, Litecoin, etc. It offers a user-friendly interface, which is perfect for beginner miners and lets them customize other features.
• Crypto miner: This one is available to Android and Apple iOS mobile phones. It also enables mining for multiple assets and lets miners monitor their returns in real time.
• Mobile Miner: This app gives you a handful of customization options with an easy-to-use interface. One can mine a variety of assets through their smartphone.

Read More: Is Bitcoin Mining Profitable in 2023

Download the application

Once you have selected the application, make sure to download it from the authoritative source. Avoid downloading software from third-party websites or unverified sources, as they can install malicious viruses on your device and potentially compromise the security and privacy of your data.

Create Account

Some apps might need you to make an account, so add the required details and verify the account. Remember to turn on two-factor authentication or email verification for better security.

Customize settings

Once you’re done creating the account, explore through application features and settings. If needed, look at available official sources and tutorials for better understanding and make full out of it. Then configure settings like mining power, mining hours, and other parameters based on your hardware’s capacity cause pushing your device beyond its capabilities can lead to overheating, instability, or other technical issues.

Solo and Mining Pools:

Smartphone users are advised to go for something other than solo mining- as it’s an energy-intensive process and might take decades before you actually mine crypto. You can join into the mining pools, which will increase your chances of mining a block and earn rewards. Note that miner rewards depend upon individual pool size and payment system..

Start mining and withdraw rewards:

Begin with your Bitcoin mining journey and keep an eye on the mining progress as well as your device’s health, such as CPU, GPU, and memory usage. When you reach the withdrawal limit, pull those earned mining profits to your wallet or use them as per choice.

Learn More: Bitcoin Halving Countdown

How To Safely Store The Bitcoin You Mined On Your Phone

At the point you’ve made some profits from mining, the next most important step is to store those Bitcoins in a secure and reliable place. You can go for the in-built wallet already available in the mining application or transfer your assets to your favorite hot or cold (physical) wallets. Here is step by step guide to storing Bitcoin in a hot wallet:

• Choose your wallet. Some popular wallets are Metamask, Exodus, Ledger, Trezor, Coinbase, Okto, etc. 
• Add the browser extension or install the wallet application on your device.
• Create your wallet, and make sure to back up or note your seed phrase safely.
• Now, you have a wallet ready to transfer and store your Bitcoins. 

Conclusion

The legal status of mining still needs to be clarified in some countries, and play stores like Google have imposed restrictions on mining-specific applications. While Bitcoin mobile mining might not be the most lucrative option, it is one way of getting involved and gaining experience for those interested in crypto. Individuals should stay informed about the legal aspects, potential risks, and environmental impact of mining activities, regardless of the platform they use.

FAQs