In the future, an increasing amount of cryptocurrency mining is going to be done on mobile phones. This may come as a shock, even to some seasoned cryptocurrency investors who are used to using powerful GPUs equipped with ASIC chips to perform all the complex calculations. But that’s all changing.
One of the cryptocurrencies at the forefront of leading this revolution is Monero. Monero was launched in 2014, and places the privacy and security of its investors first, prioritizing this over ease of use. It is also a decentralized cryptocurrency, operated by a network of users.
In spite of this, Monero can be mined at home without needing a cloud mining service. Additionally, it also possible to mine this cryptocurrency using either a PC or, thanks to recent technological developments, a mobile phone.
XMR Mining on HTC Phones
Cryptocurrency miners will be able to turn their HTC smartphones into cryptocurrency mines with the upcoming currency mining app, DeMiner. The app is due to be launched in mid-2020.
HTC has been developing an expertise over a number of years as being a company that produces mobile phones powerful and sophisticated enough to mine cryptocurrency at home, independent of large mining pools.
Now, a mobile phone is obviously not as powerful as a desktop, or even laptop computer, meaning that you will not be able to extract the same amount of currency per day as you would using a larger, more powerful device. This cuts both ways however, and the fact that a HTC smartphone uses less electricity than a laptop or a desktop means that it actually has an improved profit margin when compared to these larger machines.
Furthermore, using a mobile phone to mine cryptocurrency isn’t all about the bottom line: there’s an ideal at stake here too. Mining cryptocurrency on a phone could also have a decentralizing effect on blockchains, and do something to combat the trend of large pools of cryptocurrency becoming concentrated in giant mining pools.
However, in addition to this ethical consideration, breaking up cryptocurrencies monopolies and preventing giant mining pools from exercising excessive control over blockchains has some very practical advantages.
Specifically, this decentralization will stop giant mining pools from being able to dominate the hashrate, resulting in a fairer, more democratic, and more egalitarian cryptocurrency economy for everyone. Small and independent investors in particular stand to gain from such an outcome.
Mining without Mobile Phone
There are mining services online that can be used to participate in crypto mining activities as an investment in case you don't want to engage your own hardware or if you just don't own a suitable mobile phone or computer. One mining service that can be used to mine cryptocurrency is Genesis Mining. Genesis is the world’s largest cloud mining company, and, as a brand, is deeply committed to making cryptocurrency mining accessible to a wider demographic.
According to this Genesis cloud mining service review, Genesis automatically uses the most efficient and profitable algorithm to mine currency, which it then automatically converts to Bitcoin, making it seem like an excellent choice for both seasoned investors and newcomers alike.
In summary, mining cryptocurrency with mobile phones is likely to become a more and more common practice as the technology continues to develop and improve. Crypto investors need to keep monitoring these changes or face getting left behind.