mine cryptocurrency on mobile phone

How To Mine Cryptocurrency On Mobile Phone

We explore a couple of cryptocurrencies that can be mined on a smartphone without burden on power and data resources.

Most cryptocurrencies fall mainly under the Proof-of-Work (PoW) or Proof-of-Stake (PoS) system, amongst others.

While PoW requires that energy be expended to earn coins and thus involves cost in the form of electricity, PoS first requires ownership of coins which are staked on the network to earn them – the greater the number of coins, the higher the rate of the reward will be. Both of these involve some form of costs, both capital and operational.

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There are a couple of cryptocurrencies that anyone with a mobile phone these days can mine virtually for free. They run on apps that connect to the network of these altcoins and reward users with coins at different rates based on involvement and commitment to the network.

Two of such cryptocurrencies are:

Pi

mine cryptocurrency on mobile phone
Mining Pi on an Android device

Pi is a cryptocurrency founded and developed by three Stanford grad students and a visiting student researcher. The network was launched in March of 2019 and within 6 months had amassed more than 500,000 users. Like Electroneum, Pi can also be mined on a mobile phone. For more information, visit minepi.com, OR:

  1. Download the Pi app from the App Store for iOS or Google Play for Android devices.
  2. Launch the app and follow the instructions to register an account and begin mining.
  3. Click on the lightning icon to begin mining Pi. At the start, you begin as a Pioneer and will need to click on the lightning icon to start mining once every 24 hours. As you work your way up the ranks to Contributor, you will not need to do this anymore.
  4. Note that you will need to key in a referral code to start mining Pi. Without a referral code, the app will not work and the mining will not run. You may use the referral code coinpurveyor.
  5. After that, you may also invite friends to do the above using your own referral code for additional Pi mining rewards.

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Electroneum

Please note that automatic mining of Electroneum (ETN) on mobile phones has ended as of May 2020 and all earnings of ETN is now task-based as originally planned by the developer. You can still earn ETN by performing tasks via the Electroneum app below.
mine cryptocurrency on mobile phone
Mining ETN on an Android smartphone

Electroneum (ETN) is touted as the world’s fastest and first KYC/AML-compliant cryptocurrency. As at time of writing, there are over 3.5 million registered users around the world, with a user base growing faster than Facebook and Twitter in 2018. Based on the current price of ETN, the mining reward amounts to about US$3 per month with an opportunity to earn additional rewards via the built-in referral programme. To begin mining Electroneum:

  1. Download and install the Electroneum app from the App Store for iOS or Google Play for Android devices.
  2. Launch the app and follow the instructions to register an account and begin mining.
  3. Click the Miner tab on the bottom left of the menu bar, and click on the Start Mining button to begin. Every 7 days, you will need to click on the Extend Mining button to resume mining.
  4. All mining rewards are deposited into your ETN wallet, which is the Wallet tab, second from left on the menu bar. Deposits are made at every batch of 100 ETN mined.
  5. To increase your rate of rewards, click on More tab on the bottom right of the menu bar, click on Generate more ETN at the top, and click on Enter a referral code. Key in the code D66B5C to earn an additional 1% bonus on everything that you mine.
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Mine Cryptocurrency on Mobile Phone

The key to mining cryptocurrencies is to start early. You can consider mining some of those considered to be worthwhile even if their value is low currently.

This alludes to the early days of bitcoin mining a decade ago when BTC cost virtually free to mine using just a CPU and was worth next to nothing. It didn’t garner as much attention then, and who knew that it would be what it is today.

The important point to remember here is to accumulate early while development, adoption and user base grow over time.

The two cryptocurrencies suggested above may or may not amount to something someday, but they have a wide user base at the moment. They cost nothing to mine and most importantly do not drain mobile phone batteries or place a burden on its processing power.

Start accumulating early, and see what they become in the next 2 to 3 years. If it goes according to plan, you may just end up with something valuable.


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Ledger Nano X - The secure hardware wallet
Ledger Nano X - The secure hardware wallet