If you are reading this article, you might already know the existence of Bitcoin or cryptocurrency. According to a recent report, there are over 100 million cryptocurrency users. More and more people, including several baby boomers and Gen Xers, are becoming interested in cryptocurrency. 100 million people use cryptocurrencies
If you are knowledgeable about digital currency, you are probably familiar with the different ways to acquire it. One of them is crypto mining. However, some might find mining extremely complicated as it requires extensive technical knowledge.
This is one reason why most people interested in Bitcoin or other cryptocurrencies resort to investing or trading instead of mining. In addition, mining requires a large sum of money to purchase computer mining rigs and equipment.
But did you know that one type of mining uses smartphones instead of computers? How is this possible? Let’s find out.
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Origin of Bitcoin/Cryptocurrency Mining
Over the years, Bitcoin has significantly impacted the business world and financial market. One way to produce tokens or bitcoins is through its mining mechanism.
The history of mining led to its creation in 2008. Officially, the original Bitcoin cryptocurrency was first launched in 2009, when Satoshi Nakamoto mined the first batch of 50 Bitcoins, called the Genesis Block.
Satoshi Nakamoto is a pseudonym for a person or a group of people who invented Bitcoin. Mining has evolved from using a personal computer’s central processing unit (CPU) to a graphics processing unit (GPU). Today, we have reached the dawn of ASIC (Application-Specific Integrated Circuit) mining.
How Does Bitcoin Mining Work?
Bitcoin is known as a decentralised currency. It is not under the government’s control and does not correlate with real-world currency. However, this digital currency can be used like real money to purchase items. Major retailers like Expedia and Overstock.com now accept Bitcoin as payment.
Bitcoin mining is one of the common ways to acquire bitcoins. Mining cryptocurrencies involves solving complicated algorithms or mathematical problems. Every equation that is solved is equivalent to digital coins. Bitcoin utilises blockchain technology that serves as a distributed database.
The blockchain works as a ledger of all data and transactions. The data within the blockchain is distributed or duplicated across all the users worldwide. Therefore, the data is transparent, and user consensus is verified. Despite its transparency feature, blockchain technology is safe and secure. Its decentralised system makes it impenetrable to hackers since there is no central point to target.
Crypto Mining via Smartphone
If you think mining can be as complicated as having expensive high-end computers and equipment, it’s not always the case. With the help of the latest cryptocurrency innovation, mining using your Android devices is now made possible.
Recently, Android solo mining was introduced to the market. Since efficient crypto mining requires computers, smartphones have now been designed to be more powerful and serve the same purpose.
To successfully mine crypto, android phones utilize their processor instead of the graphics processing unit (GPU) like the ones used in computers. Luckily, there are available crypto-mining apps specifically designed for Android phones, allowing you to mine without the need to buy these expensive mining rigs.
Through these apps, you will have the opportunity to join a pool where users and miners combine their computing powers in exchange for Bitcoin as a reward. Some mining apps like MinerGate and Bitcoin Miner can be downloaded from Google Playstore.
Conclusion
With smartphones’ advanced features and technology nowadays, mining need not be expensive and complicated. You can now join pools and earn Bitcoin the easy way.
However, do not expect smartphone mining to be as profitable as traditional cryptocurrency mining. Those who use powerful computers and digital mining rigs will likely gain more incentives.