Unlike banknotes which are printed physical money, cryptocurrencies don’t have a physical representation and don’t emerge the same way as fiat ones. Instead, they emerge thanks to blockchain technology and the most common way for that is through cryptocurrency mining. Though with time other ways for creating cryptocurrency were created, mining is still a very popular and spread method of creating new coins.
Crypto mining was introduced with Bitcoin, the first cryptocurrency, and the most famous one up-to-date. That’s why many people are curious if they can personally partake in mining BTC or even ask “Can I mine Bitcoin on my phone?”. Here we’ll clarify the details regarding crypto mining and answer your question, with some additional information about how to mine Bitcoin, what you need, and is it really for you.
What Does BTC Mining Mean and Can I Mine Bitcoin on My Phone?
We briefly already said what cryptocurrency mining is – the process of the creation of new cryptos. But to get into a little more detail before we go ahead and answer “Can I mine Bitcoin on my phone”, we can summarize it like this:
The entering of new bitcoins into circulation as well as the confirmation of new transactions in the network is called Bitcoin mining. The process is initiated by a network of computers around the world that verify and secure the blockchain where it’s happening. That wide spread of computers ensured the decentralization of the technology where the peer-to-peer organization operates equally without any authority that can affect it with bigger rights.
How Do You Mine Bitcoins?
People, known as miners, solve difficult mathematical problems in a block on the blockchain to mine Bitcoin or any other cryptocurrency that relies on the Proof-of-Work mechanism. After the problem is solved, the miner receives cryptocurrencies in return, in the case of Bitcoin, 6.25 bitcoins is the current reward. How probable is it for someone to solve the problem and get the reward? That probability is related to the portion of the network’s total mining power.
We’ve already hinted that not all cryptocurrencies can be mined, only those that like Bitcoin rely on the Proof-of-Work mechanism, also referred to as PoW. This technology was introduced by the first crypto and though many still use it, others have pioneered different approaches to creating new coins, like the Proof-of-Stake mechanism, for example. The emergence of new ways of crypto creation became necessary when people raised concerns about how much energy mining takes as well as the needed computer gear, but we’ll cover this in our article shortly.
What Equipment Is Necessary to Mine Bitcoin?
Now that we’ve explained briefly how to mine Bitcoin, we’ll take a moment to cover what you need to do it. We’ve mentioned that many computers worldwide are needed to come up with a solution to a complex problem in order to mine a bitcoin.
In the first years of the Bitcoin introduction, almost everyone could work as a miner for this crypto. You’d need a stronger computer and then you could easily partake in mining it. Additionally, you’d also get big rewards at that time, up to 50 in the beginning, then 25, 12, and now 6.25 since 2020. This so-called halving event became necessary because of the scarcity of the digital asset – there will ever be 21 million bitcoins and if miners got such big rewards, it wouldn’t be fair for other users.
As the popularity and adoption of the first crypto asset grew, so did the requirements for its mining process. Now you can’t use only your personal computer to mine bitcoins because mining has become complex and very power-consuming. If you were to mine Bitcoin, you’d have to buy a GPU (graphics processing unit) or an ASIC (application-specific integrated circuit). This special gear is not required for all Proof-of-Work cryptocurrencies, as some don’t require nearly as much computing power or electricity consumption. However, if you want to mine Bitcoin, you’ll definitely have to start by buying them.
If you’re wondering, yes, the mentioned equipment is very pricy and so will the bills for electricity. That means that for a while you’ll be mining bitcoins to cover your initial expenses instead of earning any reward at all. You really have to take that into consideration and only then wonder “Can I mine Bitcoin on my phone” because it’d be a lot more convenient, right? We’ll cover it now to see.
Is Mobile Crypto Mining Possible and Can I Mine Bitcoin on My Phone?
It’s a known fact that you’ll need to invest a considerable amount of money as well as time to mine Bitcoin on a computer but that doesn’t mean it’s impossible. After all, many people are making a living from crypto mining, specifically for the king crypto since it’s the biggest one, so while it’s difficult, it’s achievable. Here we can give you some comfort and answer your question “Can I mine Bitcoin on my phone” with a yes.
But before you go on and download what’s needed to mine bitcoins on your phone, let us give you a fair warning. As we’ve established to be able to mine this crypto, you need a lot of resources. This would be that you’ll have your smartphone against people with whole facilities with computer equipment and you can understand how that compares, right? It’s natural that those who have put more money into the process will also get more out of it. That’s why even though we answer yes to “Can I mine Bitcoin on my phone”, we’d like to give you the honest truth before you get an idea that you can make a fortune out of mobile Bitcoin mining. But we don’t want to discourage you, you can still partake in this activity and now we’ll explain how.
How Can I Mine Bitcoin on My Phone
If you’re still curious “how can I mine Bitcoin on my phone” despite learning it won’t be as profitable as if you were to buy special equipment, we’ll explain in more detail. You can mine Bitcoin and other Proof-of-Work cryptocurrencies on your smartphone in two ways, on your own or in a mining pool. Here’s how both ways work:
- How can I mine Bitcoin on my phone individually?: If you decide to do mobile Bitcoin mining on your own, you’ll have to know that it may take up to a few months to get your rewards. We’ve already said why it’s so – because the cryptocurrency is with limited supply, meaning it’s scarce, and there’s a very big competition that’s better equipped than you and your smartphone.
- How can I mine Bitcoin on my phone in a pool?: If you want to earn a little more bitcoin rewards through mobile mining, it’d be easier if you joined a crypto mining pool. Those pools are groups of people, hosted on servers, where everyone gives computing resource contributions to solve the problem. If your pool managed to solve it, then the whole team who participated gets a fraction of the reward. You can use apps like MinerGate Mobile Miner and Bitcoin Miner to learn how can I mine Bitcoin on my phone with other people.
Yes to ”Can I Mine Bitcoin on My Phone” but Is It Worth It?
After the information we’ve laid out, you know the answer to “Can I mine Bitcoin on my phone” is positive but shouldn’t be perceived as an opportunity to get rich quickly since it doesn’t provide nearly as high rewards as computer mining does. But also consider this: you’ll have to invest a lot to earn a lot, you’ll have to buy the gear, pay high electricity bills and only then, after some time, and if only you managed to solve any transactions, start getting returns on your mining. That’s why Bitcoin mining with a computer can’t be as profitable as your average Joe would think.
And mobile mining? Well no, “Can I mine Bitcoin on my phone to get rich” is not possible, but also it’s not as expensive to do. For it, you’ll need your smartphone to support the mining app and that’s pretty much it. Then you just leave it to work in the background and sure, it’ll drain your battery, but so does every single other app. Yes, you won’t be getting 6.25 bitcoins as a reward, even if you join a mining pool that still seems unlikely. But for your investment, you still be able to partake in the process and it’s a good starting point to get to know it and potentially decide to join in a more serious role.
Future Outlook: Can I Mine Bitcoin on My Phone in the Next 10 Years?
As mentioned, Bitcoin has a limited supply of 21 million, meaning there will ever be only that many bitcoins in the world. According to different sources, 2140 will be the year when the last bitcoins will be mined. This makes Bitcoin a very scarce asset, just like the supply of gold is growing smaller with time, so is the supply of Bitcoin. This, on the other hand, boosts the demand for the crypto and makes mining it even more wanted as a way to earn bitcoins instead of trading them, even though the reward will keep decreasing with time. That means that yes, “Can I mine Bitcoin on my phone in the future” is possible, but it’ll turn even more unprofitable than it already is.
In the next 10 or even 20 years, you’ll likely be able to use your phone to mine the king crypto, however, even if its price falls or its adoption isn’t growing, the people with special computing gear and more power will always be ahead of you. Did you know there are even special facilities for Bitcoin miners? Those establishments won’t give up in the near future just because they’re receiving fewer rewards, if anything, they’ll get even more competitive. That’s why while it’ll be possible to mine Bitcoin on your phone in the future, it’ll be even less likely to bring you any real profit.
Can I Mine Bitcoin on My Phone? Yes, so Should I?
We answered your question “Can I mine Bitcoin on my phone?” with a very detailed explanation but we can’t advise you whether you should do it or not. Here you learned the specifics of Bitcoin mining, how it’s done on a computer and on your phone, and what it takes, not only as equipment but also for time and electricity. Based on the information we’ve provided you with, as well as your own research, you can make a decision that suits your needs.
If you want to know what else cryptocurrencies can you mine besides Bitcoin on your phone, you can research the different Proof-of-Work assets that can be mobile mined, and chances are, you’ll get bigger rewards from them than from BTC. We’ve already said that no, “Can I mine Bitcoin on my phone and earn a fortune from it”, it’s not possible, so you’ve been warned. You can get some rewards from pool mobile mining. But remember they may be fair to the time and recourses you’re putting and when you compare it to special equipment, you can judge for yourself. While you may not become a crypto millionaire from mining Bitcoin on your phone, it’s one of the ways to get into crypto if you’re not sure investing or trading is for you. Consider your goals and resources and decide on your own if you should mine Bitcoin, in whichever way.