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7 years ago in #dtube by assetminds (50)
$3.58
- Past Payouts $3.58, 0.00 TRX
- - Author $2.52, 0.00 TRX
- - Curators $1.06, 0.00 TRX
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Could you go into a little more detail on how mobile mining works, i.e is it efficient? I mean a phone has much less computing power than conventional mining equipment. I am new to the crypoworld and trying to figure stuff out, thanks man!
The only reason I am able to mobile mine is because of the app I was talking about in this video. I download the android app and it is called Minergate, however you must go to the website and register, it is called minergate.com
the app is developed so that it uses your phones cpu power for hash rate. hash rate is the rate one is able to solve blocks on the block chain. However, your phone is not the only cpu power that is doing this. Your are actually part of a cloud mining pool on minergate along with other miners using their own cpu power. There are various cryptocurrencies on minergate.com that are offered to be mined.
There is another option when it comes to mining. Instead of using your own equipment, you can pay for hash rate. In this case when you pay for hash rate you are actually "leasing" the equipment to do mining. You don't ever see the equipment because this equipment is probably in a warehouse somewhere in iceland in what you call a mining farm where are people are paying for "leasing" mining equipment aka hashing power. This is very popular way to earn cryptocurrency.
In regards to efficiency in mining with your phone, I feel that it is with Bytecoin. With the other coins, it will take too long to make 1 unit of it. Its not enough power.
Thanks for the explanation. I was thinking that you were refering to bitcoin not bytecoin. It can get a little confusing
bitcoin bytecoin bitcoin bytecoin. Bytecoin is the little brother of Bitcoin.
Are they quality phones? Is it worth buying a phone to mine?
I think its worth to mine using what you already have. Like if you just got a phone upgrade or bought a new phone cause you needed to, then that means you have an extra phone laying around. It certainly is not worth to buy a new phone to do so. I thought it would be fun to show and make a video on how to mine this way if one is too be on a super budget and doesn't want to put up any money to get altcoins. Bytecoin is just easy to mine. In 3 weeks (not consistently) I mined 650 Bytecoin with (1 quadcore laptop, 2 quadcore smartphone, 1 toss away single core smartphone) LOL, honestly I don't know of anyone else who does it like this. 650 Bytecoin is equivalent to $0.90. Keep in mind that people pay for hashing power. Meaning they go to Genesis mining or Hashing and pay to lease equipment to mine for them, with time they will make ROI over the short term, however I don't agree with this method even though it is a very popular way to do it and there is a referral system for it and people will go back and forth with their discount codes...