Many users still doubt if the process of mining for the creation of blocks on blockchain platforms is a success or a waste of time
The rise of cryptocurrencies is undoubted and its maximum exponents like Bitcoin, Ether, Litecoin, Monero are becoming increasingly solid by the amount of them in the global economy. However, to obtain a significant sum of these cryptocurrencies, it is necessary, in most cases, to have a team of machines and many high-tech resources connected at all times to the Internet, in order to generate algorithms and mathematical calculations to be able to mine those cryptocurrencies.
When reviewing Google Play, a number of apps to mine from a mobile phone are visible, that is why many people have been encouraged to use them looking for cryptocurrencies and send them to a wallet, however, most have failed to complete the mission.
Know the necessary elements, advantages and disadvantages to be able to mine in the correct form below:
Mining bitcoins demands a specific and expensive software
At the beginning of Bitcoin, its value was only one thousandth of what it is now and it was possible to install software on the computer and start creating blocks with concentration and enthusiasm. Nowadays, it is normal to think that a smartphone can mine, however, it is a difficult task.
The work of mining has become so complex that generating a block with a smartphone or common computer could take years of effort that will not be rewarded in the way expected. The system uses specific and enhanced hardwares to achieve the objective. The high use of resources and the calculation power when looking for bitcoins or other cryptocurrencies affect the energy consumption that mobile phones or computers need to carry out said mining.
Deciding to mine or not generate blocks that lead to large sums of money from the mobile phone is a dilemma, either from Android or iPhone, it is virtually impossible today. If, on the contrary, you seek to strengthen the Bitcoin network and make it grow, then mining from a smartphone will not be a waste of time. This effort is reflected in a higher value of the cryptocurrency, it is a contribution to this structure.
Due to the current limitations, more mobile-focused projects have emerged, such as Storm. This app is based on the performance of microtasks (similar to Amazon’s Mechanical Turk or Task Rabbit) so that the user is rewarded with a cryptocurrency, which can then be exchanged for Bitcoins or Ethers and stored in a wallet or purse.
You can also find Burstcoin, which is based on using the free storage space of the mobile phone to make blocks, and the striking of its premise is that much of the process occurs when the device is at rest, however, this does not generate profit.
Information up to date
Although it seems that most apps promise to create blocks and generate wealth for those who are using them, by looking for incautious that watch ads, and getting more downloads on Google Play, users end up thinking that it is a scam, however, there are, in fact, some useful apps to know the cryptocurrency market.
With the Crypto Tracker app you can know the value of different cryptocurrencies in the world, including comparisons between them, very essential if your money investments are recurring.
Another app recommended by specialized websites in the subject is Coinbase’s Bitcoin Wallet, a virtual wallet for your cryptocurrency storage. In it you can make transactions or check your balance, among other things. The biggest recommendation is to have the wallets well protected and not lose the password.
Finally, there is Folding @ Home, an app that performs a kind of mining work, but not focused on obtaining cryptocurrencies, but to help in the investigation of diseases and to contribute with the power of the mobile phone to find treatments.
In short, the mining process in blockchain platforms demands a large amount of hardware to carry it out. The possibilities in which the advances applied to future models of smartphones with greater speed and storage capacity allow to mine through them are high. As of now, a large computer team is necessary to obtain the highly prized cryptocurrencies.