Why you shouldn’t mine cryptocurrency on your phone

July 5, 2021

Why you shouldn't mine cryptocurrency on your phone

There are mobile apps that allow you to mine digital assets. However, some of them are created by scammers, others do not bring tangible income.

Some users believe that bitcoin mining can still be done on a home computer or laptop, while an Android smartphone will suffice for mining altcoins. If you type the word "Mining" into the Google Play app shop, in addition to games on the topic, several options will appear promising easy earnings.

For example, an app called Money Miner - new bitcoin mining app has been downloaded more than 500,000 times and has a rating of 4.2 stars. In the app's description, the developers talk several times about making money online without investing, but do not specify that the program is just a simulator and has nothing to do with real cryptocurrency mining.

Many users write in the comments that they have not yet withdrawn their funds, but are waiting for that moment. Others reply that there is no withdrawal, and that when the app is launched for the first time, there is a warning that "there is no provision for converting domestic units into cash".

Almost all of the reviews with a 5-star rating do not touch on the subject of withdrawals. Users write that they "haven't tried to withdraw the cryptocurrency yet, but they like it now".

Why you shouldn't mine cryptocurrency on your phone

A more realistic way to mine digital money, but not bitcoin, exists in a wallet from the Electroneum project. It has been downloaded more than 1 million times, and judging by user reviews, it's realistic to withdraw digital money, but you still can't make money from it. The app brings in about 50 kopecks per day, depending on the exchange rate of the altcoin. Withdrawal is available from 100 coins. It will take about two months to get them. During this time, the income will be about 40 rubles. Not even enough for a cup of coffee.

cryptocurrency sphere

Also among the games on Google Play is the application "BTC Miner". The description, full of grammatical errors, says that it is a new project of cloud mining of bitcoin cryptocurrency. The developers claim that the app will allow to mine a certain amount of coins for free. The program has been downloaded over 10,000 times and is rated 4.1 stars. In the comments, users write that when they try to withdraw funds, the account gets zeroed out, and the project team attributes it to fraudulent activities.

The cryptocurrency sphere is full of scammers, they come up with more and more ways to cheat users. If you want to engage in mining, doing it on a smartphone is not a good idea. It is unlikely to bring any profit, but the device may break down quickly because of the constant overloading - in this case, the losses would amount to thousands or tens of thousands of rubles.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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