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BT Daily News: What is mobile crypto mining, and how does it work?

BT Daily News: What is mobile crypto mining, and how does it work?

1. What is mobile crypto mining, and how does it work?

Mining cryptocurrencies using the processing capacity of smartphones powered by iOS and Android systems is called mobile crypto mining. As mentioned before, in mobile mining, rewards will be approximately the same percentage as computing power offered by miners. But, overall, is mining cryptocurrency on your phone free?

Cryptocurrency mining on the phone requires one to invest in a smartphone, download a cryptocurrency mining app and get a stable internet connection. However, the incentive for crypto miners may be substantially smaller and may not cover the cost of the electricity used to mine. Additionally, the smartphone will experience extreme strain from mining, reducing its lifespan and perhaps destroying its hardware, making it worthless to use for another purpose.

Many apps are available for iOS and Android operating systems to mine cryptocurrencies. However, most apps are only available on third-party crypto mining sites, whose legitimacy must be carefully investigated before use. For instance, according to Google’s developer policy, mobile mining apps are not allowed on Play Store. However, it enables developers to create applications that let them control mining taking place somewhere else, like on cloud computing platforms. The possible reasons behind such restrictions include the quick depletion of batteries; the smartphone will overheat if mining is done “on device” because of the intensive processing.

2. Mining Bitcoin Profitably Has Never Been Harder

The pain in the mining world continues as hash rate skyrockets, the difficulty adjusting upwards as a result and hash price craters as the price of bitcoin has remained in a tight range between approximately $18,000 and $20,000 for more than six weeks. After yesterday’s upward difficulty adjustment of 3.4%, hash price fell to $0.055, according to Braiins Insights. This is the lowest it has been in the ASIC era.

Four more ASIC models get driven into unprofitable territory with the S19 and M30s+ scraping by with $0.01 and $0.05 of daily profit, respectively — unless you’re running Braiins OS+ firmware on the S19, in which case you’d be netting $0.50 per day in profit. The pain is starting to get nauseating. Now let’s bump it up to the all-in cost of $0.10/kWh.

Every single miner hosting with Core Scientific who isn’t running an S19 XP or an S19 Pro with Braiins OS+ firmware is currently mining at a loss. According to its most recent monthly update, the company self-mines 13 EH/s produced by roughly 130,000 ASICs and hosts 102,000 ASICs producing 9.5 EH/s. I think it’s safe to say that most of these machines aren’t S19 XPs considering they just started deploying that model in July 2022. With that being said, Core Scientific’s self-hosted miners are probably mining at lower than $0.10/kWh considering they own the power purchase agreement and are likely mining at cost while charging hosting customers a higher rate to produce a margin for their business. Still, this is not an ideal environment for Core Scientific or any other miner with an all-in electricity cost above $0.06/kWh.

3. Bitcoin Scalability: Validity Rollups Will Make Transactions 100x Faster Claims Researcher

Validity rollups could enable up to 100x more throughput than layer one (L1) with no block size limit increase required and no increase (maybe even a decrease!) in full node verification costs,” Light tweeted.

John Light explained that the rollups he proposes “have strong synergies with the Lightning Network,” the payments layer on Bitcoin. They “enable more channel open/close/rebalance transactions that require block space.”

The additional transaction capacity enabled by validity rollups could be used to support more Lightning transactions, increasing the potential number of users who can onboard and use Lightning in a self-custodial manner,” he detailed.

Light puts forward a series of benefits that he believes could add value to the Bitcoin network, like rollup layering. This could include one specialized in providing data availability and another specialized in high-security payments and contracts.

By enabling more efficient, creative, and private usage of bitcoin, validity rollups can generate new sources of demand for Bitcoin block space. This would lead to increased revenue fees for Bitcoin miners, thereby also increasing the security of Bitcoin, he stated.

Given that validity rollups are ‘trustless’ by design and could be implemented without introducing new risks or sacrificing any of bitcoin’s core values or features, I believe validity rollups could be a great fit for Bitcoin.”

4. Mr Mint Token launches a new token with shared benefits of crypto mining

London, UK, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Mr Mint (MNT) introduces a new cryptocurrency initiative to share mining benefits with everyone. In the latest record, it has been formally launched and is now available for purchase at $0.15 a token and will be available for trading shortly. The minimum investment amount is just $100.

Mr Mint is a community-governed and fully sustainable token that offers a complete solution for the global mining community and distributes the rewards back to the same community. The project launched in Q2 this year is a game-changing invention for anyone looking to make money through bitcoin and cryptocurrency mining but lacking the necessary capital and knowledge to get started. The project also integrates Web3 and Gaming Storage Systems in a big way, and NFTs and the Metaverse are a part of their near future roadmap.

Furthermore, with a maximum token supply of 1Billion, the token economics and project roadmap are transparent and verifiable on their website. Importantly, aspects like token vesting and staking ensure that the project is built bountifully and developed with a strong sense of progress - while also distributing rewards to the community. This vesting time will ensure that the project grows to its full potential, making participation in the Public Sale a wise decision.

5. Crypto Mining Firm Canaan Launches Cutting-Edge Bitcoin Mining Rigs

Powered by advanced ASIC technologies, the new A13 series will include two different models with enhanced computing power and improved power efficiency compared to its predecessors. The A1346 model features a hash rate of 110 TH/s and power efficiency of 30J/TH. The A1366 model, on the other hand, is equipped with a hash rate of 130TH/s and power efficiency of 25J/TH.

Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “While the current challenges in the industry persist, the fundamental values and the long-term growth prospects of bitcoin and the supercomputing industry remain strong. We believe that our new generation of products will enable us to better fulfill our mission of supporting the bitcoin ecosystem.”

Founded in April 2013, Nasdaq-listed Canaan’s business is mainly focused on the R&D and the sale of bitcoin mining equipment as well as the R&D of AI chips. In 2013, it released and mass produced its first ASIC Bitcoin mining machine.

In addition to its headquarters in Beijing, Canaan has also set up regional operations in Singapore and other offices in the United States and Kazakhstan. The US, with more friendly policies towards the crypto mining field, became an appealing market after China intensified its crackdown on the industry in May 2021.
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