It seems that modern technology is a gift that keeps on giving (while incurring costs to a debatable degree) and the cryptocurrency space has been no exception. Recent times have seen a new development in crypto-mining: the foray into the accessible world of smartphones from the realm of heavy, tedious supercomputers. While these open up exciting new possibilities for the layman miner who can be more than a little flummoxed at the onslaught of complex calculations required in cases of traditional mining, they can also raise questions about viability.
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How profitable is it really to mine using mobile phones?
Traditional mining requires a heavy investment: dedicated computer hardware complete with a GPU or ASIC, a software package, an unceasing internet connection as well as memberships in online pools for miners and crypto exchanges. Besides, the miners must be adept at solving complex mathematical problems before their competitors do so. Although the payoff is substantial, this process requires a considerable amount of resources and is hardly a layman crypto-enthusiast’s cup of tea.
Lately, we have seen certain cryptocurrency mining move into the mobile phone space by mirroring or mimicking the actual crypto-mining process or rather just partially implementing the process at most. However, the most recent offerings are more tempting. A new cryptocurrency, the MIB coin is seeking to replicate the traditional crypto-mining that is done on computers in our daily-use mobile phones.
With this new development, crypto enthusiasts are likely to be able to generate real hash values and claim new blocks of currency by using the potential of their phone hardware. Depending upon the build specifications of the mobile phone being used, the hash rates can go up to about 100 h/s or even more if the device hardware allows. These rates prove to be impressive when one considers that this does not require using anything beyond a daily-use device. With only very negligible additional expenses, mobile-mining provides a rather decent payoff that far outweighs the investment it requires. Despite critics citing battery drainage and data costs as obstacles, the pros clearly outshine the cons.
Notably, new offerings like the MIB coin are attempting to put critics’ questions to rest. With its ICO having gone live on 20th July and having partnered with some of the largest Hong Kong crypto exchanges, MIB is ready to get listed and is looking to penetrate the space with eco-friendly, low-power, low-cost technology for everyone. With promises to cut power usage by 99.24%, it is poised to take the space by storm and add to the veritable pool of mobile-mining.