It is not a secret that mining requires powerful computing equipment. Can a regular iPhone be used for this purpose?
Mining is the process of solving complex mathematical problems, which results in the formation of new blocks in the blockchain. As a reward for the calculations performed, the miner receives a number of coins predetermined by the algorithm.
Cryptocurrency mining using mobile devices (such as iPhones) is quite common and affordable. It does not require the purchase of additional equipment (cooling systems, power supplies, and other elements of the mining farm). It’s enough to install the appropriate app, and you can mine both little-known altcoins and “major league” coins – BTC and ETH.
Pros and cons
All the advantages of using the gadget as a mobile mining farm are on the surface. Unlike expensive graphics cards, which, in addition, are almost always in short supply, the iPhone is significantly cheaper. Even the electricity costs are much lower because the power consumption of a smartphone is much less than that of any system unit. It’s affordable, mobile, and very easy to use.
But behind these advantages, there are also quite significant disadvantages:
But perhaps the most critical disadvantage is the relatively small earnings. Although the processing power of the iPhone is relatively high (smartphones, starting from the 11 series, show excellent results in benchmark-testing), it is not enough for a significant income. Even if your gadget mines around the clock, you can earn only about $10-15 per month (depending on the market rate of the coin, as well as the app you will be using).
Security
To start with, Apple banned apps that allow you to mine cryptocurrency on your phone in 2018. Therefore, developers have to do it not directly but through cloud mining. The idea is pretty simple: you mine cryptocurrency using rented capacity instead of your own.
But using cloud mining apps is not always safe. Many of them are disguised as games or quizzes and do not generate any income. Some collect your personal data. It is worth paying attention to pseudo-mining apps that offer to buy little-known and unexchangeable crypto instead of regular mining. In some cases, the developers can gain unauthorized access to your wallet. Plus, don’t forget pyramid schemes, often found among mining apps.
Why do I need it?
Considering all the positives and negatives, we can say that iPhone mining will not bring you a good profit. It is rather an opportunity for beginners to get to the bottom of mining in general: understand how it works, choose a coin or several, and subsequently move on to purchasing a mining farm.
If you are interested in the process of mining on your smartphone, don’t forget about security. Check every app you download, and always read the license agreement (if there is one). Also, pay attention to user feedback.
