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Why mining Pi Network is more profitable than mining Bitcoin and Ethereum

Mining, a resource-intensive task which often requires enormous computational power to unravel a programming algorithm and add the next valid block to a blockchain, is a crucial element of cryptoassets.

However, mining may be dispersed simultaneously among numerous less powerful devices. Alternatively, miners frequently link to so-called mining pools to pool their computing power and increase the predictability of mining results. But can you mine cryptocurrency on your phone? Proof-of-work (PoW) cryptocurrencies can be mined using smartphones, which is explained in detail in the below sections.

Typically, graphics processing units (gpus) or high-performance hardware are used for cryptocurrency mining. When evaluating the energy costs arising from the power usage of the mining process, even application-specific integrated circuits (asics) are essential to generate economic mining bitstreams.

Mining cryptocurrencies using smartphones that support the iOS and Android systems is called mobile crypto mining. It is crucial to note that rewards will be based on the computational power offered by the crypto miner using smartphones. On mobile devices, cryptocurrency can be mined utilizing apps available for iOS and Android operating systems. [irp]

However, most apps are only available on third-party crypto mining sites, whose legitimacy must be carefully investigated before use. Cryptocurrency mining apps aren’t available on the iOS App or Google Play Stores because firms offering such apps have regulations prohibiting the apps from using too much processing power or storage space on a device. For instance, in 2018, Google barred cryptocurrency miners from the Play Store for an unknown reason.

less energy than conventional mining equipment.

The reward for crypto miners is substantially smaller and may not cover the cost of the electricity used to mine. Additionally, your smartphone will experience extreme strain from mining, reducing its lifespan and perhaps destroying its hardware, costing you extra pennies to buy a new smartphone. Although this is not true for Pi Network that is designed primarily for smartphone mining.

Is mobile crypto mining profitable?

Mining profitability depends upon the equipment used for the crypto-mining process. That said, the more advanced machines one uses to mine cryptocurrencies, the more likely one will earn more profit than those using smartphones. But is mobile mining legal? Of course with platforms like the Pi Network, mining Pi is legit and may be profitable if the white paper is anything to go with.[irp]

The legality of mining on smartphones, ASICs or any mining equipment depends upon one’s jurisdiction of residence, as some countries restrict cryptocurrencies. Nonetheless, crypto miners perform a cost-benefit analysis (the advantages of a choice or action less the expenses involved with that choice or activity) to ascertain the mining profitability.

The future of mobile crypto mining

Despite the surge in popularity of cryptocurrency mining, it has been criticized for being economically and environmentally harmful, causing PoW cryptocurrencies like Ethereum to move to a proof-of-stake consensus mechanism. Pi Network leveraged on the bottlenecks experienced by Bitcoin and Ethereum miners to make mining simpler and accessible for everyone.

However, the legal status of mining cryptocurrency is unclear, enabling mobile service providers to prohibit mobile mining. Such restrictions further cast doubt on the viability of a mining monetization strategy. Though mobile users can use cloud mining to mine cryptocurrencies more efficiently and sustainably.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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