Is it possible to extract bitcoins with a mobile phone? How Much Money Does Bitcoin Make With a Phone and How Profitable? In this article, we will answer these questions.
The only way to get a password for a valuable currency like Bitcoin is not to buy it. Another method is bitcoin mining. To do this, you need a computer device to process the network transactions of this digital money. You may have recently bought a powerful smartphone and imagine that it has enough power to extract bitcoins. By the end of this article, we will see how close this idea is to reality.
What does it mean to extract a digital currency?
Bitcoin A monetary system and network is decentralized, meaning that there is no specific, centralized entity such as a central bank to administer and manage it. Instead, it is run by a collection of computers located around the world. This distribution means that there is no central server for processing transactions, similar to what happens in conventional banking systems. Miners now serve the cryptocurrency community by approving all transactions and ensuring their legitimacy.
This processing requires a lot of hardware power. So extractors have to buy expensive machines and pay high electricity bills. But what motivates them to do so? Miners receive the currency as a reward for encouraging them to stay active on the Bitcoin network and help process their transactions. The reward was 12.5 bitcoins per block before Howing 2020, but has now dropped to 6.25 units. A block is a set of several transactions awaiting approval.
Extract bitcoins by phone It does the same thing as miner devices or ordinary computers, but the main difference is the processing power. A variety of devices can help the decentralized BitCoin network and win prizes. In the following, we will examine the efficiency of each of these devices.
Types of bitcoin mining methods
When Bitcoin was born, few people were familiar with it and very few transactions were traded on the network. As a result, the processing power required to verify transactions was low. As a result, people with normal desktop computers and even home laptops were able to extract. At this time, the processing is done by the main processor (CPU) of the computers. If the situation continued like this, we would be able to make a lot of money today by extracting bitcoins by phone, but the routine changed very quickly.
After a few years, the miners, when more people entered the network as transaction verifiers (miners) and there was little competition, came to the conclusion that if they left the processing of transactions to the GPU instead of the CPU, the power would be very high. Will receive higher. As you know, a GPU is much more powerful than the main processor. They consume much less electricity per unit of work. At the same time, the result is 50 to 100 times better than before. These efforts led to the birth of proprietary devices for bitcoin mining. They increased the mining capacity fivefold and paved the way for the construction of the first mining farms with high operating profits.
For example, a CPU typically delivers less than 10 megawatts per second to the extractor. Meanwhile, the hash rate of one of the most famous GPUs among miners, ATI 5970, increases to 800 MHz! Thanks to this strategy, the first mining rocks appeared. One Mining sand A set consisting of several graphics cards. The manufacturer may use it like a regular computer. In any case, a system consisting of several graphics cards is also unique for actions such as rendering and gaming!
Extraction is currently not possible with CPUs. If you want to get a profitable GPU rig too, you only need flagship GPUs like the RTX 3080. A better and more profitable way is to use bitcoin mining machines.
Easy Miners, the best way to extract bitcoins
An ASIC, a microchip designed and built just for bitcoin mining at extremely high speeds. An ASIC offers up to 100 times more hash rate and at the same time, consumes less power compared to previous technologies! Some experts believe that ASIC is the end of the bitcoin mining hardware development path, and at least in the near future, better technology will not be available.
Extracting bitcoins with a phone only causes harm and loss!
Given the current high bitcoin network hash rate and the fierce competition that has already formed, it is not possible to mine bitcoins with another phone. Of course, some flagship phones are now equipped with multi-core processors clocked above 3 GHz, but their power is not even comparable to ASIC Miner devices.
You might think that given the free nature of bitcoin mining software with a test phone, it would be harmless and you would end up with even a small profit, but you are sorely mistaken; Mining is a heavy and complex process and puts a lot of pressure on the processor. As a result, the life of your multi-million toman Android smartphone will be drastically reduced and its performance will be severely slowed down, without even earning any income.