With the astronomical rise in value over the past few years, the king of cryptocurrencies, Bitcoin, has become an asset that many people are eager to own.
In October 2023, Bitcoin experienced a significant drop, falling below the $27,000 threshold. Historically, Bitcoin's value peaked close to $70,000 per BTC in November 2021. As of the latest data in 2024, Bitcoin has seen a remarkable resurgence, surpassing $61,000, which represents an approximate 20% increase within a single week. This surge has yielded substantial gains for long-term investors and those capitalizing on short-term price fluctuations.
Notably, in March 2024, Bitcoin reached a new all-time high in intraday trading, breaking the $69,000 level and climbing as high as $73,000 before experiencing a decline. As of September 8, 2024, the price of Bitcoin has adjusted and is trading below $55,000. Entering October 2024, Bitcoin's price bounced back to $65,000 and is now testing the $68,000 level.
The constantly fluctuating Bitcoin price trend provides trading opportunities ⌂ Mitrade
Nowadays, in addition to buying Bitcoin or surfing the waves with Bitcoin, many people are looking for ways to own Bitcoin by mining cryptocurrencies, and today's technology even allows people to mine Bitcoin right on their phones, so the trend of using Bitcoin mining apps is very attractive to newcomers.
If you are a newcomer who is interested in Bitcoin mining or any form of profit-seeking with Bitcoin, please refer to the following article of ours to understand the trends and detailed information related to mining Bitcoin right on the iOS or Android platform, and then find an investment method in cryptocurrencies that suits you.
In addition to Bitcoin mining applications on computers, nowadays there are many Bitcoin mining apps on smartphones that also serve to mine Bitcoin. This is a quite flexible option, the apps are designed to be user-friendly and simplify the Bitcoin mining process compared to mining on computers, which is why these apps are widely chosen.
1. Types of Bitcoin Mining Apps on Smartphones
1.1. Automatic Bitcoin Mining Apps
These are apps that allow users to mine cryptocurrencies from cloud-based mining contracts or through the phone's chip activity.
Cost: They usually charge a fee based on the mining contract or provide a free mining account for a limited time, after which they will charge users to buy additional powerful mining rigs to increase virtual currency mining capabilities.
Examples: ECOS app provides cloud mining contracts from $49; Hashshiny app provides remote mining management services; Minergate app allows mining cryptocurrencies using the phone's chip.
1.2. Bitcoin Mining Apps through Accumulating Satoshi when Playing Games
These are Bitcoin mining apps on smartphones that allow users to mine and receive Bitcoin (in Satoshi units) if they can answer quiz questions, click on ads, or complete game tasks. With these entertainment apps, players don't have to worry but can still earn money.
However, according to many players' reviews, with Satoshi accumulation apps, if players want to transfer the Satoshi to an electronic wallet or account, they need to reach the minimum Satoshi amount required by the app to withdraw, and this amount is very difficult to achieve.
Cost: Free
Examples: Blockchain Game app allows stacking blocks higher to earn more Bitcoin; Abundance app allows spinning a wheel to win rewards; BTCclicks app allows watching ads to earn up to 0.0000022 BTC per 20-second ad click.
2. How effective is free Bitcoin mining on mobile phones?
Many Bitcoin mining apps have appeared on app stores and have received a lot of attention from users. However, before considering the profitability of these apps, you need to understand the pros and cons of Bitcoin mining through apps before downloading a Bitcoin mining app:
Advantages of Bitcoin mining through apps:
Compact devices: The traditional Bitcoin mining model requires high-configuration and bulky devices. But with a Bitcoin mining app, you only need a smartphone to start mining Bitcoin.
Flexible time: Anytime you have free time and are holding your phone, you can start Bitcoin mining and wait for earning opportunities.
Simple process: While Bitcoin mining on computers involves many steps and a complex process that is usually only suitable for those with high computer skills, with a Bitcoin mining app, you just need to download the app onto your phone and follow the instructions, which is very simple.
Disadvantages of free Bitcoin mining through apps:
Trend too new, with many risks: Bitcoin mining through apps is a very new trend, and there are many warnings that the apps appearing on app stores may be scams, unable to actually mine Bitcoin, or not allow withdrawal of Bitcoin.
Not many people have experience with this type of activity, so it's easy to be exploited and scammed, most commonly through theft of personal information, wasting time, and even losing money when the app requires payment to activate certain Bitcoin mining features.
Banned by app stores: The activity of cryptocurrency mining through apps has been publicly warned against by both Apple and Google since 2018 due to the risks and lack of control or management of these apps.
Risk of damaging the phone: As we know, mining Bitcoin or any cryptocurrency will consume a lot of power and requires the best computer processing power. On weaker devices like smartphones, Bitcoin mining will "wear down" and weaken the phone's RAM and battery.
Risk of information theft: By installing apps from unknown sources, you can easily have your information stolen if you encounter a scam app.
So is mining Bitcoin through an app effective?
Generally, there are two types of Bitcoin mining apps on regular smartphones: paid and free. Overall, these methods are highly valued for their ability to mine flexibly on compact devices, utilizing mining time anytime, anywhere.
However, in terms of profitability, most opinions suggest that these methods do not provide high efficiency.
According to the majority of user feedback, when using Bitcoin mining apps on phones, the providers usually allow free mining for a certain number of days. After that, the app will start charging the user a fee to continue using it.
Furthermore, when mining Bitcoin through a phone app, the mining time is quite long but the mining speed is very poor. After deducting the electricity costs in the initial investment for the app mining, users still do not make a profit.
Another significant cost after mining Bitcoin is the high withdrawal fees, which makes it impossible for virtual currency miners to profit.
3. Top 6 Bitcoin Mining Apps for Android
Due to the continuous skyrocketing price of Bitcoin from the beginning of 2021 until now, owning cryptocurrencies, including mining through apps, has become a popular choice for many people.
If you are also interested in exploring this trend, we will introduce you to the top 6 cryptocurrency mining apps for phones ( Android).
However, please note that Google has previously issued warnings about many apps containing malware, hidden malicious code, and excessive ads that can be distracting. Please consider this when downloading!
App 1 - Bitcoin Mining
Google Play rating: 4.7 stars
General introduction: The Bitcoin Mining (Crypto Miner) app offers users the opportunity to engage in Bitcoin mining through cloud-based services, eliminating the need for expensive hardware or technical expertise. Users can select their desired mining hashrate, allowing them to witness a steady growth in their Bitcoin balance without the complexities of traditional mining methods. The app provides a user-friendly interface suitable for beginners and seasoned miners alike, making it accessible to a wide range of users .
Pros and cons evaluation:
Pros:
On-Demand Bitcoin Cloud Mining
Cloud-Based Bitcoin Mining Farm
User-Friendly Interface
Efficient & Powerful
Safe & Secure
No Hidden Fees
Cons:
Not managed or supervised by a reputable authority
Dependence on Cloud Services
Limited Control
App 2 - Crypto tab Browser Miner
Google PlayRating: 4.6*stars
General Introduction: Crypto tab Browser Miner is a mining app designed to help users easily mine cryptocurrencies on mobile devices. You can install the mining app on your Android device, and the app will then make mining contracts to generate cryptocurrencies.
Pros and Cons:
Pros:
Free cryptocurrency withdrawals, but takes some time.
Diverse ways to earn bitcoins, from watching videos, chatting, or playing online games, to mining contracts.
Cons:
Requires paying a fee to buy a cloud boost to increase the mining speed.
The account must have a minimum balance of 0.00001 BTC before the app allows withdrawals.
App 3 - Freebitco.in
Google Play rating: 3.5 stars
General introduction: Freebitco.in is an online Bitcoin faucet (a type of website or software that allows you to receive a free amount of cryptocurrency through tasks/games), established in 2013 that allows users to mine Bitcoin from entertainment games such as dice games, lotteries, betting, and Jackpots.
This app has up to 38 million users worldwide. The winner can receive a prize ranging from 0.00000022 BTC to 0.02 BTC.
Pros and cons evaluation:
Pros:
Can play anonymously, no need to register an account to earn bitcoin
The app is completely free
Pays a 25% referral commission to customers
Can lend the earned bitcoins at an interest rate of 4.08% per year
Cons:
Like gambling games, it is very difficult to become a winner in Freebitco.in's games
No reputable regulatory authority
App 4 - StormGain
Google PlayRating: 3.3*
General Introduction: StormGain is a famous coin mining app on Android that allows users to mine Bitcoin without expensive equipment. It also allows its customers to use the mined funds for trading.
In addition, the app allows users to track the price trend charts of cryptocurrencies. StormGain is available in multiple languages including English, French, Spanish, and Italian. The app is free for users, and charges a withdrawal fee of 0.15%-0.05% depending on the location.
Pros and Cons:
Pros:
Easy registration process, user-friendly interface, and easy to use.
Available in Vietnamese.
Allows secure storage of cryptocurrencies in a safe wallet.
Supports multiple platforms: Web, Android, and iOS.
Cons:
Not regulated by any reputable organization or authority.
StormGain recommends restarting the Bitcoin mining app every 4 hours for maximum efficiency.
App 5 - ECOS
Google Play Rating: 3.0
General Introduction: ECOS was established in 2017 and is a cloud-based cryptocurrency mining service provider with 100,000 users worldwide. To mine cryptocurrencies on ECOS, you need to invest a minimum of $1 for a mining contract. ECOS allows miners to withdraw their earnings with a minimum amount of 0.001 BTC.
Pros and Cons:
Pros:
In addition to cloud mining, ECOS also provides other crypto-related services such as a wallet, exchange, investment, and crypto savings.
Offers a free mining account for one month for new users.
Provides various mining contracts with different fee structures for users to choose from.
As a cloud mining platform, it has minimal impact on battery consumption, hardware, and phone chips.
Cons:
Only allows mining of the BTC cryptocurrency.
Lacks regulation and oversight.
App 6 - Hashshiny
Google Play Rating: 3.4*stars
General Introduction: Hashshiny is a cloud-based cryptocurrency mining platform established in 2016. This app does not require miners to mine cryptocurrencies directly on their devices - users will mine cryptocurrencies on the cloud platform.
Pros and Cons:
Pros:
The app does not cause any potential damage to hardware, such as battery drain and phone overheating.
Allows automatic database backups.
Provides a hashrate chart to directly monitor cryptocurrency mining data.
Multi-platform app, accessible on computers or Android/iOS devices.
Offers PayPal as a payment solution.
Cons:
More expensive compared to their competitors: $128 for 112 days.
4. Top 4 Bitcoin Mining Apps for iOS Devices
Just like Google Play, Apple has issued warnings and banned many bitcoin mining programs on iOS and macOS since 2018.
These rules are intended to limit apps that consume excessive battery power, causing the device to overheat or become overloaded. Therefore, you need to be selective if you want to explore Bitcoin mining apps on iOS.
App 1 - Trustpool
Rating on the Apple Store: 4.6 stars
Overview: Trustpool is a cryptocurrency mining pool that ranks among the top 10 pools worldwide. They provide stable payouts, reliable servers, and efficient farm monitoring.
Pros and Cons:
Pros:
Monitor Equipment Statistics
Track Daily Deposits
Yield Calculator
Push Notifications
Cons:
Third-Party Dependency
Limited Cryptocurrency Options
App 2 - minerstat
Rating on the Apple Store: 4.2 stars
Overview: minerstat was founded in 2017 and is an application that provides a suite of optimized solutions to make cryptocurrency mining more convenient and easier. This app charges a fee of 1.36 - 1.7 € per month.
Pros and Cons:
Pros:
Offers a free version for users to try out
Low cost
Attractive and easy-to-use interface
Cons:
The app is not regulated or monitored by any financial institutions
App 3 - F2Pool
Rating on the Apple Store: 4.12 stars
Overview: F2Pool is one of the earliest mining pools in China and has established a leading global reputation in the mining industry. The F2Pool app supports mining for over 40 digital currencies and is the world's largest mining pool.
Pros and Cons:
Pros:
Free cryptocurrency mining app
Supports mining for over 30 coins including BTC, LTC, ETH, ZEC, etc.
Cons:
Minimum withdrawal is 0.005 BTC, with withdrawal fees under 4%
F2Pool charges a 2.5% commission fee from your mining rewards
The app is not regulated or monitored by any reputable authorities
App 4 - Bitdeer
Apple Store rating: 4.82*
General introduction: Bitdeer was founded in 2018, it is a platform that allows users to be provided with full bitcoin mining solutions on a cloud-based platform. Currently, this platform is serving users in more than 200 countries and regions around the world, attracting over 2.5 million monthly active users.
With the Bitdeer app, the hashrate cost is based on the price of the mined coin, for example $0.22/TH/day.
Pros and cons:
Pros:
As a cloud-based mining device, it has minimal impact on phone chips, hardware and battery
Collaborates with many large mining pools to provide free mining options
New users get promotional offers like 30 BTC / 2T BTC for free (subject to conditions)
Cons:
The app is not managed or supervised by reputable financial authorities
5. Scam Tricks Related to Bitcoin Mining Apps
Similar to cryptocurrency mining on computers, Bitcoin mining on mobile apps also carries the risk of encountering scams and losing money.
Cybercriminals are actively exploiting this by distributing malicious software masquerading as Bitcoin mining apps.
Specifically, Trend Micro's Mobile App Reputation Service (MARS) research found that over 120 fake cryptocurrency mining apps were still being used by many people from July 2020 to July 2021.
Here are the risks you should be cautious about:
+Most common scam: Apps disguised as mining apps
The most commonly used scam to defraud people who want to download cryptocurrency mining apps is through "cryptocurrency mining" games. When describing the app on the Google Play store, these apps will be portrayed as cloud-based Bitcoin mining apps, but in reality, they are just games and have no cryptocurrency mining functionality whatsoever.
This means the game apps do not actually issue any cryptocurrency to users, nor do they generate any Bitcoin-related profits.
To avoid being scammed, in addition to the app's design, users need to carefully read the app's terms of use and thoroughly check reviews and operational details before spending any money on in-app purchases.
+Deceive players into watching ads, pay for the service
In addition to cryptocurrency mining apps, there are also mobile fraud apps that masquerade as cloud-based cryptocurrency mining applications.
These apps advertise that users can earn cryptocurrency by investing money into the mining activity on a cloud platform. However, the authorities have found that these malicious apps only trick victims into watching ads.
Notably, the fraudulent apps also require victims to pay a monthly subscription fee of around $15 USD, and pay to purchase additional mining rigs to increase their cryptocurrency mining capability, but in the end they receive nothing. Here are some of the fraudulent apps that have been removed from the Google Play Store:
Bitcoin (BTC) - Pool Mining Cloud Wallet and Bitcoin 2021 with the same fraudulent tactics: The interfaces are flooded with ads; Users are prompted to click on ads to prove they are not bots; Users are told they can start mining after watching video ads in the app; Users are prompted to watch video ads in the app to increase the mining speed; No support for cryptocurrency withdrawal
Crypto Holic - Bitcoin Cloud Mining: App requires a $12.99 USD fee to download
Daily Bitcoin Rewards - Cloud Based Mining System: $5.99 USD to download. Regularly prompts users to upgrade their cryptocurrency mining capability by "buying" more powerful mining rigs to earn more bitcoins faster.
Similar fraudulent apps that have been removed: BitFunds - Crypto Cloud Mining, Bitcoin Miner - Cloud Mining, MineBit Pro - Crypto Cloud Mining & btc miner, Ethereum (ETH) - Pool Mining Cloud
Additionally, some apps also encourage users to invite friends to download the app to unlock the cryptocurrency withdrawal interface, but in reality users cannot withdraw any Bitcoin.
(Users are prompted to invite friends to unlock the withdrawal interface)
+Cryptocurrency mining apps steal user information
According to experts' warnings, there are many apps that only operate under the guise of Bitcoin or cryptocurrency mining, but in reality they are just trying to steal users' personal information on their phones.
6. Conclusion
Those who want to earn money from cryptocurrencies through mobile apps will have 2 opportunities: Become a trader or a bitcoin miner. Before deciding which method to choose, you need to read this article carefully and determine your needs.
If you want to try to own bitcoin through operations and skills on your phone and don't need to worry about short-term profitability, a bitcoin mining app will be suitable for you.
What are the main options for earning crypto on a mobile app?
What are the key requirements for mobile crypto mining?
What are some risks of mobile crypto mining?
Before making any trading decisions, it is important to equip yourself with sufficient fundamental knowledge, have a comprehensive understanding of market trends, be aware of risks and hidden costs, carefully consider investment targets, level of experience, risk appetite, and seek professional advice if necessary.
Furthermore, the content of this article is solely the author's personal opinion and does not necessarily constitute investment advice. The content of this article is for reference purposes only, and readers should not use this article as a basis for any investment decisions.
Investors should not rely on this information as a substitute for independent judgment or make decisions solely based on this information. It does not constitute any trading activity and does not guarantee any profits in trading.
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