Why Is Phone Mining A Bad Idea?

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Some users are sure that it is still possible to mine bitcoin on a home computer or laptop, and to mine altcoins, a smartphone on the Androi...

Some users are sure that it is still possible to mine bitcoin on a home computer or laptop, and to mine altcoins, a smartphone on the Android operating system will be enough. If you type in the word "Mining" in the Google Play app store, in addition to games on this topic, there will be several options that promise easy money, writes RBC Crypto.

For example, an app called "Money Miner - new bitcoin mining app" has been downloaded over 500,000 times and has a 4.2 stars rating. In the description of the application, the developers speak several times about making money on the Internet without investments, but they do not specify that the program is just a simulator and has nothing to do with the real mining of cryptocurrency.

Many users write in the comments that they have not withdrawn their funds yet, but are waiting for this moment. Others answer that there is no withdrawal of funds, and the first time the application is launched, a warning appears that "conversion of internal units into cash is not provided."

Almost all reviews that have a 5-star rating do not touch on the withdrawal topic. Users write that "they haven't tried to withdraw cryptocurrency yet, but now they like everything."

A more realistic way to mine digital money, but not bitcoin, exists in a wallet from the Electroneum project. It has been downloaded more than 1 million times, and, judging by the feedback from users, it is possible to withdraw digital money, but you still won't be able to make money on it. The app brings in about 50 kopecks per day, depending on the altcoin exchange rate. The withdrawal is available from 100 coins. It will take about two months to get them. During this time, the income will be about 40 rubles. Not even enough for a cup of coffee.

Also among the games on Google Play is the BTC Miner application. The description, full of grammatical errors, says that this is a new project for the cloud mining of bitcoin cryptocurrency. The developers claim that the application will allow you to mine a certain amount of coins for free. The program has been downloaded over 10 thousand times, and its rating is 4.1 stars. In the comments, users write that when they try to withdraw funds, the account is reset to zero, and the project team explains this by fraudulent actions.

The cryptocurrency industry is full of scammers, they come up with new ways to deceive users. If you want to start mining, then doing it on your smartphone is not the best idea. It is unlikely that this will bring at least some profit, but the device can quickly fail due to constant overloads - in this case, the losses will amount to thousands or tens of thousands of rubles.

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Cryptocurrency Magazine - Crypto Market Updates: Why Is Phone Mining A Bad Idea?
Why Is Phone Mining A Bad Idea?
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