If you have an iPhone and you want to enjoy a passive stream of income, you might want to consider cryptocurrency mining. All you need is a mobile app and some patience. While you won't get rich mining on just one phone, if you invest in multiple phones you could make mining on the iPhone worthwhile. Read on to learn the basics of cryptocurrency mining on the iPhone.
How Cryptocurrency Mining Works
Cryptocurrency is growing in popularity and more and more stores are allowing consumers to pay in Bitcoin and other cryptocurrencies. The price tends to fluctuate wildly, and your crypto coins can be worth millions one day and worth nothing the next. If you are interested in this new form of currency but don't want to invest your own money in it, you can test out the waters by mining it yourself. You don't need a ton of complicated equipment and you can set up a spare iPhone as a mining device.
Cryptocurrency is based around blockchain and each block is encrypted and needs to be solved by very difficult math problems. This is where your phone comes in. You run a special mining program on your phone that is used to solve the problems and puts them on the ledger. As a reward, you get paid in crypto coins that are added to your cryptocurrency wallet. In short, you are just running a program that solves blocks and pays you for doing so. Unfortunately, the iPhone has a small CPU and it doesn't have a lot of computing power, so you are not going to make a ton of money if you are only using one phone.
Invest In The Right Phones
The more computing power you have, the more money you are going to make, so you want to buy the fastest iPhones that have the most powerful CPUs. Mining cryptocurrency takes up a lot of power, so you are going to need to leave your phones plugged in because the battery is going to drain quickly. You also need to dedicate the phone to mining because mining is going to slow the phone way down.
Many people struggle to even reach $20 a month in profits on one phone. If you want to make more than that you are going to need more phones. You also have to take into account the electricity that each phone uses. Mining is energy-intensive and it takes a long time to make even a fraction of a coin.
Use The Best App
If you do decide to take the plunge and use the iPhone to mine cryptocurrency, you are going to want to make sure that you get the right app. There are a few different apps that you can use to mine crypto coins, so you will need to learn about them and read the reviews, so you can find the app that is going to work best for your needs.
The apps are safe for your phone and they connect to your cryptocurrency account, so the money will be automatically added to your account and it builds up as you do more mining. You can let the phones run continuously, but if they get too hot you should turn them off and let them cool down. The apps are going to take up all the resources of your phone, so you have to make sure that they don't get overburdened.
The apps are very easy to set up and you don't even need to jailbreak your phone which is a big plus. As long as you have a wallet address you can start mining right away. Don't try to run these apps on an older iPhone or you are not going to make any money. The phone is going to run too slow and it won't be worth it. Once you install the app you can go ahead and configure it and it will start working. You can keep the app alive in the background and you can also allow notifications. Some of the apps even allow you to see live currency rates. Learn more from https://path.network/crypto-miner-ios/
Consider Setting Up A Phone Farm
Since the iPhone is not as powerful as a computer, you won't be able to solve as many blocks and you won't make as much money. One phone isn't going to net you a lot of money, even if it runs all day and night. You also have to consider that the program is going to prematurely age the battery.
You should always plug your phone into the wall, so you can avoid using the battery. You have to go into iPhone mining with realistic expectations because you aren't going to get rich mining cryptocurrency on your phone. The developer of the app is going to get a portion of your earnings as well.
Analyze Your Profits
Mining on just one phone is more of a novelty since you will be lucky to even get to $20 a month. You have to pay for the electricity that you are going to be using and you will also have to factor in the wear and tear on your phone, as well as the cost of your phone. If you have multiple phones your payoff is going to be bigger, but you will need money to invest in your phone farm. You can start with one phone and add more if you decide that making passive cryptocurrency income is worth it.
You don't need a computer to mine cryptocurrency. You can use your iPhone to make some side money and all you need is an app to make it happen. As long as you understand the payout isn't going to be huge, you can go ahead and enjoy making some extra money with an unused phone you have sitting around, or you can look for some cheap phones online. You won't be able to quit your job, but you can earn some fun money that you can use to treat yourself to something nice.
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website.
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