The revolution of mining cryptocurrency isn’t just reserved for nerds and experts anymore; anyone and everyone can participate in it. Certain currencies like Bitcoin are only able to be profitably mined if you have very special equipment, but many others such as Monera can be mined with the CPU that you have right in your smartphone–as long as you have the right app. These are the steps you need to take to mine cryptocurrencies using just your phone. You won’t become an overnight millionaire, but you will make some money on the side. Visit https://cryptointelhub.com for more info.
Install the MinerGate App
All you need is a compatible device, such as an Android 4.1 or newer, and you also need 30MB of space on that device. Install the app either through the Google Play store, or the Apple app store. Searching for MinerGate is really easy. Simply click on install, and then open to get things going. You’ll have to create an account with a password, then you can click “start mining.” You’ll then come up with a passcode, which you’ll use to authorize transfers and withdrawals.
From the main screen of the app, you can begin mining right away. Depending on the electricity costs of where you live and the processing power of your device, you’ll be able to make varying amounts of money. Certain currencies are also easier to mine than others (in other words, you can’t mine Bitcoin from your phone). A drop-down menu will give you your options for which currency to mine, and you can choose how much CPU you want to allocate.
Check Mining Profitability and Mining Pools
The app also has a calculator so you can figure out how much you’re making as you mine. It won’t be exact, but you’ll at least have a rough idea. This calculator doesn’t just predict daily profits, it predicts your monthly and weekly profits as well.
Theoretically, you can mine all by yourself, however you’re going to have much better success if you join thousands of other miners and combine your hash power with a mining pool. There will be a fee for service, which will vary according by pool, and MinerGate has its own pool and own fees. It’s easy to view pool stats with the app. There’s a useful feature for chatting as well, so you can communicate with other MinerGate users.
What to Do in Order to Cash Out
When you’re ready to exchange your hard-earned cryptocurrency into cash, you can head over to the menu on the app and select “Dashboard.” This will show you your balance–which combines all the cryptocurrencies you have mined together, so you can see your total. In order to withdraw your funds, you have to have either a software or a paper wallet. MinerGate has a service that helps you convert obscure coins into more mainstream coins such as Bitcoin. Simply click “withdraw” whenever you’re ready, enter how much you’d like to withdraw, and receive your earnings. There will be a minimum balance threshold you have to reach before you can withdraw any funds.
There are other apps out there, as well. Overall, it’s easy now to mine your own cryptocurrency using only your smartphone.
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