Cryptocurrency remains one of the most accessible methods of generating passive income. It might have been complicated to get in on it ten years ago, but these days practically any device can be turned into a cryptocurrency mining rig. The best place to start is your own smartphone.
Step One: Pick Your Mining Method
Start by getting a crypto wallet and picking the method you want to mine for crypto. We will cover “traditional” crypto mining more specifically going forward, but we wanted to mention the other methods so that you know that you have options. The most popular is crypto casinos.
You should look for a site that reviews various crypto casinos to find the safest ones, but the idea here is that you can gamble crypto, or just win it from playing games that are covered in ads.
Another great method of mining crypto is “staking”, which is a relatively new method of generating crypto. It requires you to have crypto to begin with, however.
And that is why the most popular method is by using your phone’s processor to mine.
Step Two: Download a Crypto Mining App
These are much more accessible on Android phones than iOS phones, but there are apps for both operating systems. You should be sure to research the apps beforehand, as different crypto mining apps will allow you to mine for different coins, which can impact your income.
For instance, MinerGate Mobile Miner is an app that supports Bitcoin, as well as several other “Altcoins”. The value of altcoins tends to be far more volatile than Bitcoin, meaning that the value of your holdings can suddenly jump if you end up mining the right one.
We will be honest that this rarely happens. But it is basically the crypto dream.
Another great app is Bitcoin Miner. Despite its name, you can mine altcoins on this one too. The big difference is that there are fewer altcoins and a far better interface. This one is recommended for beginners, as its simple interface keeps future steps from being complicated.
Step Three: Keeping Your Phone Healthy
Crypto mining means using your phone’s processor to slowly contribute processing power to the greater blockchain network. The more power you contribute, the more crypto is credited to you. As a result, many crypto mining programs are pre-set to use all your phone’s power.
This can result in batteries and processors literally burning out (with smoke and sometimes fire) if something goes wrong with them. This alarms many people and scares them away from crypto mining, but it is actually an easy problem to avoid by tweaking a few settings.
First, make sure your mining application has settings for controlling how much power and heat it is allowed to generate. Always tweak them to be lower than their default.
If you want to be extra safe, get an app like Cooling Master, as it will externally limit an app’s power use and heat generation to make sure it doesn’t cause a catastrophic failure.
Once you have your crypto holdings, you can connect your wallet to a trading platform like Coinbase or Robinhood and cash them in. You can trade the crypto for other crypto, trade them for stocks if you are on certain platforms, or simply sell them for cash on the spot.
Just keep an eye on your phone’s health and try not to take too many risks with your crypto trades. The world of cryptocurrency is exciting, and it is easy to always push for a payday when sometimes you should just take the money you have access to.