Mining Cryptocurrencies on Your Smartphone - What’s The Catch?
There are dozens of applications for mining cryptocurrencies using a mobile phone. However, some of them are made for fraudulent purposes, while others simply do not bring the expected profit.
Users are attracted by the ability to quickly enter the world of cryptocurrencies. All it takes is to type in ‘mining’ in search of the Play Market apps store and several options immediately pop up, games don’t count.
One of the first to attract attention is Money Miner, a new bitcoin mining app with 4.2 stars and 500,000 downloads. The developers of the Android version label it as a perfect option for making money without investment. But later a user finds out that the program is just a simulator of mining cryptocurrency.
This fact does not stop users (or bots) to comment that everything is working as intended and they are about to withdraw funds any minute now. Luckily, there are also some honest reviews from people, who warn users that after installation there is a notification that the app doesn’t provide the opportunity of converting funds into currency.
Another popular example is the Electroneum wallet. It has been downloaded over 1 million times and the reviews are also filled with controversy. Mostly, that it is possible to withdraw money, but the effort is not worth it. Specifically, at the current rates of altcoins, it will take 2 months to mine the minimal amount of coins for withdrawal, which is 100 coins. And even if a user chooses the most profitable altcoin, the profit will hardly reach 0.5-0.6 USD.
BTC Miner, an app with a clumsy description, also attracts attention. It is presented as a "cloud bitcoin miner". The project has 10 thousand downloads along with 4.1 stars. Users claim that their accounts are simply reset when attempting to withdraw funds.