Bitcoin, Dogecoins, and other cryptocurrencies have grabbed a lot of headlines for their explosive growth (and bust, and growth, and, well…).The trick is that generating this currency—"mining" it—requires an awful lot of computing power.Instead of computers, let's use lots of smartphones!Unfortunately, security company Lookout says that the math on mobile mining just doesn't add up.Mobile Mining Number CrunchThe numbers say it all.Lookout's researchers calculated that if you're mining for 24 solid hours on a Samsung Galaxy SIII, you'd only earn .00000007 Bitcoin or $0.00004473.In order to make just one Bitcoin in a day, Lookout says you'd need 14,285,714 phones working full-tilt simultaneously.Bitcoins are hugely valuable (over $600USD per Bitcoin), and therefore require huge resources to mine.But even less valuable cryptocurrency, like Litecoin, are beyond the reach of mobile miners.If you took 3,752 SIII phones and let them work for 24 hours, you'd end up with a single Litecoin which is worth a paltry $8 USD.

Malicious Miners Despite the overwhelming odds, Lookout's principal security researcher Marc Rogers told Security Watch he has seen numerous malicious Bitcoin miners targeting mobile devices.He estimated there was a new mining variant detected every month."The kind of folks who are making mobile malware are very, very inventive," he said."Every new mining system has a new feature.They're trying every direction they can to make it profitable, and that's quite fascinating."Why then do malicious mobile miners persist?Rogers  believes that the benefits of the cryptocurrency (it's free, untraceable, and so on) are simply too tempting for malware creators.There's also a "cool factor" in trying to exploit this new technology."Early iterations of mining malware did not seem like serious attempts to be profitable, just playing with the technology and seeing what they could do with it," said Rogers."But it's pretty clear that the later versions are deliberate attempts to be profitable."Currently, Rogers says that Lookout is seeing mobile miners trying to be more discreet in order to distribute their malware to more victims and keep infected phones mining longer.

According to Lookout, instead of working your phone until smoke pours out, sophisticated malicious miners only run when connected to chargers, or when the screen is off.Of course, these kinder, gentler malicious miners can't mine nearly as much per day as more aggressive apps.There's a Better Way Of course, there are legitimate Bitcoin mining apps out there, and some developers may be tempted to include mining code in their own applications in the hope of making a little money.However, Rogers says that there is a much simpler way to turn a legitimate profit with mobile apps.Before you freak out, remember that Lookout is no friend to malicious or abusive advertising."Advertising gets a bad rap because we see ad networks that spoil your gameplay or your user experience, but there are good advertising networks out there that are responsible and careful," said Rogers."Advertising would be thousands of times more profitable for a developer than mining.There's a reason ads have powered the mobile ecosystem."

Case in point, the surprise mega-hit Flappy Bird reportedly earned its creator $50,000 a day in ad revenue.Mobile Mining Here to Stay Though Lookout's numbers paint a bleak picture, Rogers that we'll see more mobile mining as phones become more sophisticated."Maybe a new phone will come out with a GPU accelerator, so they'll try to use that for mining," he said."Every time there's a new option, we'll see people try to leverage it."But until you can fit a high-powered computer in your pocket (or a Dogecoin mining NAS), mobile mining will be remain academically interesting but financially flat.bitcoin iceland ny timesOverview Specs Quick Specs screenshots + Summary: (10 characters minimum)0 Submit The posting of advertisements, profanity, or personal attacks is prohibited.Click here to review our site terms of use.bitcoin atm the hague

Full Specifications+ General Publisher Tatiana Seryakova Publisher web site / Release Date March 16, 2015 Date Added March 16, 2015 Version 2.3 Category Category Productivity Software Subcategory Calendar & Time Management Software Operating Systems Operating Systems Android Additional Requirements Compatible with 2.3.3 and above.Download Information File Size 2.3MB File Name External File Popularity Total Downloads 1,296 Downloads Last Week 36 Pricing License Model Free Limitations Not available Price Free Previous Versions: Select a version ARM Miner Bitcoin 1.5 ARM Miner Bitcoin 1.4 ARM Miner Scrypt, SHA-256 1.1 Back to topbitcoin g2aThe smartphone is by far the world’s favorite piece of technology.kaj bitcoin

It is estimated that there will be over 2 billion smartphones across the world by next year (ref: eMarketer).Over 80 percent of these smartphones run on Android operating system (data: IDC, 2015 Q2).Nowadays, smartphones are literally miniaturized computers, their processors pack anywhere between 1 GHz to 2.7 GHz processing power which is on par with a decent low-range/mid-range laptop currently in the market.Processing power of these devices come to use only while playing games or running few process intensive applications.why isn't bitcoin illegalBut it can be put to use for other purposes as well.jutawan bitcoinFor example, altcoin mining.Theoretically the processing power possessed by smartphones can be harnessed to mine cryptocurrencies.While mining bitcoin using the currently available smartphones is out of question, there are many altcoins that could be mined effectively on these handhelds.

However, it may not be as effective as it would be if you use your PC instead of mobile phone for mining your coins.However, there are a few applications out there on the market that allows smartphone users to mine crypto coins on their handhelds.Some of the mining applications available for Android platform are – Crypto Miner (BTC, LTC, X11, XMR) Coin Miner pro DroidMiner BTC/LTC/DOGE Miner ARM Miner Bitcoin Pro LTC and Scrypt Miner Pro Quark Miner Pro Mangocoinz While these mining applications use the mobile processor to mine a wide range of crypto coins, there are other set of applications like Eobot, Cointellect etc. which are mobile clients for cloud mining platforms .These mobile clients only allow users to visualize the performance of their mining pool on their Android powered smartphones.While mining bitcoin using an Android device will cost you more than what you spend in terms of power, battery life etc. Mining altcoins based on CryptoNote and CryptoNight protocols are considered a bit easier on Android devices.

Some of the coins that can be mined efficiently includes quarkcoin, bytecoin, mangocoinz, dogecoin (to an extent) etc.It is better to mine these altcoins and exchange it for bitcoin than attempting to mine bitcoin or litecoin on Android phones.ARM processors used in Android phones generally do not generate enough hash rate to even get registered on the mining pool.However, high end Android phones like Samsung Galaxy S6 have a more powerful GPU and they can generate somewhere around 2 MH/s.The average hash rate generated by Android devices range between few hundred KH/s to single digit MH/s.To put it in perspective, it takes over 14 million Android devices mining bitcoin continuously for 24 hours or more to generate 1 bitcoin!If you are looking for a unique experience while mining, the Mangocoinz is something worth exploring.The value of one mangocoinz is close to one cent and it can be exchanged to bitcoin.A specialized Android application is available to mine mangocoinz, which works based on the movement of the device.

At least this way one can burn some calories while attempting to mine the altcoin.Another similar, soon to be launched, application is BitWalking which converts steps to BitWalking Dollars.There are few instances where people have shared their story of success with mobile phone mining.One such instance was shared by a Minergate pool user who goes by the username Baresgeld.According to him, he is the owner of a mobile phone store and he runs an Android based miner he developed following instruction provided by yvg1900 (bitcointalk username) on all the smartphones in his store.He mentions that he mines CryptoNight protocol based altcoins on all the phones using Minergate mining pool.He claims the process to be efficient enough to be able to proportionally reduce the cost of phones on sale every day.Bottom-line: Altcoin mining is more efficient on computers than mobile devices.Even though mining altcoin on an Android device is quite possible, on a longer run it reduces the effective battery life of the device.