The recent times have seen the cryptocurrency space expand by leaps and bounds and the most recent watershed moment that the industry has seen is the introduction of mining cryptocurrency using mobile phones. Leaving the era of using hefty supercomputers to mine them behind, we are now entering into a phase where modern users can mine virtual currencies with the ease that comes with our handy smartphones.
Traditionally, the process of crypto-mining is a tenuous, time- consuming task, with a dedicated computer hardware being required to harness the power of a specialized graphics processing unit (GPU) chip or an application-specific integrated circuit (ASIC) to do so. In addition, a miner would require an uninterrupted internet connection, an original software package for mining, and memberships with online crypto exchanges and mining pools. Using these, the miners compete with one another to solve complex mathematical problems to record transactions as well as generate fresh currency. Hash values for unique data identification are solved by miners to call dibs on a fresh block of currency while earning rewards.
However, 2018 has seen mining effectively move out of this hefty domain into a much more accessible one: one of the smartphones. While earlier we have seen mobile applications mimicking mining on phones, the most recent development allows users to actually harness the power of their mobile phone hardware to mine coins and generate fresh blocks of currency. With the hash rates going up to about 100 h/s depending on the model type or even more if the device hardware allows, mobile-mining can allow enthusiasts to carry on mining with greater mobility and ease than what traditional computers offered.
Interestingly, a new offering, the MIB coin, is all set to move into this space with its initial coin offering that opened up on 20th July. The coin is also likely to be listed in some of the largest crypto exchanges in Hong Kong over the coming two months.
Keeping time, costs and power usage low, MIB coin is the latest offering in the mobile-mining space and offers a lucrative way to mine cryptocurrency easily and comfortably for anyone with a smartphone. It seems as though the boons of modern technology are boundless and we can only hope they never cease.