"Mining" has been popular for a long time before the advent of encrypted phones. The production process of cryptocurrency is called "mining" and the most important cost is the electricity required to run the "mining machine". Therefore, is it realistic and feasible to mine with mobile phones? Do you need to keep your phone charged all the time? Stay tuned, this article will take you through what an encrypted mobile phone is and how to use it for mining.
What is the encrypted phone?
In 2008, the emergence of the iPhone 3G to a certain extent marked the smartphone into the 3G era. After more than a decade of development, smartphones have moved from 3G to 4G and now to 5G, and major cell phone manufacturers have continued to add new features and selling points to their phones. From fingerprint unlocking to camera-like shooting function to folding screen, people seem to be less and less interested in the novel features of cell phones.
Just when everyone started to doubt the creativity of cell phone manufacturers, the emergence of encrypted phones in 2022 brought a frenzy to both the digital technology circle and the blockchain cryptocurrency circle. In short, the biggest difference between encrypted mobile phone and the ordinary mobile phone is that it can become a blockchain node, building a Web3-based behavioral value internet and returning user rights to the individual. With this game-changing phone, each user will have a new, unique identity with full anonymity and security.
What does “mining” mean?
In the development of the blockchain, after a user posts a transaction in the Bitcoin network, multiple untrusted nodes are required to record and confirm the transaction, forming a new block and linking it to the blockchain. "Mining" is the process of using one's network equipment as a maintenance node to obtain a certain amount of additional bitcoins by helping to generate and confirm new blocks. The reward for each block is initially 50 bitcoins, which is automatically halved every 210,000 blocks, and is currently reduced to 12.5 bitcoins per block.
However, the equipment that acts as the maintenance node takes a lot of time and computing power, and the first thing to be consumed in the process is electricity. before 2010, the revenue gained from mining was much greater than the cost of electricity. However, with technological advances and an influx of people, mining has become more difficult and costly, and with the decline in mining revenue, sometimes the reward for forming a block is even less than the cost of electricity. The once-hot mining industry has been unable to make ends meet.
Is mining with encrypted phones really possible?
Nowadays, there are two prerequisites for profitable mining: powerful computing power and minimal power consumption. The secure encryption chip in crypto phones has a great breakthrough in these two aspects, but the power required for mining is huge, theoretically speaking, even if encrypted phones can realize "mint on the phone", it is easy to have a situation of "mining for one minute, charging for half an hour".
Fortunately, the charm of technology lies in the fact that once a breakthrough is made, it can affect the whole situation. on September 15, 2022, the merger of Ethernet was completed, and the original Proof of Work (PoW) was replaced by Proof of Stake (PoS), which reduced the resource consumption brought by mathematical operations to a certain extent and ended the era of large-scale graphics card mining. With this elimination, crypto phones are officially involved in mining.
Encrypted phones usually have a window built into their own secure encryption system for saving your wallet address and private key. After that, the system will start to run automatically and the earnings generated will be sent to your wallet automatically. In other words, as long as you have a crypto wallet, you can use your crypto phone to mine for money anytime and anywhere. This is a big relief for people who think encrypted mobile phones are expensive.
Of course, technological progress never happens overnight, and since proof of stake (PoS) is currently only fully used in Ether, initial attempts like METAVERTU encrypted phone can generally only achieve Ether pledges, while other chains are relatively difficult. This is caused by both the time and technology limitations, and I believe that in the future, this problem will no longer be an issue.
As we said above, the Web3-based encrypted phone has made a major breakthrough in areas such as NFT and Mint as soon as it appeared. Even though there are still some limitations, the flaw is not overshadowed and we should see the positive role of encrypted phones in the progress of technology.