Hey guys, I just encounter a bit mining app in playstore and tried using it.
Seems legit, what are your thoughts?
the app's name is BTC Mining and Bitcoin Farm.
Is it reliable to use bit mining apps, specially this two above?
This topic has been discussed numerous times... No, you cannot mine BTC using a cellphone.
Just in case you don't believe me, i've created an auto-updated script that basically proofs how much you'd lose in power bills if you even attempted mining using your cellphone's CPU:
https://www.mocacinno.com/nonspecialisedmininghardware.phpOn this page, look at the line calculating the "profits" for mining with a cortex A9 (a cellphone CPU), if you pay 0 cents/Kwu for your power, you'll make a whopping 2 satoshi's per year (mining 24/7). I'm firmly against using faucets, but compared to cellphone mining, faucets are great, they give you a revenue of 50-100 satoshi's for 3 minutes of work, you'd have to mine many years to mine an equal amount with your cellphone.
This script does not take into account you'll probably overheat your cellphone, breaking it, or damaging your battery.
Wait now Im confused,
I think this app is more of a faucet type?
Cause I am earning 1 satoshi/min and If I pay 400 satoshis its boosted to 20 satoshis/min in an hour.
So is it a faucet or mining? Kinda confusing to me, sorry.
If it's paying 1 sat/min, it's defenatly a faucet or maybe even a ponzi disguised as a mining app... OR it might be mining something other than bitcoin and converting whatever they're mining to bitcoin.
To be honest, i try to keep such apps off off my phone, so i can't verify it myself. But the facts are pretty clear, a cellphone CPU (or GPU) can never deliver the hashrate needed to make some real profit, and since it's a CPU/GPU and not an ASIC, the energy consumption will never be on par with the power consumption of an ASIC.
What is a
Ponzi?
From what you're saying, I should not rely on this kind of apps? Am I reading it right?
A ponzi is a sort of scam, it's when somebody is paying early investors with the money they get from late investors, then run away when their "hot wallet" is containing a lot of money from late investors they haven't yet payed out to new investors.
I have no idear what this app you have there is, a ponzi is probably a bad theory, it's probably some kind of faucet.
That being said: i personally think there are better things you can do with your time than claiming from faucets.
Your app pays 1 sat/minute, that's 1440 sat/day. At current preev rate, that's only 16,5 cents/day to keep your cellphone running 24/7... Doesn't sound like a good deal to me
Even worse, if you want to withdraw your "earnings":
https://bitcoinfees.earn.com/ teaches us that at this moment, the ideal fee for a "standard" withdrawing transaction is ~52k satosi's... You'll have to "mine" for a month to "earn" sufficient satoshi's to even pay for the mining fee for withdrawing your "earnings"
