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Mobile Mining Number Crunch
The 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.
The 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.
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