Mining on phone
How is mining on phone possible? I mean what kind of computation power does your phone have to solve those mathematical problems to approve of a certain transaction?
Read a post on another social media about XX network mining (not taking the name for legal issues) where you mine by activating once in every 24 hours. not only XX but there are others too which work on the same concept. Honestly, I have nothing against them and I have myself indulged in a couple of them.
But why are we calling it mining?
Most of the sites/apps, I feel are only the ones who are farming thru advertisements which you have to watch to continue your streak or earn some extra tokens. They also give you more tokens for referrals. With these referrals, their number of so-called miners become larger and larger and they can easily market themselves for advertisements promising more eyeballs. Some of these networks have tens of millions of miners and have been around for a few years.
Even if they have developed some utility or coin, do they even want to launch? Why would they? Their business is doing great. They have people checking in on their site every 24 hours and activating by watching one or more ads. Would they want to put an end to a successful business model? And if questioned, they can easily give the excuse “need funds for development”
But let us not call all of them scammers or farmers. Some may have good intentions too. They must really be developing some good utility or their own chain.
But it is still not mining in my opinion. So, what are the tokens/coins you get for staying active every day?
According to me they are just rewards for staying active every 24 hours. One has to go to their App and click on the mining button every 24 hours or whatever hours they have set.
So why every 24 hours or any number of hours? Well I guess the simple explanation is that they want people to keep connected to their app on a regular basis. The miners have to come back every day to get their rewards. This way they are constantly connected to their App and coin/token. So, when the team launches their coin/token, it is not forgotten by the miners and the coin/token have a huge number of users in their data base. If people get their rewards in one shot, they may not know about the developments of the coin/token and may not even know when it is launched...Am I making any sense here???? I hope so
The word "Mine" has a lot of weight in the crypto world, specially to people who are new and if they would have called them "Rewards" instead on "Mining" probably there would have been much lesser users as rewards may not have the impact they would want.
The flip side they lose a lot of actual OG miners who do not approve of this kind of mining and some relatively new miners who feel that maybe the power usage will be a lot and may harm their phone.
This is just my observation...I'm not against or in favor of them. But if you not losing anything except a couple of seconds every day (almost every day) in your free time, well what the hell, might as well try it. It’s your call. But be careful of connecting your wallet to any site you don’t trust or clicking on any unknown or suspicious link which you have not researched on.
I only write my opinions out of my own research and they are not to be considered financial or crypto trading/mining advice. Please Do Your Own research.
My next post will be for people who are interested in making more members using their referrals.
