How blockchain industry is transitioning: Crypto mining, wallets and exchanges go mobile

For the past decade, ever since the Bitcoin roadmap was released, the crypto segment of the blockchain industry has been developing and the community of crypto enthusiasts has been growing. Times are changing and people now spend more time on their mobile devices than on their computers due to their convenience and constant availability. Not everyone is investing in expensive hardware but everyone has a smartphone and many application developers are finding ways to make it the only thing that is needed. In the blockchain industry, which is at the forefront of technological progress, tides are also changing. Less and less blockchain-related activity is requiring the use of a PC, and some projects might make that need obsolete in the near future. Today, traders have the opportunity to use their mobile devices for mining, asset management, news updates and more. In this article, we will take a look at some applications that are popular amongst crypto traders and future releases that can be expected to make waves in the world of mobile crypto.

Smartphones and Mobile Mining 

Cryptocurrency mining allows users to dedicate their computing power in exchange for rewards, which usually consist of a certain amount of cryptocurrency with each mined block. This process works to maintain the system as miners approve transactions and secure the underlying blockchain. Earlier, miners used CPUs (Central Processing Units), later switching to more efficient GPUs (Graphics Processing Units) and ASICs (Application-Specific Integrated Circuits). While mining with specialized hardware brings more profit, not everyone is ready to invest in costly equipment. 

That is why PC and mobile mining was made possible. For mobile mining, several applications and smartphones with built-in mining features were released. For example, the Android Electroneum M1 smartphone supports cloud mining. The device is already available for purchase in Cambodia through a mobile operator Cellcard. Users with other Android devices can also use Electroneum's cloud mining application which is available on Google Play. 

Another smartphone that supports crypto mining was released by HTC. The Exodus 1S allows users to mine XMR tokens with the DeMiner application. Exodus phones have been offering a variety of crypto features since 2018: built-in crypto wallets, decentralized applications, a virtual vault for crypto storage and social key recovery. Currently, this phone series supports over 100 cryptocurrencies, according to HTC.

The Pi Network, a project launched by Stanford Ph.D. grads, has made mobile mining of their token possible. Users can earn Pi tokens without using any device power, as the rewards are distributed based on referrals and participation in the Pi community. Currently, the Pi token does not cost anything. According to the project’s roadmap, in the future, it will be used in Pi’s marketplace and decentralized app store. 

While these specialized smartphones and applications can be used for mining, the potential profit is not enough to invest in a mobile device for the sole purpose of mining. We are still in the early stages of mobile mining development, and, for now, it cannot compete with hardware mining. However, it is a possibility that in the future mobile mining will be a popular avenue of generating extra income for many crypto enthusiasts. 

Many crypto mining applications were also banned from Google Play and Apple App stores back in 2018. This was presumably done to remove apps that can drain a device's power resources. The mining applications that remain listed mostly allow users to receive rewards without using an exorbitant amount of a device's power such as cloud mining or referrals. 

Asset Management On the Go

Undoubtedly, the blockchain community is largely focused on cryptocurrency trading. This is why most asset management platforms such as crypto wallets and exchange platforms offer their own mobile applications. Crypto traders can easily manage their portfolio, engage in trading and perform technical analysis with the convenience that comes from using their smartphone. 

Across the board, cryptocurrency exchanges are transitioning to mobile with many users preferring to access their accounts on the go. The ability to access your account from anywhere at any time gives traders a leg up in the volatile world of crypto trading. Most crypto exchanges now offer mobile applications but their services vary. It’s important to read the reviews for the application both in the store and on the web. Security is also important to consider when using a mobile exchange application. The majority of them support the basic features that they offer on their web versions with extra security measures like PIN added. 

There is also a variety of crypto wallet applications that can be used to store cryptocurrencies and control your assets from any place with an Internet connection. Among the most popular is the well-known multi-currency wallet Coinomi which supports about 1,500 digital assets. This wallet is non-custodial which means users have control over their private keys. This makes for a great balance between security and functionality for users. 

Hardware wallets are considered to be the most secure way to store crypto because it keeps the user's private keys on a physical device and offline. To access the assets, most of these wallets can be connected via USB port. However, this makes them less convenient for those who prefer to use their mobile device for crypto operations. This changed last year when Ledger, a leading hardware wallet developer, introduced its Bluetooth-enabled Nano X, a mobile application that connects to the ledger device. As the company stated, this was previously the biggest complaint about the usability of their wallets, with most consumers seldom using their PCs and sticking to the convenience of mobile devices.

Keeping in Touch with the Community

To be successful in crypto trading, users have to always keep up with the latest updates and news. While a lot of information comes from social media channels on Twitter and Facebook, there are other applications that can provide industry insight. For news from the crypto industry users can download crypto media news sources applications, like that of Cointelegraph which is available for iOS and Android. To have a feed composed of articles from different news sources, users can download applications from news aggregators such as Crypto News. Other popular mobile news applications include TradingView, a platform that is great for technical analysis, and CoinGecko which aggregates data and allows users to track 6000+ cryptocurrencies across 400+ crypto exchanges worldwide.

Crypto Browsing

Surfing the internet from your smartphone relies heavily on the features of the browser and its extensions. Blocking out harmful websites and annoying ads, keeping passwords secure and even applying coupons to online stores - all are made possible with various mobile browser plug-ins. It’s no surprise that crypto made its way into mobile browser updates to accommodate crypto enthusiasts and offer them more options for managing their assets. In March of this year, Opera became the first major browser to integrate Unstoppable Domain’s .crypto domain extension. This integration allows Opera users to surf the decentralized web and make crypto payments from any supported device. The latest release also included a built-in crypto wallet in Opera Touch on iOS and Opera for Android.

Users can now also opt for a decentralized mobile browser such as Brave. This open-source web browser allows users to send contributions to websites and content creators in the form of Basic Attention Tokens (BATs). At the same time, it blocks ads and website trackers, making it more privacy-oriented than regular mobile browsers. The internal ecosystem of Brave is built around Brave Ads that can generate income for those who view them and for those who place them on their websites for others to see. This browser is now available for download in Google Play and the App Store.

Web3 Has Arrived

All of these options allow users to stay connected with the crypto community from the comfort of their smartphones as long as they are connected to the Internet. Some asset management can even be done offline which is a secure and convenient way to manage crypto portfolios. Only 10 years ago, these choices weren’t there and nobody even knew they would need them. These developments are demonstrative of how necessary the development of Web3, where the users have more control over their data as well as their financial operations, is. Decentralized and open-source applications are gaining momentum and trust from a large part of the crypto community because of the combination of security and convenience that they offer. Of course, with the majority of users sticking to their smartphones, Web3 and mobile applications will have to go hand in hand. While these are only the early stages of mobile development in this sphere, the future is very promising.

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