How to create a new cryptocurrency using the simplest of steps?
There’s no shortage of solutions to make Bitcoin and other digital currencies more valuable to investors and developers alike, and now, a startup has come up with a new method of mining cryptocurrencies on a smartphone, called BitMiners.
According to CoinTelegraph, the smartphone-based mining app utilizes a Raspberry Pi Zero to power its software.
Once the Pi is set up, the app will begin to scan the QR code for a bitcoin address that’s available on a bitcoin blockchain.
Once a wallet is created, the user can then input the amount of coins to be mined and the miner will calculate the reward by adding up the total value of the block of bitcoins they mine.
The company behind BitMiner has already attracted quite a bit of attention for its service, and it’s been downloaded more than 3.5 million times.
It even made its way into the Apple App Store.
But the company’s developers say the company is not without its critics, claiming the algorithm used to calculate the rewards isn’t foolproof and could be exploited.
CoinTelegraph says BitMin is an “alternative to Bitcoin and cryptocurrencies,” but it is still unclear if BitMinists algorithm can be applied to other digital assets, such as Ethereum.
The app is currently only available for Android, iOS, and Windows Phone devices.