Last month, I was talking about Pi Coins and the possibility of mining Pi crypto on your phone. Today, let’s look at another crypto coin that can be mined on your phone and see if it is worth it.
What is Phoneum?
Phoneum is one of the new age mobile only crypto currencies that can be mined only from the mobile phone. The team behind Phoneum is building a community of users who would socialize the Phoneum coin, PHT as it is called.
The Phoneum ecosystem has an app (available on iOS and Android) which can be used to mine the PHT coins, then several mobile games that keep users engaged and incentivize them to earn more coins.
How big is Phoneum
There are a total of 2 Billion PHT coins in supply. Of this in a given 24hour period, only about a million coins are traded, indicating low liquidity. As of now, the crypto is extensively traded only on the Probit exchange.
How to mine PHT coins?
It is one of the easiest things to do. PHT mining is done on the cloud. So, on your phone, similar to the Pi app, you just have to open the app and click on mine. Unlike other cryptocurrencies such as Bitcoins (BTC), Ethereum (ETH), Litecoins etc, you dont need large infrastructures or big rigs to mine these tokens.
Once you have hit mine, the app mines for a total of 7 days and then stops. Then, you need to log in again to make it mine again. So you need to sign into the app every 7 days to claim the previously mined coins and then click mine again to start earning more PHTs.
Is it worth mining for PHT?
In short maybe. It is not the best or the most lucrative one out there. If you do have a lot of patience then, do mine it by all means. For it is not actually time intensive.
Why do I say it may not be worth it? Because, the rate at which you can mine PHT is extremely low. I have been mining for 3 months now, and I have accumulated about $0.5 worth of Phoneum on one of my mobiles. I have two phones mining, taking my total to $1 for 3 months.
Every week, on two phones, I make about $0.2 which is about Rs.14 per week, working out to about Rs.50 per month and Rs.600 per year. Which, may or may not be worth it depending on your time and other criteria.
Like I said, mining is very easy. In order to mine it, you need to sign in every week and click on mine. The mining is done on the cloud, so no resources or extra battery is taken from you. The only hassle is to remember to log in every week.
Cost of PHT
The cost of one PHT is $0.000116 for 1 PHT. You need about 10,000 PHT to make 1.16 USD.
Doubling your mining speed
Phoneum offers an option to pay them a fee in order to double the rate at which PHT coins are mined on your phone. This is NOT worth it, don’t waste your money on it. The amount you pay is far higher than the value of the coins that will be mined for this rate.
Trading of Phoneum coins
Once you have mined $3 worth of coins, you have an option to withdraw the coins to your Probit account. From here, you can convert it to any preferred currency and trade.
PHT coins in itself offer little to no benefits of trading at the moment due to low liquidity. Perhaps in the future, as the platform scales and gets adopted more, this may change.
Withdrawing Phoneum PHT token
The PHTs you earn via the app and the games can be withdrawn from the cloud mining app to the Phoneum Wallet app. The minimum withdrawal requirement is 30,000 PHT (about $3). Once withdrawn you can move the PHT to Probit or other supported exchanges and convert to Bitcoins or other preferred crypto currencies.
It is possible to directly withdraw to other supported wallets too.
Phoneum App for PHT Mining
Some questions on Phoneum
You can withdraw your Phoneum PHT coins to an accompanying Phoneum wallet or to any other supported wallet. The minimum withdrawal is 30000 PHTs.
1 PHT is worth about $0.000116 USDs. That is about 10000 PHTs for $1.16
Cryptocurrency mining is legal in most countries. In India, US, UK, Singapore it is legal. You need to check with the authority for your country to see if they have demarcated it as illegal.
As of today, mining crypto is not profitable. However, mining crypto on the phone with apps such as Phoneum and Pi network can be a source of passive income as they do not require investments or resources. So just giving you a very tiny stream of income on the side.