Best tips for creating a cryptocurrency mining app

01.

How cryptocurrencies shape the future of payments

It’s almost a given now: cryptos are the future of investments and payments.

In a recent CNBC interview, Brad Garlinghouse, CEO of the blockchain startup Ripple, predicts the combined capitalization of the cryptocurrency market topping $5 trillion in 2024. Nasdaq names 2024 ‘a Bitcoin renaissance year’. It is predicted that Bitcoin will surpass its all-time high in 2024, reaching $80,000.

The resilience shown by cryptocurrencies throughout the pandemic years has attracted crypto traders and miners seeking avenues for passive income generation. Hence, there is a growing demand for innovative technologies and software solutions facilitating mining, purchasing, and selling digital coins.

But before we proceed to our experience-based tips for creating a cryptocurrency mining app, let’s take a look inside the blockchain technology that powers cryptocurrencies, among other things.

02.

Understanding blockchain mining

As more people seek an understanding of how to mine cryptocurrencies, they turn their attention towards blockchain technology. 

Essentially, blockchain is a specialized form of database where each block is cryptographically linked to the previous one and distributed across multiple computers. To receive cryptocurrency coins, miners use their computers to solve complex mathematical problems.

03.

Tip 1: Thorough market research is a must

Before starting cryptocurrency mining, you need to conduct extensive research. This will enable you to identify your target audience, as well as the primary objectives of the future platform. At this stage, understanding the demographics, preferences, and technological capabilities of potential users is essential.

Seeing that cryptocurrency mining is an energy-consuming process, we advise focusing on individuals with high-power computers, such as gamers, who possess the necessary resources and show interest in accelerating and monetizing their computer power. Touchlane employed this approach for one of our fintech projects and it proved to be successful.

04.

Tip 2: Start with an MVP (minimum viable product)

The crypto market is constantly changing – that’s why we suggest adopting a traditional MVP approach to delivering your project. An MVP will allow for gauging user interest, soliciting feedback, and refining your platform’s features and functionalities.

05.

Tip 3: Select an optimal tech stack

When you choose the technology stack for your crypto mining project, there are three main factors to consider, namely scalability, maintenance complexity, and framework versatility.

Some developers prefer using Node.js and GoLang for their crypto mining projects, but both options have their drawbacks. Node.js is famously complex for maintenance, while GoLang has a limited framework selection. Touchlane recommends utilizing a stack that includes Java for the backend and Electron and Angular for the frontend. 

Based on our experience, Java is a good choice for mid-sized and large apps due to its ease of maintenance, steady operation, and flawless usability. Furthermore, libraries with first-class frameworks are available for many use cases, including mining platforms, for faster development.  

When using Electron for the frontend, your desktop app is supported by all major operating systems. In addition, the combination of Electron and Angular provides a good variety of design options and easier maintenance.

Some prefer using React Native for developing a cryptocurrency app. The framework’s advantages include better flexibility and device compatibility, code reusability, and free and ready-to-use UI components.

06.

Tip 4: Assemble a competent development team

Given the sensitive nature of crypto mining, paying particular attention to the backend is vital for creating a steady backbone for your future desktop platform. Moreover, you should invest in meticulous QA testing and attentive UX/UI design to guarantee error-free performance and seamless usability.

For our Gaimin project, we formed a dedicated development team with all these tips and project specifications in mind. The Touchlane team included Java specialists, a QA expert, and a UX/UI designer. We were able to satisfy the customer’s needs and successfully launch the product to the market.

07.

Building your unique cryptocurrency

If you plan to go beyond developing an app and delve into creating your cryptocurrency, you should take into consideration the biggest challenge which is establishing the value of your coins. Resources for crypto coin development may be readily available, but marketing efforts and attracting miners require considerable investment and strategic planning.

Conclusion

Cryptocurrency apps offer immense potential and reshape the modern financial landscape, serving as new ways for passive income. By offering scalability and community-driven evolution, cryptocurrency mining development presents opportunities for business owners and investors.

Are you looking to build an iOS or Android app using blockchain for crypto mining? Touchlane is ready to guide you through every stage, from MVP creation to official product launch. Contact us for a consultation and a project estimate.