HTC will allow its users to mine crypto on smartphones
The Taiwan-based tech giant is to allow users of its Exodus 1S to mine Monero, but it isn’t going to make them rich.
The electronics giant will enable the option of mining Monero through a mobile application in its blockchain phone.
HTC will allow its users to mine Monero on smartphones Exodus and Exodus 1s. XMR will be obtained through the application DeMiner, which is made in cooperation between HTC and chip manufacturer for ASIC-miners Midas Labs. Its official release is scheduled for the second quarter of 2020.
HTC management came up with the idea of smartphone mining for a reason. They believe that the transition to mining on mobile devices will significantly reduce energy consumption by the industry. By the way, there will be no problems with the smartphone itself. The application will automatically stop coin mining when the device is used by the user or when it is not charging.
The company management itself is concerned that the mining industry is subject to centralization. They believe that large companies are capturing more and more of the computing power to mine the cryptocurrency.
“Mining on mobile is an important research topic in understanding the development of secure crypto networks. The number of mobile phones in 2020 is approaching 3.5 Billion, which would further decentralize and distribute the hash rate and mining power of such crypto networks.”
According to the developers’ calculations, HTC Exodus 1s will earn at least $0.0038 per day. This figure is relevant to the current difficulty of mining and price of Monero, according to the CEO of the company.
Sadly, the average buyer is not able to pay off the device even for the rest of his life. Let’s calculate: if a smartphone mines 0.0038 dollars a day, it will earn almost 1.39 dollars in one year.
The cost of HTC Exodus 1s, which was introduced in October last year, is $244. Now let’s imagine that the electricity bills, the difficulty of Monero mining and the price of the cryptocurrency will remain the same. At their current values, you would need at least 175 years to pay off your smartphone.
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