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Taiwan-based tech giant HTC will allow users of its Exodus blockchain phone to mine cryptocurrency, but it won’t make them rich.
As reported by Forbes on Friday, the company partnered with Mida Labs to use its DeMiner app on the Exodus 1S model. The app allows users to mine monero (XMR) and can earn users up to $ 0.0038 in cryptocurrency on average every day. According to the report, the electricity used to carry out mining activities would amount to less than half of the revenue from the mining activity.
That amount of income won’t pay off the cost of the phone in a reasonable amount of time and, in fact, it would take around 13,680 days (roughly 37 years) to earn a unit’s worth of XMR at the current price of $ 52 each.
However, HTC says the effort is aimed at bringing further decentralization to crypto mining, a process that sees computers used to secure the blockchain and process transactions in exchange for block rewards.
Cryptocurrency mining shifted from using computer processors to graphics cards and even dedicated processors called ASICS for some blockchains, as participants sought to maintain returns amid growing network difficulties. As such, the ability to mine on a cell phone is at least new and can boost cryptocurrency adoption and education.
HTC said the DeMiner app – which is due to launch in Q2 2020 – used on the Exodus is roughly equivalent to a desktop computer in terms of mining (or hashing) power, but carries much lower power demands. .
“The question is not: should we use an ASIC or a CPU. The question is: how can we decentralize further and ensure a more inclusive monetary system? Phil Chen, HTC’s decentralized chief executive, said in the Forbes report.
HTC introduced the Exodus 1S last October, touting it as the only mobile phone capable of running a full bitcoin node. The Exodus range allows users to store cryptocurrencies in Zion’s integrated hardware wallet with declared “military grade” security.
