HTC to allow users to mine XMR crypto in its EXODUS blockchain smartphone
Thu, 30 Apr 2020, 04:43 am UTC
Consumer electronics giant HTC will allow its customers to mine Monero (XMR) crypto straight from their mobile if they are using EXODUS 1S blockchain smartphone.
On Friday, HTC announced its partnership with ASIC chip design company Midas Labs. The latter is developing an app called DeMiner which will be available in the second quarter of the year, The Block reported.
The app will automatically inactivate mining when the phone is in regular use or when the charger is unplugged. The upcoming app would decentralize mining and make it “cost-effective.”
“The crypto world is under threat from the domination of the hashrate by giant mining pools. The most effective way to eliminate this problem is to make mining accessible for the masses, and that is through mobile. This app makes smartphone mining cost-efficient, which gives incentives to individual miners and helps to decentralize the network” said Phil Chen, HTC's decentralized chief officer.
According to Midas Labs, mining MXR, privacy-centric crypto, using desktops is not cost-efficient. A typical laptop can only mine XMR amounting to $.006 per day and burn 65W of power, which costs roughly $0.156 daily making it a “loss-making endeavor.”
“Midas Labs empowers EXODUS 1S users to mine at least $0.0038 of XMR per day on average, while the electricity cost is less than 50% of that,” said Jri Lee, founder and CEO of Midas Labs and professor at National Taiwan University.
Meanwhile, HTC has made several downsizing in the past years. In December, it announced another staff downsizing to course-correct its current roadmap and focus on its key products.
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