Posted 2 years ago | by Ben Armstrong
HTC Allows Users to Mine Monero (XMR) via Exodus
Mobile phone manufacturer giant HTC announced on April 10 that the Taiwanese firm will allow users to mine Monero (XMR) cryptocurrency directly through its blockchain phone, called Exodus.
According to the announcement, the firm partnered with Midas Labs, the ASIC chip design firm, to enable the device to mine Monero through an application, DeMiner, which will be available for download in Q2 2020.
While growing concerns that cryptocurrency mining activity involves high energy consumption, and therefore high costs, HTC ensures to be able to reduce these levels by transferring work to mobile devices.
HTC Makes Monero Work for Mobile
The app is designed to automatically inactivate mining when the charger is not plugged or when the mobile device is in use.
The decentralized chief officer of HTC, Phil Chen, said:
“The crypto world is under threat from the domination of the hash rate 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”
Chen went on to say:
“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.”
The HTC executive also claimed that he believes democratizing mining via mobile phones is one way to eliminate the problem of giant mining pools controlling the decentralized token networks. There has been a move toward greater centralization in the mining community, and this could become an issue over the next decade.
Mobile Mining is a Neat Idea
Dr. Jri Lee, CEO and founder of Midas Labs, commented on the DeMiner app:
“We developed the DeMiner app such that a smartphone device will have a hash rate comparable to a desktop while consuming much less power. This enables mobile devices to be suitable for cryptocurrency mining (in a plugged-in state) for the first time. Starting from open-source frameworks, we restructured and optimized mining for mobile.”
Lee also stated that a typical laptop can mine XMR of equivalent to around $0.06 per day by burning 65W of power, which costs roughly $0.156 USD daily:
“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”
Most people are going to use a mobile device every day anyway, so it makes a lot of sense to allow them to mine cryptos, and help run a decentralized network. If the mining proves to be profitable, the trend of mobile mining apps could be in its early phases.