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HTC Announces To Mine Monero (XMR) Via EXODUS 1S Blockchain Smartphone

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HTC Announces To Mine Monero (XMR) Via EXODUS 1S Blockchain Smartphone
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  • HTC is all set to permit the users to mine Monero (XMR) cryptocurrency through its EXODUS 1S blockchain smartphone directly. 
  • HTC’s decentralized chief officer Phil Chen stated that the DeMiner app will help to decentralize mining and will make it cost-effective.
  • As per Midas Labs, mining Monero (XMR) is not cost-competent in desktop as it is a privacy-centric cryptocurrency.

A leading consumer electronics industry, HTC is all set to permit the users to mine Monero (XMR) cryptocurrency through its EXODUS 1S blockchain smartphone directly. Today, the company announced that it has associated with ASIC chip design company Midas Labs for the implementation.

Deminer to Launch in Quarter 2

The Lab is working to develop an app called Deminer scheduled to be launched in the second quarter of this year. According to the announcement, the key features of Deminer include automatically turning off the mining when the phone continuously used or the charger is unplugged.

HTC’s decentralized chief officer Phil Chen stated that the DeMiner app will help to decentralize mining and will make it cost-effective. The crypto ecosystem is facing the domination of the hashrate by giant mining pools, and eliminating this problem, one has made mining accessible for the masses by using smartphones.

He further added, by using this app, it makes mining cost-efficient and offers incentives to every miner, and supports to decentralize the network.

Mining Monero (XMR) is not cost-efficient in desktop

As per Midas Labs, mining Monero (XMR) is not cost-competent in desktop as it is a privacy-centric cryptocurrency.  While mining through a laptop, one can mine XMR of equivalent to around $0.06 per day by consuming 65W of power. It costs approximately $0.156, which is a total loss attempt.

The founder and CEO of Midas Labs and professor at National Taiwan University Jri Lee said With the use of EXODUS 1S, the user could mine an average of $0.0038 of XMR per day burning the electricity cost less than 50% of that.

HTC has participated in various crypto and blockchain-related ventures. Recently, it has introduced a blockchain router that can be accessed from home to run a full bitcoin node.

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