Can HTC’s Blockchain Phone Mine Enough Crypto to Pay for Itself?

  • AUTHOR: anam
  • POSTED ON: April 30, 2020

The Block reports that HTC’s Exodus blockchain smartphones are expected to attain their own mining app, which will allow them to mine Monero cryptocurrency when the device is plugged in or idle.

The DeMiner app is set for a launch in Q2 2020 and is developed by Midas Labs. According to its claims, HTC’s Exodus 1S smartphones would mine $0.0038 of Monero a day, which doesn’t exactly signal towards a financial goldmine. On the contrary, Decrypt discovered that at this rate, you’d only be able to make just over a dollar a year. So… you need 170 years to pay for the cost of Exodus 1S which is $237, and that too if you’re excluding the electricity cost!

Of course, it would be foolish to assume that anyone would make this purchase as an investment. Can you imagine buying a phone just so that it can mine a little cryptocurrency while it’s on charge?

It has further been disclosed that this device consumes less power when it’s busy “mining” its own business (had to!).

“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.” – says Phil Chen of HTC.

It must be highlighted that according to Forbes, Monero is not to be trusted. In fact, the currency has been delisted by two exchanges (BitBay and OKEx) in the past year due to the complaint that its privacy-focused design makes it challenging for them to comply with rules and regulations. However, Chen has dismissed these controversial allegations reassuring that banks can still comply with regulations utilizing the currency.

Updated April 30, 2020
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