HTC users can now mine monero (XMR) on their EXODUS smartphones

Fibo Quantum

  • HTC EXODUS users can mine XMR through the DeMiner app.
  • The company partnered with Midas Labs for this new initiative.

Mobile phone manufacturer giant HTC will soon allow its users to mine monero (XMR) crypto through its EXODUS 1S blockchain smartphone. The firm recently announced that it had joined forces with ASIC chip design firm Midas Labs for the initiative. The latter is building an app dubbed DeMiner, which is expected to be available in the second quarter of this year. DeMiner is designed to automatically inactivate mining whenever the phone is in regular use or when the charger is unplugged. HTC’s decentralized chief officer, Phil Chen, said that the app would help decentralize mining and make it “cost-efficient.” 

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.

Midas Labs noted that mining XMR on desktops is not cost-efficient and a generic laptop can usually mine XMR worth $0.06 per day by burning 65W of power. This much power roughly costs $0.156 daily, making mining “a loss-making endeavor.”

As per the Founder and CEO of Midas Labs, Jri Lee:

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.