Users of HTC Exodus 1s smartphones will soon be able to mine Monero (XMR) cryptocurrency directly through its blockchain phone.
According to an announcement by Forbes on April 10, HTC partnered with ASIC chip design firm Midas Lab to enable users to mine XMR directly via an app dubbed as DeMiner developed by Midas Labs.
The app, developed by Midas Labs, is designed to give users the mining power of a desktop but by consuming much less electricity, via the smartphone, in order to make decentralized mining far more cost-efficient and competitive.
Phil Chen, HTC’s decentralized chief officer says:
“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.”
Giant mining pools currently dominates the hashrates, that puts the whole crypto space at a risk. The HTC executive believes that democratizing access through smartphones is one of the major way to solve in eliminating this issue.
Dr. Jri Lee, CEO and founder of Midas Labs added on the DeMiner app:
“We developed the DeMiner app such that a smartphone device will have a hashrate 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.”
Source: Cointelegraph | Image: HTC Exodus