HTC and Midas Labs are bringing crypto mining to HTC Exodus blockchain-enabled mobile device users; who will be able to mine Monero (XMR) straight from their HTC EXODUS smartphone using the DeMiner app, developed by Midas Labs. The app will be available for download in Q2, 2020.
Phil Chen, Decentralized Chief Officer at HTC, says “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. This is the first step and being able to mine Monero, a privacy-centric token, which fits very well within the EXODUS vision.”
Monero (XMR), the privacy-centric cryptocurrency, adopted a new CPU-friendly algorithm called RandomX in November 2019. However, it is still not a cost-efficient way to mine on a desktop. According to Midas Labs, a typical laptop can mine XMR of equivalent to around $0.06 per day by burning 65W of power, which costs roughly $0.156 daily — a loss-making endeavor.
Dr. Jri Lee, founder, and CEO of Midas Labs and Professor at National Taiwan University, states: “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. 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.  Midas Labs will deepen the process of decentralization by providing hardware-related solutions for the mobile industry. Midas is excited to collaborate with Exodus to enable an even greater user-friendly…