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HTC’s Mining Smartphone Not Much of a Money Maker

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Recently, HTC, a phone manufacturing company which has focused on the potential of blockchain in mobile devices, has announced that its EXODUS 1 phone will incorporate mining capabilities. This comes as HTC partners with Midas Labs to bring Monero mining to the device. 

As the announcement made of Forbes states, this seems to be a very new and pioneering stage for the idea of cryptocurrency mining on mobile devices. From HTC and Midas’ points of view, it is more about helping decentralize the mining of certain blockchains, with Moenro being the most viable to begin things with as these devices can achieve mining this coin. 

“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,” explained Phil Chen, Decentralized Chief Officer at HTC. 

For those who do decide to mine Monero on their smartphone however, the financial incentive will be very low as Midas Labs estimates a mining average of $0.0038 worth of XMR per day. Unfortunately, this equates to $1.39 worth of XMR a year — and that is at current prices. 

A new way to decentralize the networks?

So, while the promise of financial gain is nearly non-existent with the HTC mobile phoning plan, is there much value in its path towards helping decentralize networks through the use of mobile devices?

Of course, decentralization in the cryptocurrency space is vital, and something that many users and networks strive for, especially in times of major mining pools and ASIC chips. But can this really be a viable way to ensure this?

Monero has been chosen as one coin where this proof-of-work mining is viable on a small hardware device, but will it ever expand to include things like Bitcoin and other top coins where the difficulty is that much greater?

A fool’s game

Ethereum co-founder Vitalik Buterin has weighed in on the notion of mining on smartphones and he sees it as a ‘fool’s game’ however, he does mention the possibility of Proof-of-stake on mobile phones being a more viable option.

“Mining on phones is a fool’s game. Goes against everything we know about hardware economies of scale and more likely to trick users with false hope than help them. Staking on phones, OTOH, is IMO quite promising..,” he tweeted.

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

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