HTC Is Bringing Cryptocurrency Mining to Its Exodus Blockchain Phone

The Taiwan-based tech giant is to allow users of its Exodus 1S to mine monero, but it isn't going to make them rich.

AccessTimeIconApr 13, 2020 at 8:22 a.m. UTC
Updated Aug 19, 2021 at 1:43 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Taiwan-based tech giant HTC will allow users of its Exodus blockchain phone to mine cryptocurrency, but it isn't going to make them rich.

As reported by Forbes on Friday, the firm has partnered with Mida Labs to use its DeMiner app on the Exodus 1S model. The app allows users to mine monero (XMR) and can earn users up to $0.0038 in the crypto on average daily. The electricity used to carry out the mining tasks would come to less than half the income from mining, according to the report.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • That amount of income isn't going to repay the cost of the phone in any reasonable timespan and, in fact, would take around 13,680 days (roughly 37 years) to earn the value of one unit of XMR at the current price of $52 apiece.

    However, HTC says the effort is aimed at bringing further decentralization to crypto mining, a process that sees computers used to secure the blockchain and process transactions in return for block rewards.

    Mining of cryptocurrency has progressed from using computer processors to graphics cards and even dedicated processors called ASICS for some blockchains as participants sought to maintain returns amid rising network difficulty. As such the ability to mine on a mobile phone is at least novel and may increase adoption and education around cryptocurrency.

    HTC said the DeMiner app – expected to launch sometime in Q2 2020 – used on the Exodus is roughly equivalent to a desktop computer in terms of mining (or hashing) power, but brings far lower energy demands.

    "The question is not should we use an ASIC or a CPU. The question is how can we further decentralize and ensure a more inclusive monetary system?” Phil Chen, HTC's decentralized chief officer, said in the Forbes report.

    HTC introduced the Exodus 1S last October, touting it as the only mobile phone that can run a full bitcoin node. The Exodus range allows users to store cryptocurrencies in the built-in Zion hardware wallet with claimed "military-grade" security.

    Early last month, the firm revealed a 5G router that will also support a full bitcoin node.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.