HTC’s new Monero mining phone takes 500 years to pay back, and Vitalik calls mobile mining a game of fools

Crypto mining design company Midas Labs will design a Monero mining application DeMiner for HTC phones, which will be launched this quarter and pre-installed on both HTC Exodus and Exodus 1s phones. According to Jri Lee, founder and CEO of Midas Labs, the advantage of mining Monero on smartphones compared to other mining equipment is lower power consumption, saying “This application allows Exodus 1s users to mine every day. XMR tokens of at least US $ 0.0038 can reduce electricity bills to more than 50%. “This means that even if it is open throughout the year, a mobile phone can only generate US $ 1.39 in XMR token revenue in 1 year. According to the “EXODUS 1 Binance Version” one set selling for 700 US dollars, it takes about 500 years to get back the money, not including electricity. However, the purpose of HTC’s release of this phone is not to make users earn money, but to bring more new users into the decentralized system. In response, Ethereum founder Vitalik Buterin commented, “Mining on mobile phones is a fool ’s game. This is completely contrary to the economies of scale in hardware. This is to use false hopes to deceive users rather than help them. I think that in Services running staking on mobile phones may have more potential. “