HTC Mobile phone manufacturer has come up with new possibilities for the users to mine Monero (XRM) straight via its blockchain tech-based smartphone HTC Exodus 1S.
As per the announcement, HTC has stepped in the segment of decentralized hash rate and partnered with Midas Labs- The ASIC chip design firm specializing in blockchain mining and AI applications, to facilitate mining provision amongst the miners. The partnership officially announced on April 10 via Forbes.
According to the Consumer electronics giant- HTC, the company is aiming to deepen the process of decentralization by providing hardware-related solutions for the mobile industry.
Proof of Capital– the venture capital firm that led the seed round in Midas Lab said in a medium blog:
“Their proprietary “super hash engine” design enables them to produce the world’s first reprogrammable ASIC chip, initially targeting support for all of the significant hashing algorithms for digital assets on a single chip.”
“Bringing mining to mobile is a crucial step for blockchain.” Said Dr. Jri Lee, founder and CEO of Midas Labs.
HTC to Use DeMiner App
While teaming up with Midas Labs, HTC would be able to use its AI application named DeMiner that will help in mining the Monero. Meaning, HTC Exodus 1S users can download the DeMiner app and instantly start mining monero (XMR) – the privacy-focused cryptocurrency.
Reportedly, users can download the DeMiner app in Q2 2020- the expected time mentioned by Forbes.
Monero (XRM ) also deploys the RandomX due to its suitability for CPU-based calculation. The collaboration makes the duo cost-effective and efficient comparing the traditional mining process that consumes high GPU power.
“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 crypto networks.”
“Monero is an important and crucial experiment resisting the trend of centralized mining. The use of this algorithm is actively fighting some of the centralizing forces that create the mining pools in Bitcoin.” Said, Phil Chen, Decentralized Chief Officer at HTC.”
The announcement reads: “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.”
Reason of Possibility:
By design, DeMiner app has an inbuilt feature to automatically inactivate mining process, when the phone is in constant or regular use or when the charger is unplugged. This function will deliver the higher efficiency, and it’s cost-effective, too when measuring to the usual mining process, which consumes high energy and high computing power.
According to Lee, Cryptocurrency is decentralized money, and it should not limit to centralized farms or giant miners. The leading spirit of blockchain technology is decentralization which must enable mining on mobile or other personal devices.
“Mobile mining will meaningfully add to decentralization as it will increase the security of the network. If we’re helping to secure the networks, then all cryptocurrency users benefit from it. We should also bear in mind that there are billions of smartphones in the world. Using Monero as an example, the mobile hash rate could easily exceed the current hash rate if only 1% of smartphones conduct mining. Bringing mining to mobile is a significant step for blockchain.”