Mining on phones is nothing more than stupidity, Buterin is sure

Mining on phones is nothing more than stupidity, Buterin is sure

How I lost $100,000 in Bitcoin, Litecoin, & Ethereum – Lessons Learned

Contents

Mining on phones is nothing more than stupidity, Buterin is sure
CONTENT

  • Smartphone mining is false hope, Ethereum co-founder says

  • The mobile mining device market already has practical examples, but they are all fake

  • The emergence of a real mobile device for mining will help decentralize the market

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Ethereum Ecosystem Co-Founder Doubts Mobile Mining Idea.

Mining on phones is nothing more than stupidity, Buterin is sure

One of the founders of the Ethereum (ETH) cryptocurrency ecosystem, Vitalik Buterin, commented on the release of a new smartphone from HTC called EXODUS 1S, which will be able to mine the anonymity-oriented cryptocurrency monero (XMR).

Mining on phones is nothing more than stupidity, Buterin is sure

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 … https: //t.co/VGgkoHIDsP

– vitalik.eth (@VitalikButerin) April 13, 2020

Buterin wrote on his Twitter page that mining on mobile devices is nothing more than “stupidity”.

“This [mining on phones] goes against everything we know about hardware economies of scale and is more likely to give users false hope rather than help,” Buterin wrote..

The criticism of the Ethereum co-founder comes against the backdrop of an advertising campaign by a Taiwanese mobile device manufacturer, in which HTC claims that the EXODUS 1S smartphone will be able to mine cryptocurrency.

Everyday innovation

HTC says this was made possible by a partnership with ASIC chip development company Midas Labs. Midas Labs is reportedly creating an app called DeMiner for mining on mobile devices. The release is expected in the II quarter of this year.

The cryptocurrency mining app is expected to automatically shutdown every time a mobile device is activated.

At the same time, the mining application will make it possible to mine at least $ 0.0038 per day on average, while the cost of energy costs will be less than 50% of this amount.

Phil Chel, the head of decentralization of the company, said that DeMiner contributes to the decentralization of mining.

“The cryptocurrency industry is endangered by domination of the hash rate of large mining centers. The most effective way to solve the problem is to promote the development of mining for the general public, including mobile devices, “notes Chen..

Mining simulation

HTC EXODUS 1S is far from the first mobile device that aims to bring mining to smartphones.

Previously, the cryptocurrency ecosystem Electroneum (ETN), which developed its own smartphone Electroneum M1, tried to achieve the same..

However, as it turned out later, the smartphone was not engaged in actual mining, but only transmitted reports on the energy costs made to the cloud mining center, which subsequently calculated the amount of profit through a special application.

“When we talk about mining, we are talking about simulation of mining. We reward users for their participation. As long as the user uses the application on a regular basis, he receives up to $ 3 in ETN monthly, “- said Conor Doyle, head of marketing at Electroneum, in an interview with TNW..

At the same time, the cost of the device itself is $ 80.

It remains to be seen whether Midas Labs’ solution is analogous to cloud mining.

What do you think? Is a breakthrough possible in the mobile mining market? Share with us with your thoughts in the comments.

Mining on phones is nothing more than stupidity, Buterin is sure

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