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HTC Blockchain Phones Need a Century’s Mining to Cover Purchase

HTC's Crypto Phone Can Run a Full Bitcoin Node

The Exodus blockchain smartphone line of HTC is set to receive its own crypto mining app quite soon. With this, it will allow them to mine the Monero cryptocurrency should it be plugged in and idle. This will be done by the DeMiner app, which was developed by Midas Labs. DeMiner has been scheduled to launch in Q2 2020.

Paying Back The Phone’s Price In 170 Years Of Mining

According to Jri Li from Midas Labs, the Exodus 1S model smartphone should be capable of earning you $0.0038 in Monero mined every day. As one would imagine, this doesn’t turn the phone into any sort of profitable venture. In fact, when you crunch the numbers, it feels even less worth it: The smartphone will only be able to make a single dollar in a year’s idle time, $1.387, to be exact.

Crunching the numbers, it can be figured out that the price tag of approximately $237 for the Exodus 1S will only be repaid in about 170 years. This, and of itself, is excluding the electricity bills, which could make you run at a loss altogether.

Tradeblock Expects Bitcoin Mining Costs to Touch $12,500

Electric Bill Shouldn’t Be A Concern

Now, there are many reasons to buy an Exodus smartphone that doesn’t involve some half-batched scheme to earn money through crypto mining. The idea behind the mining is to purchase a smartphone to use in the day-to-day, as well as using it to mine a little something while charging.

The most important thing for Midas Labs as they developed this feature, is the smartphone itself holds a relatively efficient processor. What this means, is the phone itself consumes less power when mining an equal amount on other systems.

While an average laptop can mine approximately $0.06 in Monero every day, it will cost roughly $0.156 just to process the mining. In the end, you’ll run a loss. However, it’s expected that the Exodus 1S should be able to mine with a profit margin of 50%, taking energy bills into account.

Ideals In The Concept

There’s a further philosophical aspect of transforming a mobile smartphone into a mining device. This, in and of itself, could potentially lead to a decentralized, more extensive network in the long run. A blockchain network relies on the fact that not one miner should have too large a mining pool, relatively speaking. This puts the system itself at risk of a 51% attack, something Ethereum Classic can testify is not a pleasant experience, as it suffered such an attack last year.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.