HTC EXODUS 1s smartphone users will soon be able to step further into the world of cryptocurrency thanks to a new app, coming this quarter, that will allow them to turn their device into a crypto mining machine. HTC has partnered with Mida Labs to bring the DeMiner app to the phone in the coming weeks, but will the app reinvent crypto mining and bring it back into the home, or is it just a gimmick that isn’t worth the electricity needed to run it?
XMR Mining Coming to a Pocket Near You
HTC has stated that DeMiner will allow users to mine Monero (XMR), which is a coin traditionally mined with racks of GPUs. However, Midas claims they have found a way to make it cost effective. According to Forbes, the app is “reported to be comparable to regular desktop computers in terms of hashrate ability” but with far reduced energy costs.
So are we really likely to see racks of EXODUS 1s phones plugged into power sockets in place of graphics cards? Probably not – the phone itself costs some $245, and DeMiner mines at around $0.0038 of XMR per day at current prices. That equals $0.114 per month, earning you a grand total of $1.37 per year. Being generous with XMR prices and assuming further tweaks in the mining algorithm over time, it will still take you some 175 years to recoup the cost of the phone.
Profitability is therefore clearly not the goal of HTC here, with Phil Chen, Decentralized Chief Officer at HTC, admitting as much:
Mining on mobile is an important research topic in understanding the development of secure crypto networks. 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 such crypto networks.
Crypto Mining Stays Out of the Home
Sadly for those looking to make a quick buck from crypto mining, the HTC EXODUS 1s is therefore going to be consigned to the same scrapheap of noble intentions as the Coinmine One.
Home crypto mining may yet make a comeback, but until someone can find a way to generate the power of an ASIC miner with the electricity demands of a standard home appliance then it will remain the preserve of companies and dedicated enthusiasts with an generous electricity supplier.