The crypto industry is looking for mass adoption, which will come at the moment when worldwide audiences both understand and use it’s product. One of the sectors that looks very promising is crypto mining on smartphones. Earlier this year, Samsung’s new S20 smartphone was said to contain a crypto wallet which would allow you to buy and sell your favorite coins online. Given that some 30% of South Korea’s millennials at a certain point during the 2017 epic Bitcoin bullrun held the coin, that is not such a surprising development.
But the second one, allowing smartphones to mine for crypto as you sleep, is.
Ten days ago, we reported how researchers at Stanford had found a way to let your Apple iPhone mine for their crypto as you sleep. Not that you could do much with their Pi coins, but still, it was a promising start.
HTC is now taking that one step further as their newest Exodus phone will let you mine for Monero, an existing cryptocoin actually worth some money. The DeMiner app, which is being developed by Midas Labs, is scheduled to launch in Q2 2020 and would allow you to earn a minimal amount as you sleep and your phone is plugged in.
At the current value of Monero, HTC’s Exodus 1S smartphones would be able to mine $0.0038 a day. If the phone would be mass adopted however, there is a guarantee that the online mentions of Monero would increase and with it (probably) the value of the crypto itself. That is needed because at the current rate, your newest HTC phone could thus earn you …. $1.4 per year only.
There is however also another benefit for the crypto community. In allowing smartphones to participate in the mining of crypto, the threat of a 51% attack diminishes.
“The crypto world is under threat from the domination of the hashrate by giant mining pools,” says HTC’s Phil Chen. “The most effective way to eliminate this problem is to make mining accessible for the masses, and that is through mobile.”