Creator of second largest cryptocurrency by market capitalization Ethereum, Vitalik Buterin has taken a swipe at the blockchain phone of popular electronics manufacturer HTC.
The latest device 1S which is termed a blockchain phone and able to mine cryptocurrency, specifically the privacy centric coin Monero XMR according to the manufacturer is designed to mine XMR when the device is connected to power source or not being utilized.
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.— vitalik.eth (@VitalikButerin) April 13, 2020
*Staking* on phones, OTOH, is IMO quite promising…https://t.co/VGgkoHIDsP
Buterin said mining on the phones is a fool’s game. And that the device goes against everything we know about hardware economies of scale and more likely to trick users with false hope than helping them.
The new of the device was recently reported by CryptoTVPlus which showed that the according to HTC, mining on the device will use a certain App called DeMiner to mine XMR.
The device which is expected to be available in the second quarter of the year worked by deactivating mining when the phone is in use or when it is not connected to a power source.
The firm handling the development of the App, Midas Labs compared mining in desktop computers to other powerful machines saying “mining monero (XMR), a privacy centric cryptocurrency, on desktops is not cost-efficient.” “………..a typical laptop can mine XMR of equivalent to around $0.06 per day by burning 65W of power, which costs roughly $0.0156 daily – a loss-making endeavour”.
Founder of Midas Labs also said the App (DeMiner) empowers EXODUS 1s users to mine at least $0.0038 of XMR per day on average, while the electricity cost is less that 50% of that. An endeavour which Vitalik Buterin called Fool’s Game.
Buterin said mining on mobile devices will likely trick users with false hopes than helping them. He continued further on staking on mobile devices is staking. In his words “*Staking* on phones, OTOH, is IMO quite promising…”