HTC to launch the Cryptocurrency Mining app on mobile phones

The mobile phone manufacturer HTC, which is very interested in the application of blockchain-based technology to mobile phones, has now decided to move into the field of cryptocurrency mining.

Through HTC Exodus, its blockchain-based flagship, the company has partnered with Mida Labs to integrate cryptocurrency mining into the mobile phone environment for the first time. The The DeMiner application developed by Midas Labs will be available for download in the second quarter of 2020.

The immediate concern is that the term cryptocurrency mining focuses on issues such as high computing power and energy consumption. However, HTC and Midas Labs argue that they have made mobile devices more energy efficient by using the privacy-oriented cryptocurrency Monero (XMR).

The DeMiner application is reported to be comparable in functionality to normal desktop computers Hash rate, although its energy consumption for such computing power is much lower. In this way, for the first time, mobile devices can be considered suitable for cryptocurrency mining (while connected).

In this way, EXODUS 1S users with Midas Labs can extract an average of at least USD 0.0038 per day in XMR, while electricity costs are less than 50% of this amount.

Bring cryptocurrency mining to mobile phones

The traditional idea of ​​mining cryptocurrencies conjures up images of either powerful GPUs or ASIC chips, a massive piece of hardware designed for the express purpose of solving such equations. Mining on a cell phone seems to go against the grain.

However, Phil Chen, director of decentralization at HTC, says Bitcoin and mobile phones They are the most important and impressive technological inventions of recent times.

“I’m lucky to be at the forefront of both technologies. What drives our decision to adopt these technologies is our values, particularly how we can support decentralization and create a more inclusive monetary system, “he said.

He added that “Mobile cryptocurrency mining is an important research topic for developing secure cryptocurrency networks. In this sense, it is reported that almost 3.5 billion cell phones will be used in 2020. For this reason, he believes that his mining application would help to decentralize and better distribute them Hash rate and the computing power of such cryptocurrency networks. “

For Phil Chen Monero, it’s an important and important experiment because it uses the Random X algorithm, which is suitable for CPU-based calculations. With this algorithm, you can fight against some of the centralizing forces that arise Pools Mining in Bitcoin ».

He adds that the mature development of mobile energy saving software as opposed to Laptop or power hungry desktops, increases the profitability of mobile mining.

At HTC, our position is to use cell phones to further decentralize cryptocurrency mining. The mobile phone has become the main device for people, and if mining is accessible to everyone, people will be empowered. In other words, the question is not whether we should use an ASIC or a CPU. The question is how we can further decentralize and secure a more inclusive monetary system.

Phil Chen, Director of Decentralization at HTC

Jri Lee, founder and CEO of Midas Labs and professor at National Taiwan University, shares Chen’s thoughts on decentralization.

Cryptocurrency mining should never be limited to centralized mining farms or giant miners. Dismantling on mobile devices or other personal devices perfectly corresponds to the core spirit of the blockchain. “Also keep in mind that the most valued cryptocurrencies are still based on Proof of Work (PoW) today. “This means that mining is an indispensable part of these cryptocurrencies,” he said.

It also believes that The decentralization is intensified by the mining of mobile phones, as this increases the security of cryptocurrency networks. “If we help secure the networks, all cryptocurrency users would benefit,” he said.

We should also keep in mind that there are billions of smartphones worldwide. Using the example of Monero, the mobile hash rate could easily exceed the existing hash rate if only 1% of the smartphones are mining. The provision of mining for mobile phones is a really important step for the blockchain.

Jri Lee, founder and CEO of Midas Labs

Monero is worried

Monero is the cryptocurrency chosen by HTC to begin this journey to further decentralize cryptocurrencies through mining on mobile devices. It is a coin that is somewhat controversial.

XMR focuses on data protection and is often used in environments that are considered illegal. Anonymity added to XMR Lets the cryptocurrency rub against the regulators and generate negative reactions in the business.

BitBay, founded in Estonia, announced that it would stop trading in Monero in February due to regulatory concerns regarding the possible use for money laundering. This was followed by his resignation from the OKEx exchange house. Coinbase in the UK has also rejected zcash, a cryptocurrency that also tends to protect data.

For Chen, problems with the privacy aspects of cryptocurrency shouldn’t affect her technical ability to be undermined on mobile phones. “Any problem with Monero’s privacy does not affect its technical ability to be undermined in this important and innovative project.”

From a broader perspective, the problem is with financial institutions and banks, as they have to implement anti-money laundering measures in addition to other regulations and need to know their customers (AML or KYC).

Phil Chen, Director of Decentralization at HTC

“It has to be differentiated that we should regulate people and companies. We should not be mistaken in thinking that money should become a title. This experiment was done hundreds of years ago, “he concluded.

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Translated version of Darryn Pollock’s article published on Forbes.