HTC EXODUS and Midas Labs announced that they have started supporting mining the Monero cryptocurrency (XMR) tothrough the DeMiner application which will launch in the second quarter of 2020.
HTC is the manufacturer of the blockchain smartphone Exodus It also contains a full Bitcoin node and is capable of mining multiple cryptocurrencies.
Phil Chen, HTC's decentralized CEO, said:
“The world of cryptocurrencies is threatened by the dominance of hashrate by giant mining pools. The most effective way to eliminate this problem is to make mining accessible to the masses, and that is via mobile. This app makes smartphone mining profitable, providing incentives to individual miners and helping to decentralize the network. This is the first step and being able to extract Monero, a privacy-focused token, that fits very well with EXODUS 'vision. ”
Monero (XMR) is one of the most popular privacy coins in the industry, allowing more anonymity compared to traditional cryptocurrencies like Bitcoin, which are just pseudo-anonymous.
According to Midas Labs, a common laptop could mine around $ 0.06 per day on XMR.
Dr. Jri Lee, founder and CEO of Midas Labs and professor at National Taiwan University, explained:
“We developed the DeMiner application so that a smartphone device will have a hashrate comparable to that of a desktop computer, while consuming much less power. This enables mobile devices to be suitable for cryptocurrency mining (in a connected state) for the first time. Based on open source frameworks, we restructure and optimize mining for mobile devices. Midas Labs allows EXODUS 1S users to extract at least $ 0.0038 of XMR per day on average, while the cost of electricity is less than 50% of that. (2) Midas Labs will deepen the decentralization process by providing hardware related solutions for the mobile industry. Midas is excited to partner with Exodus to enable an even friendlier environment for blockchain enthusiasts. "
Meanwhile, Midas Labs also took the opportunity to announce a round of initial financing led by Proof of Capital.
Phil Chen he explained:
“I am excited about our investment in Midas Labs as they apply world-class semiconductor design in the mobile mining space. Importantly, his team has the core value of promoting decentralization and creating a more inclusive monetary and financial system. ”