HTC recently announced the launch of a new application on its Exodus line of phones, which would allow its users to mine Monero from their mobile. However, after an analysis revealed that it would take 500 years for this mining to be profitable. Ethereum founder Vitalik Buterin has launched a criticism against the HTC phone in our Tweet of today:
Buterin criticizes HTC’s phone
Just a few days ago, here at CryptoTrend, we reviewed HTC’s announcement of a phone application to mine Monero. Taiwanese company that in recent years has bet on Blockchain technology, as a means to differentiate itself from the competition, especially in its Exodus line of phones.
It would have been developed in conjunction with the chip company ASIC Midas Labs, and would take advantage of the power of Exodus phones, to turn them into nodes in the Monero chain. Which would allow users to turn their cell phones into means for profit.
However, a recent study would reveal that it would take 500 years for this mining to cover the cost of HTC’s phone. Making the idea of using the Exodus phone to mine cryptocurrencies much less attractive, for all the time it would take for the investment to be profitable.
As Buterin commented on his Twitter account, denying that phones can be efficient mining machines:
“Mining on phones is a fool’s game. It goes against everything we know about hardware economies of scale. AND you are more likely to mislead users with false hopes into helping them. Investing in phones, on the other hand, is quite promising“
With these statements, Vitalik Buterin criticizes the HTC phone, making clear his position on the new Exodus application. Calling it a “fool’s game,” since cell phones are not designed for cryptocurrency mining.
Considering that other activities that can be carried out with cell phones in the crypto market, have a greater future than the idea of HTC for the Monero mining.