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The co-founder of Ethereum blockchain, Vitalik Buterin, has downplayed a recent partnership between HTC and Midas Labs to let users mine Monero cryptocurrency on HTC Exodus crypto mobile phones.
On Friday, April 10, it was reported by Forbes that Taiwan based computer manufacturing company HTC partnered with Midas Labs to bring crypto mining to the HTC blockchain-enabled phone. The partnership inducted the mining of Monero (XMR) directly on the HTC EXODUS smartphone via DeMiner app, a Monero mining application developed by Midas Labs.
Jri Lee, the founder of Midas Labs explained that the smartphone makes mining of Monero easy due to the low power it consumes.
“Midas Labs empowers EXODUS 1S users to mine at least $0.0038 of XMR per day on average, while the electricity cost is less than 50% of that. Midas Labs will deepen the process of decentralization by providing hardware-related solutions for the mobile industry. Midas is excited to collaborate with Exodus to enable an even greater user-friendly environment for blockchain enthusiasts.”
Nevertheless, critics found fault in the innovation, stating that it is fruitless and somewhat worthless. They vilified the DeMiner app, analyzing that it would take about 37 years to earn a Monero (XMR) if one mine on the mobile phone every day.
While the chain of condemnation continues over the inefficiency of the application, Russian-Canadian programmer Vitalik Buterin also crucified the innovation.
In response to an article published by DeCrypt Media where it was analyzed that it would take 500 years to regain the cost of the phone if Monero (XMR) is being mined every day, Buterin said, “Mining on phones is a fool’s game.”
He explained that mining on the phone gives users a pipe dream.
“Goes against everything we know about hardware economies of scale and more likely to trick users with false hope than help them”, Vitalik said, adding that he thinks to stake on phone, on the other hand, is quite prolific.