Ethereum Co-founder Criticizes Monero Mining with Mobile App

Ethereum’s Vitalik Buterin Criticizes Monero Mining with Mobile App

HTC, a tech giant company located in Taiwan, has entered into partnership with Midas Labs, allowing users of HTC EXODUS phone to mine Monero cryptocurrency.

However, Vitalik Buterin, co-founder of Ethereum, has criticized the deal on his Twitter account:

“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.”

DeMiner app to launch in Q2-20

The DeMiner app, developed by Midas Labs, will likely to be released in the second quarter of 2020. It allows direct mining from the phone, due to its low energy consumption.

Phil Chen, HTC’s decentralized chief officer, said:

“The question is not should we use an ASIC or a CPU. The question is how can we further decentralize and ensure a more inclusive monetary system?”

In October 2019, HTC has launched the Exodus 1S, describing it as the only phone that can run a full Bitcoin node. The Exodus helps users to store cryptocurrencies in the built-in Zion hardware wallet.

Commenting on the lab, Jri Lee, founder of Midas Labs, said:

“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.”

Huobi Korea delists Monero

Huobi Korea has announced delisting Monero (XMR) cryptocurrency trading as of 9 April 2020, due to “low trading volumes and anonymity functions”.

However, the company did not refer to the recent ‘Nth room’ case, as South Korean media claimed that the exploitation ring used Monero to complete anonymous transactions.

The crypto exchange stated in a blog post:

“We decided to end the transaction to prevent the situation that could be caused by poor transaction volume and Monero’s anonymity.”

“It is recommended that users cancel pending orders in the above trading pairs in advance. Once the trading pairs are removed, users’ pending orders will be canceled by the system and their token assets will be refunded to their exchange account balance,” Huobi added.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.