Vitalik Buterin: “Mining On Phones Is A Fool’s Game”
Ethereum creator Vitalik Buterin commented on the news of a recent partnership between HTC and Midas Labs startup. The project is developing an application called DeMiner. It will allow you to mine the Monero cryptocurrency in the Exodus 1S “cryptophone”.
An article in the Decrypt publication provides an analysis according to which, at the current Monero rate, you need to mine every day for 500 years, which will pay off the cost of the smartphone.
In response to Buterin’s comment, journalist and host of the Bitcoin Takeover podcast, Vlad Costea, wrote: “Come on, tell me that voluntary use of processor power for mining is worse than the fact that the rich get richer due to the size of their assets.”
“It’s as if Proof-of-Work is a voluntary act of working with blood and sweat, and not just staying near equipment (which you bought because you are rich) in anticipation that it will make you even richer.”
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