We previously mentioned in the Arab Bitcoin website about: HTC smartphone allows you to mine Monero (XMR) where “HTC” and “Midas Labs” cooperated to allow users of the “HTC EXODUS” phone to mine Monero.

Ethereum co-founder Vitalik Buterin recently criticized the initiative through his Twitter account.

The collaboration between “HTC” and “Midas Labs” was announced on April 10 and the collaboration resulted in the possibility of mining Monero with the DeMiner application on the “HTC EXODUS” phone, the application developed by Midas Labs allows mining directly from the phone due to low levels of energy consumption .

Jerry Lee, founder of Midas Labs, said of the app:

Midas Labs enables EXODUS 1S users to extract at least $0.0038 of XMR per day on average, while electricity costs less than 50% of that.

Read:Learn 5 Safest Ways to Host a Bitcoin Worksheet Globally

Midas Labs will deepen the process of decentralization by providing hardware related solutions to the mobile industry, Midas is excited to collaborate with Exodus to enable a more user-friendly environment for blockchain enthusiasts.

Ethereum co-founder criticizes Monero mining with phones:

Vitalik Buterin criticized the aforementioned collaboration and told that it would take nearly 40 years to extract 1 Monero with the aforementioned application.

He also points out that the profitability of mining with DeMiner is low and inefficient, in this respect, mathematical estimates conclude that it will take several centuries to replace the initial investment made in telephone hardware alone.

stated Co-founder of Ethereum:

Mining on phones is a stupid game.

It goes against everything we know about the economics of hardware, and users are more likely to be deceived by false hope than to help them.

On the contrary, Buterin suggested that users should participate and not mine, telling that mobile signatures are more promising than mining.

Ethereum is making the transition from Proof of Work (mining) to Proof of Stake, and thus some users question the objectivity of Buterin.

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User VladCostea was one of the critics of Buterin and the stakes proof method. This user asked Buterin about the advantages of PoS compared to the advantages of PoW that Bitcoin also uses, noting that PoS is a method that only enriches the rich.

Buterin’s response:

And PoW mining is mostly just sitting around and waiting for the hardware (that you bought because you were rich) to make you richer.

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