In recent news, Samsung representatives have announced that the new Samsung Galaxy S10 smartphone is going to have integrated support for cryptocurrencies. Some of the features of the new phone include its own crypto wallet and a private key.
The news has made cryptocurrency enthusiasts really excited about the prospects of this technology. But, Samsung isn’t the only company that’s combining smartphones and cryptocurrencies. Electroneum has gone one step further.
Electroneum, a blockchain startup with its own native token ETN, has just released a smartphone that runs on Android operating system. Why this phone has made the news is not only that it’s super-cheap (about 80 dollars) but also that it comes with a built-in crypto-mining feature, which rewards users with Electroneum’s token ETN without asking anything in return.
Crypto-Mining with Electroneum M1
The smartphone named M1 comes with integrated technology that allows cloud mining through an app. But, unlike other cloud-mining programs, the one that Electroneum offers can run both online and offline. What this means is that M1 users will get to mine cryptos 24/7.
Unfortunately for bitcoin enthusiasts, this technology cannot be used for BTC mining. Actually, it can’t be used for mining any other cryptocurrency apart from ETN. However, this token is traded on many cryptocurrency exchanges, meaning that the users can exchange it for other cryptos. ETN can also be used for purchasing apps, online shopping, etc.
Apart from being used as a crypto-mining smartphone, M1 has all the other functions users look for in a smartphone. We’re talking things like 4G, Quad Core processor, two cameras (front and back), 8-32 GB memory storage, and so on.
Is Crypto Mining Still a Profitable Business?
Although mining cryptos through your smartphone does seem pretty convenient, the question is how much money you can earn by doing that. According to a Forbes article from a few months ago, cryptocurrency mining is not as profitable as it was only a year ago.
There are several reasons for that, starting with the fact that the price of bitcoin and other cryptocurrencies has dropped significantly. Another problem with crypto-mining in 2019 is that the hardware is not cheap. A GPU unit that’s considered good for cryptocurrency mining costs no less than a thousand dollars.
There’s also the cost of electricity, not to mention that some countries now have a tax on this kind of business. Still, this doesn’t mean that crypto mining will die out. It can’t die out because everything in the world of cryptocurrencies is based on it. But, it will have to adapt to the new circumstances.
It seems that the days when people used to mine cryptos in their own homes are gone. Instead, this business needs to be outsourced in order to keep on bringing profits. This is exactly why cloud mining is getting more and more attention lately. It appears that it’s the next big thing in the world of cryptos.
And Electroneum is leading the way. If their M1 smartphone proves successful, you can expect other companies to follow the example.