- Electroneum launches first ever Smartphone to enable cloud mining
- Users can mine Electroneum tokens, and can use the mined tokens for various payments and online services available
- The mobile will sport a 1.3 Ghz quad core processor with an Android OS backed by 8 GB of ram and 32 GB of ROM
- The mobile will first hit the African market
Electroneum, a UK based startup is a Cryptocurrency company that was first in scene with an app that lets you mine cryptocurrency on your mobile devices. Even though it’s not the first ever company to launch a mobile that enables you to mine crypto, but on 25th February at the telecom industry’s flagship event, the mobile world congress in Barcelona, Electroneum launched the M1, a mobile phone that lets users mine cryptocurrency thus recouping the phone’s cost over time. The new device uses the company’s cloud mining technology; this in turn enables users to mine the firm’s very own cryptocurrency, Electroneum (ETN). The device is priced at 80$ which is pretty cheap considering the specs the M1 sports. The cryptocurrency mining technology will reportedly be available for offline use also, thus it will make crypto mining on the phone much more efficient and easy on the battery.
Accumulating as you go
The mined ETN can be used as payment for shopping, online services and mobile data upgrades as well. ETN is currently holding the 63rd position in market cap with 1 ETN trading at $0.0073 at the time of publishing. The M1 comes with Android and 4G compatibility and offers its users 8 GB’s of ram with 32GB’s of ROM and a support for two sim cards. The mobile also carries a 1.3 Ghz quad core processor. Cameras aren’t so pretty compared to other devices in this range with the M1 sporting a 5 MP rear camera and a 2 MP front camera. The price is said to be the price of a “reconditioned handset” because the company aims to target developing countries and further add to the mass adoption of blockchain and cryptocurrencies. Some countries may even get the device at a cheaper rate around $60.
By using the cloud mining technology in the M1 devices, the smartphone will be promoting cloud mining and will also make cryptocurrencies more accessible to people across the globe with the help of its competitive market price. The profit margin was purposely set low by electroneum to implement their drive of blockchain and cryptocurrency proliferation. The M1 won’t just be a device used for communication but will also be a means of financial empowerment. International retailers have shown a lot of interest in stocking the device. Electroneum CEO and founder Richard Ells acknowledges the efforts of the team behind the phone by saying:
“With our experience in tech, we were able to gather a world-class team consisting of telecommunications, manufacturing, emerging are mobile-operators, product design and marketing specialists, all helping to make this utopian vision of ours a reality.
Without the broad range of talent and expertise, we could never have imagined the possibility of making a product of this caliber accessible for anyone in the world, and we are extremely proud of the result.”
Customers already have a lot of confidence in the company’s extensive warranty program and the knowledge that the M1 has passed a lot of quality certifications like the GSMA approval and Google GMS. The device will be first sold in South Africa as reports say, and will be available through local vendors.