With Phēnix X1, there seems to be a first prototype for a mining-enabled smartphone. With the planned model, it should be possible to mine cryptocurrency. In addition, the Blockchain smartphone comes with its own crypto wallet.

Cryptocurrency mining is set to become acceptable with the new Phēnix X1 Blockchain smartphone. As Finnovant announces in a press release, its planned Phēnix X1 model will come up with a whole host of blockchain capabilities:

The Phēnix X1 smartphone is for individuals and businesses venturing into digital currencies, crypto-mining, investing, decentralized applications (D-Apps), smart contracts, and enhanced safe banking and financial money management.

Phēnix X1: Great hope comes in a small device

A big promise for a small device, one might say. Brian Maw, CEO of Finnovant, sees an opportunity when looking at the emerging security debate around Bitcoin & Co. in the US. The Blockchain smartphone aims to provide more security in the Blockchain ecosystem:

At Finnovant, we believe everyone should have secure investing and money management capabilities on their mobile device. Given feedback from the market and the national security debate unfolding regarding crypto currency, we believe our mobile platform helps solve the security and emerging digital currency issues facing our global society now and into the future.

But there is still a long way to go. According to Indiegogo, the funding of the project is still in its infancy. Finnovant and the Phēnix X1 Blockchain smartphone are still a long way from the flexible target of over $2.3 million. Currently, the blockchain smartphone project has collected a total of $ 1749 from five donors.

Bitcoin mining unlikely on the smartphone

Which cryptocurrencies are to be mined with the Phēnix X1 Blockchain smartphone remains open for now. For example, the press release only mentions “cryptocurrencies”. It is currently unlikely that Phēnix X1 will make it possible to mine the most popular and dominant cryptocurrency Bitcoin. Because with the relatively energy-consuming proof-of-work process, the cryptocurrency consumes too much computing power to mine BTC on a smartphone.