Share this article
Electroneum Launches $80 Smartphone That Rewards Users With Crypto
Blockchain startup Electroneum has just launched a dirt-cheap Android smartphone that mines cryptocurrency in the cloud.
Updated Sep 13, 2021, 8:55 a.m. Published Feb 26, 2019, 12:00 p.m.
Make us preferred on Google
Blockchain startup Electroneum has just launched a dirt-cheap Android smartphone that rewards users in cryptocurrency.
Announcing the news on Monday, the firm said its new M1 is a Google Mobile Services (GMS)-certified smartphone that comes with a cloud mining technology integration enabling users to earn crypto through an app.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The $80 smartphone, however, will at launch mine only Electroneum’s native token ETN, with a claimed monthly return of "up to $3." Once set up, mining can be carried out offline, the firm said.
The ETN tokens earned by users can be utilized to pay for services such as mobile top-ups, online services and shopping. It's also tradable on exchanges, with 1 ETN worth around $0.0073 at time of writing, according to data from CoinMarketCap. It has a market capitalization of around $65 million currently.
The M1 offers 4G, 8 GB–32 GB of storage and two SIM slots, and is powered by a Quad Core 1.3 Ghz processor. Cameras are a less than overwhelming 5 megapixels (rear) and 2 megapixels (front).
The device is apparently being offered at the price of “reconditioned handset” because Electroneum is looking to target developing countries and grow the adoption of blockchain and cryptocurrencies. In some countries, the firm may price the phone even lower, at around $60.
“To start with we will be selling the M1 in South Africa, as this is our first launch market,” Nick Cook, head of operations at Electroneum, told CoinDesk. “The M1 will be sold through local vendors.”
Cook further said that the device will also be sold over Amazon in South Africa in the coming weeks.
Electroneum's founder and CEO, Richard Ells, said in a separate statement shared with CoinDesk:
“South Africa was an obvious choice for us. We carried out a large survey in the country and found that 97 percent of those who responded said they would like to use ETN to pay for mobile airtime and data.”
Electroneum has partnered with cybersecurity firm HackerOne, which is also used by the U.S. Department of Defense, to secure its network, Cook told CoinDesk.
M1 image courtesy of Electroneum
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
