Ethereum: USD/ETH (ETH=) Co-Founder Says Crypto Mining on Phones is a “Fool’s Game”

Ethereum: USD/ETH (ETH=) Co-Founder Says Crypto Mining on Phones is a “Fool’s Game”

Ethereum: USD/ETH (ETH=) Co-Founder Says Crypto Mining on Phones is a “Fool’s Game”

italik Buterin, the co-founder of Ethereum, voiced a low opinion of the idea of cryptocurrency mining via mobile phones.

Tweeting on April 13, Buterin said mining on mobile phones “is a fool’s game,” referring to the announcement by mobile phone manufacturer giant HTC to allow users to mine Monero (XMR) through its blockchain phone, Exodus.

Ethereum’s co-founder added the following in reaction to the announcement:

“[It] goes against everything we know about hardware economies of scale and more likely to trick users with false hope than help them.”

Furthermore, he added that “staking on phones,” on the other hand, is “quite promising.”

Mixed reactions to Buterin’s tweet

There were diverse reactions on social networks to Buterin’s commentary. Some questioned that he minimized the concept of mobile crypto mining, referring to cases like Ardor, where mining can be done through Android phones. Others agreed.

In reply to a user asking how using CPU power to mine “is worse than rich people getting richer by virtue of the size of their bags,” Ethereum’s co-founder replied:

“As though PoW is some virtuous act of working with blood and sweat and not largely just sitting around waiting for hardware (that you bought because you’re rich) to make you even richer.”

HTC aims to “reduce” costs and energy consumption in mining

As Cointelegraph reported on April 10, HTC’s announcement came after signing a partnership with the ASIC chip design firm, Midas Labs.

HTC stated that high energy consumption and cost levels could be “reduced” by transferring work to mobile devices.

In the announcement, the company also stressed that the app would be designed to automatically deactivate mining when the mobile phone is in use or when the charger is not plugged.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 197.07.

The projected lower bound is: 115.58.

The projected closing price is: 156.32.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 42.2555. This is not an overbought or oversold reading. The last signal was a sell 6 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 51.72. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 27 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 20. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 24 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -0.820 at 158.170. Volume was 60% below average (consolidating) and Bollinger Bands were 36% narrower than normal.

Open     High      Low     Close     Volume___
158.990 161.750 155.870 158.170 141,887
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 162.16 164.41 171.94
Volatility: 109 164 102
Volume: 327,420 460,961 194,481

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX ETH= is currently 8.0% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 11 periods.

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