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.
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.