UK digital payment firm Electroneum has officially launched a cryptocurrency-mining smartphone called M1, which is set to retail at only $80.

According to Electroneum’s press release (Feb 25), “the smartphone that pays you back” allows users to start mining Electroneum (ETN) tokens through a simple app that incorporates the company’s cloud mining technology instead of having to rely on extensive mining machinery. Mining can also be continued offline.

Mined ETN can be used to pay for purchases such as shopping, online services, and mobile service top-ups.

Electroneum said M1 is mainly targeted to serve developing countries. It claimed in its press release that with M1’s “extensive functionality, including 4G and dual-sim capabilities”, this  means that “millions across the developing world can expect a brand new smartphone without the expensive price tag”. M1 has passed stringent GSMA approval and Google GMS certified qualifications.

Crypto-related capabilities for smartphones are now increasingly being developed, bringing the smartphone industry to a whole new level. Recently, Samsung officially announced that their new Samsung Galaxy S10 smartphone will offer cryptocurrency key storage.