Let’s dive into How to Mine ETN aka Electroneum Mining. Here’s our full guide with video.
The crypto market is vastly growing. If you are trying to find new projects to invest in, you will surely find a lot of ICOs scheduled in the next few months. Decentralized finance is also expanding. Many developers are showing their skills by developing DeFi apps that help users maximize the use of the crypto space.
With everything that’s being launched in the blockchain, Electroneum is one of the many projects that caught the attention of small and big crypto investors. To learn more about this blockchain project, continue to read more.
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What is Electroneum?
Since its inception in 2017, Electroneum has attracted a lot of attention from developers and investors. With over 300,000 investors interested in this British-based enterprise, Electroneum has promised to make major inroads in mobile gaming, digital gambling, and payment processing. Aside from these innovative products, investors are also drawn to Electroneum which will operate on an ASIC variant of the CryptoNight hash program.
As of this writing, Electroneum will be launching two ways to mine on its website—mobile and ASIC. GPU mining is currently obsolete since the activity is not profitable compared to ASIC.
Types of Electroneum Mining
ASIC and mobile mining are the two types of mining Electroneum plans to offer to its users. Although GPU is also a part of Electroneum’s mining method, there are more rewards that you can get if you choose ASIC and mobile mining. Let’s discuss how these mining methods are different from each other.
How To Mine Elecetroneum With GPU
While still possible, mining electroneum using your GPU isn’t as profitable as other methods. ASIC miners have brought so much hashing power that it’s now near impossible for both CPU and GPU miners to get a good payout. You can still use GPU, but the payout won’t be as profitable.
To mine electroneum using a GPU, you’d need a computer that runs macOS, 64-bit Windows, or some version of Linux. An electroneum wallet address where your mining profit will go, and lastly, a mining software. Good mining software to use, for example, is the xmr-stark.
To run mining software, simply download the mining software app you’d prefer to use. After downloading the app, install it. After you’re done, the techy part comes in with you configuring the application. You will be asked which currency or algorithm you’d like to mine; you’ll need to enter “cryptonight_” then, after that, you will need a pool address where you want to mine too. There are a lot of pool addresses to choose from in electroneum, which can be fitting for both new and experienced users. After picking a pool, you will need to enter the desired pool’s URL. Then, you will need to fix and add your wallet address. You can enter either the address of your online wallet or a paper wallet address. Entering the address to your desired wallet in the miner software would allow it to transfer profits directly to the wallet.
After that is settled, just type the letter “n” to the questions about TSL/SSL, nicehash, and multiple pools. After you click “n” on those last questions, the application is now configured and ready. A new window will open, and that window will run and do the actual mining. Make sure and look for the message “Result accepted by the pool” appears as this is the signal that you are mining successfully.
ASIC – The real mining in Electroneum
When the Electroneum blockchain returned to the old CryptoNight Proof of Work algorithm in July 2018, ASIC mining was reintroduced. Originally intended for Monero, CryptoNight’s ASIC protection has been damaged, making any efforts to mine using your processor or graphics card very expensive and unprofitable. In contrast to Electroneum’s initial purpose of preventing ASIC devices from disrupting its network, the project’s current focus seems to be on ensuring the stability and consistency of the blockchain and its block averages, which are heavily reliant on ASIC devices.
Now, you can use an ASIC miner that is capable of mining Electroneum on CryptoNight. The mining community seems to prefer devices like Bitmain’s Antminer X3 (220-300kh/s), BaikalMiner’s BK-N70 (40kh/s) as an alternative option or Innosilicon A8+ (240 to 340kh/s). If you are looking for places where you can mine, HeroMiners and SpacePools are popular among Electroneum users as they provide a better alternative for miners to mine efficiently. Don’t worry if you are a newbie. Both of these places offer detailed instructions on how you can start with your mining journey.
Mobile mining using the ETN Mining App
Another type of mining offered by Electroneum is mobile mining through its ETN mining app. Users of smartphones may mine ETN tokens by installing the mining app and running it regularly. Mining in its truest meaning here is a glorified airdrop. This is because the user isn’t mining ETNs. But, the app rewards anyone who installs the mobile application. Rewarding, isn’t it?
The mobile app is designed to attract and allow the users to be engaged even if they are just using smartphones. Considering that more than 2 billion people use their phones, Electroneum’s market could grow. However, the platform reminds the users that there will be a KYC process, which means that those who can’t comply won’t be able to use the app.
On your phone, mining Electroneum is extremely simple. Just obtain the Electroneum app and register for your account on their website. Use your username and password to access the app. And press the “Start Mining” button under the Miner tab at the lower part of the screen.
Exactly how your profits are calculated is a little more sophisticated than you would think. If the phone had truly been mining, the software seems to measure the CPU power that might have been utilized to solve hard cryptographic issues. It is credited with a quantity of ETN equal to your fake hash rate. Your cryptos are also paid out in a monthly basis in the form of an ETN token. In the simplest term, you are not actually mining, and the app pays you based on the CPU power you could have used up. If you want to accurately measure your rewards, you can use an ETN mining calculator.
Aside from the basic concept of using fake hash rate to reward a user, there are a few more elements that might affect your earnings from mining Electroneum, such as the overall volume of Electroneum transactions globally, the total number of miners who are active in the world, and the total cost of Electroneum when converted into other currencies.
A good thing about this mobile mining app is a dedicated ETN mining pool established up for mobile mining purposes. The team has the ability to change the rate of the mining itself in order to encourage user growth. So, for example, Electroneum recently changed its minimum payout from ten to a hundred ETN. This change may have helped Electroneum reduce the traffic, but it doesn’t make the community members happy as they need additional time to wait for their rewards.
ETN mobile mining app for iOS
The ETN mobile mining app is working completely on Android phones. For those who are using iPhones, a restricted beta version of Electroneum mobile mining was just made accessible for iOS users.
Some say that even if your ETN earnings from mining applications are more than 1 ETN, it’s likely that you’ll receive a number of rewards less than what you actually spend on your resources for running the mobile mining app. Nevertheless, Electroneum’s long-term goal is to make mining on mobile devices more equitable and consistent by moving it to the cloud in the future.
It’s obvious that this mining scheme only exists to attract more people to invest and utilize ETN. Not in a way that your phone is addressing computational problems and contributing blocks to the blockchain space, but rather as a faucet that offers an ongoing supply of bitcoin-based on the hashing power of your phone. Therefore, it is recommended that users use the GUI miner for Windows, Mac, or Linux and ASIC miners to take advantage of the fast mining system and money emission improvements.
Using an ETN Mining Calculator to ensure your rewards
Using a mining calculator to keep track of your progress and profits is very helpful. This tool helps you keep your data more accurate. This allows you to check and determine how much you can make in Electroneum. A mining calculator can also take into account all of your relevant costs like electricity, fees, and hardware.
Enter your hash rate on the ETN mining calculator, and it will show your power usage, any pool fees you may incur, your power cost in kw per hour, and your hardware expenses if you are using your own rig. Also, your contract cost is included if ever you are using cloud mining. All of these can be tracked by just hitting calculate after entering your hash rate.
The profit results that appear on the ETN mining calculator are evaluated and based on the ETN to USD exchange rate along with the current mining difficulty. With the mining calculator, you will be able to see daily, weekly, monthly, and yearly profits displayed below its interface. It also calculates and shows you the time and days it would take for you to break even with your expenses. Electroneum being profitable to mine, having this mining calculator that is designed to help you can be very handy.
About ETN Cloud Mining and ETN Rewards
ETN cloud mining is a system in cryptocurrency where the user would be in a rented cloud computing power without having trouble installing and directly running the related hardware and software for mining. This allows people like you to participate and navigate easier when it comes to their cryptocurrency mining. This form of mining is always done via a cloud, reducing issues such as energy costs and equipment maintenance. The cloud miners become participants in a mining pool where they purchase a certain number of “hash power”; each of the miners would earn a share of the profit from the “hash power” that was rented.
While this sounds a bit complicated to many, Electroneum has foreseen how people can get easily lost in all of the techy terminologies. Electroneum is continuously improving, taking into account the millions of users registered, especially those in developing countries, electroneum is trying to make a difference. Making cryptocurrency easy to understand would start the progress and replace cloud mining with ETN Rewards.
While these two sound different, they are essentially the same. Electroneum continues to give US$3 worth of ETN to its users monthly. This just makes mining easier to understand with regards to their users who aren’t well versed in technical terms. This move shifts away from the concept of cloud mining and makes it easier to understand by replacing it with a system that shows how these rewards work. This also helps users understand ETN better and makes cryptocurrency easier to use.
The ETN rewards can be simply accessed through Electroneum’s mobile app. The ETN rewards earned through the app can be stored or spent with retailers or merchants who accept the cryptocurrency of Electroneum. To get the most out of ETN Rewards, download the app and tap the start button, be sure to tap “extend” every seven days to maximize the rewards.
Key Takeaway
The crypto market provides a good number of opportunities for beginners and experts. Among the top blockchain projects, Electroneum is one of the most rewarding when it comes to crypto mining. So, even if you don’t have enough experience in mining, you can get rewards through Electroneum’s mobile app. If you want your experience to be more fulfilling, you might want to try the ASIC mining method to avoid lapses in the mobile app. And, in case you want to mine through a GPU or computer system, you can explore. Whatever way you choose, you can get rewarded by mining cryptocurrencies.