Mining is very similar to trading. When you mine, you hope that you get the most returns out of your precious hash rates used for mining. Imagine mining a coin with so much hype only to see the price crash after you already used your expensive mining rigs to only focus on that coin?
CoinQuora is here to give you insights into mineable tokens that have real potential. However, please remember that none of these are financial advice and that you must do your due diligence before undertaking a mining venture. Without further ado, let’s take a deep dive into Electroneum mining.
Table of contents
- What is Electroneum?
- Electroneum Price Prediction
- How to Mine Electroneum
- How to Mine Electroneum With a Mobile Phone
- How to Mine Electroneum With a Computer (CPU or GPU Mining)
- How to Calculate Electroneum Mining Profits
- Electroneum Mining Pools
What is Electroneum?
Electroneum is a mobile-based blockchain platform that created and implemented an instant payment system. The project started in July 2017 and launched in September 2017. It’s the first cryptocurrency based in the United Kingdom. One of the most interesting facts about this project is that it managed to raise $40 million in the initial coin offering phase.
The Electroneum team’s focus is to develop and offer the fastest and most secure crypto transaction network with very low fees. The project’s main target market is the world’s unbanked population. As of today, according to the World Bank Index, about 1.7 billion adults remain unbanked.
According to the Electroneum team, back in 2018, the company voluntarily and pro-actively implemented robust KYC and AML compliance procedures even before the European 5th Anti-Money Laundering Directive. The team published on their website that they “ensure all new users are on-boarded rigorously.” The team claims that this is both for the users and the company’s protection as well.
Electroneum Price Prediction
According to Coinquora’s technical analysts, several factors are considered when putting your money on Electroneum. This not only applies to traders but should also be taken note of when you are thinking of mining Electroneum. This is because, as always, one should always try to maximize profits and minimize losses.
In summary, the Electroneum Price Prediction is as follows. According to our analysts, “Bullish ETN price prediction 2021 is $0.11.” Aside from this, the price could go even higher up to $2 if depending on the buy and sell ratio of investors in 2021, along with the performance of top cryptocurrencies such as Bitcoin and Ethereum.
Another factor is the development of the platform’s ecosystem. Our team believes that Electroneum might have a bright future ahead of it in 2021. With the ongoing updates happening within the ETN ecosystem, as well as in the overall crypto market, we may still see ETN reach new heights.
How to Mine Electroneum
One of the most standout things about mining ETN is that it’s relatively easy to begin. In essence, mining is a very difficult task to complete. But with mining Electroneum, it seems like this is not the case.
Because of the complexities of mining, many have been discouraged to pursue it. The Electroneum team wanted to do something about this issue. They created a cryptocurrency that is mineable by anyone, hoping that it may lead to a more decentralized infrastructure that can resist network takeovers.
As such, they created the Electroneum blockchain. With this platform, anyone can mine and run nodes. Eletroneum was coded to resist Application Specific Integrated Circut (ASIC) miners. This means that miners that use ASIC will not have an advantage in mining ETN. It will be easier for the public to start mining ETN. You can even mine it with your mobile phone with the very easy steps below.
How to Mine Electroneum With a Mobile Phone
It’s very simple to mine Electroneum with your mobile phone. You just have to follow very simple steps like the following:
Step 1: Download the App
Download the Electroneum application to your mobile device and register an account on the Electroneum website.
Step 2: Register an Account
Once you finish the registration process, log in to the app using your access codes.
Step 3: Click on Start Mining
After logging in, choose the Miner tab at the bottom and click the Start Mining button.
Once you complete these steps, your mobile phone will start mining and you can earn ETN. With the low hash rates of mobile devices, you might only earn a few cents per day. But ETN may grow in value in the future so it’s always up to you to decide if it’s worth it or not.
How to Mine Electroneum With a Computer (CPU or GPU Mining)
Aside from your mobile phone, you can mine Electroneum with a computer. This is far more complicated than mining with a mobile phone, but the returns will also be bigger. However, the profit will always depend on market conditions. Without further ado, we’ll cover mining ETN with either a CPU (Central Processing Unit) or GPU (Graphics Card) below.
First thing’s first, you need three things to mine Electroneum on your computer. These three things are the following — a computer (running 64-bit of Windows, MacOS, or Linux), an Electroneum wallet address (to put your earnings to), and a mining software (in the guide below, we will use xmr-stak).
Step 1: Download and Install the Mining Software
For Windows users, you need to download xmr-stak from Github. The link that’s almost at the top of the page is usually the latest release. Usually, the file is a zip file named xmr-stak-win64.zip.
Note: It’s normal for Google Chrome to see mining software as harmful to your computer. This is not the case. However, if you encounter this problem, you can click on Show All to see all of your downloads. With this, you can see the file at the top of the list. There should be a Keep Dangerous File option. Click on that and then confirm.
Once you have the zip file, you need to extract it on your computer. While doing this, the anti-virus software installed on your PC might detect the program as harmful as well. If you encounter this, you must click and confirm that the program is safe to run.
Step 2: Configure the Mining Software
There are several steps to take when configuring the mining software. Let’s take a look at the following steps below.
1) Extracting the file
After downloading the zip file and successfully extracting the xmr-stak-win64 zip, open the folder. Once you open the folder, you will find an application called xmr-stak.exe. You must run this file, and confirm any security messages that show up. After doing so, a step-by-step system that will help you configure the miner will be opened.
The initial message that will appear is the question “Do you want to use the HTTP interface?” You need to ignore this one as this is simply used to view mining stats on a web interface. To decline, type 0 (zero) and hit the Enter key.
2) Entering the pool address
The next step is entering the Eletroneum mining pool address. You need to input the address of the pool that you wish to mine with. There are many ETN mining pool options. If you wish to see which ones are available, you can scroll down in the latter part of this article to choose from the best ETN mining pool options.
Once you decided which pool to join, you must enter the pool address. The URL that needs to be entered is usually in this format [URL]:[port] where:
To briefly explain these, the [URL] is the URL of the mining pool. The [port] is a four-digit number — it informs your miner on which port to connect to the pool. Enter the URL and port then press the Enter key.
3) Entering your username or wallet address
After this, the program will ask for your username or your wallet address. You must enter the wallet address where you would like to send your earnings. Simply paste your wallet address and press Enter when you are done. You do not need to input a password. The next step is to press Enter to leave the space empty.
4) Configuring the rig identifiers
This next step is optional. You can simply leave the rig identifiers empty and press the Enter key. However, if you want to have rig identifiers, you can enter any name to identify each rig. This may be useful if you have multiple mining rigs mining to the same wallet address on the same mining pool.
After this, the next question will be about TSL/SSL. For this, simply type n and press the Enter key. Following that, a question about nicehash will appear. Type n and press the Enter key again. Lastly, a question about multiple pools will show up. Type n once more and press the Enter key one final time.
Step 3: Start Mining
Once you complete the steps laid out above, you can finally start mining. There will be a new window that pops up — this window does the mining. You will be seeing messages followed by the words “Pool logged in.” This means that the miner is now running, and it’s sending hashes to the pool.
You need to make sure that the message “Result accepted by the pool” shows up. If it’s there, it means that you are now mining successfully.
How to Calculate Electroneum Mining Profits
It’s relatively easy to calculate Electroneum mining profits. Because of an automated tool to calculate mining profits, you do not need to manually take out a calculator and do it yourself. You can simply do the following steps below.
Step 1: Go to https://whattomine.com/
Step 2: Click on Coins
Step 3: Search for Electroneum or ETN as your keyword
Step 4: Input your hash rate, power, fees, and electricity cost
Step 5: You will see an estimate of how much profit you will earn each hour or day
You can also view your actual earnings by going to the specific website of the Electroneum mining pool that you joined.
Electroneum Mining Pools
Last but not the least, here is a list of the most recommended Electroneum mining pools that could help you earn ETN.
F2Pool is a good choice when mining Electroneum. They control a huge amount of the network hashrate, and it’s a relatively well-known mining pool. However, one downside of this Electroneum mining pool is that they have the highest fee of 3%. The pool also requires registration and the disclosure of personal information.
Nanopool is a good option if you want to approach mining from a decentralized perspective. This mining pool specializes in privacy-focused currencies like Electroneum. The pool also controls 10 percent of the network hashrate and charges a 2% mining fee.
Poolin controls around 12 percent of the network’s hashrate. They have a global server base, meaning you can mine from anywhere in the world. Similar to Nanopool, they also charge a 2% mining fee if you want to join this Electroneum mining pool.
Fairhash is a Russia-based mining pool but has global servers for miners around the world. This ETN mining pool has a hashrate lower than 10 percent of the entire network and only finds blocks every hour. They charge 1% as a mining fee and support mining directly to exchange wallets.
Spacepools is one of the oldest Electroneum mining pools. They control under 10 percent of the network’s hashrate and perform similarly to Fairhash. However, one of the most standout features of this pool is they only charge a 0.1% mining fee and a 100 ETN minimum payout.
Electroneum is a mobile-based blockchain that implemented an instant payment system. Its focus is to develop a fast and secure network to cater to the unbanked population.
The bullish price prediction for ETN is $0.11. The price can go up to $2 depending on various factors such as the performance of the top cryptocurrencies.
You can mine Electroneum through your mobile phone and through your computer. You can mine Electroneum solo, but it may years to get profits. So, the better way to mine is to join an ETN mining pool.
You can calculate ETN mining profits by going to whattomine.com, choose Coins, then type in ETN. After typing ETN, go input your hash rate, power, and electricity costs by kWh. Then, you can see an estimate of your ETN mining profits.
Some of the most recommended Electroneum mining pools are F2Pool, Nanopool, Poolin, Fairhash, and Spacepools.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.