There are hundreds of cryptocurrencies to mine on the blockchain. Buying and selling coins are just one of the many things you can do to earn money. While other investors are earning through trading, you can gain so much more by mining coins. If you haven’t heard about mining, well, it’s the same process to produce the most popular Bitcoin.
Right now, ETN is a coin that investors can’t get over with. Aside from the fact that you can mine this crypto with little less than a smartphone, it’s also a good investment for average investors looking for a cheaper alternative. There are more than 2 billion smartphones used to mine ETN, and the number is still growing. If you want to discover more about ETN and where you can mine it, here’s a guide for you.
What’s ETN, and where does it run?
ETN is the cryptocurrency that powers up Electroneum. This platform encourages crypto investors to earn and spend ETN all over 190 countries. It’s like a payment system rather than just a place where investors can buy and sell coins.
ETN is like MXR. The CryptoNight algorithm is in place for ETN for solid security and for the time being to maintain ASIC resistance.
If this is your first time mining cryptocurrencies, you should know that there are two types of mining in place—solo and pool mining.
Since the reintroduction of ASIC miners in July 2018, solo mining has never been that popular. Security issues were spotted during the first launch of ASIC since only a few GPUs were found to be secure in the network. This was the reason why ASIC was relaunched. Compared to ASIC solo mining, pool mining has always been better.
Instead of using just your resources to mine, pool mining combines all resources other miners have to make a block. Imagine thousands of miners pooled together to keep the production of coins running. With this approach, it’s more convenient to look for blocks and earn rewards. Although pool mining gives lesser rewards, the upside is that you’re going to reap your rewards daily.
If you happen to mine using GPUs, you will be more profitable. The more GPUs you have, the more rewards you can earn. Here’s a sample calculation from whattomine.com of what you can make from using GPUs to mine.
What to look for in an Electroneum mining pool?
Before we delve into places where you can mine ETN, you need to know first what to look for in a mining pool. Generally, the features of a mining pool are similar to other coins. You can consider this portion your guide whenever you want to look for mining pools for other cryptocurrencies. Let’s get started.
Pool Hash Power
Hash power is what you contribute to the pool when you choose pool mining. The mining industry has come up with a better idea to combine all have powers from individual miners to find new blocks easier. When selecting the rate of hash power, you may opt for a pool that only uses 25% of the total supply. Why? Because it’s an excellent percentage for decentralization and a higher level of security. While choosing a large pool is great, it’s better to select a small pool for safety.
On average, mining pools charge 1%. The fees depend on mining pools. Some can reach up to 3%, while there are pools that don’t charge at all. The best mining pool for you is the one with lower fees. If you can’t spot a place where there is no charge at all, then find the most reasonable percentage you think you can afford.
Mining pools set limitations, especially to the minimum payout. For investors, the lower the minimum payout, the better. You can take your investment out earlier if this is the case.
Locations of your server
Another thing to look into is the server location. The farther the location is, the more hash power you need. So, if you want to use lesser hash power and earn more from minting, use a server nearer to you. For example, if you are located in Asia, use a server in Asia. The same applies if you are located in North America or Europe.
Uptime is the time when your machine in operation. A mining pool with 100% uptime is better.
You need to choose a mining pool that is more established if you want to protect your money. However, it doesn’t mean that you can’t consider new mining pools. In fact, they offer great deals at the start of the project. Do your due diligence before investing in new mining pools to keep your money safe.
Where can you mine ETN?
Now, let’s check the places where you can mine ETN in no particular order.
Nanopool allows the mining of different coins focusing on privacy. Electroneum is one of those coins. It has control over 10% of the overall hash power of the network. It also provides a more straightforward guideline for those who want to start mining in a few seconds. If you want a mining pool you can trust and has a strong decentralization point, this is what you’re looking for. However, take note that they charge a 2% mining fee.
Fairhash is mainly based in Russia but has servers around the world. Unlike Nanopool, Fairhash controls less than 10% of the network’s hash power. The mining pool can find a block every hour or more. The mining pool charges 1% in terms of fees, and your mined coins can go directly to your exchange wallet. This is very convenient for investors who want to sell their coins for profit after mining.
This is what Fairhash ETN pool numbers look like from its platform.
Spacepools is an old mining pool that can produce Electroneum. It moved from http://pool.electroneum.space to etn.spacepools.org. Although this isn’t the biggest pool to mine coins, it has 1,000 miners enough to hold a little less than 10% of the network’s hash power. This mining pool can make a block in an hour or so. What’s good about this pool is that it has a low fee of 0.1% mining fee. Its minimum payout is 100 ETN, which is great for investors.
Attached are some of the key figures you might want to check out for extra reference.
Poolin is one of the largest ETN mining pools. It controls 12% of the network’s hash power. This pool is based in China and focuses on using ASIC rig to mine. Recently, they have established their servers in California, making it easier for miners to mine all over the world. What’s interesting about them is having a PIN shared with the user through airdrop every day. Payments are made once a day, and the minimum threshold is 100 ETN for payments. The mining fees are at 2%, which is higher compared to other mining pools.
Last but not least is F2Pool, a famous mining pool whose hash power comes from ASIC units. Although considered the most established mining pool, F2Pool holds 70% of the overall hash power, and it charges a 3% mining fee. Plus, they require personal information so you can start mining. We don’t recommend using this mining pool because of its expensiveness and violation of blockchain’s privacy feature.
Apart from the mining pools we mentioned above, you can also go to Superpools, Hashvaults, Easyhash, and Miningpoolhub. Depending on your goals, you have to consider what you prefer when choosing the right mining pool. There are hundreds of coins to mine out there, but ETN is not the worst so far. You can have more rewards by joining a pool mining rather than a solo mining pool. Well, if you can afford an expensive mining fee, you can definitely do both. Right now, whether your starting to engage in crypto mining or looking for high-rewarding affordable mining pools, the options we have above are surely a great deal for you.
The proof-of-work system/protocol which is used by Electroneum, was first used in the mid-1990's for fighting spam emails. The idea never found a truly useful cause until 2009 when bitcoin was created. Bitcoin itself utilizes this protocol in its transaction blockchain and thanks to this we can witness the growth in bitcoin mining.
The base idea of this lies in a challenge and proof (or response). The challenge is a transaction, which is a specific cryptographic puzzle. The proof is that a miners computer cracks the puzzle, so the transaction goes through. And that is proof of the miners' work and him providing his hardware for the validation of transactions. The more hash power a miner can provide for validating transactions, the bigger his Electroneum reward for the service is.
The problem with PoW is that mining has become so large that miners are investing into giant A.S.I.C. hardware which is highly energy consuming. Many mining farms are built around the globe as bitcoin has risen in value.
The Electroneum block is mined every ASIC. But this block is then divided between all miners. How long does it take to mine 1 block of Electroneum for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining Electroneum you will get the best results with using asic.
It is difficult to say how much does it cost to mine 1 block of Electroneum because it depends on the price of your electricity. But in general, if you want to be profitable, you have to invest in specialized mining setups called ASIC. They are created for mining cryptocurrencies, and because of that, they have perfect parameters for this job together with high efficiency.
Although it is entirely possible to mine Electroneum on your computer, you should consider investing in the ASIC mining setup if you are serious about cryptocurrency mining. Actually, the best way how to mine Electroneum is the asic. Anyway, if you really want to go with the computer way, try to join some miner pool.
In the beginning, you can try mining Electroneum at home with your computer. Once you get more experienced in mining, you can invest in asic. That is the best way how to mine Electroneum. But make sure to check mining profitability charts, so you are not just burning money.
Mining Electroneum on Android is straightforward. All you need to do is install an application called MinerGate. After you have installed it from Google Play Store, create an account, and you are ready to mine Electroneum on your Android.
Unfortunately, it's not possible to mine Electroneum on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining Electroneum drained battery generated excessive heat, or put unnecessary strain on device resources, what is the reason it's now forbidden.
If you want to be a serious Electroneum miner, the first step you should do is join a miner pool. They will help you with your setup and guide you in the beginnings. Then it would be best if you bought, of course, some asic to get as much value as possible.
It's complicated to say how profitable is Electroneum mining because it varies person from person. It depends on many variables like the cost of electricity, cost of a mining setup, taxes, etc. The best way you can do is to check the Electroneum profitability charts. They will tell you how profitable is Electroneum mining in your location.
A Electroneum miner is just a computer. The main criterium you should look for is efficiency compared to electricity cost. Anyway, it's usually better to buy specialized, professional miners called ASIC. Or you can use asic, which is the best way how to mine Electroneum.
The best way to start with Electroneum is to start from the beginning - that means mining. This way, you get your hands dirty and get some super relevant experience with this cryptocurrency. For mining Electroneum, we recommend asic as the best way how to mine.