How to Mine Electroneum: ETN Mining with a Mobile Phone or PC
With crypto trading platforms allowing users to buy and sell various digital assets and crypto portfolio trackers providing an insight into the overall performance of those assets, it’s no surprise that the opportunities for new investors to get into the market are massive.
For those who don’t want to speculate on the markets or want to take a more hands-on approach to their investment strategy, crypto mining provides an excellent way to acquire digital assets.
Traditionally, Bitcoin (BTC) mining software or even mining Ethereum (ETH) required expensive rigs and equipment to yield results.
Nowadays, if you’re not interested in investing in mining hardware, there’s still a way to mine cryptocurrency: using your mobile phone or computer.
For example, Electroneum (ETN) is a popular choice for mobile mining, as it can be done with less consumption than other cryptos.
In this guide, I’ll show you how to mine ETN with a mobile app and desktop PC. I’ll also provide some tips on how to get started and what you need to know before starting to mine.
What Is Electroneum?
Before we get started, let’s take a quick look at what Electroneum is and why it’s worth mining. Electroneum is a cryptocurrency that was created to be used in the mobile gaming and online gambling industry.
It’s based on the Monero blockchain, which means it has all of Monero’s privacy features.
The Electroneum blockchain is also designed to be more user-friendly than other cryptos, focusing on mass adoption.
Mined through a Proof of Work (PoW) algorithm, miners are rewarded for their contributions to the network by receiving new Electroneum coins.
The amount of Electroneum that can be mined is limited to 21 billion coins.
With privacy being a key feature of Electroneum, balances are impossible to look up, and all transactions are completely hidden.
This makes it an excellent choice for those who want to keep their identity and financial information private.
The CryptoNight Mining Algorithm
Electroneum uses the CryptoNight mining algorithm, which is also used by several other popular cryptocurrencies, such as Monero (XMR), Bytecoin (BCN), and Sumokoin (SUMO).
The CryptoNight algorithm was initially designed to resist ASICs, specialized rigs designed specifically for mining cryptocurrency, though some might say this was never fully achieved.
ASIC resistance means that anyone with a computer can mine Electroneum, as opposed to those with access to expensive ASIC rigs.
This also makes it possible to mine Electroneum with a mobile phone or tablet.
By downloading the Electroneum app, you can start mining Electroneum with your mobile phone.
The app will use your phone’s processing power to mine, and you’ll be able to see your balance grow over time as you contribute to the network.
The Benefits Of Mining Electroneum
There are a few benefits to mining Electroneum that make it worth considering as a way to earn some extra income.
First, as mentioned earlier, anyone can mine Electroneum with just a mobile phone or computer. This makes it much more accessible than other types of cryptocurrency mining, which often require expensive rigs.
Another benefit of mining Electroneum is that it doesn’t require a lot of power, which means your electric bill won’t go through the roof – CryptoNight is an exceedingly power-efficient algorithm, meaning you can generally mine for longer without worrying about your electricity costs.
Many mobile phone providers now also allow payments to be made in Electroneum, so you can perform an instant payment using your mined coins when paying your phone bill.
This is a great way to get started using cryptocurrency and earn real-world rewards for your mining efforts.
Electroneum also has deals with more than a million agents, distributors, and merchants in various countries, which means plenty of opportunities to spend your mined coins.
With a promising future and real-world uses, Electroneum is an excellent choice for those looking to get started in cryptocurrency mining.
You can also buy ETN from a variety of exchanges, so mining is not the only way to get this asset.
Electroneum vs. Other Currencies
While cryptocurrency is taken for granted in many locations worldwide, it’s still a new and foreign concept in others.
Electroneum is one coin that’s more accessible to new users, partly because it can be mined with a mobile phone.
This unique feature in the crypto market is an opportunity to introduce many people to this industry – people who might not have considered it otherwise.
In addition, while the benefits of using crypto trading platforms are numerous, the fees associated with such exchanges can put a damper on things.
ETN provides an opportunity to avoid those fees while still providing all of the benefits of cryptocurrency.
Electroneum: Mining Block Reward vs. Difficult
As with other types of crypto mining, the premise is straightforward.
The miner who can solve complex computer problems is rewarded with a newly minted coin.
The value of the coins depends on how much electricity and computing power was used to mine them in the first place – the more difficult it was to mine, the more valuable they are.
Then, you have Electroneum mining pools, where miners work together to find the right blocks.
In this case, the rewards are then shared among the pool members according to their contributions.
Things can get a little complicated, as different Electroneum mining pools have different rules about how rewards are distributed.
Doing your research and ensuring you understand the rules of the pool before you join is essential.
Electroneum rewards miners 6,413.56 ETN, roughly equal to $21.21 at the time of writing.
More processing power, also known as the hash rate in crypto terms, will increase your chances of finding the next block and receiving the reward.
However, it’s important to remember that mining difficulty also affects how much you can earn.
If mining difficulty increases, you’ll need more processing power to find blocks and earn rewards.
If you want to mine on your phone, it might be a good idea to join a mining pool since the hash power of a single phone is relatively low.
In other words, joining a pool will increase your chances of finding blocks and earning rewards.
Various Ways To Mine Electroneum
While the most common way to mine cryptocurrency is by using a dedicated computer, there are other ways to mine.
Here are some of the best ways to consider.
GPU Mining
The best way to mine cryptocurrency is by using a GPU.
A GPU is a dedicated piece of hardware that would almost solely be used for mining within a computer setup.
It’s important to note that not all GPUs are created equal, and the best ones for mining are usually more expensive than your average graphics card.
Investing in a good GPU is a good idea if you’re serious about mining.
That said, GPUs can also be used for other things as part of a computer system, one of which is gaming, so even if you decide to stop mining at some point, you’ll still have a use for your GPU.
CPU Mining
If you don’t want to invest in a GPU, you can mine with your CPU instead.
While CPUs aren’t as good at mining as GPUs, they can still be used for mining.
The main advantage of CPU mining is that it’s more accessible since everyone has a CPU if they have a computer; with a dedicated GPU, most computers won’t have a powerful enough component.
All you need to do is download the proper mining software, and you’ll be able to start mining.
The downside is that you won’t be able to mine as much as with a GPU.
ASIC Mining
ASICs are specialized pieces of hardware that are designed specifically for mining.
They’re more expensive than GPUs, but they’re also more powerful.
ASICs are usually only used by professional miners since they’re so expensive.
Having multiple mining rigs can really make Electroneum mining profitable as the more rigs you have, the more hash power you’ll have, and the more likely you are to find the right crypto blocks.
Mobile Mining
Using a mobile miner as part of the ETN mining pool is possible.
One can do this by downloading the Electroneum app, allowing you to use your phone’s processing power to mine cryptocurrency.
The app will also allow you to mine with a pool, which is a good idea if you want to increase your chances of finding blocks.
Mobile mining is a good option if you want to mine without using any extra hardware, but it’s important to note that you won’t be able to mine as much as other methods.
Cloud Mining
If you want to mine by yourself, you can do so by solo mining – the above are examples of that.
With solo mining, you’ll be the only one mining for blocks, which means you have a higher chance of finding them.
However, it also means you won’t be able to share rewards with anyone else.
Another option is using a cloud mining process, where you rent processing power from a company.
This is a good option if you don’t want to invest in hardware or want to avoid the hassle of setting everything up.
Cloud mining companies will usually charge a monthly fee, and you’ll be able to mine as much as you want.
Just be sure to do your research and pick a reputable company.
What You Need To Get Started Mining Electroneum
If you want to start mining Electroneum, you’ll need a few things:
- First, you’ll need a computer with a good CPU or GPU. A Windows 10(64-bit) operating system is recommended for the best results. Alternatively, you’ll need a mobile device that has a good processor.
- You’ll also need to download the right software for your device.
- You’ll need an Electroneum mining pool to join forces with others.
- Finally, you’ll need a place to store your Electroneum. Similar to using an Ethereum wallet or NFT wallet for these specific assets, you can use an ETN cryptocurrency wallet or follow the method below to set up a dedicated wallet.
Once you have these things, you’ll be ready to start mining Electroneum.
How To Mine Electroneum With A Computer
Here are the steps to go through when starting to mine ETN.
Setup Your Offline Wallet
Here are the steps to follow to set up your Electroneum wallet and get the mining process started:
- Visit the download section on the Electoneum Website
- Choose browser version/download ZIP
- Go through, understand, and agree to the disclaimer
- Move your mouse on the screen to get a random key set for your wallet.
- Save the generated wallet as a PDF.
Download And Install The Mining Pool
- Visit the download page on Github.
- Click on the right version of the software
- Install the downloadable EXE file (if you’re on Windows) or the TAR format for Mac.
- Open the ETN app
- Insert your wallet address
- Choose the number of threads based on how many cores your computer has
- Insert your pool address URL.
- Hit start mining.
Mining Electroneum With A Mobile Phone
Here are the steps to consider if you want to use your mobile phone to start mining.
- Download the Electroneum App through the Google Play store
- Wait for the app to install
- Go to my.Electroneum.com and register for an account
- Verify your account information by clicking the link in the email you receive
- Input your mobile phone number – this is done so that only one account per person is created.
- You’ll then have to create a PIN code when launching the app or performing specific transactions.
- Finally, you can then start mining.
Key Factors Related To The Profitability Of Mining ETN
The key factors related to whether or not mining is profitable are as follows.
The Price Of Electroneum
The most significant factor that will affect how profitable mining is depends on the price of Electroneum.
If the price goes up, more people will want to mine, and the difficulty will increase.
You must put more hashing power into the network to find a block.
On the other hand, if the price goes down, fewer people will want to mine, and the difficulty will go down. This means that you can find blocks with less hashing power.
The Hash Rate Of The Miner
Another critical factor is the hash rate of your miner.
The higher the hash rate, the more likely you will find a block and the more money you will make.
However, higher hash rates also mean higher electricity costs.
The Power Consumption Of The Miner
Another factor to consider is the power consumption of your miner.
Mining professionally uses a lot of electricity, so you need to make sure that your miner is not going to cost you more in electricity than it will make you in Electroneum.
Also, the number of nodes available as part of the Electroneum mining process can contribute to the power consumption of your miner.
The Pool Mining Fee
Another factor that will affect your profitability is the pool mining fee.
Most pools charge a small fee, usually around 1-2%, to cover their costs.
You will need to make more money than that to break even.
When it comes to pool selection, some of the best Electroneum mining pools to consider are Spacepools, Nanopool, and NiceHash.
Cost Of Hardware
The last factor to consider is the cost of your hardware.
If you’re going to mine professionally and require a lot of computing power, you must invest in a good quality mining rig.
However, if you already have a powerful computer, you may be able to use it for mining with good results.
Using A Mining Calculator
Several mining calculators are available for free to calculate Electroneum mining profits.
A simple Google search for “Electroneum mining calculator” will give you a list of different mining calculators to choose from.
That said, one calculator to consider is Whattomine.
A mining calculator works by inputting your hashrate, power consumption, pool mining fee, and the current price of Electroneum.
The calculator will then output how much profit you can expect to make in a day, month, or year.
Keep in mind that these profits are based on the current price of Electroneum and the difficulty of mining it.
The price and difficulty can go up or down over time, so your actual profits may differ from what is calculated.
How to Mine ETN – FAQ
Can Those With Apple iOS Devices Mine Electroneum?
Yes, this is possible.
Those with a Linux-based device (i.e., Android), Apple device, or Windows can mine Electroneum.
What’s An ICO?
An ICO stands for Initial Coin Offering. It is a way for startups to raise funds by selling tokens in exchange for cryptocurrency.
How Does The Electroneum Payment System Work?
Electroneum offers various ways to earn, send, and pay with ETN.
The simplest way to earn ETN is by mining it with a mobile phone or PC.
Wrap Up.
The Electroneum team has made it easy to start mining their coin, even for people without experience.
To make mobile mining profitable, you need a mobile phone or a computer with internet access, and you can start mining ETN today.
Going with the Electroneum app can be a good choice if you want to try your hand at mining.
That said, remember that if you’re serious about making money from mining, you should consider investing in a good-quality mining rig.
Further reading on AdamEnfroy.com: Crypto lending platforms offer unique opportunities to generate returns from your cryptocurrency holdings.
This provides another revenue stream in addition to mining.
Moreover, if you want to learn more ways to make money online, including methods that don’t require a lot of experience or capital, then feel free to check out my post on how to make money online.
