Table of Contents
- 1 What is Electroneum (ETN)
- 2 What is Mining?
- 3 What is Electroneum Mining?
- 4 Different Ways to Mine Electroneum
- 5 Getting Started Mining Electroneum
- 6 What Do You Need to Start Electroneum Mining?
- 7 Is Electroneum Mining Profitable?
- 8 Is Mobile Mining Profitable?
- 9 Conclusion
What is Electroneum (ETN)Before going into Electroneum mining, let’s start with the basics. Electroneum is a cryptocurrency which is based on another digital coin called Monero (XMR). It is used to make payments from one person to another. The best (and possibly world-changing) part about digital currencies like Electroneum, Monero, and particularly Bitcoin is that no one needs to give you permission to use them. All you need is an internet connection and a wallet address. Like Monero, privacy is a very important part of the Electroneum project. Balances are impossible to look up and no one can tell which wallet a transaction has come from. This gives both Electroneum and Monero a quality that Bitcoin doesn’t have – fungibility. It’s possible to track Bitcoin transactions between users. This means that a user can tell if a Bitcoin was involved in a crime. This is a bad quality for money to have. For example, you might receive a Bitcoin that someone once used to buy drugs or indecent material. Even if you received it for something as innocent as selling something on OpenBazaar, when you try to spend the Bitcoin elsewhere, the receiver could decide to reject it. Even though you didn’t commit a crime, the Bitcoin can be considered “tainted” because of its past. Thanks to their privacy features, it’s impossible to tell where Electroneum or Monero have come from. This means that both currencies can be considered fungible.
What makes Electroneum Special?Electroneum differs from Monero because the team behind it have tried to make it as easy to use as possible. The idea is that getting into cryptocurrency should be as simple as downloading an application to your computer or phone.
What is Mining?Before I get started with the full Electroneum mining guide, you first need to understand what mining cryptocurrency actually is. Mining is the process of verifying transactions between different users of a cryptocurrency. Rather than using a single central authority to check transactions (like a bank), all the network’s participants (also known as nodes) check that no user has sent the same coins twice or has cheated the system in any other way. For doing this work, miners are rewarded with coins. The coins come from a block reward (more on this later) and the fees included with transactions. The fact that miners earn money for the act of mining is important to stop nodes joining together and attacking the network. It simply makes more economic sense to play by the rules than it does to cheat the network.
What is Electroneum Mining?The special thing about mining Electroneum is how easy it is to get started. Unless you’re a coder, if you do a Google search about almost any other cryptocurrency mining, you’ll quickly get very confused by the instructions.
Electroneum Mining Rewards and Electroneum Mining DifficultyAs mentioned, cryptocurrency miners earn rewards for verifying transactions. These are both the transactions fees, as well as a reward set by the code itself. The Electroneum mining reward goes to whichever miner (or pool of miners) solves a complex computer problem. If the reward is won by a pool, it is shared between that pool of users. As more and more miners start to attempt to solve this complex problem, there becomes more competition. This means that it gets harder for each individual user to mine successfully. The current miner reward for Electroneum is 6,413.56 ETN, which is equal to $136 at today’s rate. Any user can win this reward. However, the more processing power (hash rate) a miner has, the more likely they are to solve the problem. Therefore, Electroneum mining pools are a good option for users mining on less powerful devices.
Different Ways to Mine ElectroneumThere two main ways to mine Electroneum. Users can choose to solo mine or mine as part of a pool. I’ve listed the advantages of each below.
Solo MiningSolo Electroneum mining is only suitable for users with high computing power. For Electroneum, this will mean those with dedicated graphics cards on their computers (GPUs). The advantages of being a solo miner are that you won’t need to pay any fees to the pool itself and there is no middleman. This second point is important because Electroneum mining pools have been hacked in the past. The disadvantages of being a solo miner is the waiting time for winning a reward. It can take a very long time to earn when mining solo! You can think of it like working for commission. As a car salesperson, for example, you might work many long days without making a single sale. When you do finally hit one, it’s a big payday, but the downtime can get too much for some people. Solo miners can work at the problems for ages and not receive anything. They do get all the reward when they finally do solve one though!
Mining as Part of an Electroneum Mining PoolFor most users, working as part of a Electroneum mining pool is the best option. It gives them consistent rewards and allows them to mine cryptocurrency without having to use special hardware. Mining pools work like this — you combine your computing power with other people and you are rewarded with the same % of Electroneum as you contribute in power to the pool. So, if you provide 10% of power to the Electroneum mining pool, you will receive 10% of the reward. Simple!
Getting Started Mining Electroneum
Mining Electroneum Using a CPUFirst, you need a secure wallet so that you can store your Electroneum once you start the Electroneum mining. Below I have explained how to create a secure offline wallet. A more functional but less secure wallet can also be created by signing up to Electroneum from their website. This involves giving the company a lot of information about you which some users won’t be comfortable with.
Offline Wallet Set UpThe following is a quick guide to setting up an offline wallet. Additional security precautions can be found here. They refer to Bitcoin offline wallets rather than Electroneum ones, but the idea is the same.
- Head to the downloads section of the Electroneum website.
- Click either “browser version” or “download ZIP”. If you’re using the browser version, you’ll need to make sure you’re using Google Chrome. For this demonstration, I’ll be using the browser version. For more security, the rest of the guide should be performed offline or ideally on a computer that has never been online.
- Read the disclaimer about private keys on the following page. When you understand about the importance of keeping your private spend key secret, you can click “Let’s Get Started”.
- Move you mouse around in random patterns on the next screen. This step is to generate a truly random key set.
- Next, read the warning about the importance of keeping the printed wallet safe. When you understand the content on the page, click “Save Wallet as PDF.”
- Open the PDF and print the key sets. For a more secure wallet, disconnect your printer from the internet. Better still, use one without memory or wireless connections.
Installing the Beginners Pool Mining SoftwareNow that you have somewhere to store your mined Electroneum, it’s time to install the mining software.
- Head to the downloads section of the Electroneum website again.
- Click on “download windows miner”.
- When you’ve downloaded the software, you might find that either Chrome or your computers anti-virus software stops you from opening it. If this is the case, disable your anti-virus and go into Chrome’s settings menu. From there, click the advanced options and disable the option to “protect you from dangerous sites”. Restart the download and you should find that Chrome now lets you open the “.exe” file.
- Once you have opened the Electroneum Pool Miner software, you will find a standard installation menu. Follow the onscreen prompts to add the application to your computer.
- Open the Electroneum Pool Miner and add your ETN wallet address. You will also need to add a number under the number of threads box. For this, you need to know how many cores your computer’s processor has.
- Next, you must add the URL of the Electroneum mining pool that you’ll be using. We recommend EasyHash for now. Later, you can try other pools. A full list of Electroneum mining pools and the fees each charges can be found here.
- Use this format in the URL box: stratum+tcp://[URL]:[port] – you must replace [URL] and [port]. If you’re using a low-end CPU use “stratum+tcp://etn.easyhash.io:3630”. Alternatively, for high end CPUS, use “stratum+tcp://etn.easyhash.io:3631”
- Once all the details have been completed, click “start mining”.
Mobile Phone MiningAs mentioned earlier, you can also mine Electroneum using a mobile phone. This feature is very new and currently it’s only available on Android devices. To install the application and register as a user, follow the steps below:
- Visit the Google Play store.
- Search for Electroneum.
- Click “Download”, then when it has downloaded click “install”.
- Register an account by visiting my.electroneum.com and filling in the information requested.
- Verify your email address by visiting your inbox and clicking the link in it.
- Provide your mobile phone number. Electroneum will then send a code to the number. This stops people creating many different accounts. When it arrives, enter the code into the box on the registration page.
- Provide an alternative email address that restoration details can be sent to if you lose the PIN code for your account.
- Key in a PIN code that you are sure to remember. You will need this every time you launch the app or when sending transactions.
- Finally, head back to your email inbox and click the link in the email sent to you. This confirms that you have received a PIN recovery email. You can now log in to the app.
What Do You Need to Start Electroneum Mining?Software We’ve already listed the basic software that you will need to get started with Electroneum mining using a Windows machine and a CPU. If you’re wanting to mine with a GPU or with a different operating system, the process is slightly different. Fortunately, however, all the software is free, and it is listed on Electroneum website itself. There are also good instructions on how to use these.AMD R9 280x: Cost – $140 Hash Rate- 500 H/s AMD Radeon Rx 580:Nvidia GTX 1070: Cost – $400 – 500 Hash Rate- 505 H/s Nvidia GTX 1080: Cost – $550 – 650Sapphire Radeon RX 480 NITRO+ Cost -$300 Hash Rate – 600 H/s
Is Electroneum Mining Profitable?The profitability of mining Electroneum is going to depend on quite a few factors. I’ve listed them below to give you a better idea of whether it will be worth it for you:
- Hash rate: The more powerful your hardware is, the more profitable your mining should be.
- Power consumption: Devices that use less energy are going to be more profitable.
- Cost Per KWh: If you live somewhere with cheap energy, you will have a better chance of making a profit.
- Cost of the hardware: if you spend $600 on a GPU miner, it might take longer to turn a profit.