Electroneum (ETN) is a bit of a newcomer to the cryptocurrency world. Naturally, Electroneum mining topis is new as well. It was created in 2017 when the team behind it ran an initial coin offering (ICO) to raise money to pay for the project’s development. Today, it is the 77th largest digital currency. It has a market capitalization of around $142 million.
The idea of Electroneum is to make cryptocurrency available to everyone. The team behind the project have created very easy to use software and made it available on lots of different devices. Both mobile phone and computer users can setup the software needed to mine Electroneum with just a few clicks.
Although it’s very easy to get started mining Electroneum and users don’t need special hardware, it can still be a little scary – particularly if you’re not a technical type of person! That’s why we created this handy guide to Electroneum mining.
During the guide we’ll aim to answer the following questions: What is Electroneum? How does Electroneum mining work? What software I need? How do I get started? How much money can I make being an Electroneum miner?
This guide will serve as your entry into Electroneum mining and probably cryptocurrency mining in general. This is because Electroneum is one of the easiest digital currencies to mine.
By the end of the guide, you should know: what Electroneum is, how to get started with Electroneum mining it on both a regular computer and a mobile phone, and if it’s going to be profitable to try it for yourself.
Before we get down to business though, you first need to understand what Electroneum is and why it was created in the first place.
So, let’s begin where all the best stories do – at the beginning!
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.
Today, it can be quite difficult to get hold of some cryptocurrency. This means that many people who want to get into crypto are put off by the various steps it can take. Newer users don’t always want to, or simply can’t, verify their identity by sending sensitive documents to strange people or companies online.
What’s more, huge numbers of people from the developing world couldn’t sign up to an exchange because they don’t have any form of identification or a bank account to buy cryptocurrencies with.
Then there are the fees. Services like Coinbase charge large fees for buying cryptocurrencies. This makes it even less likely that poorer users in developing nations would buy digital currencies. This is unfortunate because digital currencies could have some of the greatest impact in these countries.
Lots of people in these nations might not have bank accounts, but a lot of people in them do have a mobile phone. Therefore, the team behind Electroneum have been keen to develop applications suitable for phone users to mine Electroneum on, as well as to send and receive it.
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.
The Electroneum team wanted to change this. They wanted to create a cryptocurrency that anyone could mine. This should lead to a more decentralized network and one that is stronger against network attack.
Electroneum uses a special ASIC-resistant mining code. This makes it different from Bitcoin, for example. In Bitcoin, users can use specialized pieces of hardware that are called ASICs. These chips are expensive to buy. This makes it impossible for every potential user of Bitcoin to run their own node and mine the currency.
Thanks to the way that Electroneum has been designed, even mobile phones can mine it. It might only make the miner a few cents per day, but when you consider how many people in the world live on less than $2 a day, this can make a big difference.
Note: ASIC stands for Application Specific Integrated Circuit. They’re special computer chips that have been designed for one task. In this case, mining cryptocurrencies.
Electroneum Mining Rewards and Electroneum Mining Difficulty
As 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.
The pools work together on the problem and it doesn’t matter which individual node solves it. If one member does, the others get a share of the reward. The amount of processing power contributed to the pool will decide how large each users’ share will be.
Different Ways to Mine Electroneum
There 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 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 Pool
For 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
The following step by step guides have been prepared to explain how to mine Electroneum to users who have never mined cryptocurrencies before. They are not the most profitable way, but they should serve as an excellent way to introduce people to mining. Unfortunately, this easy guide is only suitable for Windows users at present.
Mining Electroneum Using a CPU
First, 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 Up
The 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 Software
Now 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”.
That’s all there is to it. Easy, right?!
Mobile Phone Mining
As 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.
That’s almost it! No, really!
All you need to do to start Elecetroneum mining now is go down to the box that says, “start mining” and click it. Easy, huh?
What Do You Need to Start Electroneum Mining?
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.
When Electroneum mining, the amount of ETN you can mine is going to depend on the kind of hardware you are using. Obviously, any Android phone will work, as well as CPUs and GPUs. Electroneum miners come in all shapes and sizes!
CPUs are much cheaper than GPUs, and their performance will much lower too. I’ve listed a couple of CPUs and their statistics below:
Note: The higher the hash rate, the better. It increases your chances of receiving the mining reward.
Cost – $140
Hash Rate- 500 H/s
Cost – $300 – 400
Hash Rate- 575 H/s
Now, compare these with the more costly, higher powered GPUs from the likes of Nvidia and Sapphire:
Cost – $400 – 500
Hash Rate- 505 H/s
Cost – $550 – 650
Hash Rate- 600 H/s
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.
You can test different configurations of hardware using an online mining profitability calculator. Here is one for you to take a look at — WhatToMine!
Is Mobile Mining Profitable?
Since mobile phones are generally much less powerful than CPUs and certainly GPUs, it is unlikely that you will show pure profit mining Electroneum using a mobile phone. However, since the Electroneum platform targets developing nations, mobile mining could prove an excellent way to save some money on the cost of owning and using the mobile device in the first place.
You should now have a much better understanding about what Electroneum is and how Electroneum mining works. You know how to set up a secure wallet, how to set up a basic Windows mining rig, how to use the mobile phone version of the software, and how to work out how profitable it’s all going to be.
With all that in mind, what do you think about Electroneum mining? Do you think it’s a good way to introduce the idea of cryptocurrency to more people? We’d love to hear your thoughts!