What is There to Know about Electroneum Mining
Electroneum is often considered to be among the newer coins, which is why information about it can be scarce. This also includes Electroneum mining, which is why we will explore this topic today.
Before we start with explaining Electroneum mining, a few words about the coin itself are in order.
Electroneum (ETN) is a cryptocurrency that was created only last year, in 2017. It has come a long way since then, and it is currently ranked as 46th largest coin by market cap. Its current price is $0.0197 per coin, while its market cap is at $158 million.
Electroneum’s goal is to make cryptocurrencies available to everyone. This is one of the main reasons why Electroneum mining can be done via computer and mobile phone alike.
The process is also very simple, and it only requires a few clicks. Even so, the process of mining itself will likely seem pretty complicated for all those who are not exactly technical type.
Electroneum is based on another cryptocurrency — Monero. It also shares Monero’s views when it comes to privacy and security, which gives it a quality that not a lot of cryptocurrencies have — fungibility.
However, Electroneum also differs from Monero since Electroneum’s team tried to make it as easy to use as they possibly could. This is important, since the coin’s goal is, once again, to make it available to everyone.
Mining Electroneum is not as complicated as it is with a lot of other digital coins, and users with some prior knowledge about mining processes will likely agree. This was done on purpose since the team wanted to create a coin that will be easy to mine as well as to use.
Because of this, Electroneum uses a mining code that is resistant to ASIC, which is what makes it different from most other cryptocurrencies. ASICs are expensive computer chips that were created for the sole purpose, and in this case, that purpose is to mine cryptocurrencies. However, Electroneum doesn’t need them, and you can easily mine it even with a regular smartphone.
During Electroneum mining, miners receive rewards for validating transactions and “solving” blocks. Electroneum’s current reward includes 6,413.56 ETN ($136) per block.
Of course, if a miner is part of a mining pool, the reward gets split between users belonging to that specific pool. While anyone can win this reward, the process requires a lot of power.
The more of it the miner has, the bigger their chances for solving the block. In mining pools, this reward gets shared among all the pool members, regardless of which node actually solved the block.
Obviously, this means that there are two ways to mine Electroneum — solo mining, and mining as part of a pool.
When it comes to solo mining, it is only suitable for those with very high computing power. The advantages of solo mining are quite obvious — there are no pool-joining fees, no middleman, and you can get the entire reward. Additionally, pools can get hacked, and Electroneum mining pools were hacked in the past. As for disadvantages, the biggest one is that it requires time, and often a lot of it.
On the other hand, there is an option to mine a part of the pool. This is the best option for most miners since it gives them a portion of a reward with no need for special hardware, or even that much of computing power.
Users will simply combine their computing power with others until the block is solved. The size of the received reward depends on the amount of contributed computing power. That way, the process is simple and fair to everyone.
For the global insights every crypto trader must have, apply for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pixabay
Read more at https://globalcoinreport.com/electroneum-mining/