How to Mine Electroneum (ETN) in 2022 (Complete Guide) – Cryptopolitan

With the ongoing developments happening within the ETN ecosystem, as well as in the overall crypto market, we may see ETN reach new heights and even skyrocket. Bullish ETN price prediction for 2021 is $0.03235 in a year and will continue rising to $0.146962 by 2025. But if you are skeptical about exchanges and buying coins, there’s a way to get ETN – mine it!

Yet, there’s more to Electroneum than meets the eye. Let’s look at the nature and history of the coin.

Also Read:
• Electroneum (ETN) Price Prediction

What exactly is Electroneum?

Electroneum is a cryptocurrency that debuted in 2017 to great acclaim. The British startup wowed over 300,000 new investors by offering to make significant inroads into the mobile gaming, internet gambling, and conventional payment processing sectors. A few of those investors were attracted by the project’s distinct characteristics, including Electroneum becoming a smartphone crypto that would operate on an ASIC-resistant variant of the CryptoNight hash algorithm. 

As a result, Electroneum intended to provide two forms of mining on the system: GPU mining and mobile mining. These ambitions have since been postponed. The updated CryptoNight V7 ASIC-resistant algorithm resulted in the system being overrun by rogue GPU miners who mined the coins in waves, causing irregular block timings and significant transaction delays. Several reports indicate that Electroneum does not intend to expend any more development efforts on CryptoNightV7 since they seem to have entirely accepted ASIC mining.

Electroneum group

The team is comprised of a variety of professionals, including crypto consultants, senior engineers, and industry experts. Also,  the group’s mascot, Ruby, showers everyone with attention and love. She has her place in the office and makes everybody smile.

Electroneum fork

ETN, which was designed to be ASIC-resistant, underwent a fork this summer, making it ASIC-friendly. It merely renamed the algorithm CryptoNight V7 to CryptoNight. This action was taken because of the inconsistency of block timing, which happened due to GPU mining waves creating extended delays in passing a transaction.

Source: Technology

Consequently, transaction fees were raised to 0.1 ETN, the block time was increased, and the block reward was increased. The mining complexity became more reactive, resulting in a more flexible blockchain.

It was forked twice this year: the first split eliminated ASICs from the network, while the second reinstalled them. What matters most to individuals is that their coins are entirely secure throughout both divisions and now have the following features:

• ASIC-friendly
• Emphasis on rapid payments
• Fee increases
• Enlarging the block size
• Lowering the difficulty window
• Increasing the block reward

Regulations for Electroneum

The Electroneum corporation was created in Wales, Uk, and mining ETN is lawful under current regulations. Mining in nations with lower power costs, such as Russia, Iceland, or Finland, is desirable. 

Why would you mine Electroneum?

To begin, Electroneum (ETN) employs the CryptoNight mining algorithm, and what’s intriguing about it is that, in addition to the traditional method, you can mine it by using your smartphone, using a mobile miner.

The ETN group has struck agreements with mobile providers to grant access from over 100 million smartphone owners.  You may mine your first coins in minutes after downloading the Electroneum app. The ETN project will benefit users shortly since it will acquire Electroneum tokens by participating in the community.

Furthermore, several cell providers have decided to start taking ETN as a payment mechanism for their clients. The coin’s community works with several large firms to include digital payments among the “ways of paying.” They have signed deals with over 1.2 million agents, merchants, and distributors from over 9 countries.

As a result, the goal is to create a one-of-a-kind cryptocurrency and make it accessible to millions of people globally. Everything spoken thus far should have persuaded you that mining for ETN has a promising future ahead of it and that the only outcome is profit.

Most effective method of mining Electroneum

After initially making the system ASIC-resistant, the ETN  team has released a version that allows for ASIC mining. The claimed rationale for this modification would be that a micropayment platform, such as Electroneum, requires high system throughput to perform its core purpose — processing multiple transactions in a short amount of time.

Source: Coinquora

As a result, this could only be accomplished with the assistance of ASIC miners, which outperform GPUs in terms of speed and accuracy. It’s not unexpected that ETN ASIC miners would provide you with the highest profit margins of all of your alternatives. For instance, one Antminer X3 outperforms the top-tier AMD RX Vega 64 by 110 times (220Kh vs. 2Kh). Mining ETN with GPUs is still viable but not recommended since it is no longer economical.

Are you aware of a mining pool?

If you would like to become a successful ETN miner, these are your best bet. They are made up of users who pool their hashing power to mine a block quicker. This earns them a payout that is proportionate to their participation in the ETN mining procedure. This kind of mining enables you to make a consistent and consistent revenue. Does this not sound awesome?

What equipment do you need to begin mining ETN?

The proper selection of hardware is critical in ETN mining and the Electroneum mining app. Since we’ve previously said that ASICs are your best alternative, we’ll only add that you’ll need to have an independent energy connection to set up your device. The cable is not usually included with your order, so double-check to see if you have one.

Dependable Internet access is the foundation of an effective Electroneum mining operation. You ought to be able to stay online again without having your link cut off at any time. If your Internet company limits your bandwidth, please remember that you should get at least 500MB free per gadget per day. Essentially, this equates to around 15GB per month per ASIC.

Finally, you should think about your power use. Whether you want to have numerous mining equipment, determine if one power grid can manage it or if you will need to add some more.

In reality, just like any crypto business, you’ll need a wallet to keep your valuables safe. A cryptocurrency wallet is more than simply a place to put your money — it also manages it. Do you have to send or receive cryptocurrencies, trade them for coins, or just store them safely? Choose cautiously and by your requirements. Check the subsequent sections on how to choose the correct wallet choice – Wallets.

Electroneum’s leading products and attributes

1. ETN Everywhere

ETN Everywhere is a self-serving worldwide directory of companies and traders that accept the ETN currency as payment for their products and services.

Local businesses and e-commerce enterprises who take ETN as payment may list themselves in the merchant directory, where consumers seeking places to spend their ETN can find them.

Source: ETNEverywhere

Thus, ETN Everywhere assists retailers in attracting new customers and increasing income while also helping ETN holders and people find methods and locations to spend their currencies.

ETN Everywhere now lists 2,456 businesses from 174 various countries as of July 22, 2021.

2. AnyTask

AnyTask is a virtual freelancing platform where vendors may earn ETN by offering professional freelance services.

Source: AnyTask

Buyers on the marketplace may buy jobs for as little as $1 and payment with their credit cards. The funds are then utilized to buy ETN on the network and are paid to the seller.

As a result, anybody globally, particularly in developing nations, may earn money online by selling their abilities even if they do not have a bank account.

3 . Donate   ETN

The ETN Donate platform enables the cryptocurrency group to create gifts critical to chosen non – governmental organizations ( NGOs ) and organizations that are making a difference throughout the globe, especially in the developing world.

Source: ETNDonate

Organizations and non – governmental organizations ( NGOs ) interested in becoming featured on the site and benefiting from ETN contributions made by users may subscribe here.

On the site, there are now roughly   6   various organizations to which one may give. Upon that ETN Donate system, a   maximum of 326,940 ETN has been contributed to different organizations.

4 . The ETN App

The ETN App contains all of ETN’s items & services. You may quickly access and subscribe to all Electroneum systems, including AnyTask, straight from the ETN Application, eliminating the need to generate additional login details.

Source: Electroneum

The Electroneum Application allows you to accomplish all you desire to do with ETN.

You may utilize the application to settle retailers, safely keep your ETN, and effortlessly convert your Electroneum to all the forty recognized national currencies. The application is accessible on the Google Play and Apple App Stores and needs KYC authentication.

5 . Smartphone Electroneum M1.

The Electroneum M1 low-cost Android phone is aimed at consumers in developing countries.

At far less than $120, the smartphone has a 4G connection, Dual Sim, 8GB internal memory, front and backside cameras, and other features.

Source: Decrypt

6 . Permissioned and private blockchain

ETN has a permissionless blockchain system, with anybody able to mine ETN until 2019, when this was compelled to switch to a permissioned network due to its miners’ selfish reasons.

The program says that many miners have no commitment to the project’s long-term viability and just mined the blockchain to earn from ETN block incentives.

Source: StackOverflow

As a result, in 2019, the firm changed its blockchain to employ a Proof of Responsibility ( PoR ) paradigm in which its validators are manually selected and authenticated.

Previously, it took an equal of 14 million bulbs to maintain the Electroneum blockchain functioning every day. On the other hand, the new verifier model reduces this to merely ten percent of the power consumed by an ordinary UK family.

The group picked a list of Non-Organizations ( NGOs ) to serve as authenticators to utilize the ETN block incentives to supplement their current charity efforts.

On the ETN blockchain, there are now 12 networking validators, and anybody may apply to be one. The ETN network accepts only charitable organizations as validators.

7 . Payments are made instantly.

Using its Instant Payment Notification ( IPN ) mechanism, Electroneum hopes to promote instant payment payouts.

Developers may easily integrate ETN into current ePOS and eCommerce platforms using the IPN API. As a result, ETN merchants may now take ETN as compensation for their items & services with assured and immediate settlement.

8 . Task School

The Electroneum TaskSchool is a free web educational platform to acquire various fundamental digital skills with economic value. It is a multi-language website where people may acquire skills like picture editing, social content generation, logo design, etc.

The business expects that TaskSchool alumni will be capable of marketing their new abilities on AnyTask by providing their services to customers in exchange for ETN.

Electroneum has a sizable community, including over 4 . 3 million eligible participants. Its social media pages are pretty functional, as of the 2nd quatre of 2021, with 162, 14 followers on Facebook, 130,839 followers on Twitter, and 23,482 Telegram channel partners.

Nevertheless, their forum is the only location where you can interact with other public individuals and administrators.

How to mine Electroneum using a smartphone

You don’t need mining software if you can do mobile mining. The Electroneum team enables users to start mining using their smartphones. The mobile mining process would allow millions of mobile phone users all around the globe to get involved with crypto mining. This sector was traditionally restricted to tech geeks and experts.  In the first quatre of 2018, the smartphone miner was released.

Step by step process

No need for a mining rig. Your mobile device becomes your mining software. Mining ETN is quite simple, and processing power is cheap:

• Install the app on your smartphone and sign up for a new account on the ETN website 
• Sign in to the application using your details.
• Scroll down to the Miner tab, then select the Start Miner button.

That’s all! Your phone has now begun mining ETN. The interface will display your hash rate (the pace when your gadget is mining) and the outstanding balance (the number of times coins have already been mined). Various trading tactics are used. The most popular is automatic trading. 

Mobile mining vs cloud mining

The action of paying users with bonus ETN monthly is what we presently term Mobile Mining (which will soon be called and replaced by Cloud Mining). Every month, users may mine up to a $4 valuation of ETN, which can be saved or sold at any merchant that takes ETN.

If you haven’t, you need to upgrade to the newest version of the ETN App and enable the cloud mining process. In the coming years, it’ll be the only way for you to maintain In-App Mining. Many people in the underdeveloped world live on less than $45 a month, so an extra $4 per month can make a big difference in our daily life, miners to enjoy a little more every day.

Cryptocurrencies compensate “miners” for maintaining the blockchain. Instead of a few users with office buildings of supercomputers earning all of the ETN, ETN  gives an ETN incentive to consumers of our free app. ETN has accomplished the quickest viral growth of any virtual currency by providing users with continuing encouragement. As the ETN community develops internationally, ETN  aspires to be the world’s biggest cryptocurrency by a user number.

Mining using ASICs

ASIC mining was reincorporated into the ETN blockchain in the second quatre of 2018, as the development returned to its original CryptoNight PoW algorithm from CryptoNight V7. CryptoNight had just been created for Monero and was planned to make CPU & GPU mining approximately as productive as ASIC mining; however, ASIC chips had already progressed, and the algorithm’s ASIC reinforcement has been “broken,” making any efforts to try to mine with your processor/graphics card extremely inefficient.

While ASIC resistance was one of ETN’s initial missions/goals, the project’s emphasis now seems to be blockchain durability and steady block averages. Both are highly reliant on ASIC devices and deliver greater hash power to the chain.

As a result, mining Electroneum with any CryptoNight enabled ASIC miner is your best chance. Devices such as Bitmain’s Antminer X3 (220-300kh/s), Innosilicon A8+ (240-340kh/s), and the less expensive BaikalMiner BK-N70 (40kh/s) appear to be the most popular alternatives in the ETN mining community. If you’re looking for a place to mine, your best chance is to join a group like HeroMiners of SpacePools. Both provide Electroneum pool mining and good instructions on how, to begin with, the mining procedure.

Which Electroneum mining processor should I purchase?

ETN employs a proof-of-work method called CryptoNight, which is compliant with market-available ASICs. There are a few possibilities from various manufacturers. Your decision should depend on numerous aspects, including hash rate (the speed with which computations are conducted), the electricity consumption of both the device and, of course, cost.

Another consideration is the accessibility of the products you want to purchase; they are often sold out quickly after their release.

First, let’s take a quick look at the best two ASIC mining hardware options:

Source: HowToMine

With the aid of our ETN mining calculator, you can simply determine your expected profitability depending on the evidence in the table above.

Configure the hardware and software

We will go over the Antminer X3 ASIC setups. If you implement all of the directions below, you’ll be ready to begin mining in no time. We’ll show you how to join a mining pool and enter your wallet address.

Link your miner to power and the Internet

• Connect the item to the power source unit (PSU). All PCIe wires originating from PSU should be connected to the hashing boards of your miner.
• Connect your LAN connection to your machine’s network port.
• Plug the PSU into a power outlet.
• Connect an internet wire to your miner’s specified standard RJ45 port.

Source: HowtoMine

Select your preferred Electroneum mining pools

Selecting one for the ETN hardware is critical since it determines your future revenue and rewards. We’ve compiled a list of the top Electroneum mining pools, including a handful of essential parameters such as financial rewards and pool fees.

Source: HowtoMine

Determine your device’s IP address

The system is set up to get an IP address via your network instantaneously. You can look in your DHCP client desk for a device called “Antminer” or simply scan your connectivity with just about any network monitoring software.

Source: HowtoMine

Another approach is to utilize Bitmain’s IP Reporter program. To launch the program, press Start and then hold the IP Reporter toggle on your Antminer device.

When you know your miner’s IP address, you can easily access the web administration interface. Simply type the URL into your desired web browser and press “Enter.” Both a username and a password are necessary, and both are set to “root” by default.

Login page

It is straightforward to set up a pool and a wallet. You must collect the Pool Website URL from the Pool web page and put it into the “Miner Configuration” tab. The following is an example of a functional configuration:

Source: HowtoMine

Worker: WorkerAddress.Worker name

Password: 123

By inserting separate pool addresses into another two pool groups, you may utilize the failover capability. If the first pool fails, you may immediately switch to another one.

After clicking “Save & Apply,” you are prepared to mine.

Simply wait a few seconds for the operation to begin, and then watch the activity on the “Miner Status” tab.

Where can I keep Electroneum (ETN)?

ETN can only be stored in a native Electroneum wallet. There are various sorts of ETN wallets geared for multiple users. Some are deemed safer, while others are more ideal for novices owing to small use complexities, while yet others are entirely universal for all Electroneum crypto users.

The four kinds of Electroneum wallets are as follows:

• ETN Wallet Mobile App
• Electroneum Paper Wallet
• Electroneum Web Wallet
• Hardware Electroneum Wallets

Phone App for Electroneum wallet

The phone app is the most common pick among Electroneum holders, with over 2.6 million individuals downloading the app, out of a total of about 4 million confirmed ETN users. The wallet is a feature of the app. There are iOS and Android variants.

Source: Changelly

The software allows you to keep the currency and simply transfer it safely. Your ETN is accessible at all times, and receiving payment in ETN straight to the wallet is simple. You may get cash by showing a QR code to another user.

The wallet is highly user-friendly, with a straightforward design and no extraneous functions. One of the most delicate features of the ETN mobile wallet is the ability to mine the currency straight from their cellphones using the application. You won’t get a fortune by conducting mobile mining, but it might cover your billS at the end of every month.

The Electroneum app is a pretty secure wallet in which to store your ETN. To utilize your money, you must enter a pin. It should be mentioned that mobile app wallets may not be the safest storage option in general. They may be hacked using software or your device. If you are concerned about the security of your ETN funds, you should keep them in an Electoneum wallet address.

Electroneum physical paper wallet

It is the safest Electroneum storage available option. The paper wallet essentially keeps access to your wallet on paper, an utterly unhackable substance. Electroneum paper wallets are not for inexperienced users since it is hard to manage, and the consequence of an error is the safety of your cash.

Source: Changelly

Web wallet for Electroneum

For individuals who want to keep their coins online, the online Electroneum wallet is a fantastic choice. You must first complete a two-factor authentication process (PIN code and CAPTCHA) to access your assets. This online wallet, like other hot wallets, seems to have some security vulnerabilities. Thus users who want to store substantial quantities of Electroneum value should look into other choices.

Source: Changelly

Electroneum CLI Wallet

The Electroneum CLI wallet is a high-tech storage alternative. CLI is an abbreviation for Command Line Interface. This wallet effectively transforms your smartphone into a fully synchronized Electroneum blockchain node. To store Electroneum inside this wallet, an account holder would need to install and understand how to utilize some very complex software on their computer. This choice would be a better fit for crypto enthusiasts. Electroneum CLI wallet is compatible with macOS, Microsoft, and Ubuntu PCs.

Hardware Electroneum Wallets

There seem to be no hardware wallets that enable the Electroneum token as of November 2021. The global crypto community, and especially the Electroneum larger society, are waiting for the day when software engineers will fix this issue and allow us to store ETN on a hardware wallet securely.

How much money will you make from mining electroneum?

Whattomine.com provides calculators for the majority of the currencies that may presently be mined. This link will take you to the ETN calculator. The calculator will offer you an estimation of how much you’ll make, but the results will typically not differ significantly from the numbers it provides.

You must input the following components into the calculator:

• Hash rate: Enter every one of your mining machines’ speeds (in hashes/sec). In your mining interface, this is the “overall speed” figure. Miners advocate utilizing the 15-min total rate since it provides a valid average number.
• Electricity: Enter the overall quantity of power (in watts) used by your mining setup.
• Cost: Input the expense kilowatt/hour paid to your utility provider. To get these statistics, you’ll need to contact your utility provider or look at the data on your monthly bill.
• Pool fee: Enter your pool charge as well as the miner software development cost.
• Hardware value: Input the entire cost of your hardware.

On the left side of the screen, look at the Difficulty 24h and Difficulty 7 days sections. You need them to be close to the same since it signifies that all subsequent computations will be correct for days to come (provided the price remains stable).

Examine the EX. Volume 24h and Market Capitalization. In general, the larger they are, the less likely the price will become erratic. The pricing should be stable so that our calculations will be correct for many days.

Most significantly, you should examine the Create 1 BTC in and Break-even in rows. These would provide you with precise data on how long it takes your mining rig to generate 1 BTC, as well as a general estimation of how long it will take to repay off your mining setup by mining this specific token. Both are critical in determining whether or not your mining venture will be lucrative.

How to determine the profits from Electroneum mining

Electroneum mining revenues are pretty simple to compute. You no longer need to pull out a calculator and painstakingly calculate mining income thanks to an automatic program. Follow the steps mentioned outlined below.

1st step: Visit WhattoMine for more information.

Step 2: Select Coins.

Step 3: Perform a word search for Electroneum or ETN.

Step 4: Enter your hash rate, wattage, charges, and cost of energy.

Step 5: You’ll get an approximation of how much money you’ll make each hour or day.

You may also see your current profits by visiting the website of the Electroneum mining pool that you registered for.

Electroneum mining pools

Finally, here is a summary of the most recognized Electroneum mining pools that may help you make ETN.

F2Pool

When mining Electroneum, F2Pool is a solid option. They manage a significant portion of the network hash rate and are therefore a pretty well-known mining pool. Nevertheless, one disadvantage of this Electroneum mining pool is that they charge the highest fee of 3%. Registration and the supply of personal information are also required for the pool.

Nanopool

If you wish to undertake mining in a decentralized manner, Nanopool is a fantastic alternative. This mining pool focuses on confidentiality coins such as Electroneum. In addition, the pool manages 10% of the network hash rate and levies a 2% mining charge.

Poolin

Poolin controls around 12% of the network’s hash rate. They offer a worldwide server network so that you can mine from everywhere on the planet. If you wish to enter this Electroneum mining pool, they too demand a 2% mining fee, comparable to Nanopool.

Fairhash

Fairhash is a mining pool situated in Russia. However, it offers worldwide servers for miners all over the globe. This ETN mining pool has a hash rate that is less than 10percent of the entire network and only discovers blocks per hour. They offer a mining fee of 1% and offer mining straight to exchange wallets.

Spacepools

One of the earliest ETN mining pools is Spacepools. They control less than 10% of the network’s hash rate and outperform Fairhash. Nevertheless, this pool’s most notable advantage is that they only charge a 0.1 percent mining fee and a minimum payment of 100 ETN.

How can I purchase ETN?

ETN may be purchased in several ways. Several exchanges provide Electroneum for purchase. To pay for your cryptocurrency, each exchange offers a different payment option. Many exchanges do not accept fiat money. So, before proceeding with any transaction, double-check the payment method. The current payment options used by the majority of cryptocurrency exchanges for cryptocurrency exchange are as follows:

• PayPal
• Credit/debit cards
• Atomic swapping
• Wire Transfer
• Trading Pair

Price history of Electroneum

In terms of cryptocurrency growth, the ICO event was a huge success. However, immediately after the debut of cryptocurrency, Electroneum (ETN) values began to fall. Following the ICO event, there was a big hitch. Many individuals reported that their accounts had been compromised. Electroneum (ETN) prices fell from $0.231 to $0.062 in November 2017. The decrease was abrupt, as seen in the figure below.

Source: Crypto.com

Prices began to rise in January 2018 after Electroneum resolved user hacking difficulties. Electroneum’s investing community saw a groundbreaking progression, which went back to $0.22 from $0.06. When compared to other coins, it has done rather well. The price trend chart overtime is taken from coinmarketcap

Today’s ETN price

The current price of Etn is $0.01936669, with a 24-hour trading volume of 882,357.81 USD. In the previous 24 hours, ETN has lost 0.6%.  The circulating supply of ETN is 17,906,136,086 ETN, with a maximum supply of 21,000,000,000.00 ETN.

Source: CoinGecko

ETN, a cryptocurrency, powers Electroneum. Electroneum is a virtual currency system developed exclusively for mobile users, targeting a market potential of 2.2 billion smartphone users globally. Everyone with a smartphone will be able to mine Electroneum coins using the Electroneum smartphone mining experience.

Conclusion

You should now have a better idea of what Etn is and how it is mined. You understand how and where to set up a safe wallet, a simple Windows mining setup, how to utilize the mobile phone version of the application, and how to calculate how lucrative it will all be.

The smartphone miner represents a significant advancement in the cryptocurrency business, allowing millions of people to get crypto with reasonable simplicity.

FAQs

How high may the price of Electroneum rise?

ETN’s optimistic price forecast is $0.11. The price might rise to $2 based on various variables, including the growth of the leading cryptocurrencies.

How can I mine for Electroneum?

You may mine Electroneum using both your smartphone and your PC. You can harvest Electroneum on your own, but it will take years to make a profit. So, joining an ETN mining pool is a better approach to mine.

How do I calculate the revenues from Electroneum mining?

To estimate ETN mining income, go to whattomine.com, select Coins, and then enter ETN. After you’ve typed ETN, enter your hash rate, power, and energy expenses per kWh. Then you’ll be able to obtain an estimate of your ETN mining earnings.

What are some of the best Electroneum mining pools for electroneum pool miners?

F2Pool, Nanopool, Poolin, Fairhash, and Spacepools are among the most acceptable Electroneum mining pools.

What exactly is Electroneum?

Electroneum is a smartphone blockchain with a real-time payment mechanism. Its primary goal is to build a safe and reliable network to serve the unbanked people.

How much ETN can you mine in a single day?

According to our hardware chart, one Antminer X3 can mine around 620 ETN per day.

Is it worthwhile to mine ETN?

You may verify our claim by using our Electroneum mining calculator.

What is the Electroneum algorithm?

Following the current split, the ETN team reverted to the original CryptoNight algorithm, ASIC friendly.

Is it permissible?

Yes, in the majority of nations.

How should Electroneum be sold?

The simplest method is to join one of the ETN-supporting exchanges and sell your tokens for BTC or fiat. However, you should do your research before investing in the digital world.

Is it possible to mine using my phone?

Although ETN is a smartphone-compatible cryptocurrency, mining using your phone will not result in a meaningful reward. You also run the danger of overheating your smartphone.