Electroneum is a privacy-based cryptocurrency which is based on Monero. It facilitates digital payments from one person to another. The most valuable part of using Electroneum is that no one needs to permit you to use them. You need an internet connection and wallet address to get started.
Privacy is a key part of the Electroneum project as balances are impossible to look up. No user can also tell which wallet a particular transaction has come from. It differentiates Electroneum from other cryptocurrencies such as Bitcoin, where it’s possible to track transactions.
In this tutorial you will learn:
- What is Electroneum?
- Why You Should Mine Electroneum (ETN)?
- What are the Types of Electronim?
- Electroneum Price Prediction
- Mining Software & Hardware requirements
- How to Mine Electroneum?
- How to Mine Electroneum with a Computer?
- How to Mine Electroneum With a Mobile Phone
- Electroneum Mining Pools
- How to Calculate Electroneum Mining Profits
Mining for most cryptocurrencies usually involves very complex methods. However, it is relatively easy to mine ETN either through a CPU or even a mobile phone. Mining Electroneum has a lot of advantages, some of which are mentioned below.
- Electroneum makes use of the highly customizable CryptoNight mining algorithm. It uses Proof of Work (PoW), which offers high dependence on CPU and resistance to ASIC, GPU, and FPGA mining.
- Electroneum is very mobile-friendly that allows users to mine their first coins within minutes of downloading the Electroneum app.
- Several cell providers have started integrating Electroneum as a payment option for their clients.
- The Electroneum community has already signed deals with over 1.2 million merchants, distributors, and agents spanning 9 countries.
- Electroneum offers several build-in electroneum wallet features to eliminate the tedious lining the miner with the wallet.
Depending upon the type of processes and hardware used, there are several different ways you can mine Electroneum.
Following are the essential types of Electornium mining:
CPU Mining: CPU mining utilizes the CPU of miners for mining Electroneum. It is widely used to be a viable option almost 5 to 6 years ago. However, its popularity declined because of dwindling profits. All one needs to start CPU etn mining is just a computer and some software applications. It is a very slow process to go on for various months without earning any significant gains.
GPU Mining: It is one of the most popular methods of Electroneum mining cryptocurrencies. Miners use one or various graphics processing units to mine Electroneum.
This mining method is both relatively cheap and efficient to build a mining rig comprising GPUs. A standard Electroneum mining rig consists of a motherboard, a processor, and a rig frame that includes graphics cards.
ASIC Mining: ASIC stands for Application-Specific Integrated Circuits(ASIC), which refer to specific devices that perform crypto mining.
Compared to the above-given methods, ASIC mining can produce a lot of ETN because of its higher computational/processing power. Generally, companies that announce a new version of their ASIC miners are flaked with criticism from the worldwide crypto community.
ASIC miners offer more computational power than other miners. They fear that they rob other miners of equal opportunities. The miners who use CPUs and GPUs can’t keep up with ASIC miners in hash speeds and earnings.
There are also reports that ASIC miners have influenced numerous cryptocurrencies’ economies by investing in ASIC farms. However, this list does not include Eletroneum.
Cloud mining: Cloud mining is surely one of the best ways to mine Electroneum alongside pool mining. In this type of mining process, miners pay an entity to rent out their mining rigs.
Cloud mining services offer large mining facilities consisting of several mining rigs. This is mostly fixed in an agreement where all the earnings the rig makes get transferred to the miner’s crypto wallet. Using combined computational value, they can offer mining services on a bigger scale better than others.
If you do not have sufficient money to invest in mining rigs themselves can avail of this service for mining cryptocurrency. However, one drawback of this electroneum mining is that you have to pay the money upfront that means that you will not get your money back if the price of ETN drops. You also will never be able to change the software and hardware provided by the cloud mining company.
Solo Mining: Mining alone, also known as solo mining, seems to be the most likely mining method. However, the degree of competition is high because of the Number of participants involved in the etn network. This method is only profitable if you have sufficient resources to have a big presence in the network. For example, if you have more than 100 GPUs as part of a mining farm.
However, there are a lot of drawbacks related to maintaining a mining farm. They can be plagued with heating and ventilation issues.
Maintaining multiple mining rigs also means that you have to spend a lot on electricity, especially if you want to install more than 10 graphics cards.
Pool mining (recommended): Electroneum can also be mined using mining pools. A joint group of cryptocurrency miners work together and combine their computational resources into a mining pool. The participants in the mining pool receive a reward for finding a block, in this case, ETN.
You always have an option to select either going solo with your dedicated servers or joining a mining pool along with other miners helps you to combine your hashing output.
For example, combining 6 mining devices in a pool can offer 335 mega hashes per second can generate 2 Giga hashes of mining power.
The current value of Electroneum as of 12/11/2021 is $0.02124, with a fully diluted market cap of $446,128,069. The revenue is also expected to be around +193.09%. Based on analysis by various experts in the crypto community.
ETN is set for a long-term increase, and most experts have bullish etn price prediction, with one price prognosis for 2026-11-07 to be $0.0636. For instance, if you make a $100 investment of ETN you may be up to $293.09 by 2026.
Every cryptocurrency is volatile, and no one can predict the prices of crypto with certainty. However, we can say it is more sustainable than other cryptocurrencies. Many analysts have claimed that there is a higher chance that the value will go up to $1 by 2025/2026.
So before beginning your mining process, you need to look at the software requirements and the operating system you need. You will need.
Mining application: Electroneum uses the Ethash algorithm. Therefore, the mining software you choose should be tailored to the algorithm.
Graphics Card: GPU with 3GB RAM, can mine Electroneum. Here, it would help if you always tried to use a Desktop. Although, there are gaming laptops capable of mining Electroneum because of their high-end cards.
Crypto Wallets: You also need a cryptocurrency wallet to receive the ETN.
Operating System: You need to select Windows 10(64bit). Alternatively, you can use various Linux distributions. However, it is not recommended. You should configure windows and start your mining process faster.
To select appropriate mining software, check the following criteria to make your final decision:
- Maximum hash rate: You need to select your mining software after evaluating the mining hardware capabilities.
- Type of mining: Depending upon the type of mining you select, your software requirements will differ.
Mining is referred to the process of transaction verification between users of different cryptocurrencies. Miners are rewarded with coins from the block reward and the mining fee included in all transactions for doing this work.
When it comes to mining Electroneum, it is very easy to begin compared to many other cryptocurrencies. Many users have been discouraged from taking up mining in the past. The team behind Electroneum wanted to solve this issue by allowing ETN to be mined by almost anyone. It hopes that this would create a more decentralized infrastructure that won’t allow network takeovers.
Electroneum allows anyone to mine and run nodes. It is specifically designed to resist miners that use Application Specific Integrated Circuit (ASIC). ASIC miners will not have an advantage when mining ETN, making it the network fair for all participants. Thus, you can mine ETN with the help of a CPU, GPU, or even a mobile device.
The following is a step-by-step guide to assist you in setting up mining on a computer. This is certainly not profitable to mine but serves as an excellent gateway for novice miners to enter the space. The following guide is suitable for Windows systems only.
Step 1) Visit electoneum website
and https://downloads.electroneum.com/ click on the Browser Version if you’re using Google Chrome.
Step2) The following page will display the disclaimer about private keys. After going through it, click on Let’s Get Started.
Step 3) You then have to move your mouse around in random patterns, as shown below. This is done to give you a random key set.
Step 4) After reading the warning about the importance of keeping your online electroneum wallet safe, go ahead and click on “Save Wallet as PDF.” Lastly, open the PDF and print the key sets.
Step 5) The next step is to install the mining software. For this example, we’ve taken XMR Stak. Visit https://github.com/fireice-uk/xmr-stak/releases to download the zip file.
Step 6) After downloading is complete, go ahead and extract the zip file and open the designated folder.
Your antivirus or firewall program might prevent the file from being executed. If so, add an exception for this file as it is guaranteed safe. Double click the .exe file to run the program.
Step 7) Locate the file called xmr-stak.exe and double-click on it to execute the file. Confirm any security message that shows up. After installing the software, a step-by-step system will appear to help you configure the miner automatically.
Step 8) The miner will ask you which currency or algorithm you want to mine in the next step. Type “CryptoNight” in lowercase letters in the way shown below and hit Enter.
Step 9) The next thing you will need is the pool address. For this example, we will use Spacepools as they have a pay-out threshold of 10 ETN and a low fee of 0.1%. To select Spacepools as your mining pool, enter
http://pool.etn.spacepools.org:3333/ as seen below.
Step 10) Enter your Electroneum wallet address. After pasting the wallet address, hit Enter.
Note: It is recommended that you first paste the wallet address into a clean text file and remove the spaces when copying the wallet address.
Step 11) You need to enter a name for the rig identifier (miner1). The miner will ask you about TSL/SSL and nicehash. Type the letter “n” and hit enter on both occasions. Do the same when it asks you about multiple pools as well.
With this, the miner configuration is complete, with a new window confirming the same. Several messages followed by the phrase “pool logged in” will appear. This signals that the miner is operational and working.
Mobile miners have allowed mining participation to expand in recent times. Electroneum is a cryptocurrency that can be mined using a simple android device.
To start using this mobile miner, follow the below-given steps:
Step 1) Next visit the Google Play store and search for Electroneum.
- Click on “download” and wait for the file to be downloaded fully.
- Click on the “install” button and wait for the process to complete.
Step 2) The next step involves creating or signing up for a new account. The Electroneum app allows you to use your email or your Facebook account to create an account.
Step 3) With the Electroneum app, you can access cloud mining pretty easily. Click on the “Activate Cloud Mining” button to start mining.
Step 4) In the next step, you need to activate your wallet. This involves setting up your PIN, confirming your email address and basic info, followed by accepting the security notice.
The Electroneum team rewards users with 5ETN for each of the steps completed.
Once this is complete, you can start mining Electroneum without having to keep the app active. To keep the cloud mining process active, visit the app once a week.
Due to the large number of miners already mining Electroneum globally, joining a mining pool is the user’s best option at the moment. In mining pools, you combine your computing power with other people on the network. By joining a mining pool, you will reap consistent rewards by mining cryptocurrencies without using expensive pieces of hardware.
You are rewarded according to the percentage of Electroneum computing power you contribute to the pool. For instance, you will receive 10% of the mining rewards if you contribute 10% of power to the mining pool.
Here are some widely popular electoneum mining pools that you can use.
F2Pool is used for Electroneum as they manage a significant portion of the network hash rate. However, it charges a steep fee of 3%, which can turn off for some users. It is one of the best electroneum mining pools where you need to register and provide some personal information to start mining etn with F2Pool. Visit https://www.f2pool.com/ to get started.
Spacepools is one of the oldest ETN mining pools in existence. While they control less than ten percent of the network’s hash rate, they outperform the likes of other cryptocurrency mining pools such as Fairhash. It is one of the best electroneum mining pool that charges a meager fee of 0.1% for mining and ensures a 100 ETN minimum payment. To check this electoneum mining pool, visit https://spacepools.org/
Based out of Russia, Fairhash offers servers for miners worldwide. The hash rate for Fairhash is less than 10% of the entire network. Mining is provided straight to cryptocurrency exchange wallets. This electoreum mining pools charge a fee of 1%. Visit https://fairhash.org/ to learn more.
Poolin offers a worldwide server network that allows anyone to mine from anywhere in the developing world. It controls about 12% of the entire network’s hash-rate. Poolin charges a 2% mining pool. To check out this mining pool, visit https://www.poolin.com/.
Nanopool is the best option for decentralized mining. This Electroneum mining pool focuses on ETN and other confidentiality electroneum coins. This top electroneum mining pool manages about 10% of the entire network hash rate and charges a 2% mining fee. Visit https://nanopool.org/ to learn more.
You can get an estimate of your earnings from mining by using an Electroneum calculator.
To calculate block, reword profits, open your miner and check your Mh/s. After opening any of the calculators, you need to enter the cost of electricity and power consumption. Based on the value of 1 ETN at the time, it will retrieve the average results
Several factors affect mining profitability, such as:
- Price of your electricity
- Cost of hardware
- Mining pool fees
- The price of ETN at the time of mining
- Mining hardware hash rate
- Power consumption
- Hash power of mining pool
There are several mining calculators available for free. You need to input the power consumption, hash rate, cost, fees, and any hardware costs you incur. Examples include:
Almost all of these sites work similarly, so we shall take WhattoMine as an example.
Step 1) Select the coin you want to mine after visiting the site. In this case, it will be Electroneum.
Step 2) Enter the required pieces of information – hash rate, wattage, charges, and cost of energy.
Step 3) After clicking on “calculate”, the site will provide you an approximation of how much money you can make if you mine with your current hardware. This is how you can calculate your etn earning.
❓ Is Electroneum Mining Profitable?
To effectively calculate mining profits from Electroneum, there are certain metrics and factors you need to consider. These include the following.
- Cost of the hardware: The more you invest in hardware, the easier it is to attain profits from mining Electroneum.
- Cost per kWh: Miners have a better chance of attaining profits if they reside in areas where energy costs are cheap.
- Power consumption: The profitability of mining processes also depends on how much power your rig or miner consumes.
- Hash rate: It is a measurement of how powerful the mining hardware is.
🚀 Is Mobile Mining Profitable?
Mining Electroneum with mobile phones is less profitable than using CPUs and GPUs. For instance, you can mine 5 ETN per day and more if you use devices from the Samsung galaxy series such as Galaxy grand prime.
❗ Does Monero mining require a high-end GPU?
It is entirely possible to start Electorim mining using a CPU. However, experts advise against it as CPUs cannot produce a good enough hash rate for mining to be financially viable. So, the better option would be to use a GPU mining for a more reliable and faster.