Bitcoin mining is the process of putting new bitcoins into circulation; it’s also how the network confirms new transactions, and it’s an important part of the blockchain ledger’s upkeep and development. “Mining” is done with high-tech apparatus that solves a very difficult computational arithmetic problem. The next block of bitcoins is granted to the first computer to solve the challenge, and the process repeats again.
Cryptocurrency mining is time-consuming, expensive, and only seldom profitable. Mining, on the other hand, has a magnetic attraction for many cryptocurrency investors since miners are paid with crypto tokens for their efforts.
What is Electroneum?
Electroneum Ltd. is a blockchain initiative established in the United Kingdom that uses the ETN cryptocurrency to allow ETN app users to make low-cost cross-border transactions (equivalent to a fraction of a US cent). More than four million people use the ETN app throughout the world. AnyTask.com became the first freelance marketplace to embrace the Electroneum payment method in late 2019, giving freelancers all over the world the chance to offer their digital skills online for free, potentially saving them up to 20% in costs compared to other freelance markets.
Furthermore, because ETN may be received via the ETN app and used to buy a variety of services without requiring a bank account, a section of the world’s unbanked population now has the opportunity to make a living online.
How to Mine Electroneum?
One of the most appealing aspects of ETN mining is how simple it is to get started. Mining is, in essence, an extremely tough operation to do. However, it appears that this is not the case while mining Electroneum.
Many people have been discouraged from pursuing mining because of its complexity. The Electroneum team wants to take action to address this problem. They established a cryptocurrency that anybody may mine in the hopes of creating a more decentralised infrastructure that is more resistant to network takeovers.
As a result, the Electroneum blockchain was born. Anyone may mine and run nodes on this platform. Eletroneum has been designed to be resistant to ASIC (Application Specific Integrated Circuit) miners. This implies that ASIC miners will have no advantage while mining ETN. ETN mining will be more accessible to the general people.
Using a Mobile Phone to Mine Electroneum
Electroneum mining using a mobile phone is fairly simple. You only need to follow a few easy steps, such as these:
- Download the App
- Register an Account
- Click on Start Mining
After you’ve completed these steps, your phone will begin mining and you’ll be able to earn ETN. You could only make a few pennies per day because of the low hash rates of mobile devices. However, ETN’s value may rise in the future, so it’s up to you to determine whether it’s worth it.
How to Use a Computer to Mine Electroneum (CPU or GPU Mining)
You may mine Electroneum using a computer in addition to your phone. This is significantly more difficult than mining using a smartphone, but the rewards will be far more. The profit, however, will always be determined by market conditions. Without further ado, we’ll go through how to mine ETN with either a CPU or a GPU (Graphics Card) below.
First and foremost, you will require three items to mine Electroneum on your computer. A computer (running 64-bit Windows, macOS, or Linux), an Electroneum wallet address (to deposit your money), and mining software are the three requirements.
STEP-1 Download and Install the Mining Software
Download xmr-stak from Github if you’re using Windows. The most recent release is generally the link towards the top of the page. The file is usually a zip file called xmr-stak-win64.zip.
STEP-2 Set up your mining software
When setting up the mining programme, there are numerous stages to follow. Let’s have a look at the stages that follow-
- Extract the file
- Enter the pool address
- Enter your username or wallet address
- Configure the rig identifiers