Electroneum Mining; Here is Everything You Need to Know

Electroneum Mining; Here is Everything You Need to Know about Electroneum and how to mine Electroneum and make money.

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Britain’s Electroneum is Transforming the World of Cryptocurrencies.

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About Electroneum

Until about a few years back, only a few technology diehards had a real appreciation for cryptocurrencies and their potential as transforming the world economy.

For an average person, cryptocurrencies were too complex, risky, and a sense of mystery surrounded them. However, that perception has changed radically since early 2017.

From among a plethora of coins, Bitcoin has been an instrumental currency to effect that change.

Starting from early 2017, Bitcoin’s value has increase dramatically from about $900 in January 2017 to about $20,000 in December 2017. It’s brilliant performance over one year, has captured professional investors’ attention, galvanized millions, and intrigued a casual investor to consider it for her investment portfolio.

Understandably, thus many have found digital currency as a viable option for their investment portfolios.

Furthermore, the fear of investing in these currency is rapidly dissipating due to a multitude educational campaigns initiated by training organizations, such as, Platinum Trading Institute (PTI), under the umbrage of Platinum Crypto Academy (PCA), and Platinum Trading Academy (PTA).

In US, the introduction of cryptocurrency futures has also given trading in these instruments, and their derivatives much required legitimacy and credibility.

Many find the digital currency market extremely lucrative, and interesting. As a result, the cryptocurrency leader, Bitcoin, and others are being traded actively by investors around the Globe.

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This has also given impetus for introduction of many new currencies founded on attendant Blockchain technologies.

In this Blog, I would like to introduce you to one such new addition to the exciting list of digital currencies:Electroneum

As the pioneering ICO into world of crypto markets, in UK, Electroneum enjoys the rights of a first-born Prince with attendant privileges, excitement, and trading rights.

It also features its own Blockchain platform that is targeted for mobile phone users.

As one evaluates the integration of mobile phones in our daily lives, one can readily surmise that the nexus between the mobile phones and the Electroneum has incredibly far reaching implications for profits and wealth creation. Furthermore, managing and mining Electroneum on mobile phones is easy, with every transaction being accurate, secured, and quick.

The underlying block chain is so robust that it finds applications in mobile games,betting on live races, and transferring cash around the Globe.In addition, Electroneum offers another unusual though brilliant feature. After installing the App, one can engage in the attendant mining process to acquire more coins and use them.

However, currently its mining is capped at twenty-one Billion dollars – making it more attractive to long time investors.

Electroneum opens up wide new and interesting vistas for crypto investments that may lead to profits even better than Bitcoins. Many a seasoned investor are now shunning the Bitcoin, as it is challenging to use it as a choice of transnational currency. Furthermore, as a trading option, Bitcoin is a far more matured currency than Electroneum.

Thus, it offers limited potential for trading profits. For example, since its inception in September 2017, Electroneum has returned 317 percent ROI, with limited risk.Electroneum also enjoys solid support from some of the Britain’s most influential investors, and highly skilled Blockchain technology developers.

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Electroneum’s founder Richard Ell is a successful serial entrepreneur, and had launched the Electroneum, mainly to offer people a viable substitute for Bitcoin.Only the upcoming months will show if Electroneum is able to unseat Bitcoin as a choice of investments or not.

However, in the meantime, the mentors at Platinum Trading Institute (PTI) have formulated a trading plan for benefiting from this exciting opportunity in Electroneum.

Introduction To Electroneum

I expect you’ll start hearing a lot more about Electroneum.

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Electroneum Ltd, the company behind this relatively new coin, is on a mission to achieve mass adoption and simplify the more opaque aspects of cryptocurrency in general. Specifically, they’re targeting developing countries and signing contracts with major telecommunications companies in an effort to make Electroneum available to all consumers and mobile phone users on a global scale. And to make it more approachable.

What stands out most to me is that Electroneum was the first ever cryptocurrency to join the GSMA as a member. The GSMA represents the interests of more than 800 mobile operators worldwide, so I consider that a bold first step in achieving their lofty goals. And according to the company’s press release this morning, Electroneum Ltd “has signed agreements with mobile telecom providers giving Electroneum access to over 100m users.”

You can read more of their accomplishments here.

Many algorithms comprise the cryptocurrency mining world, and Electroneum is based on Cryptonight. Cryptonight is an algorithm optimized for CPUs (though it’s possible to mine on GPUs too, especially Radeon Vega), which makes the next bit of information kind of a big deal.

Today marks the release of the Electroneum mining app for Android; potentially a massive step toward worldwide adoption and increased mindshare. The company intends for this to be their gateway to introducing potentially billions of people to not only Electroneum, but cryptocurrency in general. It allegedly uses very little data and requires absolutely zero technical knowledge. Let’s be honest, that’s one of the biggest barriers to cryptocurrency exploding.

While mining on a smartphone represents a trivial amount of profit, remember that roughly 1 billion people around the world live on less than $2 USD per day. The ability to mine a coin easily on a device even 70% of people in developing countries own — especially if it continues to swing upward in value — could be huge. What if they can turn around and pay their carrier with it? That’s precisely what Electroneum is trying to accomplish.

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At any rate, I’m enthusiastic about Electroneum and I’ve been diverting my mining rigs from Nicehash or Ethereum to this one because I believe it will explode in popularity by the end of 2018. Just remember that at its core, mining is a bit like gambling or playing the lottery. Do your own research and decide for yourself, but never hesitate to mine a coin you personally believe in for your own reasons.

Phew! Alright, a bit of a ramble but I wanted to establish a bit of a foundation before you start your mining adventure with Electroneum. Let’s get going!

Before We Begin: Create Your Electroneum Wallet

There’s no point mining a coin if you have nowhere to store it! First you’ll want to visit my.electroneum.com and create either a paper wallet or an online wallet. While a paper wallet is more secure, it’s also a bit more complicated for beginners in the crypto world to manage. Your online Electroneum wallet will also require two-factor authentication, a PIN and Captcha verification each time you log in to manage it, so there are added layers of security.

Your online wallet will also sync with the Electroneum Android mining app (the iOS app is currently pending Apple approval).

Steps to mine Electroneum

Step 1: Go to my.electroneum.com and sign in via Facebook, or create a new account.

Step 2: Verify your email, setup 2FA (two-factor authentication) and create a PIN to use when you log in.

Step 3: That’s pretty much it! Go to the “Manage wallet” tab. This is where you’ll see your list of transactions and be able to send or receive Electroneum.

Take note of your unique Electroneum address which is a long series of characters. This is where you can receive Electroneum payments from mining, or from other people via various exchanges, wallets or mobile apps. It’s ok to post this publicly because it’s a “deposit only” address.

You’ll also use this address for both of the mining apps discussed below.

ELECTRONEUM MINER FOR YOUR CPU

Want to get your feet wet with a promising crypto coin and avoid hassling with text-based config files? Start here!

*If you want to maximize your hashrate and earnings mining with both your CPU and your GPU.

Electroneum Ltd developed a piece of Windows software for beginners, allowing you to install it, fill in a few fields and start mining with your CPU. Compared to standard mining applications it’s incredibly user-friendly and has a graphical interface. The drawback is that it’s not nearly as optimized as command-line software like Claymore or XMR-Stak.

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What this means is that while it’s a snap to get up and running, you won’t be extracting the full mining potential of your CPU. You’ll be reducing your hash-per-watt efficiency and not reaping the maximum benefits of your hardware. Like NiceHash, this is the easy button. A gateway to further exploration if you will.

Step 1: Download Electroneum Pool Miner from here and save it to your preferred location. I normally choose my Desktop. On a related note, my Desktop is a cluttered mess!

Step 2: Install the software. Just click the various “Yes” and “I agree” prompts, then launch it from the Desktop shortcut that was created.

QUICK SIDENOTE: Mining isn’t actually the act of getting crypto coins; the coins are the reward. In simplistic terms, mining is the process of verifying a coin’s transactions on the network which are broken up into “blocks.” Sending or receiving cryptocurrency requires multiple verifications since these are permanent and cannot be reversed. A pool is a collection of miners pooling their resources (e.g. their compute power) to equally split the rewards — in our case Electroneum coins — for solving these blocks. Pools are necessary once a coin increases in popularity. They benefit smaller or hobbyist miners who don’t have the insane hardware horsepower to do it solo.

Step 3: Let’s fill in some information! To get up and running, the Electroneum Pool Miner will need your ETN wallet address and the URL of a Pool to mine to. Go back to your Electroneum wallet and copy the address, pasting it in the first box.

Step 4: Now visit this list of supported pools and choose one. This step may feel overwhelming as a ton of pools are listed. Follow these guidelines to determine which one you should choose:

  • Your pool should have a 1% or lower fee (a fee is what the pool takes for its existence/maintenance/operation costs before paying out to you).
  • Your pool should have some kind of support presence. I really appreciate when they have Discord or Telegram channels.
  • Your pool should be located in the same region as you.

We’ll use Easyhash.io for this example. You can find all the connection information for Easyhash right here.

I’ll assume you have a standard midrange CPU as opposed to something like Threadripper. It’s ok if you’re not sure because the pool should adapt. So let’s choose Port 3630. This is how you’ll enter the Pool URL into the Electroneum mining software: stratum+tcp://etn.easyhash.io:3630

Step 5: Choose the number of threads to mine with. The software actually wants the number of cores your CPU has. My ASUS ROG laptop uses an Intel Core i7-7700HQ which has 4 cores, so I’ll enter 4. If you’re not sure, hit CTRL+ALT+DEL on your keyboard, and click “Activity Manager.” Then click the Performance tab and look toward the bottom of this screen:

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Step 6: Start Mining! If all goes well, you should see some activity like hashrate and accepted shares in the “Miner output” box.

An Intel Core i7-7700HQ happily hashing away

Electroneum Ltd.

Step 7: Monitor your progress. Within minutes of submitting a share, you can track your hashrate, estimated earnings, and currently status by clicking the “My Stats” tab at the top of the Easyhash Electroneum page. Alternately, you use this URL format: https://easyhash.io/electroneum/mystats/YOURWALLETADDRESS

Here’s what that screen looks like:

Easyhash monitor for Electroneum

Easyhash.io

Be patient as results are sometimes delayed by several minutes. After you mine 10 ETN it will be automatically deposited into your Electroneum wallet. You’ll also be able to see your estimated weekly $USD earnings based on the coin’s current value — which hopefully should continue to ramp up as Electroneum gains mindshare and mainstream adoption!

ADVANCED XMR-STAK FOR CPU + GPU MINING

XMR-Stak is what is running behind the scenes when you use your CPU on Nicehash, which I covered in my guide to mining with AMD’s Ryzen Threadripper. It’s very well optimized, and the version I’ll be showing you today can simultaneously mine with your CPU, AMD Radeon and/or GeForce cards. It also runs across MacOS, Windows and Linux. The drawback is that it’s a command-line interface, but once you tinker with it a few times you’ll become comfortable using it.

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In my experience it’s the best software for mining the Cryptonight algorithm, which is what Electroneum is based on. However, it’s not perfect and things can go wrong. If you get unexplained errors or the program isn’t working as it should, try consulting the CONFIG, CPU, and NVIDIA or AMD text files contained within the program’s folder. These represent settings for your components. They contain pretty good explanations of the editable configuration options within those text files. Hopefully you won’t need them as the software is adept at auto-configuring your unique hardware.

Step 1: Download XMR-Stak-win64. Browse to https://github.com/fireice-uk/xmr-stak/releases and download the zip file to the location of your choice. For this example we’ll use the Desktop. Once complete, just right click the folder and choose “Extract All.”

Here’s what you should have in the resulting xmr-stak-win64 folder:

The XMR-Stak-Win64 folder

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Jason Evangelho

(Tip: If you don’t want to mine with your GPUs, simply delete the cuda-backend and opencl-backend files which enable support for Nvidia and AMD respectively.)

Step 2: Gather your info! One thing I love about XMR-Stak is that instead of editing a configuration file in notepad, the interface just asks you a series of questions. So let’s round up all the info you’ll need first.

It’s command line, but a super simple setup process

Jason Evangelho

  • Currency: Monero (you’re not mining Monero, but that’s the correct answer since it supports the same algorithm)
  • Pool address: We’ll use the same pool as Method 1, but a different port since we’re also using our GPU. So that will be etn.easyhash.io:3631
  • Username: this is your Electroneum wallet address. Head back to my.electroneum.com and copy/paste that here.
  • Password: leave this empty and hit enter.
  • For the remaining questions, type “n” for No.

Advanced tip: Perhaps you want to mine Electroneum on multiple computers? To track detailed performance for each machine you can add a “Worker” name to the end of your Electroneum wallet address. For example: “YourWalletAddress+MyRig” (without the quotes). This method applies to most any coin you decide to mine with XMR-Stak or other similar miners, but the format varies by pool, so check the “Getting Started” or “Help” sections of the pool you choose first.

Step 3: You’re mining Electroneum! You’ll see the software log you into your pool, and perhaps throw a warning about hardware being disabled. No worries there — if you don’t have an AMD Radeon graphics card, for example, it will just inform you that it’s disabled because it can’t find a driver.

XMR Stak mining Electroneum

Jason Evangelho

You can also input a couple commands in the command window to check on your pool results (r), connection (c) and hashrates for CPU and GPU (h).

Hashrate Reports and pool details on XMR-Stak

Jason Evangelho

Step 4: Monitor your progress. (Forgive me, I’ll copy and paste from Method 1!) Within minutes of submitting a share, you can track your hashrate, estimated earnings, and currently status by clicking the “My Stats” tab at the top of the Easyhash Electroneum page. Alternately, you use this URL format: https://easyhash.io/electroneum/mystats/YOURWALLETADDRESS

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Here’s what that screen looks like:

This is my predicted earnings for my GTX 1070 and Intel Core-i7 machine.

Easyhash

Be patient as results are sometimes delayed by several minutes. After you mine 10 ETN it will be automatically deposited into your Electroneum wallet. You’ll also be able to see your estimated weekly $USD earnings based on the coin’s current value — which hopefully should continue to ramp up as Electroneum gains mindshare and mainstream adoption!

This is my first in-depth guide for mining actual crypto coins instead of merely loaning your PC’s hashing power for something like NiceHash. I hope it benefits you, but if you feel I’ve missed something or have suggestions for improving it, please reach out to me via the social media links below. Anything else you want to see a guide on? Let me know, and happy mining!

Credit; forbes.com

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