To put it simply, but not entirely correctly, mining is the extraction of cryptocurrency, most often, bitcoins, which is explained by their most serious demand and popularity in the market at the present time. In fact, the owner of the computer, using his resources for the operation of the virtual payment system, collects and processes information about the current operations with cryptocurrency. It is essential because first you can use btc to etn converter, and exchange them.
This activity is necessary in order for transactions to be carried out, to ensure a high degree of their security, as well as to ensure the smooth functioning of the entire peer-to-peer decentralized system. The larger the number of miners and, accordingly, the computer resources involved in the process, the more reliable and stable the system is.
By far the most popular cryptocurrency today is bitcoin, created in 2008-2009 by Satoshi Nakamoto. That is why, most often, a decision is made to mine this particular type of virtual money. However, it is necessary to understand that the flip side of popularity is the huge amount of resources involved in information processing. Therefore, today, in order to really make money on mining bitcoins, extremely large computing power is required.
- cloud pool;
- hidden mining;
- mining farm.
The simplest mining option is using a cloud pool. In this case, the capacities of a specialized company are rented or bought together with the software installed on them. However, in most cases, the cost of renting or acquiring resources is quite high.
How to mine ETN?
Mining can be carried out both on mobile devices and on personal computers. Coin mining does not require huge capacities. The developers aimed to make ETN mining available to all users, so there is no need for significant computing power.
There are two ways to mine cryptocurrency:
- Using a mobile device by downloading the application;
- Using video cards on the processor.
As for the mobile phone, there shouldn’t be any difficulties here. No pool or additional software is needed. You only need to download the application (which also acts as a mobile wallet) and activate the mobile miner. To use a mobile miner, you will need to verify your email address and create a PIN on the official Electroneum website.
The miner does not perform complex calculations on a mobile device. It puts a small number of ETNs in the hands of users every day to provide market liquidity and stimulate viral growth. Today it has 1.6 million registered users. This is faster viral growth than Facebook and Twitter in the same time frame. In general, this is more of a marketing ploy.
As for real mining, everything is standard here. To do this, you will need:
- Create a wallet – there is only a paper wallet without an interface, so coins can be transferred directly to the exchange or to a mobile wallet;
- You can mine the coin on video cards (AMD, NVIDIA) and, in fact, on the CPU;
- Pick up ETN pool;
- Choose an electroneum miner, install and configure software;
- Configure everything, mine and withdraw cryptocurrency, observe mining statistics.
As for software, there are no separate miners for ETN yet. But it has already been said above that the cryptocurrency has a common algorithm with Monero, so miners are suitable for this particular digital money. You should also be careful when choosing a wallet. Rather, he has no choice. You can download a local unofficial wallet (ETN wallet) on Windows with a built-in mixer on GitHub that allows you to store ETNs.
An additional plus is the referral system on the mobile miner. By inviting friends to download the application, the miner receives 5% of the coins they mined on the smartphone.