How to Mine Electroneum

Best Way to Mine Electroneum

After originally developing the network to become ASIC-resistant, the team behind Electroneum have launched an update, enabling ASIC mining. The reason stated for this change is that a micro-payment system like Electroneum must have fast transaction speed to maintain its primary function – processing many transactions in a short period of time

Therefore, this can be achieved only with the help of ASIC miners, which have greater performance and efficiency, compared to GPUs. It’s not surprising that ETN ASIC miners will bring you the most profit out of all your options. For example, one Antminer X3 beats the top of the line AMD RX Vega 64 by 110 times (220Kh vs 2Kh). Mining Electroneum with GPUs is still possible, but we wouldn’t recommend it as it’s no longer profitable.

Have you heard of mining pools? Well, they are your best shot, if you want to become a successful ETN miner. They are comprised of participants, combining their hashing power in order to mine a block faster. This is bringing them a reward, proportionally distributed to their contribution in the ETN mining process. This way of mining allows you to earn a stable and frequent income. Sounds pretty cool, doesn’t it?

What You Need to Start Mining Electroneum?

A key point in mining ETN is the appropriate choice of hardware. Since we already explained that ASICs are your best option, we’ll add that you’ll need an external PSU cable to configure your device. The cable is not always included in your purchase, so check whether you’ve acquired one or not.

Reliable Internet connection is in the base of an efficient Electroneum mining process. You should be online all day long, without getting your connection interrupted at any point. If your traffic is limited by the Internet provider, then bear in mind that you should have at least free 500MB per device every single day. Basically, this is about 15GB each month per one ASIC.

Ultimately, you should also consider your power consumption. If you’re planning to have multiple mining machines, then calculate if a single power grid can handle it, or you need to have some more.

In fact, just like with any other currency, you need a wallet to store your assets. A crypto wallet isn’t just a purse to keep your money in – it’s also managing it. Need to send or receive some altcoins, or want to exchange them for some tokens or simply stock them safely? Choose one wisely and according to your needs. Check out our in-depth article on what to look for when picking the best wallet option – Wallets.

What Else You Need to Consider

First, it’s very important to consider how you’re going to be cooling your ETN mining gear, so it can reach its peak performance.

Equally important is the handling of the excessive noise it produces, especially if you’re planning a domestic Electroneum mining setup.

We’ve covered in detail different solutions of these problems in a whole separate article: (Ventilation, noise and cooling decisions for your hardware).

Now, let’s get back to the Internet connection. Note that low latency is very important. This is what helps you send your shares first whenever you find a block, if it isn’t low enough, you might not be able to get your hands on the reward first.

You should also definitely consider the importance of your location. If you already have high electricity bills, mining will increase them drastically.

Now, let’s focus a bit more on Electroneum wallets. There are several options available:

 

Which Electroneum Mining Hardware to buy

ETN uses a proof of work algorithm – CryptoNight, which is compatible with ASICs available оn the market. There are a few options from different manufacturers, and your choice should be based on several factors: hash rate (the speed of performed calculations), power consumption of the device and of course the price.

Another factor is the availability of the devices you want to buy, they are usually sold out almost immediately after their launch.

First, let’s have a quick look at the top 3 choices for ASIC mining hardware:

Recommend Electroneum Mining Hardware

Bitmain – Antminer X3

Our choice

• 220 KH/s , 550W
• 334mm(L) x 125mm(W) x 207mm(H)

$2000.⁰⁰ buy from . $1313.⁰⁰ buy from .

Baikal Giant N

• 20KH/s , 60 W
• 310mm(L) x 115mm(W) x 135mm(H)

$3300.⁰⁰ buy from . $266.⁰⁰ buy from .

Based on the information in the table above you can easily calculate your estimated profitability with the help of our Electroneum mining calculator.

Setup Hardware and Software Configuration

We will be going through the configurations of Antminer X3 ASIC. If you follow all the instructions below you will be ready to start mining in a short amount of time. We will explain how to connect to a mining pool and add your wallet address.

Electroneum Cloud Mining

One of the companies that offer such mining is NiceHash, whose marketplace connects buyers and sellers of hashing power. What makes it different from other Electroneum cloud mining providers are the advantages, offered by this marketplace, such as:

Electroneum Calculator

It’s good to have an idea of the earnings you can expect, so we’ve set up a calculator that you can use to estimate your Electroneum profits. It will provide you with a rough estimate, so keep that in mind.

All you have to do is enter your total speed per second (hash rate), your power consumption in watts and the cost per kilowatt hour of your electricity company, and also the pool fee.

You’ll be able to see how many coins you’re going to earn (in USD also) for certain time periods. Take a look at the profit column, since this is the value you’ll be left with after you pay for the electricity usage.

Disclaimer: Don’t forget that the network difficulty and market price of the coins are constantly fluctuating variables. Therefore, all results will be relevant for that particular moment only.

FAQ

How many ETN can you mine in one day? 

Using the information from our hardware table, with one Antminer X3 you can mine about 620 ETN per day.

Is it worth mining it?

Definitely. You can use our Electroneum mining calculator to verify our statement.

What is the algorithm of Electroneum?

After the latest fork the ETN team turned back to the initial CryptoNight algorithm, which is ASIC friendly.

Is it legal?

In most countries, yes.

How to sell Electroneum?

The easiest way is to sign up at one of the exchanges that support ETN and sell your coins for BTC or Fiat. For a list of the best cryptocurrency exchanges visit our dedicated exchanges page.

Can I mine via my phone?

Despite ETN being a mobile friendly cryptocurrency, mining with your phone can’t earn you any real profit. You also risk overheating your mobile device.