Electroneum, which launched on November 1, is a new digital currency with a unique mining system. One of the cool parts about Electroneum is that you can mine the currency from your phone.
The goal of Electroneum is to bring mining to the 99% of the world that doesn’t own server farms and miners. It wants to bring mining to the general public.
But is any of this legitimate? Can you really mine Electroneum from your phone and make real money? Today, we’re explaining everything you need to know about how to mine Electroneum.
Mining Electroneum On Your Phone
Electroneum has a mobile app available for Android. You can download that mobile app from the Google Play Store for free.
You download the app, create an account (or login with Facebook), create an Electroneum wallet and a PIN, then begin mining.
Android mining began on November 1, 2017.
The app also has a mining game where you can increase the number of coins you receive. The game is designed to teach people more about mining, then encourage them to setup their full miners on their computer.
In terms of power and data usage, Electroneum hasn’t been very specific about its requirements. However, the data usage was designed to make Electroneum’s app a viable option for those in developing parts of the world. Ideally, you’ll have an unlimited data plan or you’ll run Electroneum on Wi-Fi at all times.
Mining Electroneum On Desktop Computers
In addition to smartphone mining, Electroneum makes it easy to mine from your PC or Mac. You can download the PC and Mac Electroneum miners from the Electroneum.com site (note: only the PC software is officially available, although a Mac version appears to be available on Github for advanced users).
These miners work like other desktop mining programs. However, they’re designed to be easy for beginners to use – similar to the rest of Electroneum.
You download and install the desktop software, then move through the walkthrough. You’ll enter your ETN wallet address. The software automatically chooses your pool region, mining port, and the number of threads. Then, you click the big green “Start Mining” button.
From there, you can view your mining activity as part of the Electroneum mining pool. You can also view other members of the pool, including their hashrates and the types of computers they’re using.
Can You Actually Make Money With Electroneum Mining?
Ultimately, a cryptocurrency that’s mineable using any smartphone sounds like a great idea – but there’s a big issue. The issue is that if a smartphone can profitably mine Electroneum, then a high-end miner can mine the cryptocurrency even more efficiently.
Based on what we can see online, a handful of people were able to make money by immediately mining Electroneum after launch on November 1. These people earned hundreds of coins during the first few days – but have made 0 coins since then.
There are also some reports online that your phone doesn’t really mine at all, and that Electroneum’s mobile app is just a gamification system to encourage you to install the desktop software.
Others claim their app wasn’t able to mine at all after launch. Since the launch on November 1, these people are leading the charge of calling Electroneum a scam.
We’ll hold off on calling Electroneum a scam for now. However, there does seem to be some confusion about the November 1 launch.
How To Mine Electroneum Conclusion
Ultimately, Electroneum is still in the very early days of launch. The ICO began on September 14, and the mining was scheduled to begin on November 1. Based on reports online, users’ experiences have been mixed so far.
Nevertheless, Electroneum has legitimate mining software in place, and the currency is actively listed on multiple exchanges, where it’s currently traded at a price of around $0.10. You can download the software for Android or Windows today.