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What is There to Know about Electroneum Mining

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Electroneum mining

Electroneum is often considered to be among the newer coins, which is why information about it can be scarce. This also includes Electroneum mining, which is why we will explore this topic today.

Before we start with explaining Electroneum mining, a few words about the coin itself are in order.

About Electroneum

Electroneum (ETN) is a cryptocurrency that was created only last year, in 2017. It has come a long way since then, and it is currently ranked as 46th largest coin by market cap. Its current price is $0.0197 per coin, while its market cap is at $158 million.

Electroneum’s goal is to make cryptocurrencies available to everyone. This is one of the main reasons why Electroneum mining can be done via computer and mobile phone alike.

The process is also very simple, and it only requires a few clicks. Even so, the process of mining itself will likely seem pretty complicated for all those who are not exactly technical type.

Electroneum is based on another cryptocurrency — Monero. It also shares Monero’s views when it comes to privacy and security, which gives it a quality that not a lot of cryptocurrencies have — fungibility.

However, Electroneum also differs from Monero since Electroneum’s team tried to make it as easy to use as they possibly could. This is important, since the coin’s goal is, once again, to make it available to everyone.

Electroneum mining

Mining Electroneum is not as complicated as it is with a lot of other digital coins, and users with some prior knowledge about mining processes will likely agree. This was done on purpose since the team wanted to create a coin that will be easy to mine as well as to use.

Because of this, Electroneum uses a mining code that is resistant to ASIC, which is what makes it different from most other cryptocurrencies. ASICs are expensive computer chips that were created for the sole purpose, and in this case, that purpose is to mine cryptocurrencies. However, Electroneum doesn’t need them, and you can easily mine it even with a regular smartphone.

During Electroneum mining, miners receive rewards for validating transactions and “solving” blocks. Electroneum’s current reward includes 6,413.56 ETN ($136) per block.

Of course, if a miner is part of a mining pool, the reward gets split between users belonging to that specific pool. While anyone can win this reward, the process requires a lot of power.

The more of it the miner has, the bigger their chances for solving the block. In mining pools, this reward gets shared among all the pool members, regardless of which node actually solved the block.

Obviously, this means that there are two ways to mine Electroneum — solo mining, and mining as part of a pool.

When it comes to solo mining, it is only suitable for those with very high computing power. The advantages of solo mining are quite obvious — there are no pool-joining fees, no middleman, and you can get the entire reward. Additionally, pools can get hacked, and Electroneum mining pools were hacked in the past. As for disadvantages, the biggest one is that it requires time, and often a lot of it.

On the other hand, there is an option to mine a part of the pool. This is the best option for most miners since it gives them a portion of a reward with no need for special hardware, or even that much of computing power.

Users will simply combine their computing power with others until the block is solved. The size of the received reward depends on the amount of contributed computing power. That way, the process is simple and fair to everyone.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pixabay

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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