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What is There to Know about Electroneum Mining

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Electroneum mining
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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.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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