The first cryptocurrency I began to mine was Electroneum.
This is also a cryptocurrency that I can warmly recommend to all who are interested in minimining. First and foremost, it is easy to get started and their app doesn’t affect your phone battery charge that much (and no – your phone won’t get hot!).
(Graphics sources: Electroneum.com & Pixabay.com)
In this post I will tell you how to:
- Get started with mining Electroneum
- Increase your earnings
- Calculate your profits from mining Electroneum
Mining on your phone – without mining
Before you install the app you need to know that won’t be any real mining happening. It is also the reason why this app affects your phone battery only slightly.
What is actually happening is that the app calculates the hash rate that your phone would have had IF it were mining Electroneum. And then you get your earnings that are proportional to that potential hash rate. Which means that you aren’t contributing anything to the network – but you are still getting paid.
“But why?”, you may wonder. As I see it, this is just a way to market this cryptocurrency. To get more people interested in Electroneum which will help establish a niche for it as a cryptocurrency for mobile phones. Many people will begin to mine it on their smartphone – and eventually switch over (or add) mining on a computer (which I am also going to do).
So you can start mining Electroneum without fear of overheating or discharging your battery. It is a big difference from Minergate that really makes your phone hot – because mining is actually happening there.
Get started with Electroneum
No, it’s not available for iOS yet. If you don’t have an Android smartphone, it is still possible for you to participate, if you have a computer. Download BlueStacks software which enables you to run Android applications directly on your desktop or laptop. (I haven’t tested it yet, but I am going to do it and make a post about my experience).
The app won’t work on an older version of Android. I tried it on Android 4.1.2 and it didn’t run. But it works well on 8.0.0. I don’t know which is the lowest viable version for this app.
2) Install the app and register.
Just follow the instructions – it won’t take you longer than 2 minutes.
3) Start mining
Start the app by clicking on “Start mining”. Done! All ETN that you earn will be shown in the app. From there you can send it to other people or to a paper wallet.
Increase your earnings
One person = one user
The rules say that you can only create one account per person. So I have registered myself, my wife and my child, so that everyone got their own account. However, my wife’s smartphone was so old that I couldn’t install the app. But there’s a solution for it (see the next section).
Double accounts on the same phone
Thanks to @jemmanuel and his post about how one can enable two of the same apps with different accounts running on the same phone I can now run mine and my wife’s accounts on my smartphone.
If you are going to create accounts for each family member, make sure that you use the referral link from your first account, when you create all other account after that.
There’s a QR-code in the app as well as its representation as a string of digits. You see mine on the picture below. Create an account, “recruit” your partner / friend / colleague / family member with this code. You do it by creating a new account first and then filling in the referral code. It’s a bit backwards, compared to how referral codes usually work. But you get your recruitment bobus for each person who fills in your referral code.
Create your first account with a referral code
If you register an account and then fill in somebody’s referral code, you will get an extra 1% of mining earnings. And the one who recruited you will get a bonus equal to 5% of your mining earnings.
Create an account – fill in my code (or somebody else’s) shown below, so that you get 1% bonus:
Then you create an account for your partner and fill in your referral code, so that your partner get 1% extra and you get 5% of you partner’s earnings.
Optimize your phone for higher hash rate
I have read an article that explains how to increase the hash rate by having fewer apps running at the same time and so on. It works in theory, because the app knows the available computational power of the smartphone. But does it make a difference? I will test it in the future.
Don’t close ALL the apps
My son – and possibly many of you – usually closes down all the apps before he puts away his phone. It helps to save the battery. But then he also closes my Electroneum-mining apps. So don’t use this function, because the mining will stop, when the app is closed. It is good to close down apps – just not all of them.
How much can I earn by mining Electroneum?
How much you will earn depends on what hash rate you have. But there are some limitations.
They mention in this FAQ that one smartphone shouldn’t earn more ETN that is equivalent to USD $3 per month.
Personally, I am getting 3 to 5 ETN per day. I could certainly optimise it a bit.
50 ETN is worth today about USD $1. So one account should bring 90 to 150 ETN which equals to USD $1.50–$3.00.
Easy, quick and without extra costs or time expenses. Minimining in its best!..
If we can earn at least USD $5 per month from our three accounts, then we have taken the first step. And it’s despite the fact that it’s only one of the possible cryptocurrencies that we could minimine.
Please leave your comments and tips below. I want to make as complete a guide as possible, regarding options for mining Electroneum via their app. Sharing tips about other articles and posts on this topic are always welcome!