My Electroneum Journey Thus Far
So part of my current financial goals have been to try and strike it with ICO’s. Toss 30-50 bucks into an ICO I like and move on. So I bought 30 bucks worth of Electroneum, or 3000 ETN. Well as many of us already know Electroneum has released on https://www.cryptopia.co.nz
Initially it released 17x higher than what people bought it for. Problem is those funds were all locked up in wallets due to security concerns from Electroneum Devs.
I did recognize a potential windfall though, and switched my Eth miner to Electroneum. And I broke it. I guess the frequent reboots to load the new configs borked the PSU. So I ordered a new PSU, and figured out a new (potentially better) way to capitalize on the low difficulty, high pay out entry coin.
I jumped onto Nicehash and ordered some hashes overnight, on the first full night Electroneum was mineable. I woke up in the morning, and my 200 dollar investment had paid off about 1500 dollars. Now I am long on Electroneum, so I did not cash out (even though I should have on the pump and rebought on the dump which is occurring right now). I am trying to be somewhat conservative and it costs me a bit. In the end I am still up even though the value is currently down.
Everyone else seemed to have jumped on the nicehash bandwagon, and prices for hashes went through the roof. I still think there may be potential when the coin switchers switch to something more profitable, but I am just watching it.
Yesterday my new PSU arrived and I am making about 200 dollars a month mining Electroneum on it. I still think there is money to be made, and this should be worth a dollar or two in a year or so. So long positions are solid in these early days.
Please upvote, follow, and resteam
If you want to hobby mine ETN on any machine, you can use a Monero (XMR) miner. If you want a very quick payout, FairPool ETN has a 1ETN minimum payout, which can be mined very fast.
img credz: pixabay.com
Nice, you got a 24.0% @trafalgar upgoat, thanks to @danile666
Want a boost? Minnowbooster's got your back!
Can you please reply which mining rig you are using?
tnx :)
https://allthehashes.com/ This is a good place to look for mining rigs btw
I made my own rig. I'm using rx 580 gpus.
Im totally on board with you on this one. In fact just seconds ago I almost did the same post. Its a good time to be in crypto thats for sure. Ive been mining about 200 coins a day. HODL. Its all about that long game.
I agree man, everything is lined up for a 1-2 dollar valuation in a year. I am pulling in about 200 a month profit right now at todays low rates. It is worth way more in a year to me though. go long and make it work.
I bought 2600 electroneum during the ico. I was mining well on just my alienware 17. I made a private wallet for it to go to and they said it was just a teatnet. Pissed me off. Then i get an email about forcing a passphrase change or something? Epic failing from my perspective... and i want it to be successful..
The thing is they found a large percentage of users had their emails and passwords in an old hacked list available online, and a lot of these people had their recovery e-mail set to odd e-mails. Their concerns were valid. They forced a password reset.
Then they started getting ddos so amazon aws forced them to do some things.
I am still very hopefull. You can still use your mined coins, but have to wait for the 2600 unfortunately. As I am long on this it doesnt bother me, but I can see people with short term goals being upset
Im long. Its just sketchy amidst all the ico fud. Its not a good look.
I have been running a node, solo mining directly on the blockchain, and also mining in a pool in http://easyhash.io . And my payouts have been minimal from after the first day. Nice job you got way more than me, and ive been doing it from day 1 also. The first day was awesome, now its more of a trickle....but im still hoping this will work out because the blockchain is small, and so are the pools. I will follow and upvote and resteem and hope you keep doing well at this!
I am using easyhash. I dont have a huge miner, but it is definately still more profitable right now than my ETH mining due to the still low difficulty. I was pulling about 70 a month profit from ETH mining, and now I am sitting at 200 a month mining Electroneum.
But Like I said I am long on this, so the profit in my opinion can be much higher than it currently is.
When I pulled the large amount out I had about 5% of the total network hashrate purchased. Was super low difficulty, and super low hashrate. So I pulled out good. Only regret is not dumping more in there. I had 3k usd liquid at the time, but again being too conservative. And now that money is spent elsewhere.
I did not try solo mining, but I know some people solo mining at midnight the night before pulled some full blocks while it was super easy. Those guys made some good money.
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Very interesting experience. Thank you for sharing.
You said you were trying to be conservative, but you didn't take a lot of profits on the pump. Wouldn't conservative be to take at least some profits (maybe initial investment x2) and let the rest ride?
What I mean by conservative is guarding the actual "shares"
I should have dumped and rebout. I would be much better today, I am still at like 750 profit, and it seems to have stabled off. I would have made a lot more money that way, but I always get meek when I have to sell high and buy low. I get scared what if the market rises, even while i see it dropping.
just a personality flaw I have to deal with.
I totally understand. I sold a significant portion of my bitcoin in February because I thought $1400 was just too high...
Sometimes it's better to just let things ride.
Man I feel ya, I sold AMD on the stock market at 3 dollars because I pulled a few hundred profit. it is 11.12 right now.
The company is getting some backlash for not releasing the mobile miner, and the delays. But if you look at the issue Electroneum is trying to avoid a bigger problem. With how much hype they have, and breaking the number of owners of coin record it can only go up over time. The dump at the beginning is expected. So lets see where it rides.
Does anyone know whey Electroneum will be back online? Also what are the fees associated with sending electroneum?
No idea when it will be online. They claim to be working on recovering from the massive ddos attack they got hit with. That is the current hurdle.
I haven't sent etn yet so I don't know the transaction or gas fees. But it couldn't be much.
Why you should NOT get into cryptocurrency mining: https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining
The biggest reason that I have a miner is I installed solar on my house, and I generate way more than I use. So electricity is a non issue for me. I did not install the solar for miners.
There is absolutely opportunity to make money if you pay attention to the markets and what your miner is doing though. I was mining ethereum with two 580's. I was making about 90 dollars profit a month. If electricity was a concern it would be about 60 dollars. The rig cost less than 1000 dollars. So there is a return on investment coming up.
Instead of worrying about cashing out though I would likely save up and buy more GPU. (Though the current plan was to save up and dump into steem, but electroneum stopped that for now).
If you are not willing to check throughout the day on the health of your miner and pool. The price and value of what you are mining, and what may be the most profitable then yeah dont get into mining. If you are willing to do those things, and look for windfalls on new coins like this, then absolutely get into mining.
Honestly we need more people who are on the fence about crypto to step up and start participating and mining to make it more mainstream. So I think it is best to show people how they could make money, while pointing out the risks (my burnt up PSU for example. )