Following and participating in BitcoinTalk forum does pay off, and although not everyone’s going to share good, profitable news, you still can stumble upon some. And that’s how I figured about the current profitability of Electroneum mining.
Since NiceHash hack, most of the miners are trying alternative apps that mine based on current profitability, like Kryptex, MinerGate and WinMiner. Some of us are also considering long-term mining tactics as current profitability for most coins is not that much profitable ATM.
So when I found out that Electroneum is highly profitable right now(thanks to the folks from BitcoinTalk), I’ve decided to write this article and share it with you. I mean, if your mining hardware is optimized for CryptoNote algorithm- you should not miss this opportunity. Making $10 per day with just 1.5KH/s wasn’t possible even when NiceHash was there in all its glory. I’ll first write a bit about Electroneum itself. If you don’t care about it, you can skip to Electroneum mining, pools and exchange info.
What is Electroneum?
Electroneum is the first ever British cryptocurrency. The first ICO happened on September 14, and according to the data from their site it went quite well- they’ve raised 42k ETHs and 4k BTCs which is a large amount of money these days!
The coin was developed in order to target the mobile gaming and online gambling markets, and it was projected as a user-friendly cryptocurrency, where both wallet and coin mining can be done directly with just a mobile app. Besides that, they also have a very secure paper wallet, which might be interesting to the long-term investors and anyone looking for the most secure way to store their coins.
This data was mostly taken from their own website and, since they are quite new in the market, I believe the more skeptical folks would wait a bit longer. But, Electroneum can already be traded on Cryptopia, and with the current price of 0.11$ per coin- it is highly profitable.
How to Mine Electroneum
Funny enough, even though one of the main purposes of Electroneum is to make mobile mining possible, their apps are still not publicly available, which is not true for their blockchain. But, we are miners and won’t mine it on mobile anyway 😀
What to do with mined Electroneum
For me, Electroneum stays as a reminder that I should follow my own heart and brain when making decisions. I found out about it a month ago, and wanted to give it a go, but after talking with some friends I gave up.
Right now, I can mine around 100 ETN per day with my hardware(1.5KH/s only), and I’m pretty sure the difficulty was much lower back then, so it’s clear I could have made a very nice profit if I mined from the beginning.
I like the coin, and since Electroneum mining is very profitable right now($10/day) and I’m satisfied with about $5/day(considering my investment in hardware so far), I’ll be doing a 50-50 split. I will be cashing out half of mined ETN, and keeping half in case the price goes up.
Of course, each of us has his own starting positions and goals, so you should do your own math and do what you think is the best for you. I hope you enjoyed this text, and also that you will make some money with it. Good luck!