What is Electroneum (ETN)?
Electroneum (ETN) is a digital currency (cryptocurrency), built on the source code of Monero. Launched in the UK on September 14, its highlight is that it is specifically designed for smartphone users. Users only need to download Electroneum’s application, create an account, and start “mining” coins. However, unlike mining like Bitcoin or Ethereum, you don’t need to buy specialized miners or expensive video cards. Electroneum’s mining is a “simulation” of mining => consumes very little battery, does not damage the device, and can be run in the background. You don’t have to worry about draining your battery or damaging your smartphone.
ETN price today.
Features of Electroneum
Easy to use.
With the ETN system, it is completely accessible without any problems, and so is the use of coins.
For other currencies like Bitcoin or Ethereum, if someone knows your wallet address, they will be able to track your every transaction, specific asset very easily. But not so with ETN, all transactions, assets are completely anonymous.
The security of the system is highly appreciated through the development of offline wallets (similar to cold wallets). With this type of wallet, no one can steal your account.
The total supply of ETN is around 21 billion ETN compared to 21 million BTC. Most Bitcoin investors are tired of counting the number of times a zero appears when asked to pay a fee like 0.00400416 or when such a transaction fee appears. This means you will see the price more easily labeled as “21.39 ETN” instead of “0.089151 BTC”.
ETN uses a CPU-friendly mining algorithm, which means it can be mined in a browser and on regular PCs, Macs, and smartphones. ETNs are designed with fast and easy transactions in mind. You can transfer ETN to other accounts to transact, buy and sell products, pay for games, apps, or simply pay for an item for which the merchant agrees to receive ETN.
Not very dependent.
ETN is based on a purpose-built blockchain and unlike many other cryptocurrencies are based on existing blockchains like Ethereum.
Where is the safest place to create a wallet to store ETN coin?
Currently, Electroneum coin has its own storage wallet platform created and supported by the project development team, to create Electroneum coin wallet You will have two options: mobile wallet and paper wallet (cold wallet or offline wallet), depending on your usage needs, you choose the appropriate ETN coin wallet.
ETN coin wallet on the phone.
With Electroneum mobile wallet, currently available for iOS and Android operating systems, you need to create an account before downloading the Electroneum application here: IOS and Android.
Paper wallet for ETN coin.
Paper wallets will be suitable for those who do not often transact Electroneum, paper wallets are cold wallets, so the level of security is higher. To create an ETN paper wallet, go here.
How much will you dig a day?
Electroneum is easy to mine, especially for those who do not have the conditions to buy a “buffalo” to try out what it’s like to mine, and at the same time have a pretty good passive income source.
The similarity with traditional mining is that, with each phone line, there will be a different hash rate parameter (hash rate can be understood as the mining speed). So how much resources does mining this coin really take? I tested it with a Samsung Galaxy S8 and here’s what’s gone after the last few days:
- Battery: After a few days of mining, the battery consumption is only 10% (almost negligible).
- RAM: ETN Mining Application took up 107MB of Ram in the previous 3 hours (less than 4%).
=> Resource consumption is almost negligible. You don’t have to worry too much about the consumption of the application, and as I said this is completely a “simulation” of mining, you don’t have to worry that ETN mining will slow down your device or drain your battery. .
Although the application is only a simulation, each CPU of each different phone line will give a different hash rate. Newer and stronger lines will naturally mine more ETNs. The application will continuously scan your phone’s CPU to adjust the hash rate accordingly. Machines that have been used for a long time or are running many applications at the same time (using a lot of CPU) will naturally mine less ETN.
The factors that affect the amount of ETN you mine are:
- The number of ETNs being traded worldwide (proportional to the number of ETNs mined).
- Number of phones mining ETN (inversely proportional to the number of ETN mined).
- The rate of ETN (inversely proportional to the amount of ETN mined).
For myself, I’m using a pretty powerful smartphone (Galaxy S8), I can dig about 5-20 ETN every day, as an average of 1 cup of coffee or 1 free loaf of bread per day 🙂 )) (However, I personally appreciate ETN very much and will hold it, not withdraw it yet).
Too good, guys, I will go into the following section on how to mine ETN on the phone.
Instructions for creating an ETN account
Step 1: You need to have an Electroneum wallet address if you want to receive ETN or mine ETN. To open your wallet go to https://my.electroneum.com/register, enter your email address and password and click Create Account (you can also register via your Facebook account).
Step 2: After registering, you need to go to your email to activate your account. After the activation is complete, you will go to the step as shown below, select the area code of Vietnam, enter the phone number, and remove the number 0 . For example 0123.456.789 => (+84)123456789. Then enter the captcha and press “Send SMS”. After a few minutes, Electroneum will send a code to your SDT, enter this confirmation code.
Step 3: After confirming the phone code, you’ll need to create a 5-digit PIN to log in later.
Step 4: After selecting the pin is done. Return to the original page to login to Electroneum wallet. At the first login you need to click on the confirmation email to remember the IP and browser. If you reset your modem or log in in another browser, you will need to enable mail again.
That’s it, the account creation part is done, let’s start digging.
Instructions for mining ETN on the phone
Step 1: You go to the Play Store to find the Electroneum application to download or here.
Step 2: Log in via the account created above (and need a PIN code), the first time you log in on your phone, you also need to confirm your email.
Step 3: After logging in, you will see the main screen as follows:
- This is the first Tab “Miner”, to control the mining process. You just need to click “Start mining” and the program will automatically mine for you, very easy, isn’t it. There are 4 parameters you need to pay attention to:
- Miner Status: mining status, if active, you are mining.
- Hash Rate: mining speed, the larger the number, the faster you will earn coins.
- Pending Balance: the number of mined coins waiting for the wallet. When mining 5 ETN, the money will be sent to Electroneum wallet.
- Active Miners: number of people digging with you.
Tip: you should turn off battery saving or performance optimization to maximize mining speed.
Note: when mining enough 10 ETN automatically the coin will be transferred to your wallet. It takes about 6-24 hours.
- In the 2nd Tab – “Wallet“, this is your wallet. You can click “Receive” to show the wallet address or “Send” to transfer ETN to another place.
- The 3rd tab – “Value” is used to display detailed information of ETN such as price, marketcap, price change…
- 4th tab – “More” to see how many ETNs you get when you invite friends to join ETN mining.
Instructions to receive bonuses when mining
So that’s the registration and mining part, to dig more, you go back to the “Miner” tab and select EARN FREE COIN and then scan the QR code below, if you can’t scan it, enter this code: 5EBDFB. After completing this step, from here you will receive an additional bonus of 1% ETN during the mining process.
Optimize your phone to mine more ETN
To optimize your phone and mine more ETNs, I have the following guidelines:
- Update android to the latest version.
- Uninstall or disable unnecessary background apps.
- Remove widgets from the home screen.
- Use a static wallpaper instead of a dynamic screen.
- Turn off sync (Auto-sync).
- Clear data of heavy applications (clear data cache), go to settings => app => select “clear data” and “clear cache”.
- And the most effective way is “Factory reset”, resetting the entire machine.
Via: TapchiBitcoin/Quang Vinh (coiners.vn)
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