Best Electroneum Mining Pool

Electroneum is a cryptocurrency and payment system of the same name, which is a fork of Bytecoin cryptocurrency. Electroneum is an ordinary digital currency like Bitcoin or USDT. It cannot be called a revolutionary project like Ethereum, Neo, TRX, or Cardano. Nevertheless, the currency is unique in a certain sense. Electroneum debuted in 2017 and it was a great success. The British startup wowed more than 300,000 new investors by offering significant improvements in the mobile gaming, online gambling, and traditional payment processing sectors. Some of these investors were attracted by the project’s distinctive features, which have become a smartphone cryptocurrency that will run on a stable ASIC variant of the CryptoNight hash algorithm.

How does Electroneum (ETN) Mining Work?

To begin with, Electroneum (ETN) uses the CryptoNight mining algorithm and it is mined using ASICs, which means that this coin cannot be mined on video cards. Please note that ETN has repeatedly changed algorithms throughout its existence, and previously it always walked away from ASICs and supported only mining on video cards and CPUs.

But there is another special moment, which lies in the following. Since Electroneum is designed for smartphones, it is possible to mine through the phone handset. Interesting, isn’t it? The application allows the central processor of your smartphone to simulate mining. This action does not lead to overheating or loss of battery, but only wastes a small amount of Internet traffic. Even though mobile mining does not generate new blocks, users still get their rewards.

Imagine what would happen if Bitcoin could be mined through a smartphone. 

Solo Electroneum Mining vs ETN Mining Pool

Users can mine on their own or be a part of a pool. In the early days of cryptocurrency development, solo mining was the most popular method. As the network became more complex, this method lost its relevance and gave rise to the development of collective pools, which over time completely superseded solo mining. Whereas when connecting to a pool, the computing power of all miners is added up, and participants receive a share proportional to the amount of their power for finding a block. With solo mining, a miner relies only on his hash power and receives the entire reward provided by the system. Solo mining is the most beneficial for miners with large hash capacities, as they have a better chance of getting a block, only in this case they do not have to share a reward with other miners. ETN solo mining can be called profitable due to the great prospects of further development and high liquidity. The disadvantage of solo mining lies in the waiting time to get a reward. Solo miners can work on the tasks for ages and get nothing. It is important to understand that with the growing popularity of virtual money, it becomes more problematic to make a profit from mining. This is explained not only by the increase in the number of participants but also by the arrival of significant financial resources in this market segment. As a result, it becomes simply unprofitable and unprofitable to mine individually.

You should also keep in mind that the higher the total hash power is, the higher the chances of being the first to find the right solution. In this case, large ETN mining pools are winning over solo miners. This gives them constant rewards and allows them to mine cryptocurrency without using special equipment. Pools work like this: you combine your computing power with other people, and you get the same percentage of Electroneum that you contribute to the pool. This type of mining allows you to earn a stable income. 

Creating a mining pool is a full-fledged business. The pool owner earns money by charging a commission on the coins mined by the participants. As a rule, a pool’s commission varies from 0.3% to 1-2%. In addition to “official” earnings in the form of a commission from income, mining pools are often found to underestimate the amount of processing power used by a miner. It is easy to guess that a centralized pool has many opportunities to manipulate miners’ hash rates. It is an additional hidden fee for participating in a pool. Its size ranges from 0% (for honest pools) to 10% or more (for pools deceiving their participants).

Despite the relative simplicity of creating a pool, it is still a complex business. Technically, the pool is just a dedicated server with the most non-sophisticated software. You can use ready-made templates and step-by-step instructions to create a pool. But the difficulty lies in attracting participants. Large pools were either among the first to appear and quickly became popular or were built around large private farms, offering participants attractive terms.

The Best ETN Mining Pools

If you want to become a successful ETN miner, joining a pool will be the best choice. 

We recommend to pay attention to the Electroneum mining pool list below:

Poolin

Poolin today is one of the most prominent ETN coin mining pools supporting also multicurrency mining on the market. The launch of the Chinese site took place in 2017. The pool has a significant share of hashrate in the most supported coins, and the opinion of its management is taken into account by major cryptocurrency investors and the media. In the first years of the pool’s operation its main drawback was high fees, but after their drastic reduction, Poolin fees are similar to those of its competitors and equal 2% fee on earnings. It is necessary to register in the pool to mine ETN.

F2Pool

F2Pool is one of the world’s first cryptocurrency mining pools, which appeared in Beijing in 2013. It is also the world’s largest integrated digital currency mining pool. Pool commission: from 2.5% to 5% depending on coins, for ETN they were charging a fee of 3% for users’ earnings. Working with the pool requires compulsory registration.

Another good thing is that right on the site you can calculate your income by using the online mining calculator. 

Thorshammer Mining Pool

ThorsHammer mining pool can also be considered one of the best ETN mining pools available in the crypto sphere. 

According to their official website, they make payments 24 hours a day, which is already available to users, the commission of the pool is 1% fee on the earnings. Finally, this mining pool has a group on Telegram. 

Spacepools

Spacepools is one of the oldest mining pools. It is not the largest pool: more than 1,000 miners control just under 10% of the network’s hash rate. Due to this, the block is mined approximately every single hour. The pool is characterized by high capacity and charges a low fee of 0.1% on the earnings which attracts miners.

Nanopool

Nanopool is one of the Electroneum mining pools which charges 2% mining fee. The project has been in operation since 2017 and fully meets today’s requirements for crypto mining. The pool allows you to mine ETN coins either solo (one coin) or in a dual (two coins at the same time with a proportional distribution of power between them). 

Nanopool is a very handy pool with a clear interface. The pluses of the pool include:

• absence of registration;
• setting up the pool takes a few minutes;
• at the bottom of the pool page, there is an automatic online calculator, which can calculate how much you get in ETN for a minute, hour, day, week, or month.

Check Electroneum (ETN) Price Predictions 2022-2025 and history notes

Other Electroneum Mining Pools 

From the list of other pools, you can try pools like Easyhash, Miningpoolhub, Superpools, and Hashvault to make the hash rate more decentralized waiting for new blocks and rewards for them can take much longer. 

There are various Electroneum pools in the digital asset market. Most platforms have their advantages and disadvantages.

Electroneum developers claim to have already developed a wide range of technology products including a mining system that can run from your PC or smartphone to generate currency from unused computing power.

Conclusion 

Above we have listed only 5 good ETN mining pools. Just take it into account: with big pools (more miners and higher hash rate) you get regular payments but with a bit less remuneration. With smaller pools (fewer miners and lower hash rate) you get slightly more payouts, but they are less likely to find a block, so payouts will not be regular.

FAQ

How to connect to an Electroneum pool?

First of all, it is necessary to register an account at the selected mining pool. To do this, you need to fill out a special form (name, mail, setting a password, agreeing to the site’s rules). The standard profile is confirmed by clicking the link, which will come to the specified email box.

In your account, you need to add the address of the cryptocurrency wallet. Here it will not be superfluous to set up two-factor authentication for greater reliability and security. After that, the equipment is connected.

What is the block reward of ETN?

Rewarding a block is the only major incentive for miners. How will they maintain the network if they are not rewarded? Will miners continue to mine coins?

ETN, which was designed with ASIC resistance in mind, underwent a fork in the summer of 2021, making it ASIC-friendly. It simply renamed the CryptoNight V7 algorithm to CryptoNight. This action was taken because of block synchronization inconsistencies that occurred due to GPU mining waves causing long delays in transaction processing.

Consequently, the transaction fee jumped to 0.1 ETN, and the reward per block was increased to 11.402 ETN. 

What is the total hash rate of ETN (Nethash)?

The network hash rate depends on the number and type of devices used for mining. The hash rate is directly proportional to the profitability of a miner or a mining pool. The higher the hash rate of a miner is, the faster is to mine a block and the better the chance of being rewarded for its creation. The total hash rate of ETN is 2.13 Gh/s.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.