Electroneum Mining 101: How to Mine Electroneum

Michael Parsons Resigns — The Next Step for Cardano On November 13, 2018, the Cardano Foundation announced via a press release, the resignation of the Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation. He acted in response to the petition signed by members of the cardano community in early October, calling for his resign. Parsons was replaced with immediate effect on an interim basis by another member of Council, Pascal Schmid. This leadership change in the Cardano Foundation was foreseen, as an internal rift was taking place in the organization for a while. The CEO of IOHK, Charles Hoskinson, has not hidden his dissatisfaction of the occurrence in the Cardano Foundation. Hoskinson has a lot of influence in the Cardano community, as he is one of the masterminds behind Ethereum and Cardano. He has noted previously the lack of vision, proper fund allocation, transparency, and financial accountability as major problems in Cardano. Michael Parsons, was said to have paralyzed the project because of his dictatorship in the Cardano community. This was perhaps the propelling force behind Parsons’ resignation as Chairman of the Cardano Foundation. The news of Parson's resignation is a victory for the Cardano community according to Hoskinson and he likened the event to the end of an era of captivity. What’s Next for the Cardano Foundation? Hoskinson says that the Cardano Foundation has to spend the next few months for clean-up, restructuring and rebuilding itself. With Parson's exit, he believes the Foundation can restore its credibility, trust, and faith with the community. He expects a more democratic foundation, more variety in the board, and suggests about 7 board members. He also advised that the Foundation should invest in its Swiss jurisdiction, cooperate with regulators while operating as a viable entity inside the ecosystem. He also mentioned that IOHK will keep working with the Cardano Foundation to move Cardano forward. Despite having internal squabbles, Cardano has witnessed tangible progress recently, which includes Trezor wallet stating their official support for the ADA cryptocurrency and Project Icarus passing the security audit. Q1 2019 is expected to bring developmental achievement for Cardano, as the project will progress without the restraints of the previous leadership and management. This change in Cardano proves democracy's power over authoritarian governance structure in the blockchain industry. It is important that democratic, transparent governance structures are established in the crypto industry, as those ideals of decentralization will differentiate it from the traditional fiat system.

With Electroneum (ETN) aimed towards mass adoption and attaining heights even in the face of bearish markets and crypto crackdowns, one of its peculiarity is its mining technology.

Electroneum is admittedly one of the exclusive coins making headway in the crypto space. Upon integration in 2017, the coin’s development team announced that it was aimed towards mainstream adoption and amongst the various factors presented for growth is its mining.

Unlike various cryptocurrencies, Electroneum is exclusively aimed at the part of the world with little knowledge of the technical know-how of the world of crypto mining. Plus majority of the world’s population employ mobile phones for literally every day-to-day activity.

From payment of bills, alarms and reminders to banking, the list is endless. Hence, with the greener environment advocates clamouring for lesser energy consumption and crypto enthusiasts concerned about high transaction fees and low speed, little wonder the ETN team decided to design their coin to suit the needs of the world in general.

As such, Electroneum (ETN) is one of the easiest coins to mine. Not only does it negate the need for super-computers, it is also remarkably fast and less technical to mine.

Electroneum Mining

Contrary to mining in other cryptocurrencies, Electroneum is as easily mined with mobile phones as well as with computers. While mining in general requires a bit of computational language, ETN mining allows users mine while leaving their CPUs to work out the cryptographic issues presented.

Mining on Smartphones

As earlier established, mining is easily done with an app installed on a smartphone. All that is needed is to download the app, create an account on Electroneum official website, log into the app with credentials, click on the Mining tab and start mining.

However, mining on smartphones is not exactly the real mining. It is instead a simulation of mining although it does not mean the tokens mined are not real. This is because while mining, the phone’s CPU is tasked with solving the cryptographic problems required to mine.

As such, the phone’s CPU is tasked with hash rates it can handle to avoid throttling. Hence, the simulation ensures coins are mined without necessarily disrupting the cycle of phone’s functionalities like the battery power consumption and memory space. This however, does mean that just a small amount of tokens (10 ETN) can be mined on daily basis.

Mining on Computers

The merits of mining on these mining powerhouses are quite many. One of which is the hash rate. It is well established that hash rates determine the speed at which mining takes place and is significantly linked to the amount of ETN mined in a day.

According to ETN founder, Richard Ells, a full miner node on computers will invariably link the ETN Network with the computers. The full merits of using computers to mine is that not only is mining faster but also super easy.

A simple mining software released by the Dev team will easily complete mining on a simple computer. Not only is it compatible with Windows, it features a graphical interface that requires little technical knowledge before operation.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.