Electroneum mobile miner
The mobile miner from Electroneum was launched on 5 march 2018. It is the first cryptocurrency that allows their users to mine this crypto on a phone. Currently there are already 80.000 devices mining electroneum. In this article I explain the concept and take you through the steps for mining some electroneum yourself on your own devices.
the concept
Mining electroneum with the mobile miner isn't actually real mining. It would be too intense for your phone and the miner would drain your battery in no time. Instead of using the phone's CPU, the app will run a benchmark and determine the available CPU power and calculate a fictive hashrate. The amount electroneum that will be credited to your wallet are the coins that would be mined if your hashrate was real.
In order to mine Electroneum you only need to keep the app running in the background. Because it isn't actually mining it doens't affect the battery life more than a regular app that is running in the background.
my mining setup
Currently I am mining Electroneum on three android devices. These devices aren't being used anymore so they are plugged in the whole day to mine as many ETN as possible. The android devices are:
- LG G3
- LG L90
- Sony Xperia E4
To start mining electroneum yourself, you need to complete the following steps:
- download the app in the google play store
- create an account on the electroneum website in order to set up a wallet
- log into the app
- go to the miner tab
- click the start mining button
profitability
To calculate the profitability, I used only 2 phone to complete a benchmark. Both phones plugged in with all other apps closed and both mining at 30H/s, earned 80 ETN in 7 days. At the current price of Electroneum, this is €1.536 while the total electricity cost was €0.02. This means that the mobile miner will earn approximately around €6/month. If you compare this to the costs, mobile mining is extremely profitable.
- 7 days of mining = 80 ETN
- 80 ETN @ €0.0192/ETN = €1.536
- electricity cost over 7 days = €0.02
- profit=1.536-0.02=€1.516
- 1.516 x 4 = €6.064/month
future price of Electroneum
In the past Electroneum has already proven that a price of €0.20/ETN is possible, if the price climbs back to this level the profits made with the mobile miner are insane. Electroneum has also a patent pending for instant cryptocurrency payments & crypto subscriptions. If the patent is accepted, the price of Electroneum could skyrocket. So if you have a spare phone laying around, why don't you use it for mining Electroneum?
sources:
https://electroneum101.com/how-to-mine-electroneum-with-a-mobile-phone/
https://twitter.com/electroneum
https://electroneum.com/2018/04/06/electroneum-tech-update-instant-payment-patent-more/