Electroneum is the first cryptocurrency that allows users to mine coins with a mobile phone. This new feature will allow millions of smartphone users around the world to get started with cryptocurrency mining, an industry previously reserved for computer geeks and nerds (read more about the project here).
The mobile miner launched on 5 March 2018.
How to Mine Electroneum
Mining Electroneum on a smartphone is fairly straightforward:
- Download the app to your device and create an account on the Electroneum website (here’s a helpful guide).
- Log into the app using your credentials.
- Go to the Miner tab at the bottom and click the Start Mining button.
That’s it! Your phone will now start mining. It will show your hash rate (the speed at which your device is mining) as well as the pending balance (how many coins have been mined) on the screen.
So let’s discuss how this all works…
What is Mobile Mining or Cloud Mining?
The process that we currently call Mobile Mining (soon to be known as and replaced by Cloud Mining) is the activity of rewarding users with free ETN every month. Users are able to mine up to $3 USD worth of ETN each and every month, which can be stored or spent with any retailer that accepts ETN. If you haven’t already opted into Cloud Mining, you should update to the latest version of the Electroneum App and activate the cloud mining process. In the near future this will be the only route by which you will be able to continue In-App Mining.
For many in the developing world, where monthly income is often less than $50 per month, an additional $3 per month can make a significant difference to their daily lives, allowing them to have a little more each day.
Cryptocurrencies reward “miners” for running the blockchain. Rather than the ETN all being earned by a handful of users with warehouses of powerful computers, we distribute an ETN reward to users of our free app.
By giving users an ongoing reward, we have achieved the fastest viral growth of any cryptocurrency. As our ecosystem expands globally, we aim to be the largest cryptocurrency by user number in the world.
In addition to mining, the app can also be used to manage your online Electroneum wallet, send and receive ETN, and view live ETN exchange rates.
The mobile miner is a giant leap forward in the cryptocurrency industry and will enable millions of users to get their hands on cryptocurrency with relative ease.
In addition to mining Electroneum with your smartphone, you can also: