I’m going to be honest and admit this isn’t an area I am up to speed with.
Mining hasn’t been something, other than my first try back in 2011, that I have ever really been in to.
This isn’t because I am not interested in it, of course I am, it’s all related to the coins that we trade today.
Mining for coins tends to have expensive start up costs.
Long gone are the days where this could be carried out with an old laptop or basic PC system.
Lots of serious miners now use dedicated mining rigs, with amazingly powerful graphics cards.
Most of Bitcoin now is mined by massive mining farms, often in cold countries, where the by-product of heat can be expelled and the cold air can be used to quickly, and efficiently, cool the mining units.
There is also a secondary expense, electricity.
Mining Bitcoin and other coins can use a lot of electric therefore it can really add up if you’re in a country where the cost of electric is expensive.
I live in the UK and this has been one of the reasons why I have never bothered to make the initial investment and buy the equipment.
I simply could never afford to run it.
However, wait, wait before you close this tab and consider this blog post as rubbish…
Do I do any mining? Yes, I do. Not in the conventional way though.
I mine a coin using my mobile phone. In fact, so does my partner. This is all completely above board and legit.
The coin I am talking about is Electroneum (ETN).
UPDATE June 2020: Electroneum no longer allow mining for ETN on any platform. Instead they require users to use their ‘Any Task’ website to buy and sell services to acquire future ETN cryptocurrency.
How does ‘Any Task’ work? If you’re familiar with the website Fiverr, where services are bought and sold, then this is almost the same thing only using ETN cryptocurrency as payment.
Another cryptocurrency ‘Pi’ can be mined free from your mobile phone, click here to find out more!
Now, technically when you’re “mining” using your mobile phone you’re not actually mining anything at all.
How this works is that the company monitors the CPU power of your device and calculates the amount of power you would, in theory, provided their system with.
Everyday your ‘miner’ on your phone is rewarded with real cryptocurrency coin (ETN), which you can trade as normal on exchanges such as KuCoin.
ETN doesn’t trade on Binance at the moment which is a bit of a shame as this exchange is where most of the AltCoins are traded.
There has been plenty of talk previously about ETN being listed on Binance, but as of yet, still nothing.
The rewards system that Electroneum uses is a daily airdrop to the person’s wallet stored within the mining app on their mobile phone.
So, enough chat you want to know how to do this, right? The process is a simple one and you will be up and running in no time at all.
Step 1: Go to the official Electroneum website: https://my.electroneum.com/register
Step 2: Create an account
Step 3: Download the Electroneum app (Both Android and IOS are supported)
It should be at this point that you will be prompted to enter your PIN. Make it a memorable one as you will be using it to log in everyday.
Step 4: Start the miner – You’re now mining ETN!
One last step: After a while when you have been mining the app will ask for further verification.
The company Electroneum are “regulation ready”, which means they actively find out about their customers to confirm a user’s true identity.
This process is called KYC (Know Your Customer).
The verification requires a few simple selfie shots with you doing certain hand gestures (no, not those ones!), as prompted, to prove who you are.
This is a quick process and after you have completed it you’re free to continue mining for ETN.
The mining will stop each day and you will have to open the app every 24 hours and click ‘Extend’ which is the green button at the bottom of the app screen.
A small inconvenience for free cryptocurrency.
One final, final thing – Please show some love back to this website.
Electroneum provide a referral program.
It’s a bit of a faff to find but if you would enter my code that would be amazing!
All affiliate proceeds go towards the running of this website and provides some reward for my time updating, blogging and providing this kind of information.
For clarity, when you enter my code or scan the QCODE (below) we both gain a small percentage extra when mining.
For the person being referred (you) will earn an extra 1% and I, as the person who referred you, will earn an extra 5%.
The referral will work exactly the same way for you when you invite your friends and family to join Electroneum.
To find this section:
Open the Electroneum app
> Click the 3 dots in the lower right hand corner of the miner app
> Select ‘Generate more ETN’
> Click ‘View Referral Program’ (green bar)
> Click ‘Enter a code’ at the bottom of the screen
> Type in A6F5DF
> Submit… All done, thanks again.
Or at the same location simply select ‘Scan a code’ and hover your camera over this image: