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What you need to know about the electroneum extraction

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The electron is often considered among the newest currencies, which is why information about it may be scarce. This also includes the Electroneum extraction, which is why we will explore this topic today.

Before starting to explain Electroneum mining, some words are needed on the coin itself.

About Electroneum

Electroneum (ETN) is a cryptocurrency created only last year, in 2017. Since then it has come a long way and is currently ranked as the 46th largest currency by market capitalization. Its current price is $ 0.0197 per currency, while its market capitalization is $ 158 million.

The goal of Electroneum is to make cryptocurrencies accessible to everyone. This is one of the main reasons why Electroneum extraction can be done either by computer or by mobile phone.

The process is also very simple and requires only a few clicks. Even so, the data mining process will probably seem quite complicated for all those that are not exactly technical.

Electroneum is based on another cryptocurrency – Monero. He also shares the opinions of Monero when it comes to privacy and security, which gives him a quality that does not have many cryptocurrencies: fungibility.

However, Electroneum also differs from Monero since the Electroneum team tried to make it as easy to use as possible. This is important, since the goal of money is, once again, to make it available to everyone.

Extraction of elettroneum

Electroneum mining is not as complicated as many other digital currencies, and users with some knowledge of extraction processes will probably be in agreement. This was done on purpose because the team wanted to create a coin that was easy to extract and use.

For this reason, Electroneum uses an ASIC-resistant mining code, which is what makes it different from most other cryptocurrencies. ASICs are expensive computer chips created for the sole purpose and, in this case, the purpose is to extract the cryptocurrencies. However, Electroneum does not need it and you can easily extract it even with a normal smartphone.

During the extraction of Electroneum, miners receive rewards for transaction validation and block resolution. The current Electroneum reward includes 6,413.56 ETN ($ 136) per block.

Naturally, if a miner is part of a mining pool, the reward is split between users belonging to that specific pool. While anyone can win this reward, the process requires a lot of power.

The more the miner has, the greater the chances of solving the block. In data mining pools, this reward is shared among all members of the pool, regardless of which node actually resolved the block.

Obviously, this means that there are two ways to extract Electroneum – mining alone and mining as part of a pool.

When it comes to mining alone, it is only suitable for those with a very high computing power. The advantages of solitary mining are quite obvious: there are no pooling fees, no middleman and you can get the full prize. Furthermore, pools can be violated and Electroneum's mining pools have been compromised in the past. As for the disadvantages, the biggest is that it takes time and often a lot.

On the other hand, there is an option to take out a part of the pool. This is the best option for most miners because it provides them with a part of a reward without the need for special hardware or even much computing power.

Users simply combine their computing power with others until the block is resolved. The size of the reward received depends on the amount of computing power provided. In this way, the process is simple and correct for everyone.

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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pixabay

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