How Much Can I Earn as an Electroneum Mobile Miner
In an unprecedented and unexpected display of disruptive technology, British owned cryptocurrency, Electroneum, has introduced mobile mining. This means you can mine the cryptocurrency on your mobile phone without needing any special rig or set up. So an inevitable question comes up. How much can I make mining electroneum on mobile? Will everybody make the same amount of coin when mining or do you make more based on the power of your phone? A traipse through the official website of the cryptocurrency and an interview conducted by the leader of the electroneum team, Richard Ellis, has revealed some interesting and satisfactory answers to these questions.
When asked about how much potential miners could expect to make from mining on their mobiles, leader of the electroneum team, Richard Ellis mentioned that in the cryptocurrency’s whitepaper, a statement was made indicating that potential miners could expect to make up to about $30 worth of electroneum at the then price of $0.01 per coin. This statement was made relative to the expected projections of the cryptocurrency’s ICO which was expected to garner not much more than about 10,000 contributors, which was about half of the all-time record of ICO contributors of 22,000 which was held by Tezos. However, the cryptocurrency was grossly underrated as it has garnered more than 120,000 contributors and over 300,000 registrations of interest, making it the new record holder for the largest number of ICO contributors and thereby making it the most successful cryptocurrency ICO ever. This unprecedented success has made the projections of the whitepaper obsolete as the amount of leftover tokens has reduced greatly from the amount they thought it would be. The increased number of contributors and registered interest has made it certain that the number of app users of the cryptocurrency will be greatly increased above the predicted 10,000 users in the first week. Since the amount of coins each miner will gain is directly proportional to the number of buyers, it stands to reason that the more the miners, the less coin each miner will gain. Thus, the projected $30 top-up of the tokens from the leftover pool to the miners will no longer be feasible as such a move will make the leftover pool vanish so quickly that it will be no help to the electroneum brand.
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During the interview, Richard Ellis says,“What we are unable to speculate on, for legal reasons, is the future price of Electroneum. Our figure in the white paper was based on a retail price of $0.01. If this price were to go up then miners would be earning more money – for the same number of coins. We are not legally allowed to predict a price increase because that is speculative and outside of our control. We do not know what the future value of Electroneum will be”.
The implication of this is that the price of electroneum is completely in the control of the holders of the coin. The price will be set at rates which the seller is willing to sell and the buyer is willing to buy. In calculations made available by the electroneum team on the website, it is speculated that if there are about 75,000 miners in the first of the launch, they are likely to get about 70 ETN coins per day using a fast android phone running the app at foreground and 24 hours a day. That is equal to about $21 in 30 days at a retail price of $0.01. However, this is only speculative and not fixed as it is impossible to know the number of users that will be using the app in the first week and what the price of the coin will be. There is a possibility for the price to rise or drop below $0.01. However, the electroneum team has decided to tread carefully and use the additional mining pool judiciously to avoid it running it too fast to be useful to the brand.
Concluding the interview, Richard Ellis said,“Electroneum will certainly be going live with 10s of thousands of miners – perhaps even more than 100,000. Who knows what the first MONTH will bring. Bitcoin is 8 years and Bitcoin today, 24th October 2017, has 10450 nodes live – these are full bitcoin miners, not pool miners (of which there are more, but nobody knows how many – perhaps 100,000 – 200,000).”
One thing is certain though, if you do it right, you can make good money mining electroneum on your mobile. So download the electroneum app, wait until the block chain goes live and start mining.