Increasing the Mobile Miner payout

#1

Where do you think Electroneum are taking the Mobile Miner with paying out 100 ETN now and what is meant, is it it pays out at 100 ETN or they will pay you 100 ETN per month? Thoughts

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iOS Update and Cloud Mining App
#2

It pays out at 100 ETN in pending balance instead of 10 like now, it prepares the system for the upcoming release of the cloud miner, which is more stable and by extension will allow you to earn more coins than now with the mobile miner that can have issues for some of you

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iOS Update and Cloud Mining App
#3

Thanks for clearing that up. :blush:

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#4

Great move by the Team

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#5

Well it cuts the problems by a factor of ten!

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#6

I had been wanting Electroneum to increase the payout threshold to something like 50 for some time now.

Perhaps they were just sort of stress testing the system with more regular payouts (see how their system coped). Also getting coins in people’s wallets asap to keep them keen and incentivising them to spread the ETN word to friends and family.

It’s a good sensible move in my opinion - glad they did it.

Interestingly, the mobile miner seems much less temperamental and less inclined to log out and stop connecting so frequently.

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#7

@Jo_Boo Yes it seems that they have a potential 2.8 million ish available at the moment and x amount are mining so 10x that would tip them to 28 million users well above the 20 million available customers that they could potentially have next month so it was a very wise move to do this I think. Less stress on the blockchain for payouts in that particular area! I think they upgraded the servers to cover a potential 200 million users so they really have thought it through and will probably move it again when the users get larger or the coin cap gets bigger!

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#8

Circulating Supply
8,799,628,006 ETN
Max Supply
21,000,000,000 ETN

I hardly have issues with the current miner and receive about 10 etn every 3 days, so about 100 a month and at the current price of $0.006548 I get $0.6548 a month. Multiply that by the active miners 91600 = $59,979.68. That’s what they currently pay out each month, that’s loads of money to pay out omg and that’s now!! So just imagine if…

The new Cloud mining app increases mining to 0.19 per hour, collecting 141 per month 25% of registers users try the new app, increasing the active users to 675,000 and with good news in February increasing the price to the ICO price of 0.01, they’ll be paying out $951,750 a month, 95,175,000 etns.

There’s only 12,200,371,994 billion etns left and at that rate 128 months it’ll be all gone in 10 years.

I think they should cap their payout in etns per month at a price of $1, no matter what the price of etn increases to. Just to prolong the life of the miner if the active users just so happens to take off into the millions. Seen as the purpose of the miner is to introduce the unbanked and to create liquidity by them using the mined etn to help pay off their mobile phone bills that average around $3 a month in deprived countries.

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#9

@phnx I think they have capped it at $3 per person per month and $1 per vendor so it’s $4 per person a month and the coins will adjust according to the price of the coin which must have been taken into account with these big deals involved in February. What’s your thoughts?

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#10

I have just started a thread where I think they want most of the Proof of Works coins out within 3 years and is that their timescale to mass adoption.

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#11

I personally think that’s way too much and if we do get millions of active miners, the current supply wouldn’t last that long, we’d run out of etns lol But I guess they didn’t want the miner to work forever, so I don’t know. I guess it all come down to how popular the new could mining app we be and it take off above expectations then a lot of people will be disappointed if they then decide to reduce the cap.

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#12

@phnx I worked it out once that it would only last about a month and a half at the current price with a potential 20 million users but you have to have faith that they have not gone to all this trouble getting apple to pass the app to just let it fizzle out, the price must have been addressed in some way we can’t think of at the moment in my opinion and just needs us to wait until we get that “argh HA” moment of clarity.

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#13

They should cap it now at $1 before it’s too late lol

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#14

@phnx I think only time will tell then but capping the amount of ETN given out would mean if it went to $100 then people would be getting maybe $1000 a month in countries where you would get that in three four years normally. It would destabilise the country.

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#15

You’ve lost me there buddy??

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#16

Can’t wait for the cloud mining. I have trust in this coin and team, even if many people is discouraged because of the low value, but also the BTC was ver low value at the time, even lower than ETN, we have to be positive and believe in the Electroneum Team. :slight_smile:

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#17

I have high hope for etn and the team they can call shut up and take my money :wink:

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#18

@phnx If you fixed the pay out at a certian amount of ETN and the price rose high enough people that get $12 a week at the moment will be getting $250 a week in ETN and everyone would quit there jobs in that country and live off the miner, does that make sense it would destabilise countries though it’s economy.

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#19

I am certian they have a plan to have their own eco system I have sent you a link.

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#20

I didn’t say fix the payout of etn, I said fix it at a price of $1. I never said 1 etn.

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