Want more ETN? Want to help stabilise ETN Price?


#1

Let me start off by Telling you my own Story.

I initially got into Electroneum in December, Invested a decent amount of my Crypto Budget into the Coin. Subsequently bought during the dips which took me to around 7c and stopped there. At that time i think i had about 50k ETN.
When ETN forked and the Blockchain got jammed and the blocks were taking hours and hours to be mined because the GPU miners hashpower was simply not good enough to bring down the difficulty on the BC after the ASIC’s were kicked out, which then made Richard Ells have to rent hash power from a well known hashpower for rent company… I wanted to help do something! I learned how to mine ETN on my home computer and within an hour was mining ETN to have (a very small) impact on the hashpower to reduce the block times. Then i done the same on my son’s PC and then my daughters. Between us we were punching 900 h/s. After a few days the BC Difficulty was back to normal and i kept mining, which was when something happened.
Watching that miner show me statistics on hash-power, watching my ETN wallet tick up with 45-55 ETN every 24hrs was absolutely fascinating! ASIC;s were now blocked and out the picture.
I decided to spend a couple of ££££ on some decent mining hardware (without a great deal of tech know-how on the hardware) and build a mining rig. After days of tinkering with things to get it up and running i was hashing 4600 hashes per second and mining 250-300 ETN per day. I was ecstatic!
Not looking at my 275 (avg) over 24hrs as me mining $9 a day, i have/had my own long term ETN price prediction, and i multiplied my future price by 275 coins per day and lets just say, WOW! i’m, loving this!

Things take a turn for the worse however within 2 weeks of me getting up and running. Richard announced that there would be an Emergency fork and that the BC was going back to ASIC Mining, pretty much rendering my new setup worthless. I went from mining 275 avg ETN down to 9 ETN over 24/hrs :open_mouth:
My emotions were a mix of Anger and feeling let down after getting into this to help Electroneum mine those damn blocks that stuck the BC some weeks earlier.

…end of story

Just kidding!

It is from here that the story sort of just begins…

After a few days of feeling sorry for myself and wanting to poke Richard in the eye with a sharp stick, I took to finding a solution to try find a way to gain ETN using what i still have. Speaking to other people in the Community (Thanks Mannie / you know who you are) i Found a solution that actually makes me almost DOUBLE my previous ETN figure of 275 avg.
I mine another coin that is on the same exchange as Electroneum is because i cant be bothered with the hastle of selling the coin into Bitcoin then transferring the BTC to another exchange that ETN is on and then rebuy my ETN then withdraw them to my paper wallet. Bit of a faff!
So i found myself the right coin, adjusted my miner to the right Algo and it has been pounding away now for 2 months approx. Happy days! I am mining (albeit in a roundabout way) approx 500 ETN per day.

Now, i am telling you this because you would probably like to get free ETN each day, you probably have a desktop PC or laptop lying about that is doing nothing. You would probably like the price of ETN to stabilise or increase. Help it find an equilibrium, as it were.
Well, why not do something about it?

ETN is being mined and sold by ASIC miners and this creates an oversupply on the exchanges which has a small negative effect on the price, which is completely normal!!! However if ordinary ETN Community members were wanting to scoop up those coins being sold by the ASIC’s then you gain ETN, whilst not having to invest in Expensive mining equipment. Basically you mine a Coin and sell those coins for ETN, absorbing the ETN that is being sold by the ASIC’s. You get your Favorite ETN and your helping level out the supply/demand.
For the avoidance of doubt, an average home Computer, NOT an expensive gaming computer could generate you 1200-1500 ETN per month. A mid range Computer/laptop 1500-2000 ETN per month and gaming set-up’s 2000+ ETN per month.
Take your amount of ETN (based on the above numbers) and multiply that by your own future value of ETN and come up with your own version of my “WOW”

I am happy to discuss in more detail with anyone wanting to start mining and perhaps going down a similar route that i have. I would also be willing to help get you going.

Hopefully this post doesn’t end up being slapped in the price discussion thread, because i didn’t intend on making about price.


#2

So, how will I go about doing this? Thanks!


#3

I tried to do the same i.e. stpped using xmr-stak on my PC&Mac (1200 hash/sec combined) and started to use winminer as it supposed to select the most profitable coins automatically and can give you USD but the daily earning was too low, under 1USD and it would have been even less when you deduct the transfer fees. So instead I just buy ETN whenever I have a bit money.


#4

Nice creative idea!
Does mining on my late 2015 MacBook pro make any sense?


#5

@Mr.Poink I wouldn’t recommend mining from your MacBook Pro
Puts way to much heat and stress on your system.
Don’t want to burn out that MacBook :wink:


#6

Mining shouldn’t do any damage to modernish hardware. It does utilise the hardware to its capacity but doesn’t destroy it.
That being said i have never setup a miner on a Macbook only Windows.
My son’s Computer had an old i3 CPU and an old Geforce gtx 660 and that Machine was hashing 360 h/s generating 230 ETN per week or a smidge under 1000 per month. And thats an OLD Computer about 7yrs old i think.


#7

I have been mining Stellite (XTL) for the past 3 months and have been converting XTL into BTC daily and have been purchasing ETN daily as I convert XTL into satoshi.

A PC hashing around 15 hashes a second is enough for difficulty of 500 or less on Cryptonight algorithm.

This is extremely effective! Need to pick the right coin to mine. I feel bad dumping XTL constantly, but I pay for my hardware, time and electricity.


#8

Don’t feel bad @cuddlesquid between those 2 i would choose ETN also :wink:


#9

I almost did the same thing, I was about to buy some GPU’s and create a mining rig and luckily I didnt. Instead when I saw that ASIC mining was going to be allowed again I jumped on ebay and bought one for myself @ about $1700 thinking the price would go up as soon as people knew, or they would all be snatched up.

I have had the Antminer X3 a few months now and maybe mined about 40K ETN since then but now the rate per day is slowing. I get about 350 to 700 ETN per day, lately around 350… and I 'm thinking if I only had bought $1,700 worth of ETN today I would have been better off (325K ETN at today’s price).

I’ve been holding the ETN, not selling it… but I think I made a big mistake as it would take over two years at current difficulty to make the same amount of ETN…

That being said, what if ETN forks again? I’ll need to mine some other Cryptonight coin and try to hope I at least get my money back. Of course ETN will rise and I’l make my investment back and more, but not anything close to what I would have made just buying the dip instead…

Hindsight is 2020!


#10

i was also a gpu miner back then with a 6 gpu mining rig but I think proof of work is dead for the abridge person, it’s only a thing for big companies like Bitmain, if u want to support a project conzesus or make the network stronger i recommend u guys to try out bittube https://bit.tube/thanksmia theyhave like a proof of view algorythm something like the mobile miner strategy for mass adoption https://bit.tube/thanksmia


#11

Hi, How long did it initially take to sync, I’m just over 400 Days behind, I’ve sync’d about 25/30 days in just over a week, not sure if it will be worth sync-ing and start mining? Any tips would be appreciated. Thanks :wink:


#12

there is a thread here where it is explained how to use a remote node as a parameter in CLI wallet so you don’t have to sync


#13

:+1::+1::+1: Thank you for your help. Really appreciate the pointers


#14

I have been through the same situation with only one difference I have got 3 times more of hash power than you that gives me around 36.000 of ETN each month, but then again this is a big investment that I hope will pays off one day. :grin:


#15

Sorry but no.:neutral_face:


#16

Not that bad as for Geforce gtx 660, nearly the same h/s as gtx 970 that gives me 420 h/s.


#17

Sure does. As long as proper mining software, specific low difficulty type of coin to mine and a pool that will allow low enough difficulty.

An old computer capable of just 15h/s is able to produce a very little income. I can give you an example:

As you can see roughly 15 hashes a second will produce a share every 40 seconds on average at 500 difficulty mining coin called Stellite (XTL) :slight_smile: I convert XTL into Electroneum daily.

15h/s will produce an average of 44 XTL per day, 44 XTL is worth around 132 satoshi which becomes roughly around 1.5 Electroneum a day on just 15 hashes a second :joy:


#18

Currently have (50) X3 CryptoNight Asic miners mining ETN 24/7 pushing well over 12mh/s and have been averaging about 25,000 etn per day. Not selling any coins and just doing it to support the network. I at one time had over 300gpus mining ETN, I have sense sold all the GPU mining rigs and running 100% Asic miners. I will always keep them on the network even if the cost of power is more than what I currently mining because the price of ETN is not the price it will be in the future. Not all asic miners are dumping and we do not really know the total number but I would say we had more coins being dumped when GPU mining was allowed on the network due people using nicehash to mine and instant dump.


#19

If you think 1.5 Electroneum a day is good enough then Ok :+1:


#20

Its not if 1.5 Electroneum a day is good enough.

Is 15 hashes a second good enough for 1.5 ETN a day and 15 hashes actually capable of obtaining coins. If posters machine can produce atleast 15 hashes a second they could learn a lot and still obtain some coins.