Will mining application become slower when the value of ETN increased?


#1

I notice just like BTC mining need takes a lot of times to mine 1 bitcoin. i am curious if ETN value increased, will the mining also become slower to mine 1 etn?


#2

If you are referring to normal mining…In a way it could yes…because if the value of ETN increases, then it will be more profitable to mine the coin …which will attract more miners to the network. This increase in overall network hashrate means your hashrate will contribute less to each block found meaning you get less coins (on average) each day.


#3

Depends on if you are talking about real mining, or the simulated mobile miner?

Real mining on the blockchain is under constant adjustment, each day the amount of ETN coins emitted per block reduces. This isn’t really all that noticeable hour to hour. However 2 months ago the block reward was 12,000 coins every 2 minutes… but now it is 10,550 (ish) every 2 minutes, these coins are distributed fairly between the miners in the pool which found the block based on the miners contribution of hash power.
So yeah, it becomes harder to mine 1 ETN based on block reward reduction.
I wont bother going into difficulty increasing if more miners come on board because the ASIC’s have meant there is no GPU miners (who are able to switch which coin they mine) who will switch to ETN. Only new ASIC hardware will increase the difficulty.

OR

If you are talking about the Mobile Miner payout becoming harder to acquire, then yes as the value of ETN goes up, the Electroneum dev’s will reduce the emission rate of the Mobile Miner so that users will not be getting more than $3 per month of free ETN. So make sure to keep those Mobile Miner payouts in a safe place, because you are probably mining the most amount of ETN that you will ever mine right now. HODL strong my friend :slight_smile:


#4

Well said. Nothing to add (:


#5

great explanation!!!


#6

Nice Explanation @ColinSTE :blush::+1:


#7

Perfect explanation…