Electroneum Mobile Mining

Millionaires are made last year, literally! Young people who believed in the power of technology and invested in bitcoin made themselves tons of money. Filipinos also dived in the frenzy to get a little bite of the pot of technological gold. Investment groups in Facebook were flooded with bitcoin related posts dimming the PSE related talks.

In the company where I am working, I have a colleague who bought bitcoin last year at around 5K-ish and sold the at 19K-ish! Lucky him as he was able to get out before the dive to 10-11K USD. It even bottomed at 5K-ish. Currently, the price is playing at a 9K - 11K range. Who knows it might fly to all time high this year. 

Some Investors, projected the price to hit 60K this year. That would be a big jump from the current price. I also read a news that people who 'hodl' bitcoin will sell them at 200K which means holding the coin for a couple of years before realizing the profit. Maybe bitcoin can realy become the new 'gold' which means the price can go as high as 320K!

My friend introduced me one of the ICOs in the UK called 'Electroneum'. It offered the coin at 0.01 USD. I think you can buy a minimum of 100 USD but you need to convert the dollar to Bitcoin to be able buy Electroneum coin. I did not take part as I don't want to take a risk of losing money to something I really don't understand yet (even if it is only 100 USD!) - as Buffet said, "you can be wrong to the investment that you think you know everything of, what else to the things that you know nothing of". Very true indeed.

So without spending some hard-earned money, I tried to mine Electroneum using mid-2011, 2GB Macbook Air laptop. I was able to synchronized the node which downloaded around 14GB of data for 4 days in 5mbps PLDT Fiber connection! I ran 4 miner threads which pushed up the temperature to 80%. I used the portable fan I bought from SM to provide ventilation - crazy. Running the miner for 2 days did not produce even a single coin! With the heat it generates, it can damage my laptop.

So, I gave up...

It is an  a nice experience though to go through the setup of the mining node. I setup the Electroneum node by downloading the CPU Mac Direct Miner from https://downloads.electroneum.com/. 

I just followed the steps provided from the page on how to setup the node. It is pretty much straight forward process. 

Electroneum also provided pool miner which I think is much better than direct CPU mining, especially if GPU is use. Based from the feedback of my colleagues who already setup a rig for GPU mining, the earning is around 11K for 4 GPUs (minus 3K for electricity). That will leave you around 8K net profit. Normally, ROI is 1 - 2 years (depends on how much you spend in the setup).

Luckily for guy like me who cannot spend money (or nothing to spend), Electroneum developed a mobile miner for Android (soon on IOS). The miner doesn't actually mine. Electroneum compute the hashrate of the mobile phone and allocate a pre-mined coin. 
I am using sony xperia x phone with 64GB storage and 3GB RAM. Hashrate is around 28 H/s but it drops to 14 H/s. When I stop then restart mining, the hashrate goes back to around 28 H/s. 

So, I did try... 0.2 ETN for 2 hours. Not bad compare to the 2 days in CPU mining without earning anything.

I am using Blockfolio IOS app to monitor the price.

After 4 days, I already earned 10.05 ETN which was automatically transferred to my web wallet.

Update:
Previously, when my accumulated ETN hit >10, they are automatically transferred to my web wallet. But that is not the case now. I already mined 21.25 ETN but they are still inside the app (or offline wallet?). Hopefully, it is not something that I should be concerned of.