Why I'm mining Electroneum $ETN
Today I decided to stop mining Bitcoin Gold and start mining Electroneum.
I know very little about ETN but from what I've seen so far I definitely think it's a profitable decision in the long run.
The first thing that piqued my interest was a tweet by John Mcafee.
https://twitter.com/officialmcafee/status/943860891119964160/photo/1
I thought it was interesting enough but there are tons of good coins with good companies behind them and it's only listed on one exchange. (Cryptopia)
I checked the price charts and sure enough it was increasing nicely today but hasn't really seen a big increase compare to a lot of the coins over the last few weeks so it wouldn't be a bad investment but one exchange kind of puts me off as the volatility can be insane.
The thought of the coin left my mind and then while browsing through some general crypto news I noticed that Nanopool had added Electroneum. Like Nanopool!!! What?
This pretty much means no matter what the coin will gain some sort of support from miners which has always proven to help build a community around the coin and have people trading it etc.
This literally made me write the .bat file and just start mining straight away.
I still wasn't to sure about what the coin actually was at this point but since I was now somewhat invested in the coin it would probably be best to learn something about it.
Pretty happy with what I found.
They already have a working product on Google Play Store and IOS in the works.
A working product is all too scarce in crypto so ETN +1 for that.
I checked its ICO and again was surprised.
Over 400K users during the ICO is pretty unbelievable I now as feeling a bit left out tbh
Coinmarketcap was shown a Market cap of over $500 million so a lot of people were invested early.
So last thing I wanted to check was its current profitability.
So using What to Mines calculator
I input my stats for my 4 GTX 1060's which is a pretty small rig costing $1500
These numbers are pretty standard for my rig for a year (at the current prices) so its only slightly less profitable to be mining this new coin which really could become a massive part of the blockchain space and I will still be breaking even on my rig within six months, which is the same as all the other bigger market cap coins with more miners fighting for the blocks.
So we've got Nanopool adding it and a working wallet for mobile. BIG STEPS for any coin. Also a big ICO with lots of investors and awareness plus its still really profitable to mine and its still so early for this coin so who knows how high it might climb.