EOS Cryptocurrency Mining In 2018

EOS Cryptocurrency Mining In 2018

At the moment, you cannot mine EOS. It is only issued by developers. The ERC-20 coin isn’t mineable. Also, the EOS network relies on the Proof of Stake consensus algorithm. However, unlike that of Ethereum and Bitcoin, it is not mineable. Fortunately, since the EOS platform is based on the Ethereum blockchain, you can easily buy Ethereum and trade it for EOS using an exchange that supports it."EOS Cryptocurrency Mining In 2018"

EOS Cryptocurrency Mining

Ethereum mining is a great way to join EOS while it is still possible. As no EOS mining pool exists so far, you have to enter an Ethereum one to ensure mining profitability from EOS. Many solo miners make use of a few rigs. Regrettably, due to the prevailing mining complexity within the blockchain, a handful of rigs are cannot achieve the computational power required to acquire a single block.

Mining pools have the merit of combining the hash rate of all miners within the group and thus significantly improving the probability of getting blocks. In other words, even if you don’t succeed as an individual, the pool provides you a consistent payout. Then, you can convert it to EOS.

The Influence of Bitmain Will Be Small In The EOS Ecosystem

While Bitmain is being consolidated as the most influential company in the Bitcoin market, it is clear that its influence is considerably smaller in the EOS ecosystem. Even though, there is certainly some potential for the company to become a more prominent block producer in the future, especially as there will be block producer elections again in the near future.'EOS Cryptocurrency Mining In 2018'

EOS AntPool was the 11th block producer after the voting, earning 845 EOS (about $7300 USD) daily or $2.7 million per year. While this sum is not irrelevant, the company is worth $12 billion USD and had a $2.5 billion profit in 2017, so the money coming from the EOS mining is only a fraction of what the company is able to get.

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