EOS Mining – Who Can Mine EOS Coin and How?
EOS is obviously in competition with Ethereum in the dApps space. They have some very interesting technology and a strong team. There is strong potential that they are going to do some very special things. As such, many people are getting more interested in acquiring EOS tokens. There are several options for how you can get some, and, EOS Mining is the one we will discuss here. Keep reading!
Can I Mine EOS?
You have probably heard that a fixed number (which is 1 billion) of EOS tokens have been released, so it means that you cannot mine them. But the EOS network is based on the Ethereum blockchain. Thus you can buy ether and convert them to EOS using a cryptocurrency exchange like Indacoin or Binance website.
EOS is one of the most talked about blockchain projects distributing a token; and it doesn’t even have a blockchain yet. Launched by block.one, the company building the EOS.IO software, the EOS token is explicitly stated not to have any value, utility, or purpose.
Like Ethereum, EOS is a smart contract enabled hosting platform built for open-source projects and consumer-facing decentralized applications. Since the EOS platform is intended for businesses, the burden of providing development resources rests with the application developers. Thus, EOS tokens can be used as the “stake” for funding application development on the EOS network. Meanwhile, users are able to play in the EOS environment for “free” without ever having to first buy in with a cryptocurrency.
How to Mine EOS cryptocurrency?
Mining Ethereum is a great way to get in on EOS while you still can. Since there is no EOS mining pool, you need to join an Ethereum mining pool in order to ensure crypto mining profitability.
Most individual miners use just a handful of rigs. Unfortunately, in view of the current mining difficulty within the network, the amount of mining power from a few rigs is highly unlikely to get you even a single block.
However, mining pools combine the hashrate of all the miners within it and greatly increase the likelihood of finding blocks as a group. This means that even if you never succeed at getting a block, you will still get a consistent payout from the pool, which you can then convert into EOS.
Just follow this simple EOS mining guide to get the EOS crypto for free:
- Set your miner to any Ethereum pool of your choice.
- Gain some ETH (Ether).
- Convert the earned Ethereum to EOS using Indacoin, Binance or token distribution web interface of the eos.io.
- Congratulations! You have your EOS ‘mined’.
EOS Cloud Mining
As it was mentioned earlier, you cannot mine EOS directly. Not a big deal! All you need to do is to mine ETH and then easily exchange it into EOS tokens that are ERC-20 tokens based on the Ethereum blockchain.
Cloud mining is the best option for those, who want to mine cryptocurrency but don’t have the proper knowledge on the process. The concept of cloud mining allows the users to mine Ethereum with the help of the hardware situated in data centers all over the world. The user buys a share of mining power and consequently pays some part of his profit to the company, which provides the hardware. Cloud mining is less costly and there’s a minimal risk for your finances.
Best Cloud Mining Services
Below you can find the best and most trusted cloud mining services for EOS mining.
Hashflare.io is a reliable company that was launched in 2015 and today, it has become a trustworthy cryptocurrency mining online vendor.
The company offers a year contract with the minimum 100 KH/s hash rate for $2.20 with no maintenance fee. Every 24 hours a user may choose 3 pools for mining and divide his hash rate among them. You can also reinvest you profit into hash rate, thus increasing your mining abilities.
The mined cryptocurrencies are spread among all cloud members depending on the amount of the purchased share.
The process of cloud crypto mining via HashFlare is rapid, easy, and smooth:
- You choose the preferred currency to mine
- You sign the contract and pay.
- You get your first payment really soon.
The withdrawal minimum limit for Ethereum is 0.100 ETH (including commission fees.)
Genesis Mining is one of the largest companies offering Ethereum mining services. This cloud-mining provider was founded in 2013 and has already gained a solid reputation for its integrity.
They don’t take maintenance fee. The service also boasts the lifetime Mining Period. So, you don’t need to resign your contract year after year.
For newbies you can start with a 100 GH/s (Gold) lifetime Bitcoin mining contract which will cost you $19. It will help you in understanding how cloud mining works and what the profitability might be.
If that proves to be small you can try the 2,000 GH/s (Platinum) lifetime Bitcoin mining contract and this will cost you $340.
The third and the largest is the 10,000 GH/s (Diamond) lifetime Bitcoin mining contract which will cost you $1,600.
Getting started with Genesis Mining is super easy:
- Create an account and choose which cryptocurrency you would like to earn
- Purchase the required Hashpower.
- Get your first payout the next day.
Nuvoo Mining is located in Quebec, Canada. Since most electricity in Quebec comes from hydroelectric dams, NuVoo Mining emphasizes lower costs and greener energy than its competitors. It’s also cold for a significant part of the year, so NuVoo Mining can offer reduced cooling costs.
Every expert has a possibility to order 4 different packages offered at this website: they are starter, bronze, silver, and gold. The main difference in them is the energy power you will get for a certain sum of money.
Ethereum is meant for cryptocurrency experts whose ideas bring about great profits on such farms. The cost of the main packages is the following:
- Starter: $369.99 for 10 MH/s;
- Bronze: $1109.99 for 30;
- Silver: $2219.99 for 60;
- Gold: $4439.99 for 120.
You can begin to generate cryptocurrencies immediately after you buy a suitable package.
Nuvoo Mining seems to be open and transparent about its contact information, and provides phone numbers and email addresses to get in contact with the team.
IQMining is a relatively new player on the cloud mining market. The company has its offices in Iceland, Georgia, Russia, China, Canada and Algeria. Their pros are possibility of mining several altcoins simultaneously, including Ethereum.
This platform is a high-tech software that has been developed for the function of mining cryptocurrencies. This platform promises to encrypt your personal information firmly – it is in partnership with the largest companies which offer to invest and to withdraw and can guarantee a high security for each user. What it offers is a ‘smart mining’. Their system leads to lower costs because they have smart contracts with data centers and the altcoins mining switch is automated.
Moreover, IQ Mining has no maintenance fees and claims that you will have no risk during this operation, which guarantees that you will have a profit every day.
You can become a user of this cryptocurrency software very easy and quickly – on the official site, you need to sign up and choose one of three accounts which were described above. Then you need to fill the registration form.
When you do that, make your first deposit from your electronic wallet or using another deposit method, which is supported on this platform.
You can also use cryptocurrency for this action. The platform accepts many different coins like Bitcoin, Litecoin, Ethereum, and even more. You start when you purchase a Hash Power contract.
CCG mining was established in 2016 and has 6 branches located in 5 countries which are Poland, Great Britain, Russia, Latvia, Austria and Czech.
The company offers not only investment in cloud mining contracts, but also sells custom pre-built mining rigs and VIP packages for large-scale investors.
CCG’s website provides exhaustive information about their products, contract types, and pricing. Right there, you can find all the information you need and more. Considering the flexibility of offers they provide, grasping all the information in the first visit may be a bit overwhelming for a new visitor.
CCG Mining has an affiliate program wherein the affiliates are paid 6% of the purchased cloud mining contracts and 3% of the all the other products offered by this platform.
Why Mine Ethereum and Convert to EOS?
As it was stated earlier, you cannot mine EOS directly. And there are two reasons why it is impossible. First, ERC-20 tokens are not mineable. Second, the EOS blockchain uses the Delegated Proof-of-Stake Consensus (DPoS) algorithm, but not the mineable Proof-of-Work (PoW) like in the case of Bitcoin and Ethereum.
The difference between the conventional Proof-of-Stake model and DPoS is that the latter uses a voting system to elect network delegates and assign them the duty of keeping it secure.
ERC-20 tokens are Ethereum tokens, and it’s up to the largest token holders of EOS, holding a minimum of 15% of the total issued, to approve the adoption of one or more blockchains running EOS.IO software.
When the EOS blockchain is established, ERC-20 tokens be transferable to EOS “Blockchain Tokens.” Then, after the EOS token distribution period, ERC-20 tokens will become “fixed,” or non-transferrable, on the Ethereum blockchain.
EOS certainly has the potential to become a major contender. And, while you have the opportunity to get it for free, why not seize it!