EOS mining: the #1 mining guide for beginners

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What is EOS Crypto?

EOS.IO enables the use and development of the technology of decentralized applications (Dapps) via it’s blockchain-based platform. Launched by block one, the company funded the EOS ecosystem with one of the longest initial coin offerings (ICOs) to date. The ICO lasted a year which spanned from June 2017 to the following June 2018. Block one earned over $4 billion USD through this ICO and with it, introduced the EOS cryptocurrency.

Also Read:
• EOS Price Prediction: Is EOS A Good Investment?

The EOS coin cryptocurrency was first created to rectify Ethereum network flaws such as slow transaction speed, high transaction costs, and scalability issues. With the main focus shifted onto transaction improvement over the Ethereum network, EOS aims to process millions of transactions a second. It also ensures that it has a privacy policy in place for extra protection.

Distribution of EOS coins are based on stake in coin ownership. This means that, within the EOS community, the higher the stake owned, the more of the network an individual “owns”. The coins do not need transactional expenditure because proof of their ownership alone is considered sufficient.

EOS avoids inflation effectively by ensuring that caps remain in place to prevent supply increasing beyond five percent annually. At this time of writing,EOS market cap sits at $2,460,025,487 USD (equivalent to 226,252 Bitcoin/BTC), has a circulating supply of 936, 720, 430 EOS of a total supply of 1,023,420,441 EOS according to CoinMarketCap (CMC).

Can EOS be mined?

Unlike some crypto mining cryptos, EOS coins use the delegated proof-of-stake (PoS) consensus which means that the mining of EOS coins is not possible. EOS block producers receive EOS coins as a reward for each block they create. This reward is best calculated based upon the average payment value expected for the work of block producers. To get a stake in EOS, EOS tokens are used as currency to do so – particularly when used to fund Dapps on the EOS blockchain platform.

EOS tokens function in the same manner as other cryptocurrencies tokens in that they are attributed a certain value to buy and carry out transactions with. The best difference found with EOS tokens is that no transaction fees are incurred by end-users. By staking EOS tokens, Dapp developer can reserve resources such as CPU and RAM to reserve bandwidth for Dapp transactions.

In the same fashion as Ethereum, the EOS platform is smart contract enabled and purposed for open-source projects and Dapps. Meant for businesses, the EOS blockchain platform entices interested parties with the EOS token to stake funding for their business.

How to mine EOS

Block one’s EOS coins work like other cryptocurrency, being able to be used for payment and/or traded via crypto exchanges such as the well-known Binance. As the EOS network is formed from the Ethereum blockchain, to get EOS, you need to buy Ether. With ETH (Ether) in your wallet, you can use crypto exchanges like the one linked above to convert your Ether to EOS. This is the only way to essentially buy EOS. The difficulty that users encounter when they mine Bitcoin is similar to the difficulty to obtain EOS due to the process of it’s acquisition.

Ethereum mining is an effective method to get into the EOS cryptocurrency while it’s currently possible to do so. Because no EOS mining pool exists, the necessity to join an Ethereum mining pool is mandatory to secure EOS acquisition and buy EOS. As the difficulty of mining is at an all time high, mining power from only a few rigs will unlikely bag a single block’s reward. This is where the share of mining pools come into play and EOS mining takes on a different form entirely.

Combining the hashrate of all participating miners, a mining pool significantly increases the changes of finding blocks as part of a large group. This ensures that, even in situations where no block succeed is personally seen, you still get consistent pay-out from the mining pool. It is with this pay-out of Ether that you can convert it into the EOS cryptocurrency and each involved party can essentially mine or buy EOS.

To obtain the EOS cryptocurrency easily with this guide, simply follow the the steps below:

  1. Set up your miner to an Ethereum mining pool.
  2. Obtain Ether via the pool pay-out
  3. Convert the obtained Ether using a crypto exchange
  4. Obtain/buy the converted EOS.
  5. EOS ‘mining’ success.

EOS cloud mining

Another way of mining EOS – though not the best method – new and on the rise is cloud mining.

This is one of the best options for individuals without complete knowledge of the mining process and want to ‘dig for gold’ without the essential tools/know-how. This method of mining works similarly to the method above, in that ETH is mined to then convert into EOS. The difference is that the user purchases a share of another individuals mining power and receives profit in a lesser amount.

The benefit to this option is the lack of financial risk, no contract, and minimal costs. On the other hand, the disadvantages are that the ‘dig for gold’ might only show little output. In terms of earnings, cloud mining in this manner through a specific miners company or website does not achieve the best profitable results – in some cases, no profit at all.

Like pool mining, this method of mining is somewhat new and like Bitcoin mining, obtaining EOS tokens via ETH cloud mining is quite a difficult feat. To ‘mine’ EOS on the blockchain effectively, each token will take considerable effort.

Is EOS still a good investment?

Having reached a value of $5 in February 2020, EOS has seen signs of unsteady recovery since the fall seen in March 2020.

As a result of the COVID-19 pandemic, the importance of cashless payments has been brought to light. Even recent news shows that the EU are determined to shift to a cashless future by 2024. These plans and policy changes suggest prices may steadily increase as crypto value rises with the necessity for the cashless future ahead.

As news increasingly suggests crypto adoption is on the rise, the development EOS price may be worth investing if this trend continues. Investing now – before the potential significant value increase of cryptocurrencies in the future – would offer the best benefits for long-term investors.

For an informative read of our 2020, 2025 and 2030 price prediction, please follow this link to gain a better perspective of the potential future of the EOS crypto and EOS tokens.

What will EOS be worth?

The decentralized EOS platform crypto will potentially become worth over $10 USD per coin in the future and continue an upwards trend is crypto adoption rates steadily increase. The start of 2020 saw EOS skyrocket, only to plummet come March 2020, but the make cryptocurrencies an increasingly used currency would see EOS prices rise again.

In terms of decentralized applications, the EOS platform hosts vast capabilities for creators of decentralized applications. In the year of 2020 alone, Dapps have been on the consistent rise as the want for decentralization increases on a global scale. This might be a sign that many applications turn to EOS for development, which in turn increases crypto and token value. As all cryptos follow the general price pattern of BTC, the market and news all indicate that BTC prices are steadily on the rise. With help from Bitcoin price indications, the EOS network would likely follow this steady increasing pattern.

What will happen to EOS by 2021?

If EOS mining and blockchain involvement continues to increase, EOS’ lack of transactional fees will likely draw strong attention from potential investors. With the resources gained using the ICO of 2017, the latest EOS outlook seems positive for the future.

As host of a smart contract enabled blockchain platform, EOS ensures token acquisition and expenditure will remain transaction fee-free for end users.

Increasing numbers of decentralized applications entering the markets and ETH accumulation on the rise means the increase of EOS activity. EOS prices continue to fluctuate on each exchange, but as blockchain progresses – now into games such as LiteBringer and online games – EOS will snowball if blockchain gaming does.

By 2021, EOS will see many applications created, each various exchange see users buy EOS tokens and crypto, and development of EOS price according to BTC movement.

EOS mining FAQ

How do I mine EOS?

To mine EOS you need to join an Ethereum mining pool/cloud mining provider and convert the Ether gained into EOS.

Can I mine EOS?

As there is a fixed supply of EOS tokens, they are unable to be mined. To essentially mine EOS, you must purchase or earn Ether and convert it to EOS.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Joshua O'Sullivan

Joshua has been a professional writer, editor and proofreader for close to a decade. He has created books, resuscitated multiple patients and managed to survive multiple life threatening experiences. With these experiences, he is always willing to strive to the challenge of any opportunity presented.

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