Ever since Bitcoin’s (BTC) prices skyrocketed, mining cryptocurrencies, both Bitcoin and altcoins, has become a trending topic for entrepreneurs. In this article, we’ll tell you all you need to know about a popular altcoin and one of Bitcoin’s more successful forks – Einsteinium (EMC2) – and how to mine it on your computer.
What Is Einsteinium?
Einsteinium (EMC2) is an altcoin that was introduced by the Einsteinium Foundation in 2014 as a fork of Bitcoin (BTC). What makes it different from Bitcoin is that it uses the scrypt algorithm on the PoW procedure, similarly to DogeCoin (DOGE) and Litecoin (LTC). The project is funded through the mining process of Einsteinium (EMC2) and 2.5% of the coins that are being mined are donated to the fund automatically.
The first block was mined in 2014, while the coin supply itself was hard-capped at around 250 million EMC2. There’s also a time regulation on EMC2 that divides the number of minable coins into Epochs, allowing only 36,000 Einsteinium (EMC2) to be mined in a 25-days period. With this rate, that last Einsteinium (EMC2) will be mined in 2064, preventing the currency from being subject to inflation.
Technically, Einsteinium (EMC2) is no different than any other Bitcoin (BTC) fork. The only thing that’s special about Einsteinium (EMC2) is the fact that the coin’s main purpose is to create and fuel a platform for scientific, charitable, or political fundraising by monetizing Einsteinium Foundation.
Einsteinium Foundation (https://www.emc2.foundation/) is the world’s first non-profit organization that is backed by cryptocurrency. The foundation claims that its main purpose is to support academics and educational causes while developing Einsteinium (EMC2) further. However, whether the coin is legit or not hasn’t been proven yet, as it is subject to scam allegations and suspicious posts on forums there is no evidence that Einsteinium Foundation is actually doing scientific research or supporting academics.
Mining cryptocurrency is an essential part of the Proof of Work (PoW) procedure. Each miner works as a node that competes to validate the new transactions through validating new blocks. The validating process is very intensive in terms of computing power. Each node needs to find a valid solution, also called a hash, to a cryptographic hash function that is impossible to solve logically. For this reason, all the nodes generate random solutions based on a procedure to hit a valid hash.
When a miner hits a valid hash, it validates the new block by adding it to the end of the blockchain irreversibly. The new block also contains some amount of brand new cryptocurrency which is called the block reward. The node that was able to validate the block, gets the right to claim the newly generated coins. This is how cryptocurrency mining works and keeps the blockchain safe and sound.
How to Mine the Einsteinium Coin
If you are new to crypto mining, you probably don’t want to invest in an expensive mining rig before you wrap your mind around the mining process. The bad news is, mining with a CPU is not possible anymore as they cannot compete with professional mining hardware’s MH/s rates. But the good news is you can start mining Einsteinium (EMC2) on your computer’s GPU. However, in order to profit from mining cryptocurrency, you would probably need a mining rig specifically designed for crypto mining such as an ASIC Antminer.
Before you start with EMC2 mining, you need a wallet to transfer the coins you mine. There are many wallet services online but for this specific coin, it is wise to go with the foundation’s wallet service, Lightsaber. It is available for Windows, macOS, Android, and iOS devices.
The second thing you need is to join a mining pool. Mining pools are platforms that allow miners to combine their processing power a.k.a. hash rates. This is a good idea especially if you don’t have a significant amount of hash rate in your hands to compete with ASIC miners.
Here are some of the popular mining pools to mine Einsteinium (EMC2):
Once you sign up on the mining pool, you need to create a mining bot to link your mining software with. Lastly, you need to download mining software. The best software for you depends on your hardware and your experience in the field. Because Einsteinium (EMC2) uses the scrypt algorithm, you will be looking for a scrypt miner.
Some of the most popular scrypt mining software are:
After you download the software, what you need to do is to link your wallet and mining pool to the mining software and start running your miner. You may have to do some fine-tuning on the software to get the best results.
A Few Words Before You Go…
Mining cryptocurrency is a way of acquiring virtual tokens without buying them on the market. We know it sounds promising but you shouldn’t overlook the costs involved in this business. Depending on your mining rig, mining a coin might take a very long time, consume a great amount of electricity and depreciate your valuable device.
Furthermore, before you start mining or investing in Einsteinium (EMC2), you should really take the scam allegations into account. It’s always best to be well informed before you get involved with a certain crypto project.