Electroneum (ETN) Releases Simulated Mobile Mining
The asset's price remains depressed, as niche trading prevented the asset from rising above $0.20, despite promotion from John McAfee.
The Electroneum (ETN) coin will finally acquire the long-awaited mobile mining pool. However, the process would be simulated mining, that in fact may not use a phone's processor for cryptographic work, but award coins based on a calculation of the processor's power.
For a few weeks, the mining option was available for test users, which would also receive a reward and not have their balances returned to zero.
However, the Electroneum crypto asset is still seen as undiscovered, due to low-volume trading concentrated on the Cryptopia exchange. Despite the news, the ETN market price remains depressed, hovering around $0.07, after reaching a peak in December around $0.20.
Cryptopia also caused some troubles with Electroneum transfers, as the exchange faced glitches on the suddenly increased trading load. ETN trades in pairs against Bitcoin and DogeCoin.
With the rising popularity of Electroneum, the project was also beleaguered by Twitter faked accounts, promising a return of ETN in exchange for sending coins to a specified address. But the new thing about those scams are the numerous comments that the scheme actually pays back.
The Electroneum project had the aim of creating "a British cryptocurrency", but met glitches along the way and faces the challenge of securing agreements with mobile operators. But its Android app arrived with some delay. Now, the task for the Electroneum team would be to achieve presence on exchanges.
The ETN coin is using the CryptoNote mining algorithm, and it had some glitches with deposits and withdrawals due to the anonymous nature of the coin. Now, there are hopes that ETN may be traded on Binance or another large exchange, but no immediate news.
Yet despite the mobile mining release, ETN remains one of the more difficult coins to use, with no reliable desktop wallet yet, and quite an involved process to set up the app. While there are data that ETN is already mined by up to 10,000 users, the coin remains a niche asset, and it may take months or years to get established.