How to make money mining EOT
Step-by-step on how to mine and profit from the opportunity provided by EOT – Encryption of Things.
It is most important to learn about EOT before you start to mine – understand what you are mining, why you are mining, and what the long-term prospects of EOT.
EOT has long-term prospects of EOT and an exceptional long-term business case.
Step 1 – Educate yourself about EOT
Step 2 – Download a wallet
Store your EOT in one or more of the wallets available. Use this wallet to transfer your coins and to receive your mining reward.
Step 3 – Purchase mining equipment
EOT runs what is called the “Scrypt” – algorithm which means you will need to purchase mining hardware that are set up for this.
1. The BM1387 ASIC Chip – The world’s first bitcoin mining ASIC based on the 16nm process nodeBitmain’s BM1387 chip is built using TSMC’s 16nm FinFET technology and, delivering a record-breaking 0.098 J/GHs, is the world’s most efficient bitcoin mining chip in the consumer market.
2. BITMAIN Antminer L3+ For Litecoin – Hash Rate 504MH/s. A variation of +/- 5% is expected.
Step 4 – Join a mining pool
Unless you are running a very large operation, it is best to join a mining pool. A mining pool is a group of miners that work together and collective mine blocks and share the reward. It is very hard for an individual miner to compete with a successful pool.
Here are 2 more ways to mine EOT
1. Renting a miner
If you don’t have a mining rig of your own you can rent one, this is a very good way for the beginner to get started and to learn more without spending a fortune.
A good company to use is Mining Rig Rentals, they are an established company running for a number of years and very easy to use.
To mine EOT, you need to rent and Scrypt miner as EOT runs on the Scrypt algorithm.
The first step is to fund your account with Bitcoin, Ethereum, Litecoin or Dash and then rent a rig from the Rigs tab.
Once you have rented the rig, your next step is to connect to the EOT Mining Pool.
You will need the following settings:
User: – This will be your EOT Wallet Address – If you do not have one, you can get one here: – EOTWallet.com
You should now be connected.
2. How to mine with a Desktop Wallet
You can also mine with the EOT Desktop Wallet
- Please note that you will mine a very low amount with this method as it uses the hashing power of your PC or Mac and these are not really that powerful for mining
Step 1 – Download the EOT Desktop Wallet from Github and Sync with the Blockchain
Step 2 – Set up mining
- Open Wallet.
- Choose Help.
- Select Debug window.
- Select Console.
- Type “setgenerate true -1” to use all processing cores.
Note: If you want to use 2 / 4/ 6 cores then use “setgenerate true 4” command to use 4 cores (change the number if u need to)
If you want end mining type “setgenerate true 0”.
Next step: Now you have to check if your client is mining or not, just type “getmininginfo” command in that same window, you should start to see your hashespersec reported as following:
“blocks” : 7750,
“currentblocksize” : 1000,
“currentblocktx” : 0,
“difficulty” : 0.00955156,
“errors” : “”,
“generate” : true,
“genproclimit” : -1,
“hashespersec” : 573,
“networkhashps” : 7380675,
“pooledtx” : 0,
“testnet” : false
Now you should start to see your hashespersec reported, if hashespersec is not zero, you’re doing it right.
You can also check some other stats with following commands.
Step 5 – Switch on to start mining
Now it is time to switch on your miner and start making profits… Good luck and Happy EOT Mining