What is mining?
Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new coins are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the blockchain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released coins.
How to mine?
In the earliest days of mining, mining was done with CPUs from normal desktop computers. Graphics cards, or graphics processing units (GPUs), are more effective at mining than CPUs and as mining gained popularity, GPUs became dominant. Eventually, hardware known as an ASIC, which stands for Application-Specific Integrated Circuit, was designed specifically for mining. The first ones were released in 2013 and have been improved upon since, with more efficient designs coming to market. Mining is competitive and today can only be done profitably with the latest ASICs. When using CPUs, GPUs, or even the older ASICs, the cost of energy consumption is greater than the revenue generated. Currently, ASIC miners available for EOT coin are Antminer L3 and L3+ being the most energy efficient in the market.
It is not always necessary to buy a mining hardware, you can always rent a remote hardware and use it to mine EOT coin. Most popular mining hardware rental services are miningrigrentals.com and nicehash.com.
In early days solo mining was possible but with increasing difficulty of the network, it may take years to solve a block individually. The solution to this problem was for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the EOT coin block reward on a consistent basis, rather than randomly once every few years.
There are many good EOT coin mining pools to choose from. Although it’s tempting to pick the most popular one, it’s better for the health of the network to mine with smaller pools so as to avoid potentially harmful concentration of hashing power. Sole popular mining pools are:
Official mining pool
Unofficial Mining pools
EOT coin Specifications
Name: Encryption Of Things
Coin Type: POW (Algorithm: Scrypt)
Time: 90 seconds
Block size: 1 MB
Reward halving: 500,000 blocks
Block reward: 100 EOT
Total Coins: 200,000,000