Before we dive into how you can start mining Einsteinium, lets first start with what it actually is and why is it named Einsteinium in the first place.
What Is Einsteinium?
As you might have already guessed, Einsteinium is a community-drive cryptocurrency that uses the blockchain technology to raise capital to fund their scientific research. This is a new way to get funds for research because researchers that are savvy enough to know about this, would know that now they won’t have to socialize with wealthy people to get the funds they need to proceed with what they want.
They can get help of the crypto community to fund their research.
So how do they actually raise capital?
The community mines blocks to earn money just like every other cryptocurrency. But for every mined block, the community donated 2.5% to the Einsteinium Foundation fund. Not only that, the community also gets to vote on which scientific project they would like to fund.
This is incredible because most of the research that is currently being done (whether it is in universities or in private labs), there is not voting process where the people decide the things they would like their money to be used in research.
Einsteinium democratizes that process.
The primary goal of Einsteinium is to raise awareness of the projects and causes that the researchers need funding for and to have a community that is enthusiastic about working toward funding their research.
So far, Einsteinium has contributed over 16M of EMC2 coins for these projects, which is incredible!
How to Start Mining Einsteinium?
If you are new to mining cryptocurrency, then you are probably looking to get started without having to spend a lot of money. Which makes sense because you want to see whether this will actually work for you or not.
You can start mining Einsteinium on your PC, but we recommend that ASIC is the best way to go if you are serious about getting into cryptocurrency mining.
There are thousands, if not, millions of people out there that are currently mining crypto and yes, most of them might still be using their GPUs to mine. But the ones that make the most money, are the ones that use ASIC (Application Specific Integrated Circuits).
As the name suggests, ASICs are specifically designed to mine crypto and nothing else. And not just that, they are designed in such a way that they can mine crypto in a super efficient manner. Which means they can probably mine 2x or 4x more crypto compared to a PC.
But the best way to get started with crypto mining, is to join a miner pool and let you PC run for weeks on end.
And if you like what you see, then you can start getting into using ASIC.
Can You Mine Einsteinium on Android?
Short answer – Yes.
All you have to do is download MinerGate from the Google Play Store and create an account. After that you can choose which crypto you would like to mine. And you’ll be off to the races!
Can You Mine Einsteinium on iPhone?
Unfortunately no. Apple restricts all types of crypto mining on their iPhones to avoid the hardware damage caused by mining.
This is true. When you mine cryptocurrency, you will notice that your smartphone battery will drain faster than normal, and your device will also start getting excessively hot.
And because of that, Apple does not allow their users to mine crypto on iPhones.
Is It Profitable To Mine Einsteinium?
This is a complicated question to answer. The profitability of any type of crypto mining depends from person to person because there are too many variables at play.
You could be using a PC to mine Einsteinium, and in that case, it may not be profitable at all for you. On the other hand, you could be living in a tax free country and be mining Einsteinium with an ASIC. In that case, it is possible for it to be extremely profitable for you.
And that’s just the basics. You also have to consider the electricity costs, the money you spend on your hardware, how much time you spent setting things up and maintaining them, etc. All of that comes into account before you can decide whether it is profitable or not.
All that information depends on the person and how efficiently they can mine as many EMC2 coins as possible.
How Long Does It Take To Mine Einsteinium?
When it comes to mining any cryptocurrency, the time it takes to mine one block, depends on the hardware that is being used to mine that particular block.
For you particularly, your time will depend on your hash rate. The higher it is, the more blocks you will be able to mine in a shorter amount of time.
So how can you get your hash rate up? It all depends on the hardware you use. If you are using a PC to mine Einsteinium, then you will get a lower hash rate compared to an asic.
So if you were to ask me how to get the highest hash rate, I’d ask you to get an asic and let it rip. That will get you the highest hash rate possible.