{"id":10406,"date":"2023-08-07T07:54:38","date_gmt":"2023-08-07T07:54:38","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10406"},"modified":"2022-05-17T06:18:50","modified_gmt":"2022-05-17T06:18:50","slug":"is-it-possible-to-mine-enjin-coin","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin","title":{"rendered":"Is it possible to mine Enjin Coin?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#before_we_start_what_is_enjin_coin\" >Before we start, what is Enjin Coin?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#first_what_is_enjin_platform\" >First, what is Enjin Platform?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#ahora_bien_%c2%bfque_es_enjin_coin\" >Ahora bien, \u00bfqu\u00e9 es Enjin Coin?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#mining_considerations_in_general\" >Mining considerations in general<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#enjin_coin_mining\" >Enjin Coin Mining<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#asics\" >ASICS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#gpu\" >GPU<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#cpu\" >CPU<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#cell_phone\" >Cell phone<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#enjin_coin_and_its_tokenomics\" >Enjin Coin and its tokenomics<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/is-it-possible-to-mine-enjin-coin\/#concluding_remarks\" >Concluding remarks<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 5<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p><strong>Cryptocurrency mining is going through a period of great uncertainty<\/strong>. The level of difficulty required to mine a block of\u00a0<strong>Bitcoin<\/strong>\u00a0has led to private\u00a0<strong>miners being almost out of the market for a couple of years now<\/strong>. On the other hand, the arrival of<strong>\u00a0ETH 2.0<\/strong>\u00a0reduces the options for mining from home,\u00a0<strong>leaving the most profitable crypto off the table.<\/strong><\/p>\n<p>But the miners will undoubtedly continue to find ways to keep their activity economically sustainable.<\/p>\n<p><strong>In this article, I bring to this\u00a0<\/strong>select group of our ecosystem, an alternative option.\u00a0<strong>Learn how to mine Enjin Coin<\/strong>, a coin with particular characteristics that give it an interesting potential.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"before_we_start_what_is_enjin_coin\"><\/span><strong>Before we start, what is Enjin Coin?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When we talk about\u00a0<strong>Enjin Coin<\/strong>, we are referring to the token that serves as an\u00a0<strong>exchange currency within the gaming platform that bears the name Enjin.<\/strong><br \/>\nSo, let\u2019s proceed in parts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"first_what_is_enjin_platform\"><\/span><strong>First, what is Enjin Platform?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>It is the largest video game community platform in the world, with more than 20 million players and more than 250 thousand communities.<\/strong><\/p>\n<p><strong>Created in 2009 by Maxim Blagov and Witek Radomski,<\/strong>\u00a0it has given rise, through its management tools, to the growth of more than 250 thousand video game communities, where the<strong>\u00a0Minecraft\u00a0<\/strong>community stands out for its worldwide importance.<\/p>\n<p>It was Witek Radomski, who while studying about the technology behind\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-ethereum\/\">Ethereum<\/a>, thought he saw a great opportunity for the platform. As a first step, he decided to\u00a0<strong>create his own token<\/strong>\u00a0to serve as a currency for the virtual goods exchanged on the platform. And of course, the second step was to\u00a0<strong>represent these goods, usable within video games, by means of NFTs.<\/strong><\/p>\n<p><strong>Witek,<\/strong>\u00a0not yet satiated with all that he had created<strong>, presented an ERC<\/strong>\u00a0identified with the number\u00a0<strong>1155<\/strong>, a standard by means of\u00a0<strong>which both fungible and non-fungible tokens can be created.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"ahora_bien_%c2%bfque_es_enjin_coin\"><\/span><strong>Ahora bien, \u00bfqu\u00e9 es Enjin Coin?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It is an\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-an-erc-20-token\/\">ERC-20 token<\/a>, therefore we know that it runs on the\u00a0<strong>Ethereum<\/strong>\u00a0network, whose main function is to be the currency of exchange within the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-are-the-best-nft-platforms\/\">Enjin<\/a>\u00a0platform, in simple words it is used to buy\u00a0<strong>NFT.<\/strong><\/p>\n<p>The distinguishing feature, which makes it the subject of the article, is that the creation of the ENJ token is done by mining, adopting the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-proof-of-work-the-bitcoin-consensus-protocol\/\">Proof of Work<\/a>\u00a0consensus.<\/p>\n<p>In the following I will develop how it is possible to participate in\u00a0<strong>Enjin mining.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"mining_considerations_in_general\"><\/span><strong><b>Mining considerations in general<\/b><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It is necessary to make the usual clarifications before talking about mining a cryptocurrency.\u00a0<strong>The profit you will make depends on several factors:\u00a0<\/strong><\/p>\n<ol>\n<li aria-level=\"1\"><strong>The cost of electricity in the city where you live.<\/strong><\/li>\n<li aria-level=\"1\"><strong>The hashing power of your hardware and the amount of hashing required to mine a block.<\/strong><\/li>\n<li aria-level=\"1\"><strong>The price of the token you are mining.<\/strong><\/li>\n<\/ol>\n<p>By calculating the relationship between these three points, you will be able to know or estimate the profits you will obtain from this activity.<\/p>\n<div id=\"image_1195183296\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C%C3%B3mo-minar-Enjin-Coin1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin1-300x205.jpg 300w\" alt=\"\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"enjin_coin_mining\"><\/span><strong><b>Enjin Coin Mining<\/b><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Having chosen the\u00a0<strong>Proof of Work<\/strong>\u00a0consensus, the creators of<strong>\u00a0Enjin Coin<\/strong>\u00a0decided not to innovate too much and to implement a mining\u00a0<strong>mechanism similar to that of Bitcoin<\/strong>. But being a rather less popular currency, there are still possibilities for individual miners who wish to join this activity through\u00a0<strong>Enjin<\/strong>.<\/p>\n<p>Therefore, a miner, from his own home, will be able to mine\u00a0<strong>Enjin Coin<\/strong>\u00a0through a\u00a0<strong>CPU<\/strong>, through a\u00a0<strong>GPU<\/strong>\u00a0or, with a much larger investment, through\u00a0<strong>ASICS.<\/strong><\/p>\n<p>There is a possibility, perhaps minor in terms of results, but we should not rule it out, and that is mining through cell phones.\u00a0<strong>Enjin<\/strong>\u00a0can be mined from a phone that meets certain characteristics, which I will now explain.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"asics\"><\/span><strong>ASICS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Undoubtedly the most profitable way to mine\u00a0<strong>ENJ (Enjin Coin)<\/strong>\u00a0is by means of\u00a0<strong>ASIC<\/strong>. This hardware, consisting of a\u00a0<strong>motherboard, an ASIC chip and a cooling system, has the highest hashing power in the market<\/strong>, which is understood as the number of attempts to solve the mathematical problem to create a block that this hardware can perform.<\/p>\n<p>Now, the downside is its cost, which is usually quite high,\u00a0<strong>with prices starting at $50,000 and going up to over $150,000.<\/strong><\/p>\n<p>However, for those miners who already own an\u00a0<strong>ASIC<\/strong>\u00a0or are thinking of buying one, it is estimated that by mining Enjin Coin,\u00a0<strong>the initial investment could be recovered in two to three months.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"gpu\"><\/span><strong>GPU<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Enjin Coin can of course be mined using\u00a0<strong>GPUs or graphics cards<\/strong>, which gives the possibility to those who have a gamer computer or directly a mining rig with graphics cards, to turn to Enjin mining.<br \/>\nThe recovery of the initial investment will once again depend on the hashing power of the GPUs.<\/p>\n<p>As a requirement, it is necessary to have a memory of<strong>\u00a06 GB.<\/strong><\/p>\n<p>Generally, in order to maximize hashing power and obtain higher profits, those who choose this hardware to mine Enjin, usually join\u00a0<strong>\u201cmining pools\u201d. In these pools, miners pool their hashing power to obtain higher returns and recover their investments faster.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"cpu\"><\/span><strong>CPU<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Enjin\u00a0<\/strong>Coin and its current difficulty, continue to allow a gamer computer,\u00a0<strong>which has a graphics card of at least 6 GB<\/strong>, to participate in the mining of this token.<\/p>\n<p>Obviously it will not be the most profitable option, but it is a good way to get started in mining and get the first\u00a0<strong>ENJ<\/strong>\u00a0and an experience that will serve to introduce you to this activity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"cell_phone\"><\/span><strong>Cell phone<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Finally, I did not want to miss an opportunity, which of course will be the least profitable, but it is still an option to consider. Available only for Android phones, by downloading the\u00a0<strong>MinerGate<\/strong>\u00a0application from Google Play, users of this operating system will be able to produce their first earnings by mining\u00a0<strong>ENJ<\/strong>.<\/p>\n<div id=\"image_1815729379\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C%C3%B3mo-minar-Enjin-Coin.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin-300x205.jpg 300w\" alt=\"\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/10\/C\u00f3mo-minar-Enjin-Coin.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"enjin_coin_and_its_tokenomics\"><\/span><strong>Enjin Coin and its tokenomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In this section, it will become clear\u00a0<strong>why Enjin Coin mining is not recommended for someone who wants to start with this activity or, at least, to know that its durability is very limited.<\/strong><\/p>\n<p><strong>The total supply of ENJ is 1,000,000,000,000 tokens and the circulating amount as of today is 934,340,659 ENJs, so ENJ mining does not have a long life ahead of it.\u00a0<\/strong>But it is true, that we are in the final stretch to get hold of these tokens through the mining process.<\/p>\n<p>Regarding the price\u00a0<strong>ENJ<\/strong>\u00a0had its highest historical value on<strong>\u00a0April 09 of this current year<\/strong>, while we were enjoying the last days of the \u201cBull Run\u201d, when it reached about\u00a0<strong>US$3.94<\/strong>\u00a0per token. With respect to its\u00a0<strong>lowest price it was US$0.018<\/strong>\u00a0back at its inception in\u00a0<strong>November 2017<\/strong>.<br \/>\n<strong>Today its price is $1.69,\u00a0<\/strong>showing quite solidly in the last month around the current price.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"concluding_remarks\"><\/span><strong>Concluding remarks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The future of Enjin Coin is very promising,<\/strong>\u00a0being a pioneer project in the world of NFT, a market that today is exploding,\u00a0<strong>and with a large number of users who can join the crypto ecosystem through this platform.<\/strong><\/p>\n<p>Undoubtedly its\u00a0<strong>biggest challenges<\/strong>\u00a0revolve around\u00a0<strong>increasing the volume of NFT transactions in its Marketplace<\/strong>, in order to generate an even wider adoption of\u00a0<strong>EJN.<\/strong><\/p>\n<p>With respect to mining, t<strong>his is not a viable long-term option<\/strong>, but it is a good option for those who wish to join while the total supply is not reached. After this research, I believe that\u00a0<strong>ENJ<\/strong>\u00a0is a good option to\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-hold\/\">hold<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 5<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Cryptocurrency mining is going through a period of great uncertainty. The level of difficulty required to mine a block of\u00a0Bitcoin\u00a0has led to private\u00a0miners being almost out of the market for a couple of years now. On the other hand, the arrival of\u00a0ETH 2.0\u00a0reduces the options for mining from home,\u00a0leaving the most profitable crypto off the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10406"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/6709"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}