EOS Mining - Best EOS Mining Guide for Beginners

Anisa Batabyal
| 30 April, 2020 | 2 min

In the decentralized applications (dApp) space, EOS is competing against Ethereum, as ETH is the market leader in terms of dApps, and backed with a strong team and advanced technology. EOS project has always been looked upon as the one with high potential. Recently, EOS adoption has reached newer heights as recently, and there was an announcement of the successful tokenization of a Deutsche Bank on the EOS blockchain. EOS is the 8th largest cryptocurrency as per market capitalization. EOS network is based on the Ethereum blockchain.

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As you know, there’s a fixed number of EOS tokens; hence, you cannot mine them. You can buy Ether and convert it into EOS.

What is EOS?

EOS is a smart contract enabled hosting platform created for open-source projects and decentralized applications. EOS tokens are mainly formed for business purposes; hence the burden of providing development resources rests with the app developers. EOS tokens can be used as a “stake” for funding applications on the EOS network. 

EOS is being launched by block.one, the organization building EOS mining software. It is one of the most talked projects in teh crypto ecosystem.

How to Mine EOS

Since there is no EOS mining pool, the only way for you is to join an Ethereum mining pool to ensure crypto mining profitability. The individual miners get a handful of rigs. As the current mining difficulty is high, teh amount of mining power from a few of these rigs is highly unlikely to get a single block even.

But, you must know the mining pools combine the hashrate of all the miners within it and increase the likelihood of finding blocks as a group. So even if you do not succeed, you will get a consistent payout from the pool, after which you can convert into EOS.

The steps are pretty simple:

  • Set your respective miner to any Ethereum pool as per your choice.
  • After you gain some Ether, you can convert that to EOS using an exchange that supports that pair. You can go here to exchange seamlessly.
  • Now, you can say your EOS is mined.

Cloud Mining

Cloud mining is one of the best options for those miners who want to mine a cryptocurrency but don’t have proper knowledge of that. This will enable users to mine Ethereum with the help of hardware. The user generally buys a share of the mining power and pays some part of his profit to the company, consequently. The best part about cloud mining is that it is less costly, with the least risk possible. Some of the renowned cloud mining services for EOS mining are:

#1 Hashflare

It is a reliable company that was launched in 2015. Hashflare offers a contract with as little as 100 KH/s hash rate for $2.20 with zero maintenance fee. The user can choose three pools every 24 hours, and divide the hash amongst them. If you want to increase your mining abilities, you can reinvest your profit in the hash rate. The process is pretty simple, and the withdrawal minimum limit for Ethereum is 0.100 ETH, which is inclusive of commission fees.

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#2 Genesis

Genesis is one of the most reputed companies offering Ethereum mining services. The service boasts of the lifetime mining period, so no need to sign the contract every year, and moreover, they don’t take any maintenance fee. The beginners can start with a 100 G/s lifetime mining contract, which might explain how cloud mining works and the EOS mining calculator. They have three categories of contract- the one discussed is Gold, the other two are Platinum and diamond.

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#3 Nuvoo

Nuvoo mining is located in Quebec, Canada, from where comes the hydroelectric dams, which in turn emphasizes on greener energy and lower costs. Nuvoo is open and transparent about its contact info, and in case of any queries, you can get in touch with them. There is no EOS free mining. They have four packages- starter, bronze, silver, and gold. The difference between them is just the energy power for a certain sum of money. It looks something like this:

  • Starter: $369.99 for 10 MH/s;
  • Bronze: $1109.99 for 30;
  • Silver: $2219.99 for 60;
  • Gold: $4439.99 for 120

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FAQs on EOS Mining

  1. What is EOS mining?

EOS mining is done by joining an Ethereum mining pool to ensure mining profitability.

  1. Can you mine EOS?

As you know, there’s a fixed number of EOS tokens; hence you cannot mine them. You can buy Ether and convert it into EOS.

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