The Enjin Coin (ENJ) is based on the Ethereum Platform and is an ERC-20 cryptocurrency. The ecosystem of the platform is built for gaming which is powered by Enjin technology. It is a place where people can create and manage their NFTs. In this article, we will explore all about Enjin Coin and how to Mine Enjin Coin.
Where did Enjin Coin Start?
The Enjin is connected with various gaming applications and lets the users use the unique assets across a plethora of games or sell them in the game’s special marketplace.
The Enjin Coin as a currency can be used in the wallet to trade, sell and buy NFTs. One of the discrete features of the Enjin coin is that the marketplace stores assets that can be traded, sold, and used among different gaming platforms.
If a user creates a unique asset in a specific game, the traditional gaming model will not let the player use the in-game items in a different game; however, due to the Enjin platform, such in-game items can be used across multiple games without the fear of losing any of the creations.
The following features of the Enjin token, are stated below:
- Enjin Coin (ENJ) is an ERC-20 token that is discrete for its innovation and unique technology; that lets the ecosystem integrate features like gaming and NFTs.
- Multiple blockchain products like developers platforms, marketplaces, and wallets are built around the Enjin coin.
- The Proof of Work consensus algorithm with a mining setup is similar to Bitcoin; it is where the ENJ coins can be used and mined.
- Since the Enjin Tokens cannot be staked they are dependent on miners over stakers.
How to Mine Enjin Coin?
The Enjin coin since its inception in the year 2009, has been thoroughly involved in the gaming industry. During a single decade, the Enjin family has grown to a staggering 20 million user base by today.
For miners of Enjin coins, it is an integral part for them to inquisitively research regarding the setup to incur the best figure of profit. The coin as crypto has characteristic fluctuations, and the number of miners is proportional to the chances of making profits. One needs to scan the current price of the ENJ coin to consider how much it is worth to undertake the process of setting up a mining rig.
ASICs are the most powerful hardware for mining; however, they are expensive. If one is mining on the computer one would need a strong GPU, the output would not be as efficient as an ASIC, but it’s a good start to one’s mining journey.
The mining profitability chart is an integral yardstick to measure how much money one can make with a hash rate of 1Mh/s. The electricity costs are also covered in such charts. With the number of miners increasing, the hash rate increases too, and so do the difficulty levels of mining.
What is an ASIC miner?
A system made up of a motherboard, an ASIC chip, and a cooling system is called an ASIC mining rig. The rigs are specifically designed to mine a particular cryptocurrency and they are pretty efficient at doing so. The hardware is built to solve complicated cryptographic puzzles in the requisite amount of time. The rig has multiple complications such as loud noise, overheating, and high electricity demand, and due to running 24/7, they wear down and stop working sometimes.
What is Hashrate?
In a stipulated amount, the time the number of cryptography puzzles that can be solved is known as the hash rate. The hash rate can range from per second to KH/s or MH/s.
What is Ethash?
The process of encryption on the Ethereum and Ethereum Classic platforms employs Ethash. It is built to be resistant to ASICs since due to large memory the rigs have trouble decrypting the puzzles.
What is SHA256?
Designed by the NSA this 2009 Secure Hash Algorithm finds its usage within bitcoin cryptocurrency. It is a 256 bits hash that miners can decrypt using mining rigs. It validates the blocks and in return, the miners are rewarded.
What is a Scrypt algorithm?
This algorithm is similar to the Ethash algorithms which are designed to be resistant to the ASIC system.
Why are GPUs better than CPUs?
Parallel processing, which is a computation based on simple math problems, is handled better by GPUs than CPUs. The coins that have not been destroyed by ASICs users can only be mined by the CPU.
What is the DAG Epoch?
The mining difficulty on Ethereum is called the DAG Epoch. As the currency sees growth, it is directly proportional to the increase in the number of miners; as this difficulty increases, the memory need also grows. This feature is the reason mining with small GPUs has become cumbersome.
What is PoW (Proof-of-Work)?
The Enjin coin employs a proof-of-work system or protocol which was used for the first time in the mid-1990s for troubleshooting spam mail. In the year 2009, when bitcoin has created the idea of using this came into being. Used in the transaction blockchain, the PoW is one of the reasons bitcoin grew in the mining sector.
The crux of the idea is placed on proof and challenge or response. The transaction is the challenge which is a crypto puzzle. The proof is based on cracking the puzzle by the miners. And the proof is also based on miners providing their systems with the verification of transactions. The rate of hash power is directly proportional to the validation of the transaction and the greater the amount of Enjin coin is awarded to the miners.
How to Mine Enjin Coin on PC?
One can Mine Enjin Coins at home, using a computer. Once you have more experience in the process, you can invest in a GPU. One should, however, consider using an ASIC mining rig. To be accustomed and informed about the mining process you can join a mining pool. You must also scan the mining profitability charts so that you’re not wasting your money.
How old is the Enjin Coin?
Born in the year of 2009, the Enjin coin is a cryptocurrency based on the Ethereum platform that lets game developers create NFTs of their in-game items on the blockchain platform. Enjin is an ERC-20 token founded by Maxim Blagov and Witek Radomski. Blagov is the CEO and creative director of the company, whereas Radomsku is the technical officer and is also responsible for product development.
In the year 2012, when Radomski became interested in Bitcoin, he had the idea of introducing a blockchain in Enjin. Smart contracts and Ethereum pushed him to create his software integrated with the blockchain.
In the year 2017, on 24th July Enjin was established for the gaming community for the first time with its team located in Singapore.
The software for Enjin allows users the ability to craft and manage digital items on the Ethereum blockchain platform. Its goal is to tackle in-game assets with different characteristics; translation fees are reduced; there is a curb in duplication and complete elimination of fraud.
In this article, we get to know how one can effectively mine the Enjin coins and a general guide on the terminologies a miner should know. We also get to know about the creators and how old the Enjin coin is. Overall, this platform provides true ownership to digital item holders and provides the users with a seamless and hassle-free experience.