Read Simple Guide to Mining EOS Cryptocurrency

EOSIO is a decentralized platform for building business dApps. The EOS blockchain uses a delegated Proof-of-Stake protocol, thus cannot be directly mined. EOS users vote for candidates by staking their tokens, and the top 21 active block producers are chosen. They each participate by building blocks, thus confirming transactions considerably quicker than a PoW blockchain. The EOS Constitution forbids winners from benefiting their voters.

We will look at specific ways to mine EOS, even when it is not directly possible.

What Is EOS Crypto Coin?

The company Block.one, the developer of EOSIO, said that parallel processing allowed it to avoid expensive fees or long confirmation periods. This may appeal to business developers and financial organizations. 

At that time, the EOS cryptocurrency was nothing more than an ERC-20 token. It was transformed into an independent entity only in 2018 with the launch of the EOS mainnet. 

Throughout the intervening period, the EOS rate fluctuated, but the cryptocurrency has always been among the biggest coins by market cap. For example, there were price spikes in Q2 2018 and 2019, Q1 2020, and Q2 2021. They were caused by Ethereum price jumps. The rate also depends on innovations of the company behind EOS, such as the increase in staking rewards for crypto users. 

Token holders have the ability to vote for block producers.

EOSIO Blockchain Platform 

EOSIO is an open-source platform that allows developers to create and run various apps for large-scale commercial purposes. The team wanted to improve scalability and confirm more transactions per second and get rid of fees for making transactions within the network. 

The blockchain is written in C++ and has upgradeable smart contracts, hence it can be configured. This is useful for creating and managing programmable infrastructures. Developers may install public or private blockchain networks using smart contracts. This provides a custom protocol.

How to Mine EOS on Your Computer?

EOS currency is not mineable. Let’s explore how to get around this problem.

The Proof-of-Stake Protocol of EOS

A consensus Proof of Stake allows the network’s native coin, EOS, to be staked for rewards (Delegated PoS).

PoS mining power is determined by the staked amount. Those who wager more coins are more likely to be picked. Most participants join staking pools to increase their chances of being picked.

Don’t forget to vote for a proxy that distributes rewards; otherwise, simply staking won’t bring you profit.

Through the Ethereum Mining Pool

Using Ethereum is an excellent option to obtain a piece of the EOS network while it is still available. Taking part in the ETH mining pool and trading it in for EOS is a way to acquire some EOS by combining efforts with other miners.

The majority of individual miners utilize just a few mining pools. You can’t even mine a single block with present mining complexity. One or two mining rigs aren’t enough so there is a group formed. Hashrate of all the miners is combined and a block is found by a group. This implies that even if you never obtain a block, you will still get a regular dividend from the pool, which you can then convert into EOS.

Ethereum Cloud Is One More Alternative to Mine EOS

This option is best for those who have little to no knowledge about crypto. 

Cloud mining allows users anywhere in the world to mine Ethereum by leasing their computing power in exchange for profit. Thus, a remote server will be mining ETH for you, so you don’t have to buy expensive hardware. Later, you can swap ETH for EOS. Cloud mining is cheap and low-risk.

EOS Price Prediction for 2021 and Next Years

Block.one intends to create a cryptocurrency exchange with a whopping $10 billion in investment, which will be given by venture capital firms, according to the company. A huge number of EOS-based projects are now under development and will be released in the near future. Thus, it has plenty of room for improvement. 

WalletInvestor expects that EOS will reach up to $5 by the end of this December, and that it will be worth more than $13 in 2025. TradingBeasts has a less positive forecast: up to $4 by the end of this year and $7-8 in 2025. Still, we can see that both services think the coin will go bullish.

EOS crypto price prediction is based on historical figures and expert analysis of the demand for EOS. The project was launched in 2017, so it’s still in its infancy stage. This means that we have to wait to see if EOS has something interesting up its sleeve (although it has already shown some impressive results).