Mining EOS is not as easy a task as one thinks. There is much to know before one proceeds with the mining process. EOS, also called the EOSIO, shook the entire Blockchain market when its Initial Coin Offering (ICO) was introduced in July 2017. Within its two years of its launch, EOS became the most preferred and top 5 cryptocurrencies. The main purpose of launching this crypto is to introduce a proper environment in decentralized applications (dApp).
What is EOS?
EOS was created in the year 2017 by Block.one. To introduce to the community and ensure its widespread distribution seamlessly, Block.one allocated one billion EOS tokens. During this period, EOS cryptocurrency was an ERC-20 token, and became independent in the year 2018. As a result, in the said year, the EOS rate faced ups and downs; however, it maintained its position in the top 20 coins.
The primary aim of EOS is to provide a helpful and business-friendly tool to work on building dApps. One of the exciting parts of EOS is that it employs horizontal and vertical scaling. Moreover, the crypto offers a scalable platform for users to run thousands of transactions every second.
How to Mine EOS?
Mining EOS is the most exciting thing to engage in and earn. However, compared to other cryptos, the user cannot mine on EOS. In other words, mining on EOS is not possible. The EOS crypto carries Delegated Proof of Stake (DPoS) consensus algorithm and doesn’t require miners. DPoS platform carries a group of validates that work on maintaining the blockchain.
Since EOS mining pools are not available, the only way investors can mine is through the Ethereum mining pool, ensuring crypto mining is an easy and profitable venture. Below are the simple steps for mining:
● Firstly, set up the respective miner on the desired Ethereum pool.
● After gaining some Ether, convert it into EOS through an exchange supporting the pair.
● Once done, the desired EOS is mined.
Using Ethereum Cloud Mining
Another effective way is Ethereum cloud mining. For instance, if one leases computing power for fiat, there will be a remote server mining ETH. No need to invest in super-advanced hardware, but just a PC with a strong internet connection. The user needs to choose a suitable cloud mining service and start with ETH.
Expert Talk on EOS Growth
Some crypto experts believe that EOSs overall growth has been positive. For example, in the initial stage, the EOS cryptocurrency price was $2.29, but within 24 hours of launch, it doubled to $5.40. In 2020, EOS did not make it to the headlines since the industry majorly focused on Decentralized Finance (DeFi); however, the experts expect good growth in the coming years. According to the WalletInvestor, investing in EOS will be a profitable venture for the investors.
EOS Price Prediction 2021 and Beyond
Currently, the EOS trading price is $6.04, and the market capitalization is around 952,331,435. In the future, EOSs success and its value will completely depend on the dApps quality. The EOS predictions by experts comes on different ratios.
According to Trading Beasts EOS Price Prediction, the crypto price will reach $4.83 by 2023. Similarly, WalletInvestor predicts the EOS price to rise to $10 by the end of 2021. EOS Price Prediction from Cryptonewsz is that the price will rise to $15 by 2021, and by 2025, it will grow by $100.
Future of EOS Coin
Looking at the EOS Price Prediction by experts, there is a good return on investment in the future if invested now. However, there are some issues concerning this crypto. The crypto community keeps pointing out the centralization within the Proof-of-Stake system. Compared to Ethereum, EOS continues to receive support from different sectors. Currently, the focus is majorly to invite DApps securely.
Due to the backing of the expert team and developers, the EOS crypto is turning out to be a great product. In the coming years, you can expect the EOS ecosystem to increase.