Another Litecoin-based crypto-currency, Elephantcoin (ELP) combines the regular blocks with random super blocks as featured in another crypto-currency named Luckycoin. Using scrypt as its algorithm, Elephantcoin offers a fast transaction confirmation. In addition, it supports transaction messages, a feature that has been originally introduced in Florincoin. Given all these interesting qualities, there’s no doubt that more and more cryptocoin users are inclined to using and mining ELP.
To get started, you should get your personal Elephantcoin wallet first. Once you have installed and configured the wallet in your computer, you can instantly store your first few ELP coins you acquired whether from mining, trading, or collecting free coins from any Elephantcoin faucet. If you’re into mining, make sure to remember some key points to avoid hindrances in your future mining transactions.
Elephantcoin (ELP) will release a total of 340 million coins over the coming years. What’s good about Elephantcoin mining is that there are random blocks that are packed with loads of coins. When mining ELP, you will be introduced to a wealth of lucrative opportunities where you will have a chance to earn more coin rewards. You will get a 1/100 chance to earn 100-500 coins per block; a 1/2,000 chance to win 1,000-5,000 coins per block (about twice a day); and a 1/30,000 chance to earn 10,000 coins-20,000 coins (about once a week). And with an Elephantcoin difficulty of 0.3612, expect that it would be much easier to rake in heaps of ELP within a short period of time.
By absorbing these details, you will definitely have an easier time mining solo or in pools. However, be advised that there are fees involved when you join any Elephantcoin mining pool. Also, when you’re into pooled mining, expect that you will earn much fewer coins.
Best of all, you can use an Elephantcoin calculator to gauge the estimated expected earnings you can amass in a day, a week, a month, and a year. The estimated calculation is based on the figures you enter for the hash rate, block reward, exchange rate, pool fees, and power costs to name a few.
Aside from Bitcoin, Elephantcoin (ELP) has recently been included in the Litecoin trading market. However, unlike these stable crypto-currencies, the Elephantcoin price/value fluctuates more frequently, making its exchange rate highly unstable. As a result, ELP users will be experiencing huge price drops or increases from time to time. Given this fact, it is a must to know when the best time to trade ELP is. If you refer to the Elephantcoin exchange rates, you will already have a clear view of its erratic course when traded against Bitcoin and Litecoin.