HomeCrypto/ForexAn investors’ guide to Enjin Coin price and its predictions!

An investors’ guide to Enjin Coin price and its predictions!

What is an Enjin coin? The origin of Enjin can be traced back to 2009 when a Singapore-based company of the same name created a community gaming platform to build websites, forums, and apps for gamers. Nearly a decade later, the gaming firm shifted to blockchain and launched the Enjin Coin. The Android version of the Enjin coin wallet was created in 2018. A few months later, the iOS version of the Enjin coin wallet was also launched.

The Enjin was eventually launched on the Ethereum platform in the same year. The purpose was to allow game developers to issue fungible and non-fungible assets as in-game Ethereum tokens. The popularity of NFTs seem to influence Enjin coin price a lot. As per the last updates, over 1 million users have downloaded the Enjin coin wallet as of now.

Where to buy Enjin coin?

Enjin Coin (ENJ) has been listed on many trading platforms. Among them, the popular ones include Coinbase, FTX, Binance, and Crypto.com. In order to start trading, you need to verify your identity over the platforms, which can be done by providing your address, Social Security number, and your driver’s license.

At the same time, you will also need to provide your email address and create a password for the account. Before you begin trading, your verification details will be identified for tax purposes.

How to buy an Enjin coin?

Once the account is opened after verifying the address, you can purchase Enjin and send the coins to your wallet. In order to ensure extra security, you should consider where to store your coins before investing. It’s generally recommended to store your crypto coins on an exchange as they are susceptible to attacks by hackers. Hence, you should use an Enjin coin wallet to store the coins.

You can get these software wallets free from the web via the download option. They will keep your crypto coins safe from the hands of hackers compared with crypto exchanges. However, if you intend to store your Enjin coins in the best secure manner, you should get a hardware wallet to store the coins. Hardware wallets let you store your crypto coins offline, making it impossible for hackers to access your funds.

How to buy Enjin coin on Coinbase?

  1. Step 1: Open an online account in Coinbase if you do not have one.

  2. Step 2: Complete verification.

  3. Step 3: Link your bank account.

    Coinbase wallet does not support direct bank transactions. So if you want to cash out, you need to transfer your crypto to coinbase.com.

  4. Step 4: Make your purchase of Enjin coins.

    You will be able to buy Enjin coins utilizing funds from your bank account. This makes crypto investing pretty easy. Otherwise, platforms like these also allow you to convert the existing cryptocurrencies you already own to Enjin tokens.

How to buy Enjin Coin on Binance?

If you are trading on Binance, the Steps 1 to 3 mentioned above remain the same. But you cannot purchase Enjin coins directly. After step 3, follow the below step mentioned!

Step 4: Convert your crypto coins like Tether aka USDT Bitcoin to purchase Enjin coins. Tether is pegged to the dollar, hence, investing in them is similar to investing with a fiat currency. Some traders prefer to buy Enjin using their Bitcoins. It helps them compare their returns on investment of Enjin coins with those of Bitcoins.

How to mine an Enjin coin?

Before we proceed to the discussion of mining Enjin coins, let us touch on a few basics about cryptocurrency mining. The profit on mining depends on three key factors. Firstly, the cost of electricity in your city. Secondly, the hashing power of hardware and the amount of hashing required to mina crypto block. Lastly, the price of the crypto token you have considered for mining. In order to calculate the profits, you must calculate the impact of each of these factors for mining.

As far as mechanism is concerned, the mining of Enjin coins is similar to that of mining Bitcoins. Hence, a person sitting back home keen on mining enjin coins can do so by using his/her CPU, GPU or ASIC, which requires a larger investment than the two others. Enjin coins can also be mined using your cell phones that should meet certain system requirements

Enjin coin Mining via CPU

Mining crypto coins on a CPU is done by finding a hash using the power of a CPU and assigning it to a block inside the cryptocurrency blockchain. It’s interesting to know that mining was first launched on a CPU itself by Satoshi Nakamoto, who created Bitcoin. In the early days, Satoshi was able to mine 1 million Bitcoins, at a time when it cost a few cents.

Mining Enjin coins or any other crypto coins can be done in two ways –

Solo mining – Done using a single PC resource on a processor.

Pool mining- Here, several miners combine their powers to mine more efficiently. This is comparatively a more productive way of mining crypto coins using the CPU. Also, there is a higher chance to mine a block and get a reward.

In order to do mining, you also need to choose and get a popular mining program. Make sure to download the program from its official websites. If you do not do so, there is a higher chance your PC might fall victim to computer malware which will siphon your data for hackers.

Mining via PC is an ardent task. You might be able to make a small profit by mining less popular coins in large quantities and selling them when their value rises. However, in order to do that you need to invest a lot in a good CPU, which can support multi-thread processing. Further, you should calculate your electricity cost into the whole program to see if it really makes sense to mine your enjin coins using CPU.

Enjin Coin Mining via GPU

It is ideal to mine Enjin coins on a gaming computer that uses high-end graphics cards or GPU. It gives the chance to mine rig with graphic cards. The return on investment will once again depend on the hashing power of GPUs.

It is recommended to have a GPU with a memory of at least 6GB. In order to boost the mining power and achieve higher profits, you should follow mining Enjin coins via the Pool method we have discussed. Mining pools enable hashing power to generate higher returns and recover investment faster.

Enjin Coin Mining via ASICS

It refers to a device that uses microprocessors for the sole purpose of “mining” cryptocurrencies. It’s one of the most profitable ways to min Enjin coins. The device consists of a motherboard, an ASIC chip, and a cooling system. It has the highest hashing power in the market, which refers to the frequencies of attempts to solve a mathematical problem to create a block that the hardware can perform.

However, these devices are expensive. Its prices start from $50,000 and go upwards to more than $150,000. If you already own an ASIC and are about to buy one, you can recover your initial investment in ASIC in three to four months by mining Enjin coins.

Enjin coin Mining via mobile phones

You can download Android mining software like MinerGate or iOS software like NiceHash or CryptoTab to start mining on mobile phones. However, it is to be kept in mind, it’s one of the least profitable ways to mine Enjin coins.

How much is enjin coin worth right now?

At the time of writing, the Enjin coin price is around $4. In the last month, the Enjin coin price went up nearly 60% and peaked at $4.7 last week. At the time of writing, the Enjin coin market cap ranking is #56, and the live Enjin coin market cap is $3.1 billion. It has a circulating supply of 930 million and a maximum supply of 1 billion Enjin coins.

Is Enjin Coin ENJ a good investment?

The verdict on the Enjin coin as an Enjin coin is difficult because it’s new on the market. However, the Enjin coin future looks undoubtedly promising given the particular blockchain technology it follows. It presently serves around a quarter-million gamers, which is astounding for a currency that launched in recent years.

Secondly, the Enjin coin future looks nearly set given the perpetual development & expansion in digital gaming and the craze for NFT. However, before investing you should do the due diligence as the crypto coin like Enjin is marked by volatility like other crypto coins.

To be precise, if you had bought enjin before the beginning of 2021, you would have ended up making over 10 times of your initial investment. Otherwise, if you had purchased Enjin coin near the peak, the gain could have been a little over 50%. So, it is wise to invest in the currency in the dip and look for the potential upside/downside so that the expected loss could be minimal.

As far as the current trend is concerned, the enjin coin future looks bullish in the long run. Hence, it makes a solid buy if you want to believe in its bullish tendencies and consider a buy-and-hold strategy of the coin.

What is Enjin coin price prediction 2021?

We like to retain our bullish stance on enjin coin price prediction. As 2021 nears the trend and given the volatility in global markets, we believe the Enjin coin price will hover around $4 till the end of this year. If it can somehow break earlier psychological resistances, it is possible to hit new highs.

What is Enjin coin price prediction 2022?

Assuming that the bullish trend will continue, the Enjin coin price is likely to hit $15 by the end of 2022. The gain in the first half of the year is likely to be faster than the latter part with no major falls. With impending partnerships and developments in the sector where it operates, we believe reaching $15 is quite possible for the coin.

How much will Enjin Coin be worth in 5 years?

The Enjin coin price prediction 2025 looks promising too. Reaching a level of $80 looks quite feasible for the coin. As per cryptonewsz, considering 2021 as the benchmark year Enjin coin price could also hit $30 by 2025. This is because Enjin coin future in 2025 would be marked by an era where the adverse impacts of the pandemic and a recession won’t be there and the financial assets would be on a stronger road to recovery.

However, crypto predictions like these should always be considered with a grain of salt! In the meantime, share your experiences and reviews with us in the comment box below!

Souvik
Souvik
An avid writer, researcher, traveler, music buff, pet lover and gadget freak! Loves to read and write just about anything but has keen interest in new age tech and finance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

spot_img