I have about 7000 coins, is it worth me staking? what will i make off them? I'm not really familiar on how staking works, i just use my wallet for storing coins
Worth staking ? Hell yeah. Will give you at least 3 to 4 Cloak / day
your math is a bit off.
7000 CLOAK @ 6% annually = 420 CLOAK
420 CLOAK/365 Days = 1.15 CLOAK per day.
It is still worth it to stake though.
I'm getting nowhere near that with 5000 coins. I'm avg about .5 coin per day. I wonder whats wrong?
Nothing. There is always an element of chance with mining. It's not a bank style interest rate that you automatically earn X coins per day (that's just an estimate). Some day later you may find a bunch of blocks in a row that makes up for what you have missed lately. There is always an element of luck in play to staking a block.
Oh ok, thanks for the explanation.
I briefly saw someone in IRC talking about creating a new recv address and sending all your coins back to yourself at the new address to optimize staking, not sure what that accomplishes?
4 -> 2a and 2b.
2a->1a and 1b. 2b->1c and 1d. etc, and etc.
so you stake the tiny amounts and get back little amounts. by sending to all coins to new addy, it is like house keeping, combines all coins again to stake.
