With most wallets nothing. You literally don't have to do anything, just keep the wallet running on your computer.
Some (DMD for instance) require you to encrypt and then unlock your wallet for staking (and for all of them, if you do decide to encrypt it, you need to unlock it).
Topic: How can I set up my own Proof of Stake Mining Rig? (Read 151 times)
POS coins can be staked on pretty much any computer. Even a Raspberry Pi for example.
There is no need for any special hardware, and they use very little energy compared to POW.
You just need to buy a sufficient amount of coins to stake, then store them in your password protected wallet, which will be unlocked for staking only. And you're good to go!
Thanks.There is no need for any special hardware, and they use very little energy compared to POW.
You just need to buy a sufficient amount of coins to stake, then store them in your password protected wallet, which will be unlocked for staking only. And you're good to go!
what would be the next step after storing the coins in a wallet? That's the part I'm trying to figure out.
I know the difference. My question was around setting up a POS mining rig for a POS coin.
POS coins can be staked on pretty much any computer. Even a Raspberry Pi for example.
There is no need for any special hardware, and they use very little energy compared to POW.
You just need to buy a sufficient amount of coins to stake, then store them in your password protected wallet, which will be unlocked for staking only. And you're good to go!
There is no need for any special hardware, and they use very little energy compared to POW.
You just need to buy a sufficient amount of coins to stake, then store them in your password protected wallet, which will be unlocked for staking only. And you're good to go!
https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/
https://medium.com/@karthik.seshu/cryptocurrency-proof-of-work-vs-proof-of-stake-e1eee1420b10
https://hackernoon.com/proof-of-stake-vs-proof-of-work-fe6a3717a2d7
See how Google works?
https://medium.com/@karthik.seshu/cryptocurrency-proof-of-work-vs-proof-of-stake-e1eee1420b10
https://hackernoon.com/proof-of-stake-vs-proof-of-work-fe6a3717a2d7
See how Google works?
Burn.
PoS doesn't require huge processing power like PoW (mining) does. For example I have an old i5 desktop I sit in another room and run my staking wallets from that; not required to be powerful.
GL.
-Knightly
Proof of stake is where you get rewarded for holding coins (usually bought). Proof of work is where coins are awarded for mining. Many of the recently launched coins are POS only and no mining is involved. Older coins tend to be POW only. Some coins change from POW to POS at some point. Just have to study the coins you are interested in to see how they operate.
I'm hoping to learn more about how Proof of Stake mining works in practice. Willing to buy some altcoins and stake them for mining as a way to learn.
I don't want to join a pool as my objective is learn how POS rigs are set up and work rather than making money at this stage.
Does anyone have suggestions on which cryptocurrency I should try and how I can set up a staking rig? what are the hardware / software requirements? Any info is greatly appreciated. A step by step guide would be super useful.
I don't want to join a pool as my objective is learn how POS rigs are set up and work rather than making money at this stage.
Does anyone have suggestions on which cryptocurrency I should try and how I can set up a staking rig? what are the hardware / software requirements? Any info is greatly appreciated. A step by step guide would be super useful.
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