Staking vs Mining Cryptocurrencies | Bitcointalksearch.org

hatshepsut93

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Quote from: CryptoYar on March 07, 2020, 03:17:26 AM

Quote from: hatshepsut93 on March 06, 2020, 12:08:01 PM

Mining is far better than staking, in fact I wouldn't recommend staking to anyone, it's just way too risky. Altcoins are very volatility, you can invest in coin to stake it and it will crash later and you'll be in a big loss.

Agree with you! but if anyone can't afford mining components then I think staking is good. Because I do it myself and nothing bad has happened yet

The keyword here is "yet" - investing in altcoins is a very risky business, that field is full of scams, pump and dump schemes and just shitty projects. And staking forces you to lock-in your investment, so it's like a long-term investing, and charts show that holding alts for long periods of time is a bad idea, as they tend to go down with time. Simply holding Bitcoin will likely outperform staking in terms of USD gains.

CryptoYar

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Quote from: hatshepsut93 on March 06, 2020, 12:08:01 PM

Mining is far better than staking, in fact I wouldn't recommend staking to anyone, it's just way too risky. Altcoins are very volatility, you can invest in coin to stake it and it will crash later and you'll be in a big loss.

Agree with you! but if anyone can't afford mining components then I think staking is good. Because I do it myself and nothing bad has happened yet

Indymoney

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Quote from: hatshepsut93 on March 06, 2020, 12:08:01 PM

Mining is far better than staking, in fact I wouldn't recommend staking to anyone, it's just way too risky. Altcoins are very volatility, you can invest in coin to stake it and it will crash later and you'll be in a big loss. There's no safe altcoin to stake, in fact most of alts with staking are just shitcoins. With mining, especially if it's CPU or GPU mining, you can always sell your used hardware if things go bad, and there's a wide variety of coin you can mine - if one goes down, you just switch to mining another.

You have good point Staking is very risky and its can ruined any investment but right now Mining is also not working because of electercity cost in many countries so I feel better to have some investment in solid coins or top ranked coins is much better option for investors instead of having any risky or bad way of investment.

hatshepsut93

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Mining is far better than staking, in fact I wouldn't recommend staking to anyone, it's just way too risky. Altcoins are very volatility, you can invest in coin to stake it and it will crash later and you'll be in a big loss. There's no safe altcoin to stake, in fact most of alts with staking are just shitcoins. With mining, especially if it's CPU or GPU mining, you can always sell your used hardware if things go bad, and there's a wide variety of coin you can mine - if one goes down, you just switch to mining another.

rdbase

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Quote from: Goodvalony on March 06, 2020, 09:30:17 AM

can you share with us any profitable staking tokens you know. I have tried the ones i have but they were not valueable and i think i need to quite staking. it is not profitable for me. i have tried staking TRON, BTMX, ONE and ERD with the little amount that i have. the reward was not meaningful.

As I mentioned above: You would need a meaningful amount in capital to be able to purchase the ones which payout enough to be profitable within a year or less of staking.
For example, Tezos is one of them. But they cost quite a bit per coin to make your initial investment back in a conventional amount of time.
Then after this break even point will you be able to reap your rewards afterwards. Meaning you will be making profit after you have gained the roi back from your purchase of those coins.
From your list of coins you were staking I only recognize one of them being tron. In which I didnt even know you can stake them on a wallet unless you are talking about using a third party site to hold you coins on, which I am totally opposed to anyone who recommends doing this since you are not in possession of you own coins, the site is in control of your holdings. This is worse than having your cryptocurrency on an exchange for any amount of time after you have done your trading or exchanging of those coins.

Goodvalony

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can you share with us any profitable staking tokens you know. I have tried the ones i have but they were not valueable and i think i need to quite staking. it is not profitable for me. i have tried staking TRON, BTMX, ONE and ERD with the little amount that i have. the reward was not meaningful.

rdbase

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Quote from: ~KiD~ on March 06, 2020, 07:40:28 AM

Quote from: notblox1 on March 05, 2020, 07:16:51 AM

How about something new called Proof-Of-Humanity concept?
https://www.youtube.com/watch?v=m-NGxJfS0mw

I started the video but is not what I expected, like a short 2-3 minute presentation of the coin. A intro video is more appealing to me.
New mining algorithm or what is Proof-Of-Humanity? How is this coin mined? There is no cpu nor gpu computational power involved? Does this IDENA have a announcement in here? Thank you!

I have heard of this concept before but not from this group inwhich I never heard of but by the energi coin. They are all about helping out humanity in disasters and high volatile situations around the world.
This project from what I skimmed over in the rather lengthy video presentation (nearly 30 minutes) of its concept, is just what seems to be what a ethereum smart contract already seems to do anyways. Lips sealed

Staking does only work if you have a rather large amount of capital so to be able to buy the collateral required to start out with so to stake those coins to receive a reward. Just look at how much you would need for the very first coin to start all this costs to begin staking. Using Dash would cost the staker over $200,000 to start staking for this coin.
Sure there are many other coins you can stake but you would not recoup your initial investment within the first year if at all.
Mining on the other hand, you have your equipment used to mine those coins with to sell on afterwards once you have finished with whatever it is you are mining at its peak.

notblox1

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Quote from: ~KiD~ on March 06, 2020, 07:40:28 AM

I started the video but is not what I expected, like a short 2-3 minute presentation of the coin. A intro video is more appealing to me.
New mining algorithm or what is Proof-Of-Humanity? How is this coin mined? There is no cpu nor gpu computational power involved? Does this IDENA have a announcement in here? Thank you!

You can't explain something new like this in only 2 or 3 minutes.
Yes, Idena has announcement in this forum.

fortunecrypto

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Quote from: ~KiD~ on March 06, 2020, 07:40:28 AM

Quote from: notblox1 on March 05, 2020, 07:16:51 AM

How about something new called Proof-Of-Humanity concept?
https://www.youtube.com/watch?v=m-NGxJfS0mw

I started the video but is not what I expected, like a short 2-3 minute presentation of the coin. A intro video is more appealing to me.
New mining algorithm or what is Proof-Of-Humanity? How is this coin mined? There is no cpu nor gpu computational power involved? Does this IDENA have a announcement in here? Thank you!

Yes they do have, check the announcement section they are always on top of the section, but you cannot start to mine right way you have to do two things, you need to get an invitation code coming from verified miners of Idena and you need to pass a validation by doing a turing test that last for 40 minutes you can finish it in just 15 minutes, it's hard to get a code but it's also hard to pass validation the first time.

UserU

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Quote from: CryptoYar on March 04, 2020, 02:19:46 AM

Money makes money. If you have cheap electricity and good components, then there is no doubt that you can do good earning through mining.

I don't mind the hardware, but with additional concerns on the electricity costs and the heat generated especially in tropical weathers, sometimes just owning the coins themselves is more viable.

~KiD~

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Quote from: notblox1 on March 05, 2020, 07:16:51 AM

How about something new called Proof-Of-Humanity concept?
https://www.youtube.com/watch?v=m-NGxJfS0mw

I started the video but is not what I expected, like a short 2-3 minute presentation of the coin. A intro video is more appealing to me.
New mining algorithm or what is Proof-Of-Humanity? How is this coin mined? There is no cpu nor gpu computational power involved? Does this IDENA have a announcement in here? Thank you!

notblox1

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How about something new called Proof-Of-Humanity concept?
https://www.youtube.com/watch?v=m-NGxJfS0mw

~KiD~

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Quote from: mk4 on March 04, 2020, 09:33:54 PM

Quote from: ~KiD~ on March 04, 2020, 02:10:32 AM

Because I don't have a powerful computer, rater an ordinary laptop I go for POS. But I think is more profitable to mine POW then POS, because is harder and more expensive.

PoS can be a better option for the typical person(that can't afford a good number of ASICs) assuming that the PoS issuance stays the same and that the price of that token stays the same or goes higher. Well, as we all know, most PoS coins/tokens are on a downtrend if you zoom-out the charts.

Yeah! This is why I have said is more profitable the POW mining. But you know, any profit is better than nothing.

CryptoYar

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Quote from: Saisher on March 05, 2020, 01:05:08 AM

Quote from: CryptoYar on March 04, 2020, 11:01:49 PM

Very good trick, yes, I have given reference. So I don't think my way of reference is wrong. But yes, your way is better, I will definitely use in future

You are already a member you should know better you are a bad example of ranking up and yet ignoring the rule, you should quote it, give your own observation and post the reference link, one quick look and people will thought you have created that thread your way of reference is wrong don't twist it.

I have written that I have not written this brother, have you not seen?
And yes, I change and I do it, there is no issue in this. Thank you for your help

Saisher

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Quote from: CryptoYar on March 04, 2020, 11:01:49 PM

Very good trick, yes, I have given reference. So I don't think my way of reference is wrong. But yes, your way is better, I will definitely use in future

You are already a member you should know better you are a bad example of ranking up and yet ignoring the rule, you should quote it, give your own observation and post the reference link, one quick look and people will thought you have created that thread your way of reference is wrong don't twist it.

CryptoYar

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Quote from: bullrun2024bro on March 04, 2020, 06:49:22 PM

Quote from: CryptoYar on March 04, 2020, 01:47:07 AM

I did not write myself, this is a copy/paste post, with the hope that it will probably be beneficial for someone.

If you didn't write the post yourself, you should clearly tag that with the "quote function". If you don't know how to use the "quote function", please check the screenshot attached.
Without the correct quotation, your post could easily be classified as a plagiarism, which leads to a permaban in the forum. I would highly suggest you to edit your post.

This would be the proper quotation:

Quote from: https://www.google.com/amp/s/www.tokens24.com/cryptopedia/basics/staking-vs-mining-cryptocurrencies

What exactly is Staking and Mining?

Proof of Stake (PoS)
Using the Proof of Stake (PoS) algorithm that is the basis of many new cryptocurrencies, staking involves the purchase of cryptocoins and holding them in a wallet for a particular period of time. This is akin to a fixed deposit in the non-digital currency sphere. Similar to a fixed deposit which rewards you with a defined interest at the end of the period as stipulated in the contract, Proof of stake also rewards you with additional coins. By holding coins in your wallet, you are rewarded for supporting the network. Therefore, your coins will increase in number depending on how long you hold them in the wallet.

Mining
Mining requires technical know-how as well as computational power so as to solve the algorithmic puzzles involved in blockchain networks. There is the possibility of mining solo or joining a pool to make mining easier and more effective.

The Advantages of Staking

You don’t have to spend money buying a machine, like ASICS or high-end GPUs used in mining.
Instead of buying the hardware for mining, you purchase coins and lock them. This will lead to balance and value growth.
The amount of coins grows as the rewards increase and once prices escalate; your wallet value goes up.
Staking uses little resources when compared to mining or PoW. This means less electricity consumption and no need for extra machines to participate in staking.
Given the holder of the coins is incentivized to keep them rather than selling them, there will be stability in the price of coins.
Staking doesn’t require the technical knowledge of how to participate.

The Disadvantages of Staking
However, once you stake a coin, you automatically lock that coin for a particular period of time and therefore, you cannot sell it.

But in conclusion, PoS strategy is saving the money you would have to spend on mining hardware or buying high-stake crypto-coins from a coin exchange, and committing them to your personal wallet, where you can watch their balance.

Very good trick, yes, I have given reference. So I don't think my way of reference is wrong. But yes, your way is better, I will definitely use in future

mk4

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Quote from: ~KiD~ on March 04, 2020, 02:10:32 AM

Because I don't have a powerful computer, rater an ordinary laptop I go for POS. But I think is more profitable to mine POW then POS, because is harder and more expensive.

PoS can be a better option for the typical person(that can't afford a good number of ASICs) assuming that the PoS issuance stays the same and that the price of that token stays the same or goes higher. Well, as we all know, most PoS coins/tokens are on a downtrend if you zoom-out the charts.

bullrun2024bro

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Quote from: CryptoYar on March 04, 2020, 01:47:07 AM

I did not write myself, this is a copy/paste post, with the hope that it will probably be beneficial for someone.

If you didn't write the post yourself, you should clearly tag that with the "quote function". If you don't know how to use the "quote function", please check the screenshot attached.
Without the correct quotation, your post could easily be classified as a plagiarism, which leads to a permaban in the forum. I would highly suggest you to edit your post.

This would be the proper quotation:

Quote from: https://www.google.com/amp/s/www.tokens24.com/cryptopedia/basics/staking-vs-mining-cryptocurrencies

What exactly is Staking and Mining?

Proof of Stake (PoS)
Using the Proof of Stake (PoS) algorithm that is the basis of many new cryptocurrencies, staking involves the purchase of cryptocoins and holding them in a wallet for a particular period of time. This is akin to a fixed deposit in the non-digital currency sphere. Similar to a fixed deposit which rewards you with a defined interest at the end of the period as stipulated in the contract, Proof of stake also rewards you with additional coins. By holding coins in your wallet, you are rewarded for supporting the network. Therefore, your coins will increase in number depending on how long you hold them in the wallet.

Mining
Mining requires technical know-how as well as computational power so as to solve the algorithmic puzzles involved in blockchain networks. There is the possibility of mining solo or joining a pool to make mining easier and more effective.

The Advantages of Staking

You don’t have to spend money buying a machine, like ASICS or high-end GPUs used in mining.
Instead of buying the hardware for mining, you purchase coins and lock them. This will lead to balance and value growth.
The amount of coins grows as the rewards increase and once prices escalate; your wallet value goes up.
Staking uses little resources when compared to mining or PoW. This means less electricity consumption and no need for extra machines to participate in staking.
Given the holder of the coins is incentivized to keep them rather than selling them, there will be stability in the price of coins.
Staking doesn’t require the technical knowledge of how to participate.

The Disadvantages of Staking
However, once you stake a coin, you automatically lock that coin for a particular period of time and therefore, you cannot sell it.

But in conclusion, PoS strategy is saving the money you would have to spend on mining hardware or buying high-stake crypto-coins from a coin exchange, and committing them to your personal wallet, where you can watch their balance.

JeromeTash

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Heisenberg

How about manipulation?
One of the most important aspects of a cryptocurrency it being bullet proof to manipulation. Now some of POS networks are prone to manipulations we have already seen that unlike POW platforms.

CryptoYar

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Quote from: ~KiD~ on March 04, 2020, 02:10:32 AM

Because I don't have a powerful computer, rater an ordinary laptop I go for POS. But I think is more profitable to mine POW then POS, because is harder and more expensive.

Money makes money. If you have cheap electricity and good components, then there is no doubt that you can do good earning through mining.

Topic: Staking vs Mining Cryptocurrencies (Read 359 times)