Topic: What do you need for setting up a Proof of Stake mining? (Read 165 times)
Any experiences in staking Ripple and DASH?
So, all that's needed for me to participate in proof of stake is to provide my public wallet address to the pool? That's it? or should I transfer my coins to the wallet provided by the pool?
I guess I'm a bit confused because technically I can provide someone else's public address as well?
I guess I'm a bit confused because technically I can provide someone else's public address as well?
Staking requires the wallet for your particular coin. That would be the "software" you use to "mine".
With POS coins you are staking coins i.e. holding coins in a full node client wallet to accumulate enough stake to mine a block and earn a reward based on the POS annual percentage rate for that coin. Typically with POS you can hold any number of coins and still be eligible to stake. The more coins you have and the longer you have them staking, the quicker you will be able to earn enough stake weight (similar to hash power in POW mining) to mine a block and earn a POS payment. Your client node doesn't need to be online to earn stake, but it must be online to be able to mine a block to earn a reward. With some POS coins you need to stake the coins held in your wallet within a set timeframe or you will lose the stake for the portion of the time period that is past the cutoff.
Thank you for the note. What is the software you're installing? there should be some sort of software that's doing the mining. what is that?
Also, I'm assuming you're mining on your PC?
I'm completely new to POS and basically need a basic guide on how to get started:)
Also, I'm assuming you're mining on your PC?
I'm completely new to POS and basically need a basic guide on how to get started:)
No, you only need the coin. Im currently staking 2 coins. 1.st honey they need to be on your wallet for 6 hours before staking. Just keep your wallet open and the prosess is automatic. You can mine at the same time. You are staking against the network so more coin you have more likely you are going to get the reward the reward is 2 coins and its gonna allways be 2 coins. 2.nd is paccoin which need to be on your wallet for 30 DAYS but the reward is supposed to be 7-9% of your coin holdings. BUT my current understanding is that after the initial 30 day waiting period you have to keep your computer staking for 30 days to get the reward. If that is the case im not going to bother because paccoin is going to be gone by the time i get to the staking part 
...the old pac is going to be gone i mean.
...the old pac is going to be gone i mean.
I'm interesting for that kind of mining too.
I'm thinking of setting up a Proof of Stake mining facility. There are a few coins that can be mined in POS at the moment.
Are there any guides on what's needed?
Here is my understanding so far: one needs the stake (tokens) and CPU.
Is there anything else needed?
Also, are there any software or hardware recommendations?
Are there any guides on what's needed?
Here is my understanding so far: one needs the stake (tokens) and CPU.
Is there anything else needed?
Also, are there any software or hardware recommendations?
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