what is the difference between staking and mining??? - page 2.

Kyraishi

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Quote from: Astvile on October 06, 2019, 12:00:14 AM

Quote from: BitGunner on July 14, 2018, 07:33:53 AM

i don't know for sure but if i m not mistaken mining is more expensive

No this isn't true. Mining cost way more depending on the coin that you are planning to stake at, some coins require even upmost $10k value of coins in minimum to be staked, there are some that are way cheaper but not all of them cheaper than starting a mining business.

Well if we are comparing costs, staking is usually cheaper. When you mine a coin, you'd need (rough estimate) around 1,000 dollars of mining/computer equipment to make it work, this isn't even factoring the cost of electricity, which is quite a lot in some places.

Sure, staking your coins might cost more than mining in some cases, but when you stake coins, after a certain period of time you'll always get the coins back, which is unlike mining equipment which you can probably not resell for face value.

I much prefer staking.

FIFA worldcup

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Quote from: Astvile on October 06, 2019, 12:00:14 AM

Quote from: BitGunner on July 14, 2018, 07:33:53 AM

i don't know for sure but if i m not mistaken mining is more expensive

No this isn't true. Mining cost way more depending on the coin that you are planning to stake at, some coins require even upmost $10k value of coins in minimum to be staked, there are some that are way cheaper but not all of them cheaper than starting a mining business.

I am looking stake the coins but as you said we need to first buy the particular coin in big quantity in order to stake it and get reasonable passive income.

Do you know any coin which is best to stake and can give good return on investment ?

virasog

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Quote from: Astvile on October 06, 2019, 12:00:14 AM

Quote from: BitGunner on July 14, 2018, 07:33:53 AM

i don't know for sure but if i m not mistaken mining is more expensive

No this isn't true. Mining cost way more depending on the coin that you are planning to stake at, some coins require even upmost $10k value of coins in minimum to be staked, there are some that are way cheaper but not all of them cheaper than starting a mining business.

Mining involves the extra cost like you will have to buy the hardware, the cost of electricity , equipment's and all such things.

Staking on the other hand is also expensive but you have to buy certain amount of coins and then stored permanently in your wallet and you get stakes for the storing the coins and be online. The good thing about staking is that whenever you decide to quit you can just sell all the coins and get your amount back provided the value of the coin remains same or increased your buying price.

Astvile

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Quote from: BitGunner on July 14, 2018, 07:33:53 AM

i don't know for sure but if i m not mistaken mining is more expensive

No this isn't true. Mining cost way more depending on the coin that you are planning to stake at, some coins require even upmost $10k value of coins in minimum to be staked, there are some that are way cheaper but not all of them cheaper than starting a mining business.

Mike Mayor

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Staking is similar to mining in that you get a distribution based on the age of your coins( the length you have been staking for) and the number of coins you hold. Sometimes it gets difficult to stake so you will need more coins to keep up with the rest of the stakers just like how you need to increase mining power buy buying more rigs.

I like staking because you do not have to maintain an expensive mining rig and use electricity as well. Masternodes are great to but that is a lesson for another day.

Kyraishi

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Mining usually requires the users to do work (in BTC mining's case, you need to have mining cards/GPUs and electricity) to produce blocks and then earn coins via that. Example of coins that you can mine would be ETH, some ERC-20 tokens, XRP, BTC predominantly.

Staking, on the other hand, doesn't require you to use your computer or your electricity, it just requires you to have some coins that in turn you would lock up (stake) and then the more coins you have staked, the bigger chance of producing blocks and collecting the block reward.

Blackdeath

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Quote from: SK funky on July 14, 2018, 07:21:05 AM

is there any difference, are they one and the same? Huh

I do not have any idea about staking but I have a little knowledge about mining. If I'm not mistaken mining consumes a large amount of electricity because you need to open your personal computer for maybe almost 24 hrs. I think that staking is the opposite of mining but I'm not quite sure.

incomefromcoins

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mining is derived from algorithm and hardware power whereas staking is to stake coins in the wallet staking is called pos and mining is called pow

joseyphil82

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Staking requires less electricity to none at all but you have to hold some percentage of the staking coin to get some rewards ,stake coins are of different types ,some will stake online all you have to do is on your pc ,that's it ,no heat generating and some other stake coins will still stake offline

Mining requires lots of electricity energy ,you have to build mining pc or buy mining rigs which is costly and time consuming too,we have many different types of coins running on mining algos from scrypt to sha256 ,from cryptonight to ethash etc you will have to plug the mining rig using electricity 24/7 to gain profits daily and mining can't work offline

kucritt

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i dont know the different as i know that staking is part of the mining, so i think the staking and mining is the same things. for me, please somebody correct me if i wrong

okala

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The is no clear demarcation between the two both mining and stake are all embodied in one process, but one should draw a slim line between them I will say mining is the totality of the process while stake is one process in the whole mining industry.

steveabrahams

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Staking is like adding more coins into your assets and it's like holding some coins. For mining, is you mine some coins like bitcoin, ethereum and other altcoins using a mining rig or vga or something like that to get a coin/token. Yeah it's different.

odeskpawan

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Staking
Staking is purchasing the crypotcoins and holding them in the wallet for a specific period. It uses the Proof of Stake algorithm, which is the basis of many cryptocurrencies. Similar to the fixed deposit in non-digital currency, PoS rewards one with additional coins.

Mining
Mining is a process in which transactions are verified. For mining, you need to know the technical know-how and computational power to solve the algorithm puzzles of the blockchain networks. To make the mining easier, there is a chance of mining solo or joining a pool.

Stac

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At first When Bitcoin was introduced to the world there were three ways to get them we could buy Bitcoin or someone have to give us or could get by mining The mining creates new coins and release them to the block chain .Staking involves the purchase of cryptocoins and holding them in a wallet for a period of time This is akin to a fixed deposit proof of stake also rewards you with extra coins by holding your coins will increase in number depending on how long you hold them in the wallet . Mining requires technical know how as well as computational power to solve the puzzles .

romelitounknown

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PoS is also a system for validating transactions, so the purpose is the same as the PoW, but the result is obtained in a different way. Proof-of-Stake is executed by miners who put a number of their coins on a block to check transaction .

Wingo

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Quote from: SK funky on July 14, 2018, 07:21:05 AM

is there any difference, are they one and the same? Huh

The question should be the difference between PoS (Proof-of-Stake) and PoW (Proof-of-Work). There are many answers on google. To make it short and easy to understand, PoS is way cheaper compared to PoW, and it is more scalable and faster compared to PoW. Both protocols generates new coin, just in a different manner. Proof-of-Stake requires ownership of a number of coins that is a basis for creating new block and the reward that the owner will get from the generated block. Proof-of-Work requires computing power in order to generate new block.

PoS is way profitable, and scalable compared to PoW and it is also faster. This is the reason why many new generation blockchain use PoS. It is also the reason why Ethereum is migrating to PoS.

Belec

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Let's start from the basics, and that's where mining invests and what staking are investing. When mining, they invest money into their own computer or hardware. If he invests in a good hardware, he brings him a big profit. While the one who plans to patience what he needs is the initial investment, the amount of money he enters is proportional to his profit.
Stack is very easy for most people to work, just need money and little experience, recognize when it's a good time to raise money or when you think everything is going to ruin. While mining is more complicated and can not be done by anyone, you must have experience first of all around the computer and how mining works, but if you know it well you will profit, the components in that hardware you invested the same are proportional to the gain, that is, when you mining then spoil these components. There are a lot of differences, but these are some of the most obvious, they have a lot of similarities, for example, with the same coin bitcoin (most people).

coinwizard_

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Staking means you don't need asics or gpus to calculate algorithms and get coins. Instead you leave your wallet online and get coins based on how fat your wallet is

lhadygreen

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Staking is one of the way for mining cryptocurrency. You are providing the Network support to find more blocks and at a faster rate! You need coins in your wallet and that helps to verify and confirm more blocks in the blockchain network of the coin. Staking is as easy as sending your computer wallet any amount of Coin and clicking “Unlock Wallet” while,

Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. It is also the process of adding transaction records to Bitcoin's public ledger of past transactions (and a "mining rig" is a colloquial metaphor for a single computer system that performs the necessary computations for "mining". This ledger of past transactions is called the block chain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Chibongvdg

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Mining requires doing work (i.e. using electricity to power machines that perform the proof of work) to produce blocks and earn coins. Staking generally requires those that are staking to lock up their coins for some period of time (i.e. can't spend the coins) for a staker to have a chance of being selected to produce a block and collect the block reward.

Topic: what is the difference between staking and mining??? - page 2. (Read 769 times)