Staking your Altcoins
»» Video on Staking Altcoins
Pooled Staking at Btcpop
If you have been around the cryptocurrency industry long enough, you will probably have heard of proof-of-stake mining. The process of mining a proof of stake coin is often referred to as Staking.
Most cryptocurrency including the first and largest one Bitcoin, use proof-of-work mining to secure the blockchain. This has proven to be very secure and effective, but has some drawbacks like expensive energy usage and the need for specialized mining computers. Proof of stake is an alternative method.
“Proof of Stake is a type of algorithm by which a cryptocurrencyblockchain network aims to achieve distributed consensus. Unlike Proof-of-Work (PoW) based cryptocurrencies (such as bitcoin), where the algorithm rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based cryptocurrencies the creator of the next block is chosen in a deterministic (pseudo-random) way, and the chance that an account is chosen depends on its wealth (i.e. the stake).”- Wikipedia
While the topic is very interesting and can be delved into in detail, Btcpop makes it very simple.
All you need to do is deposit or buy POS Coins and they will be added to Btcpop’s Staking Pool
For example if you hold BitBean in your Btcpop account, you will receive staking rewards in regular intervals from the Btcpop staking pool. Btcpop does all the work and all you have to do is hold the POS coin in your wallet. Accurate up to date statistics are kept for you, so you don’t even need to do that.
If you don’t have any proof of stake coins and want to try it out first head over to Btcpop’s POS Altcoin faucet and claim some free POS coins.
Staking rewards happen at different times for different currencies and wallets. Sometimes staking is very often, and sometimes not for weeks. You can see them on happen live on your dashboard feed like below. Btcpop takes out a 2% fee for facilitating and distributing staking rewards. However, for most coins the compounding effect will more than make up for 2% fee and in many cases you will earn more with Btcpop’s pooled staking.
In your altcoin statement (below), you can see I just received a staking reward for the 137182 BITB I had in my account. The final reward for was about 6.87 BITB. Going forward your rewards will compound the longer you leave them in there. For example, I started with 130,000 BITB in this wallet and now it is 137,182.
Like everything at Btcpop, accurate statistics are kept to track your investment performance. You can track your individual performance or see Btcpops total performance for all POS coins on your alt-statement page. When logged in you can view overall staking statistics here: https://btcpop.co/Staking or if your not logged in here: https://sites.google.com/view/btcpopstaking
Here are some Apr Estimates: more accurate stats in links above
APR Estimations done by Btcpop user Valareos 2 week average on forum thread 4/13/17
|Coin (ticker)||Estimtated APR||Coin (ticker)||Estimtated APR|
|Sproutscoin (SPRTS)||690.62%||Blocknet (BLOCK)||7.84%|
|LetItRide (LIR)||224.25%||Nav Coin (NAV)||7.58%|
|Tekcoin (TEK)||125.33%||LiteDoge (LDOGE)||6.47%|
|AquariusCoin (ARCO)||114.09%||Blackcoin (BLK)||6.38%|
|1337 (1337)||95.44%||Boostcoin (BOST)||4.96%|
|HyperStake (HYP)||70.71%||ReddCoin (RDD)||4.79%|
|HoboNickels (HBN)||61.65%||eMark (DEM)||4.64%|
|BitBean (BITB)||58.27%||Cloakcoin (CLOAK)||3.86%|
|Clams (CLAM)||33.83%||Shadowcoin (SDC)||3.81%|
|Radium (RADS)||25.10%||SecretCoin (SCRT)||2.92%|
|CoExistCoin (COXST)||24.82%||PotCoin (POT)||2.58%|
|Bitcoinplus (XBC)||20.80%||BitBay (BAY)||1.75%|
|Rimbit (RBT)||18.10%||Ambercoin (AMBER)||1.41%|
|Diamond (DMD)||13.33%||Gridcoin (GRC)||1.23%|
|Okcash (OK)||9.62%||Mintcoin (MINT)||0.79%|
|EverGreenCoin (EGC)||9.37%||Audiocoin (ADC)||0.26%|
|BiosCrypto (BIOS)||8.06%||Zeitcoin (ZEIT)||0.01%|
The most notable POS implementation will likely be on the Ethereum blockchain as there is already a mining cut off in the Ethereum code to assist in forcing the switch to POS. You can bet that when this happens, Btcpop will stake your coins for you and you can become an Ethereum miner!
New coins take awhile to stake, and some coins such as Dash require a master node, so staking will only happen once Btcpop launches its shared master node feature.
Here is a link to a video to help visualize Proof of Stake.