How To Mine Bitcoin Green (Proof-Of-Stake Mining Guide, Masternode Mining Guide)
So, you want to start proof-of-stake or masternode mining Bitcoin Green, but don’t know where to begin? This post is for you.
Proof Of Stake & Masternodes
First of all, welcome to the exciting world of proof-of-stake and masternodes! Mining with proof of stake is easy, and you can do it from any computer — without special hardware. Bitcoin Green has a downloadable software wallet which allows you to use your coins as collateral to generate mining rewards. You have two options: staking and masternodes. Staking is the best option unless you have the 2,500 BITG required to create a masternode. As a general guideline, you’ll want a minimum of 100–200 BITG in your wallet for staking.
Before you begin, you should first understand how Bitcoin Green and other POS/Masternode coins are created (or ‘mined’). Approximately every 60 seconds, a new Bitcoin Green block is generated and mined. This process requires both a proof-of-stake miner and a masternode. Each time a new block is generated, 15% of the block reward goes to the proof-of-stake miner, and 85% goes to the masternode. This means that each block requires both a staker and a masternode to use coins as collateral for generating each block reward. The graphic below shows how a new POS/Masternode block is mined:
How To: Proof-Of-Stake Mining
To begin proof-of-stake mining on your computer or laptop, you’ll need to download the Bitcoin Green wallet. If you are new to Qt wallets, you can find the full guide to setting up your Bitcoin Green wallet here.
Download the wallet, and open bitcoingreen-qt. Inside the wallet, click the ‘Receive’ tab, and then click ‘Request Payment’ to generate a new wallet address. You can generate as many addresses as you’d like — they will all lead to your wallet. Send your BITG to an address generated in your wallet. An ideal size for staking is 100–400 BITG. Make sure to send your coins in a single transaction. To stake, you must keep your wallet unlocked and connected to the network at all times. Send coins to your wallet address. It may require 20 confirmations or more before you begin staking. Be patient. Look for the Bitcoin Green logo in the lower right corner of the wallet. It will turn green once you are actively staking.
Check the staking status by hovering your mouse over the illuminated Bitcoin Green logo in the lower right corner of your Bitcoin Green wallet. Alternatively, you can type “getstakingstatus” in the wallet’s Debug console. Click the ‘Tools’ to find the Debug console.
The most efficient way to keep your Bitcoin Green wallet online for staking is to use a Virtual Private Server. Read the article “How To Deploy A Proof-Of-Stake Mining Server” to learn how to deploy your first VPS.
How To: Masternode Mining
A Bitcoin Green masternode requires 2,500 BITG as collateral. Masternodes have a high collateral requirement and receive the majority of the block reward. Masternodes have additional server hosting and set-up requirements, and may require technical knowledge to configure and maintain. There are two options for setting up your masternode:
Option 1: Use an automated masternode setup service, such as NodeHost.Online (https://nodehost.online/). Automated masternode hosting services are easy to use, and don’t require any technical knowledge to configure and deploy your masternode. This is the easiest option, but it is slightly more expensive than hosting your own nodes.
Estimated Price: $15+ per month, per node
Option 2: Host your own masternodes. This will require you to fund an account on a hosting service (Vultr.com), deploy & configure your servers, and regularly monitor and update your masternodes. You can find a guide for setting up a proof-of-stake VPS here. Managing and deploying masternodes requires technical knowledge of Windows, Linux, and blockchain. It is more secure, but it has proven difficult for the average cryptocurrency user. If you’re prepared to manage your own nodes, you can find a masternode setup guide here.
Estimated Price: <$5 per month, per node
Masternode Hosting: It’s worth the cost savings and knowledge you’ll gain by hosting your own masternodes. You can contribute to network consensus and governance if you’re ready to learn about blockchain. Automated hosting provides an easy option for those looking to spend less time managing nodes.