Mining ada procedure


#1

hi i have some cardano coin ADA in Bitrrex. i would like begin to mining this coin.
could you explain me how do it?
I read something about proof of stake but dont understand how is posible minig
Thanks from Spain


How to stake cardano?
How to mine that coin?
#2

Hola Diego! ADA can’t be mined as it is not a Proof-of Work consensus, however much better, it can be staked…
What does it mean? Basically, the transaction confirmations are not done with hardware but with your already owned ADA. You might find this link (scroll down to Proof of Stake and Minting) interesting about Cardano PoS. Here is another cool explanation about PoS.

Here is a detailed explanation of the Ouroboros Proof-of-Stake algorithm, the most important part of the protocol.

It supports the network in a decentralised fashion, you need to keep your Daedalus wallet online for it to work. As a reward, you get a % of your already owned coins. Large stakeholders can in addition earn transaction fees. The Reward Era will start in Q2 2018 as you can see on the roadmap


List of Cardano / ADA staking pools
#3

thanks so much. cosmosx.
then the first is dowload the wallet daedalus but still arent posible in linux. Its correct?


#4

De nada. Unfortunately I don’t know about Linux, but based on the Linux icon on the Daedalus download page, it’s probably only a matter of weeks…


#5

I readed about proof of stake in cardano but is complicate of understand for me. Its posible indicate the steps to do for participate in the proyect.
I have adas in bittrex. The next is dowloads daedalus and withdrawals the adas of bitrrexx to my wallet and then what ???


#6

It is still early for the details we don’t know much at this point, as mentioned in my first comment the Reward Era will start in April 2018.

Do you need a step-by-step instructions on how to send your ADA from Bittrex to Daedalus?
Once you’ve transferred your ADA to Daedalus, there is nothing more to do apart from waiting until April 2018 :slight_smile: Patience my friend, patience.


#7

then wait till q2 2018. That is when staking gets activated.


#8

Then wait. Be water my friend jajajajaj


#9

Unless you are an active trader, its never a good idea to leave your currency on the exchanges. They can be hacked, shut down, etc. etc.


#10

Hi CosmosX, does the Proof of stage generates new ADA or it is paid by the user as a transaction fees. If it generates new ADA, what happens when the limit is reached?


#11

PoS will not generate new ADA, but stakers will receive transaction fees.


#12

“Do you need a step-by-step instructions on how to send your ADA from Bittrex to Daedalus?”

CosmosX can you write me step-by-step instructions? I would be very grateful for your help
Thank you


#13

Hello @Beskus,

Just saw your message. Did you transfer your ADA from Bittrex to your Daedalus? Have you created a wallet in Daedalus and stored your secret words on 2 sheets of paper (one for you and another for back-up)?


#14

If i dont have a balance in my cardano wallet. can i still get a % if i will online the wallet ? i cannot withdraw my coins in bittrex still not verified. hopping cryptopia support ada.


#15

Ada will be minted and offered as a reward for those who stake + tx fee


#16

Hi Cardano Team,

Keep up the good work.
Anything we can help while waiting for your releases?

While waiting what can we do to help?

Cheers,
opanai


#17

Thank you for the kind message. I am not from the Cardano team (I wish), just a regular user helping others :slight_smile: there are many people here on this forum that are technically way better than me
Cheers mate
Pierre