Being able to mine cryptocurrency and earn a passive income without having to buy thousands of dollars’ worth of hardware almost sounds too good to be true. However, it is a real practice that countless crypto users have turned to in order to profit in a much safer way than trading digital coins.This is, of course, possible through the process of staking.Staking allows you to lock a number of coins that you own in a crypto wallet, and then use them to help run the coin’s network. In doing so, you can receive new coins as a reward. Essentially, it is just like mining, only there are no ridiculously high costs of electricity and equipment needed.All that you really need to do is select a coin you’d like to stake, and set up a wallet for it. After that, the process can begin.There are many
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Being able to mine cryptocurrency and earn a passive income without having to buy thousands of dollars’ worth of hardware almost sounds too good to be true. However, it is a real practice that countless crypto users have turned to in order to profit in a much safer way than trading digital coins.
This is, of course, possible through the process of staking.
Staking allows you to lock a number of coins that you own in a crypto wallet, and then use them to help run the coin’s network. In doing so, you can receive new coins as a reward. Essentially, it is just like mining, only there are no ridiculously high costs of electricity and equipment needed.
All that you really need to do is select a coin you’d like to stake, and set up a wallet for it. After that, the process can begin.
There are many coins that you can use for staking, as well as many wallets in which you can lock them in. Today, however, we are interested in GridCoin (GRC).
GridCoin staking
Since staking is not mining, you can use pretty much any type of equipment in order to earn more coins.
There are two ways for you to contribute to the project. The first one is contributing your computing power towards Berkely Open Infrastructure for Network Computing (BOINC). Alternatively, you can purchase GRC and help the project secure the network by leaving the wallet running, and letting it stake your coins.
This is the method we are interested in today, as it consumes a lot less power than the first one. Not only that, but you can earn up to 20 GRC whenever you stake a block successfully.
One thing that you should note is that GRC is a bit different than other projects of this kind. The probability of staking one of its blocks is directly tied to the amount of GRC that you have in your wallet.
Basically, the more you have, the more you get to earn in a certain period. According to the project, staking generally allows the user to earn a 1.5% reward per annum.
Stake GridCoin in HolyTransaction wallet
The second thing you need is to find the best wallet for staking GridCoin, and one of the best ones around for that is the HolyTransaction wallet. This is a crypto wallet that lets you not only stake coins, but also trade them, buy new ones, or sell the ones you have for fiat.
This makes it rather easy to exchange your rewards earned through staking, withdraw the money, and use it in the real world.
Of course, you can always just keep it and increase the amount you have for staking, which will help you earn more in the long-term.
HolyTransaction is a very user-friendly wallet, but also quite secure and convenient. As such, it is great for staking and keeping your coins within for prolonged periods of time. It is a system that will earn GRC for you, and all you need is to deposit Gridcoin in your HolyTransaction account for staking to commence.