If you’re interested in earning cryptocurrency, you’ve probably already read lots of articles about it. As a rule, you’re required to prepare before you can start earning. It means that you should buy necessary hardware and be more or less skilled if you want to succeed. It’s not all. You’ll also need to be patient and work hard. The thing is that the majority of cloud mining platforms are “based” on the Proof of Work protocol. For you it means that your hardware should provide the computational power that’s necessary to maintain network. You’ll have to register your transactions so that you are able to get the coins you earned when mining. If you choose to mine according to a Proof of Stake algorithm, it means that you earn coins by staking the coins you already have. Consequently, when it comes down to this algorithm, everything depends on the sum of coins you already have. The more you have, the more you’ll be able to mine. The biggest advantage of this algorithm is energy efficiency.
If you’re one of those miners who want to earn coins according to the 2nd algorithm mentioned above, but you have no desire to either buy a contract or spend money on the equipment that can be quite expensive, this article is just what you’re looking for! Today, we are going to tell you all you need to know about how to mine (forge) NXT. Let’s start!
There is only one little thing we need to explain before we can start describing the process. Many miners wonder how it’s possible to earn rewards working with NXT. Their question seems to be reasonable because NXT is a fully pre-mined cryptocurrency (the limit is 1,000, 000, 000 NXT). It means that when mining you’re not producing new coins. The answer – all the miners get their rewards from the total sum collected by the platform in the form of fees. For every transaction you carry out you are charged a certain fee. The minimal fee amounts to 1 NXT. Actually, this process is often called “forging” NXT.
The process of creating an NXT wallet where you’ll store all your funds
The 1st step: First of all, you need to register an NXT wallet. In order to do so, you should go to the NXT official website, specify the operation system installed on your PC and download the software version offered to you (the latest one).
The 2nd step: Install the software. The process won’t take much time. Wait for the installation to complete.
The 3rd step: Your task for now is to open the NXT server and create an account. The NXT software will make sure that you’ll be able to restore your account if necessary as well as login to it from a different PC or laptop. A special key will be generated. You need to save it.
Congratulations! You now have your own NXT account. The platform has a number of useful features that we encourage you to pay attention to. In this article, we focus only on the process of mining (or forging) NXT.
The final stages of preparation to go through before you can start mining
The 4th step: Since you’re going to mine on a platform that functions on the basis of Proof of Stake protocol, you need to send some NXT coins to the account you’ve created recently. Remember, the more coins you have, the better. Use the wallet address from the NXT server and send the coins to your account. You may do it via either Shapeshift or any other exchange that you like.
That’s it. The funds are credited to your account. However, you’re still unable to start mining. There are several requirements to meet before you can stake your NXT. They are as follows:
- The sum of coins you have on your account should amount to at least 1000 NXT.
- You’re required to wait 1400 blocks from your initial process before you’re allowed to stake your coins.
- You’re required to have public key.
You see that you’re actually to meet 2 requirements. The first one is that you have to wait 1400 blocks. Unfortunately, there is nothing that can be done to avoid this requirement. The only thing you can do is just be patient. Once you meet this requirement, you can get to the process of creating a public address. The easiest way to do is to send an ongoing transaction. Remember that there is a fee to pay for every transaction you carry out. Fortunately, sending 1 NXT will be enough to create a public address.
The 5th step: Carry out an ongoing transaction so that to create a public key. Click on the “Send NXT” button and fill in the necessary information. Once again, you don’t want to waste your coins on paying the fee for the transaction. That’s why you send 1 NXT to create the public key (you’ll pay 1 more NXT as a fee).
The 6th step: Send your coin and wait for the transaction to be confirmed. Before you can start earning coins, you need to get 1440 confirmations (your ongoing transaction carried out in order to create a public key and incoming transaction count).
The 7th step: Once you receive the confirmation, click on the “Not Forging” button. Now, the only thing left to do is to enter your passphrase. After that, you can click on the “Start Forging” button. That’s it! You’ve started the process!
If you still have doubts about whether you’ve successfully run the process, check the button you can see in the upper left “corner” of your server. It can be either green or red. (Have a look at the picture below.
If you want to know how many coins you’ve forged, go to the Account Ledger section that’s under the Dashboard. Have a look at the picture below. (You see that we’ve managed to earn 2 NXT so far).
That’s it! Now you know all you need to know in order to successfully forge NXT cryptocurrency. Now, you see that everything is easier than you thought earlier. If you happen to have some NXT why not use the coins and get a profit? If you decide that it’s time to stop forging and withdraw the coins you have, you’re free to do it any time. Everyone can mine this cryptocurrency. It doesn’t matter whether you have a brand-new laptop or a new PC (or, maybe, a mining rig). The only requirement is to have your NXT server open. Good Luck!