staking is a type of mining?

[FelipeLeandro]

a crypto being on a stake it means that this crypto is mining others?

[1715017683]

1715017683

[1715017683]

1715017683

[1715017683]

1715017683

[1715017683]

1715017683

[1715017683]

1715017683

[mk4]

Staking: instead of using hardware miners(with Bitcoin, which uses proof of work), you instead receive yield based on how many coins you hold(with coins like Cardano, etc).

For more info: https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake

[Gorosden]

Staking is far from mining my dear, you have to become a holder with some quantities of a coin before you can stake, your coins will be on locked for a period of time to receive more coins, mining requires high end components like CPU and GPU with 6-8gb video memory

[HardCore12V]

Staking isn't mining period! To mine crypto you need graphic cards with 4gb minimum vram for Ethereum classic and few new coins but when it comes to staking you need good amount of the coins in your wallet to stake, you can either use your wallet like trust wallet and Atomic wallet or you send the coins to an exchange like binance for staking

[cryptoaddictchie]

a crypto being on a stake it means that this crypto is mining others?

Not really dude. Staking is like a piggy bank if you put a lot of coins there it will yield depends on your holding and also depend on the total of all those who do the same. You could say its a way to earn while holding in a different way if you are holding tokens and coins.

Some newbies confuse on this but mining requires tool and equipment to run while staking can work even on a simple mobile device.

[feelideb]

Yes indeed! But staking is better than mining because you do not need to set up rig or server, the only cost to your staking is your Internet connection and possibly tx fee! Staking on a good platform can be rewarding and if security of your fund is guarantee to some good extent, then you should not hesitate to stake!

[lobo13hf]

a crypto being on a stake it means that this crypto is mining others?

It's not. Staking mean your token has become a power of yours to contribute to the network. Once you're staking your token and that means you're helping the network and network will give you a reward for that and this pretty similar like you're mining crypto using mining rig but in this case your token will more useful caused by it can give you passive income from staking. How much you will receive depend on how much yield that being offered and this time staking is getting evolved and so many tokens are also using this thing to rewarding its community,

[qory]

It's actually two different thing or in other words different type of creating a new coin the other one is called proof of work which is like mining Bitcoin and the other one is proof of stake and can produce new coin by staking coins, the most common is the proof of stake but the disadvantage is that it consumes a lot of electricity.

[dEjAvOU]

a crypto being on a stake it means that this crypto is mining others?

Staking is different from mining, if we staking in Polygon then our task is to verify and this is easier to do, staking is a good program from the devs. to determine investor loyalty.

[Jackl87]

a crypto being on a stake it means that this crypto is mining others?

Staking basically means you use your coins to support the network (at least that is how it works when you stake via native wallets on your desktop, i am not sure if this is also true for tokens that you stake via one of those Defi pools). So yeah in the end it is a consensus mechanic just like proof of work. I think that proof of stake will become more and more popular now and in the next years because of environmental reasons. Tesla was already accepting bitcoin as a method of payment but then they had to take that decision back because of protests because bitcoin has to be mined and for that you need a lot of electricity.

[masterrex]

a crypto being on a stake it means that this crypto is mining others?

I believe staking is very different from mining because staking is like crypto savings but much higher interest (APY) while mining is done using hardware, particularly the GPU's, while the other platforms are also renting hash power to their customers in a form of cloud mining and I was doing that in the previous years in the platform called Genesis Mining but it is not that profitable that's why I stop it.

[Husires]

Mining is always associated with a proof-of-work algorithm, you need physical hardware to verify transactions and ensure that fraud does not occur.
Staking is linked to a validation algorithm where verification is made based on the distributed currencies and not by devices and trying to guess the number that is used once.

Staking is not mining and is not related to it, and the only aspect of the similarity between them is that both of them generate coins for the owner party.

[kryptqnick]

Hi all,

When it comes to staking what is the risk?

I am new to crypto and holding coins for the long term so is it worth staking certain coins?

I would rather earn something while I am holding coins but want to be aware of the risks first.

Thanks

You have to choose a well-known coin with considerable market capitalization for staking to avoid being scammed. You should also make sure you're using a reputable wallet that, while supporting staking, is not going to rob you. I think that not losing your coins is the main concern with staking. But I'd also consider the viability of staking. Given how volatile cryptos are, it seems to me that staking doesn't make much sense. The added value you might get from coins is only a matter of a swing of the market and the prices changing. So I think it's better to follow the prices rather than engage in staking.

[sunsilk]

Hi all,

When it comes to staking what is the risk?

The risk is the fluctuation.

I am new to crypto and holding coins for the long term so is it worth staking certain coins?

It is worth it if you're just holding it and you have nothing to do with it. But in return, you're going to allow the platform to hold your coins for you unless it's a wallet that gives you the keys. The higher the stake, the bigger the profit.

I would rather earn something while I am holding coins but want to be aware of the risks first.

Thanks

There are wallets that allows you to stake, I'll choose them if I'll stake and won't stake into an exchange.

[LangePara]

Yes and no. Staking you actually need to have the coin you want to stake. Mining you just need to invest in a CPU or GPU. Staking is more fun because you're actually forced to hold. Enjoy the ride.

[el kaka22]

You have to choose a well-known coin with considerable market capitalization for staking to avoid being scammed. You should also make sure you're using a reputable wallet that, while supporting staking, is not going to rob you. I think that not losing your coins is the main concern with staking. But I'd also consider the viability of staking. Given how volatile cryptos are, it seems to me that staking doesn't make much sense. The added value you might get from coins is only a matter of a swing of the market and the prices changing. So I think it's better to follow the prices rather than engage in staking.

It is not even just about being scammed, it is a bit about how we should be focusing more on not dropping the price by staking too much. I mean imagine one person with one million dollars destroying the whole market by staking all by himself. If that is possible for a token then it is too small and there is nothing you could earn from that, it is too much of a risk and we should not be risking when staking.

This is why a high market capitalization is definitely better, that way even if someone puts up a few million dollars and takes out, the market doesn't get phased by it. That actually is the biggest reason for me since I do not fear getting scammed because I only invest into trustworthy stuff, but if it is trustworthy and still has very low volume then I do not invest into it. It has to be doing well enough to matter and also not get screwed by whales.

[dothebeats]

Staking requires you to have the coins you want to mint in order to create more, whereas in mining you only need to have the hardware in order to mint new coins into the circulation. While in essence, staking is also mining, the circumstances to which coins are produced from it are very different from the actual mining that we know of. There's nothing to be pedantic about though, IMO, as they both produce coins at the end of the day, and the difference only lies on the manner to which coins are produced.

[Sterbens]

a crypto being on a stake it means that this crypto is mining others?

In terms of output, it's possible to take the same risk as mining, but in terms of the processes involved, it's definitely not the same. Betting means you give up what you have to breed, while mining means you have all the tools you need from the general to the most specific. It's simply like this: Farmer as a subject where he does heavy work that will produce something from what he does (miners). Then the results he gets (objects/tokens) can be bet or he keeps. The output remains the same but the process is very different.

[HardCore12V]

I don't like staking because reward is too low you need lots of the coin supply to actually earn reasonable amount but with mining you can start will one GPU and make 1$ to 2$ per day a 450$ GPU can get this job done, just find a used motherboard and you are set.

[FelipeLeandro]

It's actually two different thing or in other words different type of creating a new coin the other one is called proof of work which is like mining Bitcoin and the other one is proof of stake and can produce new coin by staking coins, the most common is the proof of stake but the disadvantage is that it consumes a lot of electricity.

So proof of work is mining other coins inside an exchange while proof of stake is mining with rig and all the heavy stuff gpu etc?