Polkadot cryptocurrency is part of a unique blockchain ecosystem that takes the capabilities of decentralized technologies and cryptocurrencies to a fundamentally new level. The properties of the project allowed it to gain notable popularity in a short period of time and firmly establish itself in the top 10 of the world’s top coins by capitalization.
In this article, we will discuss in detail the nuances of the project and the main directions on how to mine Polkadot.
Polkadot mining difficulty calculator
In the case of this cryptocurrency, a Polkadot mining difficulty calculator will not be required. The thing is that the ecosystem of the project operates using Nominated Proof of Stake (NPoS) algorithm. In this regard, the classic token mining using video cards, asics, processors and any other equipment is impossible.
The main options for “conditional mining” would be:
- Participating in staking on various platforms or exchanges, a procedure similar to investing in a bank deposit at fixed or floating interest.
- Earning coins by performing the function of keeping the blockchain ecosystem running as a validator, nominator, collator or fisherman, which we will discuss in a sub-item below.
- Since Polkadot has no finite coin issue volume (maximum number of coins issued), you don’t have to worry about the possibility of earning DOT sooner or later.
How to Store and Withdraw Polkadot
The question of how to store and withdraw Polkadot right now is not on the agenda as some complex and problematic. There are dozens of options, among which newcomers to the project are best suited to the following:
- The official Polkawallet, links to which can be found on the official website of the blockchain project (not the most convenient and not practical in terms of transactions, but safe);
- Wallet on large cryptocurrency exchanges like Binance or Huobi (a lot of problems with verification, verification, and difficulties to deposit in rubles, but good convenience of transactions);
- An online wallet on exchanger with the function of storing DOT coins and dozens of other assets – Matbea.
Polkadot mining algorithm
Due to the fact that the Polkadot algorithm is a Nominated Proof of Stake (NPoS), classic mining protocols do not work in this ecosystem. But DOT blockchain protection is required, just like other coins. In this regard, a kind of mining is still possible. To do this, you need to enter one of four groups of users with different levels of access and tasks:
Validators of the Polkadot network are those users who are busy forming the base chain. Their task is to connect to parchains (different blockchains in the DOT shared network) and validate blocks, as well as crosschain transfers.
Polkadot network nominators are those users who occupy the position of chief security guarantors of the blockchain network. Their job is to nominate validators and bail them out. At the same time, they are responsible for all the actions of those accepted as validators. The level of reward for these users is directly related to the quality and integrity of the validators, and in case of problems, they forfeit the deposit.
Collators in the Polkadot network are owners of full nodes of any of the parachains connected to Polkadot. After forming blocks in their chain, they send them to validators for verification and signing.
The fishers in the Polkadot network are users who represent a special “people’s” control. They don’t have any of the powers that the other three categories of network members have. But fishermen have the ability to place a bet and get busy looking for those who are attacking the network or trying to harm it in other ways. From this they get their income. However, it is highly dependent on the volume of the bet.
The distribution of participants is uneven. The system contributes the most validators, and nominators try to appoint only trouble-free people with the cleanest reputation.
How to mine on a computer
Answering the question about how to mine on a computer in the case of Polkadot, we will say that it is much easier to do than with other coins, which have or on other technological “iron”.
To become a nominator and earn income in DOT you need:
- Go to the official website of the project.
- Add an account through “Accounts – My Accounts”.
- Go to Account Actions (the upper part of the interface).
- Click on the item “+ Nominator”.
- In the new window, specify the amount in cryptocurrency for entering the number of nominators (less than the amount of cryptocurrency on the wallet / account – it is desirable to leave at least 0.1 DOT on the balance, so it won’t be burned).
After reserving tokens, you just need to assign a validator. The choice should be made with caution, as fraud on the part of the validator can lead to the loss of tokens nominator, which is you.
All active validators and their current statistics can be studied in the section Staking, which is located in the left menu of the user interface.
Polkadot mining programs
Given the procedure described above, no Polkadot mining software is needed. Unless you have a desire to become a validator. But this will require much more knowledge, professional equipment and joining pools.
It’s much easier to just reserve your tokens as a nominator through the website and choose a large and proven validator, which has already proven its effectiveness, as well as stability. And then you don’t need to do anything – just wait and fix the profit.
The same applies to issues such as:
- mining on the processor;
- Polkadot mining on a video card.
- Browser mining
Polkadot (DOT) is an ideal option for those who want to realize mining in the browser. All the configuration of mining a coin as one of the nominees, is done through the browser. No additional programs are required. You can use browser extensions, but they are all easily set up and recommended by the user account:
- logged in through any browser;
- froze existing DOT tokens;
- chose a validator;
- wait for the income to accrue to your wallet.
- It’s hard to even imagine easier mining, which is a lot like a bank deposit.
Polkadot mining on your phone
The same goes for such an issue as mining Polkadot on the phone. Mining this coin is easy to arrange by going to the same user account on the official website from any browser on a mobile or tablet. No problems will not arise. Except that it won’t be as convenient to set everything up. But this process will only take a couple of minutes longer than with a computer.
The mining itself will not be done with the phone, but based on the power of the validators, for which the DOT cryptocurrency has been pledged from the phone.
Polkadot cloud mining with no investment
Given the characteristics of the blockchain and the Nominated Proof of Stake (NPoS) algorithm, cloud mining Polkadot without investment is not a great idea. Essentially, by nominating a network, you are investing in cloud (remote) validators. And this is almost the same as cloud mining, but in the blockchain realities of this project.
In order to reduce your investment or make it zero at all, you can earn DOT coins for steaking online. You can do this through:
- Performing tasks on cryptocurrency cranes;
- Working at freelance sites;
- with the help of affiliate program of exchangers such as Matbea (allows you to receive passive income from each transaction of the user attracted by the link forever).
The peculiarity of such sites, which are called Polkadot Cranes, is the ability to earn cryptocurrency through:
- Watching ads.
- Performing simple tasks.
- Solving simple captchas.
- Other activities.
You can’t earn much that way, but you can save up for the initial stage of steaking as a nominator. It will take anywhere from a few weeks to a couple of months. Much depends on how actively you will work on the crane site, as well as on how many accounts you will create on different sites-services.