Introduction
Staking Mina Protocol is a great way to earn passive income while contributing to a blockchain network. If you're sitting on idle MINA, it can make a lot of sense to stake it and put it to good use. Below is a guide on exactly how to do that.
Step-by-step
- 1
Buy Mina Protocol (MINA) tokens
In order to stake Mina Protocol, you need to have it. To obtain Mina Protocol, you'll need to purchase it. You can choose from these popular exchanges.
- 2
Select a Mina Protocol wallet
Once you have MINA, you'll need to choose a Mina Protocol wallet to store your tokens. Ledger is a popular option.
- 3
Stake your MINA
Staking pools are a great option when staking MINA. It's easier and faster to get up-and-running. A staking pool is a group of validators who combine their MINA, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet's interface.
- 4
Start earning rewards
You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Mina Protocol network. You'll be rewarded with MINA for these validations.
Things to consider
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
Custodial staking
The instructions above are for decentralized, non-custodial staking. We always recommend using non-custodial staking as you're in control of your keys and it's much safer.
In case you want to use a custodial staking platform, all you need to do is deposit MINA into your custodial wallet and it will automatically start earning rewards. Some platforms will require a minimum amount of time to stake your MINA tokens, while others are completely flexible.
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