Solana cannot be mined as it does not use a mining consensus mechanism. Solana uses a hybrid staking approach based on Proof of Stake (POS) and Proof of History (POH).
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Introduction: Cryptocurrency mining is the way that Proof-of-Work blockchains (Like Bitcoin) validate transactions and mint new tokens. While you can't mine SOL tokens on the Solana network, you can stake your existing SOL tokens with validators to earn up to 6-7% in annualised staking rewards. Continue reading to learn how!
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Solana cannot be mined as it does not use a mining consensus mechanism. Solana uses a hybrid staking approach based on Proof of Stake (POS) and Proof of History (POH).
While Solana can't be mined, you can earn SOL staking rewards either as a validator or as a delegator.
Validators form the backbone of Solana’s network by processing transactions and participating in consensus.
The TL/DR version is that most people don’t have the technical knowledge or the required hardware to become a Solana validator.
To become a Solana validator, you need to run a highly powered server in a datacenter in order to confirm transactions on the Solana Network.
This is both costly and you need to have some software development skills.
Anyone who owns some SOL tokens however can earn up to 6-7% annualised staking rewards by simply staking their SOL with validators.
By doing this, you help secure the Solana Network and get a cut from the staking rewards that the validators earn.
1. Install Phantom & deposit SOL
2. Click on the Solana token balance in your wallet
3. Click the "Start earning SOL" button
4. Choose a validator & amount to stake
5. Click "Stake"!
While there is no free lunch in life, if you already have some SOL tokens then you can stake them to earn more SOL tokens.
If you don't have any SOL, click on the link below to buy SOL on Kraken. Once done you can transfer your SOL tokens to Phantom in order to stake them.
+300 cryptos & Staking
Fast & Free Bank Deposits
Regulated: US, CA, EU, UK, AU
100% Proof Of Reserves
1780 Cryptos & Deep Liquidity
Spot/Perps/Copy Trading
Low Fees & 200X Leverage
KYC Not Required
