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Qtum Quantum Chain POS Mining Tutorial Detailed Description

Date:2024-04-12 18:46:59 Channel:Crypto Read:
In today's booming digital currency industry, Qtum Quantum Chain has attracted much attention as an emerging encrypted digital currency. POS mining, as a way to obtain digital currency, has attracted the attention of many investors. This article will discuss the Qtum Quantum Chain POS mining tutorial in detail and help you uncover the mystery of this digital world.
Qtum Quantum Chain, as a new generation blockchain platform that combines the advantages of Bitcoin and Ethereum, adopts a POS consensus mechanism to provide more participation and incentive opportunities for currency holders. So, how to use POS mining to obtain Qtum quantum chain? Next, we will explain it to you in detail step by step.

The four most famous international exchanges:

Binance INTL
OKX INTL
Gate.io INTL
Huobi INTL
Binance International Line OKX International Line Gate.io International Line Huobi International Line
China Line APP DL China Line APP DL
China Line APP DL
China Line APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

First, it is crucial to understand the basic principles of Qtum POS mining. POS mining is to participate in the consensus mechanism of the blockchain network by holding a certain amount of digital currency, thereby obtaining newly issued digital currency rewards. The same is true for the POS mining process of Qtum quantum chain. If you hold a certain number of Qtum tokens, you will have the opportunity to participate in the verification and packaging transaction process of the blockchain network and obtain corresponding rewards.
Secondly, it is crucial to choose the appropriate Qtum POS mining tool. When choosing a mining tool, you need to consider factors such as safety, stability, and mining efficiency. There are currently many third-party mining tools on the market to choose from, such as Qtum official wallet, third-party mining pools, etc. Choosing a suitable mining tool can help you participate in Qtum’s POS mining activities more efficiently.
Subsequently, understanding the reward mechanism of Qtum Quantum Chain POS mining is also a crucial step. Qtum’s POS mining rewards are calculated based on the number of tokens held and the length of time spent participating in mining. The more tokens a miner holds and the longer they participate in mining, the more generous rewards they will receive. Therefore, continued participation in Qtum’s POS mining activities will help accumulate more digital assets.
In addition, Qtum Quantum Chain POS mining also needs to consider network stability and security issues. When participating in mining, it is necessary to maintain the stability of the network connection and ensure the accuracy and timeliness of information transmission. At the same time, you must also pay attention to preventing security risks such as cyber attacks and data leaks to ensure the security of your own digital assets.
Finally, it is also very important to continue to learn and follow up on the latest developments in Qtum POS mining. As blockchain technology continues to develop, the rules and reward mechanisms for Qtum POS mining may also change. Therefore, keeping up to date with the latest mining information and adjusting your mining strategy will help you stand out in the highly competitive digital currency market.

The difference between POW and POS mining

POW(Proof of
The name Work) comes from the Bitcoin white paper, which means proof of work. The original intention of Satoshi Nakamoto's design is that one CPU has one vote and participates in decentralized consensus. Using the CPU for mining calculations (continuously testing the results of the hash function), this model has subsequently developed into GPU, mining machines, mining pools and other models, but they all have a shortcoming.
------Power consumption.

POS(Proof of
Stake was originally derived from PeerCoin and participates in voting based on currency age (number of coins * time). This model does not consume electricity. Quantum qtum has made some improvements on this basis to form the current mining model.

Psychological preparation for qtum mining

Take a look at how many qtums you have. The number of qtums currently participating in mining is about 17 million. qtums are issued at a fixed rate of 1% every year. The total number of qtums currently is 100 million. The additional 1 million (1%) issued each year are given to those who participate in mining. Divided equally, so the annual equivalent rate of return is 100 million/17 million, about 6%.

For details, you can carefully study this link 

From the figure, we can see that 10,000 qtum can currently dig out a block (including 4 qtum) in an average of 2.51 days. This is calculated when the computers participating in mining are turned on 24 hours a day.

Similarly, if you only have 1000 qtum, you will have to wait an average of 25.1 days to mine a block.

qtum full node PC client download

Download link 

Feel free to choose the download option and install it according to your own system

For Windows systems, choose the one with the red box above, for Apple MAC, choose the one with the bottom box, and Linux is also easy to find.

qtum full node PC client installation

After downloading, install. Just keep clicking next.

Welcome Screen

Select the directory to install to, which can be customized.

InstallInstall

Run the qtum full node client qtum-core

It should be noted here that the blue one is the client of the qtum main chain, and the green one is the test chain. Let's choose the one above

Select the data directory here to store block data, wallet files, etc.

It takes about 10 minutes to synchronize block data from September to now.

This is a clean and refreshing wallet interface. Click Receive, then click "Request Payment" to create a wallet payment address.

After creating the payment address, you can transfer coins from the exchange or other wallets to this address. After 500 blocks are confirmed (about 20 hours), and when these coins mature, this wallet will automatically start mining.

How to open the console, help->debug window->console

If you have the private key address of the quantum qtum wallet, you can also pass
Importprivatekey command, in the console, import directly. Save money transfer and the 20-hour confirmation process. This requires a certain foundation. Be careful if others use this function to steal your private key.

This is a picture of normal mining that has started. The red circle in the middle represents the mined ore. A block mined by qtum is 4qtum, but only 0.4qtum will be sent to you at the beginning. The next 3.6 qtum will be sent to you in 9 consecutive times after 500 blocks. This is for the security of some mining systems, and qtum developers have improved the original POS mode.

The lightning icon in the smallest red circle on the lower right changes from hollow to solid, indicating that mining has started.

postscript:

Qtum mining is equivalent to a financial management with an annual interest rate of about 6%, settled according to qtum. If hoarding Qtum is like buying a house, POS mining is like collecting rent. You can get some rent while waiting for the house to appreciate. It is a good means of hoarding coins.

In addition, I provide a mining service here, which transfers qtum to a designated address and shares it in proportion after mining. A bit similar to a mining pool. The premise is that there is a foundation of trust and don't be afraid that I will run away.

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