Emercoin PoS minting

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By holding EMC in your wallet, you can assist the Emercoin network to verify transactions and generate new blocks with Emercoin's Proof-of-Stake (PoS) system.

When PoS blocks are generated, the wallet that generated the block is rewarded with additional EMC. Earnings from PoS are at the rate of approx. 6% per year.

EMC coin age maturity is 30 days. This means, the UTXO that added the EMC to your balance must sit unspent for 30 days before it can generate a PoS block.

Proof-of-Stake guide

This guide covers how to mint Proof-of-Stake (PoS) blocks with an encrypted wallet on your own computer using the Emercoin GUI. Note that it is also possible mint PoS blocks on a headless server with the Emercoin daemon.

Note that it's also possible to earn PoS rewards by holding your Emercoin with some 3rd party online wallets such as mintr.org.

Before we begin, lets understand a few things about PoS with Emercoin:

  • EMC blocks are mined approx. every 10 minutes.
  • The chance of mining a block with PoS is related to the amount of EMC you hold.
  • Coins must sit unspent in the EMC address for 30 days before being eligible for staking.
  • Maximum staking weight (chances of staking) is reached after 90 days.
  • To mine a block with PoS, the wallet must be unlocked for minting, as described below.
  • Staking correctly will generate approx. 6% interest p.a.

Follow these steps to mine PoS blocks using the GUI:

  1. Encrypt your wallet. To encrypt your wallet, choose 'Encrypt Wallet' from the Settings menu and choose a strong password that you won't forget.

    Pos1.png

    After your wallet is encrypted, a locked padlock icon appears at the bottom of the window.

    Pos2.png

  2. Unlock your wallet in 'Mint only mode'. Click the padlock icon at the bottom of the window, check the 'Mint only mode' checkbox and enter your password.

    Pos3.png

    When the wallet is unlocked, the padlock icon at the bottom of the window will appear unlocked.

    Pos4.png

    While the wallet is in 'Mint only mode', you can safely leave it open without anyone being able to send funds out.
  3. Leave your wallet unlocked and running in 'Mint only mode'. Coins can only stake while your wallet is open, and if they sit untouched in the EMC address for 30 days. When coins are close to staking, you will see them added to the 'Stake' balance.

    Pos5.png

  4. When coins have staked successfully, you will see new transaction and new coins added to your balance.

    Pos6.png

How often to run the client for staking?

You could unlock your wallet for minting for a few days each month, however in practice it's unlikely all your transaction UTXO's are ready to stake at the same time. Therefore in the long term it is more pratical to leave the wallet running 24/7 to increase your chances of minting PoS blocks and to support the Emercoin network.

Checking your PoS statistics

  • Additional statistics particular to your EMC address are also available:
    • Visit the Emercoin blockchain explorer at https://emercoin.mintr.org and search for your EMC address(es) that are currently staking.
    • Run the staking calculator tool for your EMC address (by pressing the purple leaf icon, Pos-leaf.png) and you will see the results on your minting %, coin age, and several other variables.

Preventing your wallet from staking

While coins are staking they will not be accessible to spend. If you need to prevent an amount of EMC from staking, simply set reservebalance in your wallet's emercoin.conf file. e.g:

reservebalance=1000

To prevent your wallet from staking at all, simply set reservebalance to be greater than your total EMC balance.

Troubleshooting tips

  • Check your expected PoS rewards at https://emercoin.mintr.org/poscal
  • Check your minting statistics for your EMC address (see above).
  • Ensure the EMC UTXO has been left unspent in your wallet for at least 30 days.
  • Ensure you have not set reservebalance in your wallet's emercoin.conf file.