{"id":10376,"date":"2023-07-22T04:41:52","date_gmt":"2023-07-22T04:41:52","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10376"},"modified":"2022-10-08T07:37:28","modified_gmt":"2022-10-08T07:37:28","slug":"how-to-mine-polkadot-dot","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-polkadot-dot","title":{"rendered":"How to mine Polkadot (DOT)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-polkadot-dot\/#dot_the_polkadot_cryptocurrency\" >DOT: the Polkadot cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-polkadot-dot\/#how_to_mine_polkadot\" >How to mine Polkadot?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-polkadot-dot\/#is_it_profitable_to_earn_dot_rewards\" >IS IT PROFITABLE TO EARN DOT REWARDS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-polkadot-dot\/#which_wallet_to_choose_for_dot_staking\" >Which Wallet to choose for DOT Staking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-polkadot-dot\/#future_of_polkadot\" >Future of Polkadot<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>Created by <a href=\"https:\/\/www.bitnovo.com\/blog\/quien-es-gavin-wood\">Gavin Wood<\/a>, co-founder of Ethereum, <b>Polkadot is a fragmented multichain network, coordinated by its Layer 0 relay chain<\/b>, capable of processing transactions on multiple chains in parallel (parachains).<\/p>\n<p>It is known as a multi-chain network because it <b>can link networks by allowing them to interact with each other.<\/b><\/p>\n<p>The idea behind Polkadot is to take care of complicated and expensive cryptocurrency mining processes, allowing developers to focus on creating some dapp and smart contract functionality.<\/p>\n<p>Its purpose is to solve two of the main problems that characterize blockchain-based systems: <b><i>scalability<\/i><\/b> (the number of transactions per second the network can handle) and <b><i>governance<\/i><\/b> (how the community manages updates and protocol changes).<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"dot_the_polkadot_cryptocurrency\"><\/span><strong>DOT: the Polkadot cryptocurrency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<p><b>DOT is the native token of the Polkadot network<\/b> and allows holders of this token to vote on possible code changes throughout the network.<\/p>\n<p>At the time of writing, <b>Polkadot has an allocation of 1 billion DOT tokens,<\/b> following the redenomination of the network from an initial maximum supply of 10 million in August 2020.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"how_to_mine_polkadot\"><\/span>How to mine Polkadot?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before answering the question How to mine Polkadot, it is important that you first learn about the <b>consensus mechanism<\/b> on which this platform is based and how it works.<\/p>\n<p><b>The Polkadot network has a highly sophisticated governance system<\/b> <b>in which all DOT holders have a voice and<\/b> <b>help protect it.<\/b><\/p>\n<p>As you have probably already read in a<a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-polkadot-dot\">nother article dedicated to Polkadot,<\/a> this platform has 4 parts that constitute the key point of its operation: <b>nominators, validators, classifiers and fishers that perform various tasks to help protect and maintain the network<\/b> and eradicate misbehavior.<\/p>\n<ul>\n<li aria-level=\"1\"><b>NOMINATORS<\/b> secure the network and function as trusted validators.<\/li>\n<li aria-level=\"1\">The <b>VALIDATORS<\/b> are responsible for sealing the network blocks.<\/li>\n<li aria-level=\"1\">The <b>CLASSIFIERS<\/b> are responsible for maintaining the blocks and the information necessary to create new network blocks.<\/li>\n<li aria-level=\"1\">Finally, the <b>FISHERS<\/b> are in charge of finding potential malicious behavior on the network.<\/li>\n<\/ul>\n<p>Regarding the <b>consensus algorithm, the network uses the NPoS<\/b> (<b>Nominated<\/b><b>Proof of Stake)<\/b> mechanism to select validators, nominators and maximize the security of the chain.<\/p>\n<p>This is an adaptation of Proof of Stake (PoS) in which an unlimited number of DOT token holders can choose a large number of validators who are responsible for executing the relay chain.<\/p>\n<p>In the NPoS, a proportional representation system is used in which each minority in the nominating pool can elect a number of validators in proportion to their participation, with no under-represented minorities.<\/p>\n<p><b>Nominators share potential fines and financial rewards with the validators they endorse<\/b>, and are therefore financially incentivized to choose validators with a strong track record of performance and safety practices.<\/p>\n<p><b>The chosen validators produce new blocks, validate the parachain blocks<\/b> and ensure finality. Nominators may choose to support specific validators with their participation.<\/p>\n<p>The system pays validation rewards equally to all validators regardless of their participation, and participation <b>rewards are distributed proportionally to all participants<\/b> after the validator&#8217;s payment is deducted.<\/p>\n<p>Now that you know how polkadot&#8217;s platform works, you will have intuited that <b>its native DOT cryptocurrency cannot be mined in the classic sense of the term.<\/b> If you want to earn DOT tokens you will have to own an amount of DOT (this is a dynamic amount) which will give you the possibility to participate in the governance of Polkadot and to earn rewards for voting and keeping the network safe.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"is_it_profitable_to_earn_dot_rewards\"><\/span>IS IT PROFITABLE TO EARN DOT REWARDS?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<p>Polkadot is currently <b>the leading NPoS-based platform and one of the most secure.<\/b> It currently has a market capitalization of over $47,484,555,625 and offers estimated rewards of 14%. At the time of this writing, there are 925,745,211 DOTs in circulation.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"which_wallet_to_choose_for_dot_staking\"><\/span>Which Wallet to choose for DOT Staking?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div id=\"row-1175592359\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner text-center\">\n<div id=\"image_1836615474\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/C%C3%93MO-MINAR-POLKADOT.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/C\u00d3MO-MINAR-POLKADOT.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/C\u00d3MO-MINAR-POLKADOT-300x205.jpg 300w\" alt=\"Which Wallet to choose for DOT Staking?\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/C\u00d3MO-MINAR-POLKADOT.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/C\u00d3MO-MINAR-POLKADOT-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/04\/C\u00d3MO-MINAR-POLKADOT.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>If you want to know how to do Polkadot (DOT) staking, we tell you that <b>you will need to bet a minimum amount of DOT<\/b> necessary to obtain rewards. This amount is dynamic.<\/p>\n<p>Remember that, at the moment Validators are nominated, users&#8217; DOT tokens are locked for 28 days.<\/p>\n<p>So, if you need a wallet to store and bet DOT, you need to have a <b>Polkadot Wallet.<\/b><\/p>\n<p>This is why I advise you to use a <b>browser extension<\/b> (polkadot{.js} extension) that allows you to create your own Polkadot wallet.<\/p>\n<p>If you have Chrome, you can install it <a href=\"https:\/\/chrome.google.com\/webstore\/detail\/polkadot%7Bjs%7D-extension\/mopnmbcafieddcagagdcbnhejhlodfdd\">here<\/a>. If you use Firefox you can download it from <a href=\"https:\/\/addons.mozilla.org\/en-US\/firefox\/addon\/polkadot-js-extension\/\">here<\/a>.<\/p>\n<p>Once the extension is installed you will be able to create your wallet to store your DOTS. Always remember to keep your private keys in a safe place.<\/p>\n<p>If you prefer a more secure option, then I recommend the L<b>edger Nano hardware wallet.<\/b><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"future_of_polkadot\"><\/span>Future of Polkadot<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Polkadot had a successful launch and has become <b>the fifth largest cryptocurrency by market capitalization<\/b> in a remarkably short time, thanks to its aim to solve scalability, governance and interoperability issues. Now, its main challenge is <b>to maintain its position and defend itself against other competitors<\/b> that promise more efficient and effective solutions in terms of scalability and interoperability.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Created by Gavin Wood, co-founder of Ethereum, Polkadot is a fragmented multichain network, coordinated by its Layer 0 relay chain, capable of processing transactions on multiple chains in parallel (parachains). It is known as a multi-chain network because it can link networks by allowing them to interact with each other. The idea behind Polkadot is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10376"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7972"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}