{"id":10618,"date":"2023-05-20T13:57:03","date_gmt":"2023-05-20T13:57:03","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10618"},"modified":"2023-12-07T15:31:49","modified_gmt":"2023-12-07T15:31:49","slug":"how-to-mine-eos-quick-guide-for-dummies","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-eos-quick-guide-for-dummies","title":{"rendered":"How to mine EOS? Quick guide for dummies"},"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-eos-quick-guide-for-dummies\/#how_is_eos_mined\" >How is EOS mined?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-eos-quick-guide-for-dummies\/#becoming_a_block_producer_in_the_eos_network\" >Becoming a block producer in the EOS network<\/a><\/li><\/ul><\/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>In a previous article, we had discussed the plus points that\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-eos-a-strong-adversary-for-ethereum\/\">EOS possesses over Ethereum<\/a>.<\/p>\n<p><strong>We highlight its strengths in scalability,<\/strong>\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-smart-contract\">smart contracts<\/a>\u00a0and its proposals for\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\">dApps (decentralized applications)<\/a>.<\/p>\n<p>In short,\u00a0<strong>EOS.IO is a blockchain platform built in 2018<\/strong>\u00a0to enable EOS developers to build securely.<\/p>\n<p>In addition,\u00a0<strong>it aims to achieve the handling of millions of transactions per second and without commissions<\/strong>, which solves some shortcomings of Ethereum.<\/p>\n<p>However, that is not all, as\u00a0<strong>it seeks to create trust in transactions, transparency in systems and efficiency<\/strong>\u00a0through its innovative operating mechanism.<\/p>\n<p>Since its inception, many people saw the absolute potential of this project,\u00a0<strong>given that its\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-an-ico-initial-coin-offering\">ICO<\/a>\u00a0raised $4 million.\u00a0<\/strong><\/p>\n<p>Finally, the utility of its native token called EOS,\u00a0<strong>makes it possible to access the network, pay for using different dApps<\/strong>\u00a0and guarantees a percentage of participation in the governance of the network.<\/p>\n<p>Consequently,\u00a0<strong>it can be considered as the token that is the secure entry key to this whole incredible project.\u00a0<\/strong><\/p>\n<p>Without further ado, let\u2019s look at how we can become part of the EOS blockchain and increase our tokens by following simple steps.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_207117886\" 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\/07\/Como-minar-EOS-1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-1-300x205.jpg 300w\" alt=\"\u00bfC\u00f3mo minar EOS? Gu\u00eda r\u00e1pida para dummies\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_is_eos_mined\"><\/span>How is EOS mined?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>We will start by clarifying that<strong>\u00a0EOS tokens cannot be mined<\/strong>, since their consensus algorithm is\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-the-delegated-proof-of-stake\/\">Delegated Proof of Stake (DPoS)<\/a>,\u00a0<strong>which does not require miners.\u00a0<\/strong><\/p>\n<p>Consequently, all platforms that use DPoS, work with a group of \u201cblock producers\u201d that validate transactions.\u00a0<strong>In EOS, there are 21 EOS block producers that the community, specifically EOS token holders, choose.\u00a0\u00a0<\/strong><\/p>\n<p>Each block in the EOS blockchain<strong>\u00a0is produced within 0.5 seconds<\/strong>, which is why it is one of the fastest networks in the entire crypto ecosystem. If, for example, we compare it to Bitcoin blocks that are produced every 10 minutes or Litecoin that are produced every 2.5 minutes,\u00a0<strong>the speed of EOS is much higher.\u00a0<\/strong><\/p>\n<p>To achieve such production, each EOS block producer must produce at the exact time designated by the system in order to generate the block and include it in the chain.<\/p>\n<p dir=\"ltr\">Blocks are created in rounds of 126 blocks<strong>\u00a0that are allocated among 21 producers so that each producer creates 6 blocks<\/strong>. The 21 producers are chosen before each production process and that is why\u00a0<strong>the producers are kept in constant election<\/strong>\u00a0among the EOS coin holders. Depending on whether or not they fulfill their functions, the producers can be removed or re elected in their positions.<\/p>\n<p dir=\"ltr\">The best thing about being a block producer in EOS\u00a0<strong>is the reward you get<\/strong>. Unlike other cryptocurrencies, the block reward in EOS is not pre-determined, but works on an inflationary model where new coins are produced every year. The amount to be generated\u00a0<strong>is capped at 4%<\/strong>\u00a0per year compared to the total number of coins in the market.\u00a0<strong>Of this 4%, 0.25% is distributed among the block producers.<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"becoming_a_block_producer_in_the_eos_network\"><\/span><b><br \/>\nBecoming a block producer in the EOS network<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As we have mentioned,\u00a0<strong>block producers are a fundamental part of the entire EOS blockchain network.<\/strong><\/p>\n<p>Contrary to what we believe, they not only\u00a0<strong>validate transactions<\/strong>\u00a0and earn rewards for doing so, but\u00a0<strong>also improve the network by providing important solutions.\u00a0<\/strong><\/p>\n<p>EOS token holders vote for a particular block producer until they have 21 producers.\u00a0<strong>To become a producer, you must keep in mind that:\u00a0<\/strong><\/p>\n<ul>\n<li>\n<ul>\n<li><strong>You must show your usefulness<\/strong>\u00a0to the community.<\/li>\n<li>It is essential that\u00a0<strong>you acquire the appropriate hardware<\/strong>\u00a0<strong>to run the full EOS node<\/strong>\u00a0and an adequate amount of RAM.<\/li>\n<li><strong>Try to be publicly available\u00a0<\/strong>and transparent with your work.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1947800965\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-300x205.jpg 300w\" alt=\"\u00bfC\u00f3mo minar EOS? Gu\u00eda r\u00e1pida para dummies\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/Como-minar-EOS.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p><strong>Congratulations on making it to the end!\u00a0<\/strong>We hope you were able to learn in detail how EOS mining or rather block production works in EOS.<\/p>\n<p>Unfortunately being a producer is a difficult process but, instead, you could opt for simpler options such as\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-siacoin-sc\">mining Siacoin<\/a>,\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-ethereum-a-complete-guide-for-newcomers\">mining Ethereum<\/a>\u00a0or\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-dogecoin\">mining Dogecoin<\/a>.<\/p>\n<p>See you next time.<\/p>\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>In a previous article, we had discussed the plus points that\u00a0EOS possesses over Ethereum. We highlight its strengths in scalability,\u00a0smart contracts\u00a0and its proposals for\u00a0dApps (decentralized applications). In short,\u00a0EOS.IO is a blockchain platform built in 2018\u00a0to enable EOS developers to build securely. In addition,\u00a0it aims to achieve the handling of millions of transactions per second and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10618","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\/10618","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=10618"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7788"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}