{"id":15801,"date":"2023-06-17T17:05:10","date_gmt":"2023-06-17T17:05:10","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/how-to-mine-mana-the-decentraland-token\/"},"modified":"2022-10-04T23:39:33","modified_gmt":"2022-10-04T23:39:33","slug":"how-to-mine-mana-the-decentraland-token","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-mana-the-decentraland-token","title":{"rendered":"How to mine MANA? The Decentraland token"},"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-mana-the-decentraland-token\/#why_is_it_not_possible_to_mine_mana\" >Why is it not possible to mine MANA?<\/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-mana-the-decentraland-token\/#what_does_it_mean_to_mine_a_cryptocurrency\" >What does it mean to mine a cryptocurrency?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-mana-the-decentraland-token\/#the_mining_process\" >The mining process<\/a><\/li><\/ul><\/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-mana-the-decentraland-token\/#what_is_mana\" >What is MANA?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-mana-the-decentraland-token\/#mana_and_its_tokenomics\" >MANA and its tokenomics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-mana-the-decentraland-token\/#how_to_obtain_mana\" >How to obtain MANA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-mana-the-decentraland-token\/#conclusion\" >Conclusion<\/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\"> 5<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p><span style=\"font-weight: 400;\">Again, we are faced with a title that leads to a negative answer, it is not possible to mine MANA, the most important blockchain metaverse currency on the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article I tell you, besides why it is not possible, what MANA is and what are its uses. As we have already clarified on more than one occasion, \u00bb Mineable\u00bb coins are those native to blockchains that reach their consensus through the Proof of Work system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you can imagine, the above are not features of the MANA token. Therefore, let us understand why MANA is not \u00abmineable\u00bb.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"why_is_it_not_possible_to_mine_mana\"><\/span>Why is it not possible to mine MANA?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>For a cryptocurrency to be subject to mining, the first characteristic it must have is that it must belong to a blockchain whose consensus is reached through the \u00abProof of Work\u00bb mechanism.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">As for this characteristic, we can say that MANA fulfilled it for quite some time. MANA, the most famous metaverse token in the crypto world, was born on <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-y-como-funciona-ethereum-eth\">Ethereum<\/a>, a network that until September 15, 2022 operated under this method.<\/span><\/p>\n<p><strong>However, MANA does not meet the second characteristic necessary to be subject to mining:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Being a native currency of such blockchains.<\/strong><\/li>\n<\/ul>\n<p><strong>The simplest, and best known, example of such a currency is bitcoin. At the birth of the network that gave it life, BTC was born alongside the blockchain, as its native cryptocurrency. In the same code for the creation of this network, the method by which each of the 21 million bitcoins would be created was included.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">MANA, on the other hand, was created by means of a smart contract which determines a different method of creation of this currency, far from the particularities of mining.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But before we move on to MANA, let&#8217;s look at a brief explanation of what it means to mine a cryptocurrency.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"what_does_it_mean_to_mine_a_cryptocurrency\"><\/span><b>What does it mean to mine a cryptocurrency?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The two major groups that divide the waters when classifying a blockchain are related to the method by which they reach their consensus and, therefore, how they issue their native currencies. We have two major groups:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-proof-of-work-el-protocolo-de-consenso-de-bitcoin\/\">Proof of work<\/a>\u00bb networks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-y-como-funciona-proof-of-stake\">Proof of Stake<\/a>\u00bb Networks<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is in the first group, in which mining is the method for creating new coins. This objective is reached after validating the network&#8217;s transactions and creating its new blocks. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"the_mining_process\"><\/span><strong>The mining process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you are still wondering how these currencies are created, let&#8217;s take the Bitcoin network as an example and learn about this process. <\/span><span style=\"font-weight: 400;\">Transactions within the Bitcoin network are validated by miners. The tasks they perform on a daily basis can be summarized as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>They take the transactions made by users, validate them and sort them into a block.<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>With the block, using their computer equipment, they try to solve a highly complex mathematical problem by throwing a series of numbers at random.<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>The miner who solves the problem, signs the block and adds it to the Bitcoin blockchain.<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>Mining occurs in the first transaction of the new block. In it, the miner creates a transaction to himself of an amount of BTC, currently 6.25, and in this way new bitcoins are created.<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In short, we can define mining as the process by which, in chains governed by the \u00abProof of Work\u00bb consensus, miners create or issue new cryptocurrencies by means of the computational power of their mining equipment in charge of solving mathematical problems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of Ethereum&#8217;s creation, this mechanism, similar to bitcoin, was established to give birth to new units of ETH. But MANA, on the other hand, is the fruit of Ethereum&#8217;s greatest creation, s<a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-contrato-inteligente\">mart contracts<\/a>. Therefore, mining does not come into the picture here, but the method of issuing MANA has been determined by a contract. Let&#8217;s see what this token is all about.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div id=\"image_593533124\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\">\n<figure id=\"attachment_15484\" aria-describedby=\"caption-attachment-15484\" style=\"width: 768px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-15483\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/09\/003-2-1.jpg\" alt=\"How to mine MANA? The Decentraland token\" width=\"768\" height=\"526\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/09\/003-2-1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/09\/003-2-1-300x205.jpg 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption id=\"caption-attachment-15484\" class=\"wp-caption-text\">MANA, the currency of the most important metaverse in the crypto ecosystem, Decentraland.<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_mana\"><\/span>What is MANA?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><strong>MANA is the utility token of Decentraland, the<\/strong> <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-el-metaverso\">metaverse<\/a>.<strong> the most important in the blockchain world. It is a token, created by a smart contract, under the standard <\/strong><a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-token-erc-20\">ERC<\/a><a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-token-erc-20\">&#8211;<\/a><a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-token-erc-20\">20<\/a><strong>. This feature allows it to be easily used in new contracts or platforms.<\/strong> Not long ago, following a strategic alliance, MANA landed on the Polygon network.<\/span><\/p>\n<p><strong>When we refer to MANA as a <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-utility-token\">utility token<\/a>, we are talking about its most common uses:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong><a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-sistema-de-gobernanza-en-criptomonedas\">Governance<\/a> token to decide the future of the metaverse<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>Currency of exchange within Decentraland<\/strong><\/li>\n<\/ul>\n<p><strong>The second feature, tells us that within<\/strong> <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-decentraland-el-metaverso-de-los-bienes-raices\">Decentraland<\/a><strong>, we will need MANA for:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Buying a LAND<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>Buy NFTs to make our avatar look unique<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now, it is time to learn about the tokenomics of this token.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"mana_and_its_tokenomics\"><\/span><b>MANA and its tokenomics<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><strong>In 2017, the founding team of the project, decided to carry out an <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-una-ico-oferta-inicial-de-monedas\">ICO<\/a>, with the aim of raising funds to face development size.<\/strong> As I mentioned before, MANA&#8217;s issuance and its numbers were defined in the smart contract that brought it to life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>It is interesting to note that with each purchase of land in the metaverse, 2.5% of the total amount paid is <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-la-quema-de-tokens\">burned<\/a>.<\/strong> This means that that percentage of MANA is destroyed forever. Known as \u00abburn\u00bb, it is a method that makes it possible to control and even reduce the total circulating amount of a currency, making it more scarce.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"how_to_obtain_mana\"><\/span><b>How to obtain MANA?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Clearly, not being mined, there must be some way for us to get our hands on tokens from Ethereum&#8217;s most amazing metaverse. We can list the following ways to obtain MANA:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Buying it on an exchange, whether <a href=\"https:\/\/www.bitnovo.com\/blog\/cex-vs-dex-diferencias\">decentralized or centralized<\/a><\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>Selling land or NFTs in Decentraland<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>Working at Decentraland<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Point one may not require any explanation. However, I believe it is necessary to expand the remaining two. The main way to obtain MANA is by buying\/selling land or NFTs in the metaverse. Although it is necessary to purchase land with previously acquired MANA to buy land, it is possible to get land from scratch by selling <a href=\"https:\/\/www.bitnovo.com\/blog\/que-es-un-token-erc-721\">NFTs.<\/a> <\/span><\/p>\n<p><strong>In this metaverse, human beings are represented by avatars or virtual characters. As in real life, these avatars use clothing and accessories. These are represented as NFTs and their creators earn MANA tokens by selling them.<\/strong><\/p>\n<p><strong>Finally, we came across the work within Decentraland. What types of jobs are we referring to? For example, the following:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Casino Manager<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>3D Developer<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Both positions are in demand in the virtual world and those who carry them out will get paid at MANA.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div id=\"image_706478518\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\">\n<figure id=\"attachment_15474\" aria-describedby=\"caption-attachment-15474\" style=\"width: 768px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-15473\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/09\/002-2.jpg\" alt=\"How to mine MANA? The Decentraland token\" width=\"768\" height=\"526\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/09\/002-2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/09\/002-2-300x205.jpg 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption id=\"caption-attachment-15474\" class=\"wp-caption-text\">MANA cannot be mined, but there are other ways to get this token.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">I have made it my goal, as I began writing this article, that every reader of this article will understand what MANA is, why it cannot be mined, and furthermore, what cryptocurrency mining is.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Much ink has been spilled in recent times over which consensus method is best designed for a blockchain. Undoubtedly, the Merge has fueled this discussion like no other event.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In any case, MANA will continue to fulfill its function regardless of the context in which it finds itself. The Decentraland metaverse has established itself as a leader in its own segment and MANA has played a key role in it.<\/span><\/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\"> 5<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Again, we are faced with a title that leads to a negative answer, it is not possible to mine MANA, the most important blockchain metaverse currency on the market. In this article I tell you, besides why it is not possible, what MANA is and what are its uses. As we have already clarified on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15801","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\/15801","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=15801"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/15801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/15469"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=15801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=15801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=15801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}