{"id":9746,"date":"2023-01-25T07:58:57","date_gmt":"2023-01-25T07:58:57","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=9746"},"modified":"2025-09-10T15:24:18","modified_gmt":"2025-09-10T15:24:18","slug":"how-to-mine-omisego-omg","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-omisego-omg","title":{"rendered":"How to mine Omisego (OMG)?"},"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-omisego-omg\/#what_is_omisego_omg_and_how_does_it_work\" >What is Omisego (OMG) and how does it work?<\/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-omisego-omg\/#how_to_mine_omisego_omg\" >How to mine Omisego (OMG)?<\/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-omisego-omg\/#how_does_the_proof_of_participation_pos_work\" >How does the Proof of Participation (PoS) work?<\/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-omisego-omg\/#how_to_buy_omisego_omg\" >How to buy Omisego (OMG)<\/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\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><div id=\"row-344480130\" class=\"row row-collapse row-full-width align-equal align-center\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2><span class=\"ez-toc-section\" id=\"what_is_omisego_omg_and_how_does_it_work\"><\/span><strong>What is Omisego (OMG) and how does it work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>In another previous article we already talked about Omisego and its OMG token, given its interesting features and purpose. Today I will tell you\u00a0<strong>how to mine OmiseGo and how to earn OMG tokens.<\/strong><\/p>\n<p>If you have not yet read the dedicated article, below you will find a summary of what OmiseGo is and how it works.<\/p>\n<p>OmiseGo is an Ethereum-based platform that aims to\u00a0<strong>decentralize payment networks and create an open public financial system<\/strong>, thus overcoming some of the scalability issues that hamper the Ethereum network.<\/p>\n<p>Based on the idea that, when it comes to making digital payments, money cannot easily move from one platform to another, OmiseGo seeks to provide a universal, decentralized solution that allows users to\u00a0<strong>send money from any network to any network<\/strong>, ensuring lower\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-gas-in-ethereum\/\">gas costs<\/a>\u00a0and faster confirmation times.<\/p>\n<p>OmiseGo uses the ERC-20\u00a0<strong>OMG<\/strong>\u00a0token based on the\u00a0<strong>Proof of Stake (PoS)<\/strong>\u00a0consensus.<\/p>\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_to_mine_omisego_omg\"><\/span><strong>How to mine Omisego (OMG)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"row-1308890323\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner text-center\">\n<div id=\"image_461809297\" 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-original size-original lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/C%C3%B3mo-minar-Omisego.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/C\u00f3mo-minar-Omisego.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/C\u00f3mo-minar-Omisego-300x205.jpg 300w\" alt=\"minar omisego con tu pc Bitnovo\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/C\u00f3mo-minar-Omisego.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/C\u00f3mo-minar-Omisego-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/C\u00f3mo-minar-Omisego.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Like many digital currencies,\u00a0<strong>OMG has a limited supply of 140,245,399 tokens.<\/strong>\u00a0At the time of writing, this supply has been fully minted and the majority of OMG tokens are already in circulation (140,245,398).<\/p>\n<p>Of the total supply, 65.1% of the tokens were distributed to investors and 5% were distributed in an airdrop. 20% of the OMG cryptocurrency supply is locked in OMG Network\u2019s reserve smart contract to fund future development and validation of the network, while 9.9% was reserved to compensate the founding team.<\/p>\n<p><b><i>So, how can I mine OMG?<\/i><\/b><\/p>\n<p>As I mentioned in the previous paragraph, unlike other cryptos (such as\u00a0<a href=\"https:\/\/www.bitnovo.com\/\">Bitcoin<\/a>),\u00a0<strong>Omisego uses the Proof of Stake<\/strong>\u00a0(POS) system.<\/p>\n<p>This means that\u00a0<strong>OmiseGo cannot be mined<\/strong>\u00a0and now I will explain why.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_the_proof_of_participation_pos_work\"><\/span><strong>How does the Proof of Participation (PoS) work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>If you have not yet read the article on Staking in which I talk about the differences between Proof of Work and Proof of Stake, I will now briefly explain\u00a0<strong>how Proof of Stake (PoS) works and how it differs from Proof of Work (Pow).<\/strong><\/p>\n<p>In the blockchain, when a transaction is made, it is included in a block (which is made up of a set of transactions).<\/p>\n<p>For the block to be valid, it has to be confirmed by the network nodes or miners.<\/p>\n<p>In the case of Proof of Stake, you will have to meet certain requirements to validate blocks. It will not be enough to have a wallet to earn OMG tokens. In fact, if your wallet is empty, you will not be able to confirm any blocks.<\/p>\n<p>So, the OmiseGO wallet app is not only for sending and receiving money. If you want to earn OMG you have to confirm blocks and, to do so,<strong>\u00a0you will have to own and store a certain amount of OMG tokens in your wallet.<\/strong><\/p>\n<p>Once you have a number of tokens in your wallet, validating blocks and confirming transactions will earn you a small commission (fee).<\/p>\n<p>This means that the more coins you bet (the more coins you have in your wallet), the more fees you will receive proportionally from other users.<\/p>\n<p>The reason you get paid more if you bet more tokens is because you assume a higher risk. And in case you want to attack the system, if you bet more tokens you can be considered a trusted node and the more compensation you will receive for block confirmation activity.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"row-1152838705\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner text-center\">\n<div id=\"image_158905138\" 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-original size-original lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/Proof-Of-Work-PoW-VS-Proof-of-Stake-PoS.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/Proof-Of-Work-PoW-VS-Proof-of-Stake-PoS.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/Proof-Of-Work-PoW-VS-Proof-of-Stake-PoS-300x205.jpg 300w\" alt=\"Proof Of Work (PoW) VS Proof of Stake (PoS) Bitnovo\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/Proof-Of-Work-PoW-VS-Proof-of-Stake-PoS.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/Proof-Of-Work-PoW-VS-Proof-of-Stake-PoS-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/02\/Proof-Of-Work-PoW-VS-Proof-of-Stake-PoS.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Then, if we compare the\u00a0<strong>PoW and PoS systems, we find the following differences:\u00a0<\/strong><\/p>\n<ul>\n<li>In the consensus based\u00a0<strong>Proof of Work<\/strong>\u00a0system miners earn\u00a0<strong>rewards for their work<\/strong>\u00a0and when they solve a complex mathematical puzzle, they receive a certain amount of this cryptocurrency.<\/li>\n<li>In the system based on\u00a0<strong>Proof of Stake<\/strong>, users who already have their cryptocurrencies stored in a Wallet are rewarded and, by generating new blocks and verifying the transactions,\u00a0<strong>the winner is chosen at random<\/strong>, depending on the amount owned and wagered.\u00a0<strong>The PoS system is considered much more profitable<\/strong>\u00a0because it eliminates the hashing or mining process and ensures a\u00a0<strong>much more decentralized and secure process.\u00a0<\/strong><\/li>\n<li>In\u00a0<strong>PoW<\/strong>, hackers need 51% of the network\u2019s computational capacity to validate a block and<strong>\u00a0execute a 51% attack, which is highly unlikely but not impossible.\u00a0<\/strong><\/li>\n<li>In contrast, in the PoS system a hacker would need to own 51% of all the cryptocurrencies in the network to execute an attack, which is practically impossible.<\/li>\n<\/ul>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_to_buy_omisego_omg\"><\/span><strong>How to buy Omisego (OMG)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>We have reached the end and if you have decided to\u00a0<a href=\"https:\/\/www.bitnovo.com\/buy-omisego-online-en\">get OMG<\/a>\u00a0through your wallet, but you still don\u2019t have OmiseGo tokens, remember that you can buy them easily and quickly on the Bitnovo platform.<\/p>\n<p>Yes, you got it right! Bitnovo also offers you OMG tokens, which you can\u00a0<strong>buy online or in cash at more than 40,000 points of sale<\/strong>\u00a0throughout Spain, Italy, France and Portugal.<\/p>\n<p>But, hurry up\u2026 there are very few left \ud83d\ude09<\/p>\n<p>You\u2019re already one step away from your OMGs!<\/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\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>What is Omisego (OMG) and how does it work? In another previous article we already talked about Omisego and its OMG token, given its interesting features and purpose. Today I will tell you\u00a0how to mine OmiseGo and how to earn OMG tokens. If you have not yet read the dedicated article, below you will find [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-9746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9746","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=9746"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9746\/revisions"}],"predecessor-version":[{"id":24715,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9746\/revisions\/24715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/8240"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=9746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=9746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=9746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}