How to mine NCL?
Mining cryptocurrencies often involves buying mining equipment, hardware knowledge and hours of dedicated work and patience. That’s because most cryptocurrencies are mined through a Proof of Work protocol, which means that you need to provide computational power to maintain the network, register transactions and get coins. In a Proof of Stake algorithm, coins are mined by staking coins you already own: the more you have, the more you’ll make – its a form of interest. This consensus protocol has many benefits, the most noticeable being energy efficiency.
In order to accommodate users that want to participate in the mining consensus, but don’t want to fill their house with hot and loud equipment or bet in a Cloud mining contract, we are going to show you how to mine (forge) NCL. Let’s call this a guide for miners who don’t want to get their hands dirty!
NCL is a fully pre-mined cryptocurrency with a limit of 23,333,333 NCL. But if the currency is fully pre-mined how can users get rewards by mining if they’re not producing new coins?
NCL relies the transaction fees spent on the NCL platform to reward the miners. The minimum fee for any NCL transaction is 0.002 NCL. This process is called “Forging” NCL and the team will send a 5% reward from the total staking amount directly to your wallet each month.
Part 1 – Create a NCL wallet
Step 1: First thing you’ll need is an NCL wallet! head over to the NCL Website, choose your Operative System and download the latest NCL software.
Step 2: Install the NCL software in your preferred language and folder. this process is quite fast.
Step 3: Open the NCL Server and create a new account. The NCL software will generate a seed that can be used as a backup to restore your account or to use it somewhere else. Make sure you save this key in a safe place before moving forward. The NCL setup will also prompt you for this seed when clicking next.
You are now the proud owner of an NCL account! There are many features to explore in the NCL platform such as creating your own profile, encrypted messaging, Asset creation and much more, our focus will be on how to mine NCL, but take a moment to explore the platform and see what it has to offer.
Part 2 – Fund your account, create a public key and start forging NCL
Step 4: Before we can start staking NCL we need… well we need NCL. Since this cryptocurrency works on a Proof of Stake protocol the more coins you have the more you’ll make. Grab your wallet address from the NCL server and send coins through your preferred exchange, TKTS Collateral or invest on Nuclear Platform.
Now, once you fund your account, you will notice that you can’t forge NCL yet. There are three requirements to stake NCL:
1 – You must have at least 1000 NCL
2 – You have to wait 1400 blocks from your initial deposit to be able to stake NCL
3 – You must have public key
Since all we have to do to cover the first 2 requirements to stake NCL are some coins and a bit of patience, all we need now is a public address. We can create a public address by sending an outgoing transaction. You will pay 0.002 NCL for every transaction you make, so you can even send 0.002 NCL to create a public key (By doing this, you will only spend 0.002 NCL, which will be given to the miner who finds that block).
Step 5: Make an outgoing transaction to create a public key. Click Send NCL and fill in the information. Since we want to keep as much as NCL as we can we will send 0.002 NCL with 0.002 NCL fee to the exchange market account we used to fund our wallet.
Step 6: Send NCL and wait for the transaction to be confirmed. You need to have 1440 confirmations before you can start mining (both on the first incoming transaction and on the most recent outgoing transaction to create a public key)
Step 7: Once the outgoing transaction is confirmed click “Not Forging”, input your Passphrase, click “Start Forging” and you’re done!
If you’re unsure if this process was successful, just check the little red/green button on the upper left side of your NCL server:
In order to see how much NCL you have forged, you can go into the Account Ledger section, under Dashboard (We made 2 NCL so far):
Now you are officially mining NCL! That was easy, right? If you have some coins rotting somewhere on an exchange, why not put it to use and forge some more NCL? If you want to stop forging and withdraw your NCL you can do it at any time. You can also mine this crypto on any computer, old or new, including a mining rig, as long as you leave the NCL Server open at all times.