What is Cryptocurrency Staking 🌱

Older cryptocurrencies like Bitcoin use an algorithm called proof of work, which is what people think of when they think of mining. There’s actually a new kind of mining where you don’t need any of your own hardware, it’s much more energy efficient for the environment, and it has the potential to make a solid amount of money without doing anything. Some cryptocurrencies have switched to using a proof of stake algorithm, which let owners of those currencies commit their coins to make the blockchain network more secure. In return for making the network more secure you are paid interest in your coins. In proof of stake you essentially become a miner using the cryptocurrency that you own, instead of some computational mining machine. In order to actually stake a cryptocurrency I’d recommend some trading platform or software that supports staking. I use is Kraken, it’s how I stake my Polkadot cryptocurrency. I think the UI is kind of ugly.