Staking is an opportunity to receive passive income from holding your crypto assets on an exchange. Also, it is a way to receive crypto assets without spending a lot of money on mining equipment.
Many well-known crypto coins are received through mining – high tech powerful computers are solving complex math problems, generating such crypto coins as BTC or ETH. The process is called “Proof-Of-work” and underlies many crypto coins.
Another way how some crypto is received is the “Proof-Of-Stake” mechanism. Such assets as ADA (Cardano) and SOL (Solana) were developed based on the “Proof-Of-Stake” protocol. It means they are received as a result of staking, not mining.
How Staking Works
To stake their assets, stakers allow locking their coins for a certain period on an exchange. Locking coins helps to support blockchain operability. In return, when the locking period passes, stakers receive interest in coins additionally accrued to their accounts (of course, the locked coins are unlocked and accrued to the account as well).
Stakers can become block creators. The account with the biggest number of coins staked has all chances to create a new block.
A crypto calculator helps to understand how much you will gain if you stake a certain number of coins. It includes price crypto, number of coins staked, period, and rewards.
WhiteBIT Crypto Staking Calculator
Steps on how to stake on WhiteBIT:
- Deposit the number of coins you wish to stake to your main account.
- Pick a staking plan from offered.
- Hold your coins on staking and receive income.
In the section “Filter”, pick an asset you want to lock. Next, you will see a few staking plans offered. Pick one that suits you better. They differ by the period of staking. The longer the period – the bigger your interest.
In the picked plan, enter the number of coins you wish to stake, and the crypto converter calculator will calculate how much you will earn with the minimal and maximum holding of your asset in staking.