FAQ(s)
Frequently Asked Question(s)
What is Staking/Delegating?
Staking/Delegating is the process of actively participating on the blockchain by validating transactions (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Why should I stake my ADA?
By staking your ADA you are helping to support the network and for doing so you earn rewards
How do I stake/Delegate?
You delegate your ADA from one of the supported wallets which currently are: Adalite, Daedalus, and Yoroi.
What wallets can I use for Staking?
-
Adalite
Third-party Browser extension
-
Daedalus
Full node wallet
No third-party servers
Supported on all desktop platforms
-
Yoroi
Browser extension
iOS & Android App avaiable
Is there a risk of me loosing my ada?
The ADA you stake/delegate will never leave your wallet.
With this said, your ADA is always as safe as your wallets security is. Make sure to use strong passwords, store your backup phrases securely offline (cold environment) or ideally use a hardware wallet. You never need to send your ADA to a 3rd party. If you are asked to do so by a website or tool: It's a scam!
When you are staking you are still the only person that has access to move the funds so the security of your ADA is still 100% in your hands. By staking you are just signing a transaction (staking key) to say which pool you are choosing. so if that pool gets hacked or disappears your funds are safe and you can re-delegate to another pool.
staking pool fee & Margin fee?
You don’t directly pay the fixed “staking pool fee” (340 ADA) or the “margin fee” (1% - 5%) when staking. These two fees are taken out of the overall pool rewards in an epoch and the remaining ADA is then distributed between all the delegators.
Is there a minimum amount I need to stake?
You can stake any amount over 10 ADA.
Is it possible to switch stake pools?
You can switch stake pools at anytime by choosing a new pool and delegating your ADA towards the new staking pool. The delegation will instantly get changed in the wallet but only take effect after the current and the next “epoch” has ended.
How much will I earn?
The rewards depend on the pool's stake your are delegating to, the owner's pledge, pool's performance and more factors. The higher the pool's stake the more frequently it will create blocks thus a more constant flow of rewards assuming the pool is online and working properly when it's his turn to create the block.
Does Cardano staking lock your coins?
No!! Compared to other staking cryptocurrencies Cardano staking does not lock up your ADA so you are free to move it at any time that you want.
Contact us
humboldtminers@gmail.com
Somewhere in the Redwood forest
Humboldt County, CA