Mina Staking Overview
Mina is known for being the world’s lightest blockchain because it limits the block’s capacity to only 22 kilobytes. Mina focuses to create the infrastructure for a secure and democratic future.
How to Stake Mina (MINA)?
Like all other tokens, Mina can be staked through two methods, the first being the centralized crypto exchange (custodial wallet), and the other being the non-custodial wallet.
A custodial wallet is your go-to when you have to deal with multiple cryptos but you have to share your rewards. While a non-custodial wallet allows you a delegator without sharing your rewards.
Staking Mina Token via a custodial wallet
Multiple platforms allow staking Mina on their exchange. The most popular ones are Binance, CoinBase, and OKX. You can choose, according to your goals and budget
Step 1- Create an account in an exchange
Enter your verification and banking details and make payments to create an account on a reputed crypto exchange.
Step 2- Purchase the required amount of Mina coins from the exchange
If you don’t have any Mina coins, then purchase the necessary amount of Mina tokens. To do so, go to the ‘Bank Deposit’ section of the exchange platform, select your payment method, and then make a payment to buy the desired crypto tokens. Finally, choose the crypto you want to buy with that payment, in this case, Mina.
If you have bought Mina coins from another crypto exchange, you can receive them through another wallet by transferring the desired number of Mina coins to the wallet you just created in the crypto platform.
Step 3- Choose the STAKE option with Mina
After you have a sufficient amount of Mina coins, select the STAKE option in the exchange platform and choose Mina as the currency to be staked.
Step 4- Enter or choose the staking duration
Choose the right option for the duration of staking
Step 5- Enter the amount to be staked
After choosing the staking duration, enter the number of Mina tokens to be staked. Check if the entered value is more than the minimum value for the corresponding period.
Step 6- Click CONFIRM
Finally, confirm the chosen credentials and accept the Terms and Conditions.
Your entered amount of Mina tokens has been staked for the chosen duration.
Staking Mina via a non-custodial wallet
To stake Mina via a non-custodial wallet, you need to download a wallet on your desired device to store your MINA coins. There are two popular ones for this named Auro Wallet and Clorio Wallet (clor.io). The former is reviewed to be more user-friendly, so it’s recommended over the other.
Step 1- Download Auro Wallet
You can download Auro Wallet from its website.
It is available as a browser extension on your desktop and an app on your mobile.
Step 2- Create your account on Auro Wallet
Enter the necessary details to create your account, and you’re ready to store your MINA coins in the wallet.
In this step, remember to keep security details such as passwords and mnemonic phrases safe.
Step 3- Buy and transfer your MINA tokens to your Auro Wallet
Choose the desired centralized crypto exchange platform and buy a sufficient amount of MINA tokens. For that, go to the ‘Bank Deposit’ section of the exchange platform, select your payment method, and then make a payment to buy the desired crypto tokens. Finally, choose the crypto you want to buy with that payment.
To transfer your purchased coins, go to the WITHDRAW section of the exchange platform, and choose MINA from the list of available coins. Then paste the wallet address of your MetaMask wallet in the recipient’s wallet address section and CONFIRM.
If you have already purchased a sufficient amount of MINA tokens, transfer them to your Auro Wallet.
Ensure that the value exceeds the minimum amount of MINA tokens one can stake through a non-custodial wallet.
Step 4- Select the STAKING option on the bottom menu of the extension dashboard
After having a sufficient amount of MINA tokens in your wallet, click the STAKING option on the Dashboard and click CONTINUE.
Step 5- Choose a validator from the list shown
At this point, you will be shown a list of validators (known as the Block Producer List) to whom you can delegate your MINA tokens. Select the desired one and click NEXT.
Step 6- Enter the amount of MINA tokens to stake
After selecting a validator, you will be asked to enter the number of MINA coins you wish to stake with the chosen validator. Now you can enter the desired amount and click NEXT.
Also read: Where to buy Polkadot?
Popular video guides on Staking Mina (MINA)
Best Places to Stake Mina
1. Binance
Binance charges a lesser part of your staking rewards as compared to other crypto platforms. In addition, it provides the best trading experience via features such as clean charts, real-time prices, etc. With high security and other crypto services, staking the coin becomes easier.
Pros
- Binance is the preferred exchange for most crypto stakers
- Offers multiple methods of staking Mina, each with a different set of rewards.
Cons
- Binance is a centralized exchange. This means you don’t get to keep 100% of your MINA staking rewards.
2. Coinbase
CoinBase is a renowned name in crypto platforms when it comes to staking Mina. Quick Withdrawal is one of its unique features that makes it a perfect decentralized platform. There are two separate interfaces for beginners and advanced traders with separate sections of educational content.
Pros
- Staking Mina on Coinbase offers relatively higher rewards as compared to other platforms.
- Offers non-custodial staking for Mina.
Cons
- It takes a higher percentage of commission fees than its competitors when staking Mina.
Also read: Dogecoin Pricing Prediction
Benefits of Staking Mina (MINA)
- Way to earn passive income
Staking MINA is an easy step to earn passive income, and it can prove profitable in the long run.
- Highly Secure
Mina allows users to perform sensitive operations on the blockchain without disclosing personal information.
- High profitability
Mina has interest rates of 20% APY (varies from platform to platform) which makes it highly profitable.
Most frequently asked questions on Mina Staking
Can I stake Mina by myself?
It is easy to stake Mina if you have your account on the wallet or custodial exchange. The underlying steps are very easy to follow, with the only requirement to understand and follow them in an organized manner.
Is Mina profitable?
Staking the Mina is profitable. Its current APY is 12% for locked coins, meaning the rewards are pretty impressive. You will get maximum benefits if you stick with it for the long run. However, it also has some risks.
Which is the best way to stake MINA tokens?
The best way to stake MINA coins is via a non-custodial wallet because you don’t have to share your MINA staking rewards and you will have complete authority over the validators you choose, which is absent in centralized crypto exchange platforms.
Which is the best crypto platform for staking MINA coins?
Some of the most popular and convenient crypto platforms to stake MINA coins are Binance and Coinbase. You can choose your preferred one depending on your needs.
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