PIVX is a cryptocurrency with a focus on privacy. It is more than just a privacy-focused coin, however. You can stake your PIVX coins to help keep the PIVX network flowing. In exchange for staking your PIVX, you receive a coin dividend, also in PIVX.
Staking is a great way to get your cryptocurrencies working for you while you’re hodling. Here’s how you stake PIVX to earn some passive crypto income!
1. Download the Official PIVX Wallet
The first thing you’re going to need is the official PIVX wallet.
(I’m assuming you already have some PIVX ready to send to your wallet. If not, check out five of the best exchanges to buy cryptocurrency, including PIVX.)
Head to the PIVX wallet download page. The PIVX wallet is available for Windows, macOS, and Linux. The PIVX wallet is available to Android and iOS, but the staking feature is only available to the desktop version.
2. Install, Encrypt, and Update
Next up, install the PIVX wallet on your device of choice. After the installation completes, there are two critical tasks.
The first one is choosing a passphrase with which to encrypt your PIVX wallet. A passphrase is longer than a password and contains more individual characters. Your passphrase should be easy to remember, too, instead of a difficult to remember alphanumeric string.
Once you have chosen a passphrase and secured your account, you have to wait for the PIVX blockchain to download. This is the longest part of the process. If you leave your system powered-up and the PIVX wallet open, it should only take a day, maybe a day and a half.
3. Transfer PIVX to Your Wallet
When the PIVX wallet synchronization completes, you’re ready to send some tokens to the wallet.
In the left column, select Receive. You can make a payment request using the form, or you can copy the incoming payment wallet address to wherever you are sending from. To do the latter, click the Request payment button and copy either the PIVX wallet URI or the address itself. Make sure you copy the full address, or the transaction won’t work.
Handily, you can select one of the buttons at the bottom of the Request payment box to copy the address to your clipboard. Alternatively, you can save the PIVX wallet QR code, then send it or display it wherever you want.
PIVX transactions are fast. After all, it is in the name.
4. Stake Your PIVX
Head to Settings > Unlock Wallet. Tick the For anonymization and staking only option. Enter your PIVX wallet passphrase to unlock your wallet. Click OK.
That’s it. You’re now staking your PIVX on the PIVX blockchain to help keep the network flowing.
How Much Can I Earn Staking PIVX?
The amount of PIVX you earn as a dividend depends on how much PIVX you stake. You can use the PIVX Rewards Calculator to figure out how much you might earn. You see, in my current wallet, I have 122 PIVX. I’m going to have to wait for 131.46 days to receive a payout of 2.03 PIVX.
If you have over 10,000 PIVX, you qualify as a masternode. A masternode earns you additional PIVX interest, as well as a direct voice in how the PIVX network runs. At the time of writing, a 10,000 PIVX masternode would net you 2.48 PIVX per day, or 53.92 PIVX per month. Like regular staking, you never lose control of your coins, but you do stand to earn something in exchange.
Please note that a masternode requires a virtual private server (VPS) to ensure the masternode remains online 24/7. You should factor this into your profit calculations.
How Do I Claim My PIVX Stake Reward?
When you qualify for a PIVX stake reward, it appears in your transaction history alongside your other incomings and outgoings.
Is It Worth Staking PIVX?
Staking PIVX is a mixed bag. If you’re not using your coins for anything else, why not stake them? Your stake determines your reward. For the sake of the tutorial, I had 122 PIVX, and you can see from the staking calculator images that my return is minimal. As I run the wallet on my desktop, I’m not encountering any additional electrical bills, and the cost to your broadband data allowance (if you have one) is minimal.
The low return rate is relatively similar across the board with proof of stake tokens, although PIVX can return up to 10% if you have a masternode.
Are you interested in staking cryptocurrency to earn a reward? Check out these four proof of stake coins that let you make a return on your investments!