We're pleased to announce the launch of GHminting - PoS Coin Staking
GHminting will be rolled out to GHcloud later today together with the official release of GHcloud v0.8 which contains a wide range of updates, new features and fixes.
What is GHminting?
GHminting is a Proof of Stake (PoS) coin staking benefit, exclusively offered to owners of GHX mining shares of GetHashing.
We're staking PoS-based coins in our system and the minting rewards from the staked coins are used to augment GHX payouts. Proceeds from staking are aggregated in special staking reward accounts and will be exchanged when market rates are deemed most favourable. These funds are converted into Bitcoin and support GHX mining payouts.
All GHminting transactions are processed through the GHcoinex account.
GHminting is staking selected altcoins which are mined through hashpower owned by GetHashing, not part of GHfarm. All staked coins are the property of GetHashing.
GetHashing reserves the right to increase or decrease staked balances at any time or, to discontinue the bonus program at GetHashing's sole discretion.
Will I be able to stake my own coins?
The short answer is, no.
Ever since we've first mentioned GHminting our members have asked us many questions about the concept. One important aspect to note about GHminting is that it's entirely funded by GetHashing as a perk for GHX owners. We won't offering "staking wallets" or offer means for our members to deposit to those staking wallets. The reason for that is that "staking wallets" or wallets that are staking coins from "3rd parties" or "customers" can be classified as a savings account. Distributing the return from those saving accounts through our farm payouts would classify GHX as a security.
In addition it is our philosophy that we do not want to operate hot wallets or customer wallets and "hold" funds of our members. This is why GHwallet was designed the way it works. You control your account, you control your keys and your funds. Therefore we will not offer staking accounts.
What coins will you be staking?
GetHashing will be staking a variety of selected altcoins. Some of them because we believe that supporting those coins and their exposure is the right thing to do (despite there staking reward possibly being lower than the rewards of other coins). We'll be also staking coins with higher or insane staking rewards which will benefit the GHX owners when GetHashing exchanges the accumulated staking rewards.
Upon launch GHminting will be staking:
How will you increase the staking balance?
We'll be increasing the staked balances by actively mining the coins we're staking on different pools. The hashpower dedicated to mine those pools is owned by GetHashing as part of our GHsolo operation and not power diverted from GHfarm / GHX. Only mined (generated) coins will fund the GHminting rewards program.
Will you also trade these coins?
No. We will mine the coins and stake the coins. We're not trading or purchasing coins to fund GHminting or to increase the revenue.
GHminting was also brought to life to support the network of the coins that we're staking. Our staking wallets are naturally nodes as well. Talk about supporting crypto...
Please feel free to post your comments and questions below.