veri newbie question

Discussion in 'VeriTalk' started by vericoinfan69, Apr 2, 2017.

  1. vericoinfan69

    vericoinfan69 VeriNew

    hi, I am new here and I do have some questions.
    1. do you know if there is recently updated working tutorial to mine vericoin in pool using windows ?
    2. if I am using online wallet I will also earn interests ?
    3. how often interests are paid ?

  2. Hi welcome to the forum @vericoinfan69
    1) Vericoin is not POW and is mined in a different way just having funds in Vericoin wallet and keeping wallet open (staking) will earn you interest
    2)you must use Vericoin wallet to stake and earn interest
    3)interest paid every few hours

    check out verium for cpu mining just download wallet and mine straight from your wallet,all info and wallet downloads here at Vericoin forum
  3. vericoinfan69

    vericoinfan69 VeriNew

    I have downloaded verium vault and I am mining using this tool, but getting any coins get me a lots of time, once it was about 24 h then after 48 hours nothing, and my hash rate is 1700h/s.
  4. Devin

    Devin Member

    If you want more feedback and continuous results I suggest you join a mining pool.
    is the one I use.
  5. Veri-MAD

    Veri-MAD Forum Staff

    Hi Vericoinfan69,

    Welcome to the forums!

    The upcoming Verium wallet update will address this and smooth out the predicted estimated hours till a block is found. The new wallet will have a lot of updated code that make it more optimized for people wanting to just use the wallet to mine and also for others who like to use their own miner.
    Devin and Ernie_C like this.
  6. Paradigm

    Paradigm Member

    Ok, in an attempt to better understand, more specific questions.

    What is the purpose of mining?
    With bitcoin you mine to process transactions that keep the whole system running. You get compensated with newly minted coins.

    I understand that all the coins for vericoin are already minted/created. So where do the coins come from that are used as mining rewards.

    What does mining accomplish? Are we processing transactions when our wallet is opened? Why do we have to have coins in our wallet to do it?

    Where does the money paid out as interest come from?

    Thank you, and please explain it like I'm 5 if you can. :)
    Last edited: May 13, 2017

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