Stake your MIC3 and watch them multiply!
MIC3 is now purely a Proof Of Stake (POS) coin
(POW coin before block 92K)
This means that if you are a holder of MIC3 you can now earn additional MIC3 for simply having them!
Well, actually, there are a few little steps to follow before you are able to stake your MIC3, and there are also a few different ways to stake your MIC3 coins, depending on your current situation. Sound complicated? Well it’s actually quite simple. To find out more, simply keep reading our guide to staking MIC3 coin below. Help secure the MIC3 network and earn through staking!
NOTE: ALWAYS make sure you have backed up your wallet before doing anything, and regularly make sure that you back it up (particularly if there are wallet updates or you add new addresses)
Staking Using The MIC3 Wallet
In order to stake using the MIC3 wallet, you must be able to maintain a connection to the internet and have the wallet open and unlocked (for staking). If any of these is not possible you will either not be able to stake your MIC3 or you will not get the optimal results from your staking efforts. If maintaining an internet connection is your main problem, you may like to see the additional staking options that are available in the Staking Using Other Methods section below.
To stake with the MIC3 wallet, simply follow these steps:
1. Download the MIC3 Wallet HERE.
If you already have this skip to the next step.
2. Open you MIC3 wallet and ensure that it is fully synced with the network.
If it is the first time you have opened the wallet, it may take some time to fully sync. The wallet should get at least one or two connections to the MIC3 network within a minute or two, but may take a few minutes to make multiple connections, so you may just need to wait.
If you would like to speed up the process, you can download a Blockchain Snapshot (UPDATED 24-10-2019). Simply close the MIC3 wallet (if it isn’t already), unzip the downloaded file, then copy and paste the downloaded files to the folder where your MIC3 blockchain files are located. If you haven’t selected a specific place for this during the initial wallet setup, the default location is in the windows user folder on your main HDD (c:/ drive) of the user that was logged in during the initial setup. For example, if my user name was “Don”, location would be something like this: C:/Users/don/AppData/Roaming/Mic3/ Just replace don with your username and you should find the Mic3 Folder. Restart your wallet and it should connect to the network and start syncing from the last block since the updated snapshot.
NOTE: Please be aware that this folder also contains your wallet.dat file, which is your wallet so be careful not to delete it. Please be sure to back this up at a different location and if you have set a passphrase that it is written down in a safe place.
3. Unlock your wallet.
If you have previously set a passphrase for your wallet, you will need to unlock it in order to stake. If this is the first time you have run the wallet, you may not have a passphrase set (although it is always advisable to set one) so you can continue to the next step.
To unlock your wallet, simply click on the “Settings” Menu and select “Unlock Wallet” (shown below), put in your passphrase (select “For Staking Only” for security if desired), click on “OK” and your wallet will be unlocked
4. Start Staking
Your wallet is now ready to stake. If you haven’t already, you will need to transfer your MIC3 coins to your wallet and wait at least 45 minutes before staking will commence. If you already had MIC3 in your wallet (provided it has been there for longer than about 45 minutes) your wallet should begin staking automatically within a few minutes.
Congratulations! You are now helping to support the MIC3 coin network and getting paid to do it!
Staking Using Other Methods
If you don’t have the ability to stake your MIC3 coins in your own wallet for whatever reason, there are still other options available where you are able to still receive rewards for holding your MIC3. While this section is still being investigated, below you will find some of the options currently available for anyone in this situation.
4stake.com is a website that offers registered members access to numerous staking and cryptocurrency leasing options.
For MIC3, they offer what is considered “pool staking”, which basically means that if you deposit your MIC3 coins into your hosted wallet at 4stake.com you have the ability to stake them with the rest of the MIC3 coin holders on 4stake.com. Your payouts are proportional to the amount of coins that you contribute to the pool, just like on the desktop wallet, so the more coins you have the greater the rewards. Pool staking can also have the added benefit of a greater network weight which could possible lead an increase in the frequency of the pool receiving the block reward, and possibly also increase your overall Return On Investment (ROI). This convenient service is offered to it’s registered members for a fee of only 3%.
These are our affiliate links. Any proceeds collected from this affiliate program will be used to further develop the MIC3 Coin Project and we thank you for your support.
While we have provided the above options as alternatives for staking your MIC3 other than using the custom wallet, as always please do your own research and make your own decisions. Please also note that the above options are not recommendations or financial advice, they are merely alternative options that are currently available. Use of any third party website or wallet is always at your own risk.