Today, we discuss how to stake or mine Neblio.
Neblio has a staking rate of approximately 8% per year.
Tip: If you already did one step of the instruction, you can skip it. For instance, if you already chose to stake with your wallet instead of a staking pool, go to ‘How to stake Neblio solo’.
Okay, let’s get started.
#1 Choosing the right environment
You have two options that you could use when you want to stake.
- Staking in a pool
- Staking on your computer
Both options are fine, but you have to understand the advantages and disadvantages of both options first.
Advantage of a staking pool
A staking pool is a service where people deposit Neblio to and the pool operator takes care of everything else. You only have to deposit coins and you are instantly able to earn rewards after your transaction is confirmed.
Here is a quick overview of the key advantages of a Neblio staking pool.
- Frequent stakes/payouts: Because a pool has more coins, it earns more stakes. Therefore, your payouts are more frequent. There is a chance that you need to wait 2-3 weeks if you stake alone. Sometimes, it’s even longer.
- Wallet maintenance: The pool takes care of hardware or software updates.
The pool usually takes a certain percentage of the rewards from a new stake. A fee like 5% is normal.
Advantage of solo staking Neblio
I should mention that there are some reasons why you shouldn’t stake Neblio solo. First, you just want passive income and you don’t want to maintain your wallet/computer. Second, the computer/wallet has to run 24/7 or you will not earn rewards.
Okay, let’s have a quick overview of the advantages of solo staking:
- No staking fees: Compare to staking in a pool, you get more. However, it could take ages to find a block and earn rewards.
- Fewer security risks: Compared to a staking pool, it is less likely that a hacker would specifically target you. However, services nowadays are really secure.
Okay, here are my tips when it comes to choosing the right option for you.
Do you just want passive income? -> Use a staking pool
You already have a lot of coins and experience with computers/crypto wallets-> Stake solo
You are a small/medium investor -> Use a staking pool
You don’t have a PC that can run 24/7 -> Use a staking pool
I should mention that I don’t want to judge people. I don’t care if you have a lot of coins or not. Nobody starts with millions of coins. However, if you own less than $250 worth of Neblio, it is probably better if you start staking in a pool.
You could also choose later to switch from a pool to solo staking if you have enough coins.
Okay, now you know which environment is best for you. If you decided you start staking Neblio solo, go to How to Stake Neblio solo.
#2 How to stake Neblio coins in a pool
I used FireStake as a staking pool. You could use another pool, but for me, it is the best one because I am the operator of the pool.
How to get started?
- 1. Signup
- 2. Confirm your E-Mail
- 3. Login
- 4. Search for ‘Neblio’
- 5. Click Deposit
- 6. Deposit your coins to the given deposit address.
- 7. You are eligible to earn rewards after your transaction is confirmed by the network
FireStake has the following features:
- Withdraw your coins any time
- No deposit/withdraw fees
- 5% fee on newly staked blocks
- Payouts are daily
- There is an option to automatically withdraw profits
- We offer a detailed Neblio research/investment pdf. It’s a complete analysis of Neblio. You can have a look at it by clicking the info icon on the Dashboard.
Start staking now: to FireStake
#3 How to stake Neblio solo
#3.1 Download the wallet
First, head to the official website of Neblio: nebl.io.
Afterward, click on the link ‘Wallets’ in the navigation.
You know have the option to download one of the following wallets:
- Windows wallet
- Linux wallet
- Mac wallet
- Raspberry PI wallet
Based on your operating system, download the right wallet.
After the installation, start the wallet. Based on your version, you are maybe asked to set a rpcpassword or rpcuser in your config file.
Here are the paths to the config file:
- Windows: %APPDATA%\Neblio
- Linux: ~/.Neblio/
- Mac: ~/Library/Application Support/Neblio/
Insert the following in the conf-File:
rpcuser = <user> (User is a placeholder for the username)
rpcpassword = <password> (Insert a secure password)
Okay, you are now able to start your wallet. Perfect. However, sometimes the wallet doesn’t find any other peers in the network, meaning it can’t connect to the network. If it found peers, you are fine, but if not, use this fix.
Head to explorer.nebl.io/network and copy some IP addresses from the nearest locations. Afterward, open the config file and use this template:
Save the file and restart/start the wallet. Wait a couple of minutes and if it didn’t solve the issue, copy other IP addresses, and do the process again.
If the wallet connects to the network, it immediately starts to download the blockchain. You can only start staking if the blockchain is fully downloaded. It could take hours or even days, depending on your internet connection, to fully sync the blockchain.
#3.3 Buy and transfer coins
While the Neblio wallet is syncing the blockchain, you could buy some Neblios.
To buy Neblio, you could use Binance or HitBTC. Both are great exchanges, but if you don’t have an account on either of these platforms, consider using Binance, because the assets on Binance are more liquid. More liquid means that the trading volume is higher and you can buy/sell coins faster.
After you bought the coins, withdraw them to your wallet address.
You have to wait for 24h until your Neblio coins are mature. In other words, you have to wait for ~24h until you can earn some rewards. Afterward, you start earning automatically.
However, before you start earning you have to do one thing: Set a passphrase.
To set a passphrase go to ‘Settings->Passphrase’ or do it via the command line with ‘encryptwallet <passphrase>’. You must NEVER forget this passphrase or you will not be able to withdraw or stake ANY amount.
After you encrypted the wallet, the wallet restarts itself. You have to do another backup if you already made one before you encrypted the wallet.
Afterward, navigate to ‘Settings->unlock’ to unlock your wallet. If you use the command line, use the following command: “walletpassphrase <time> <passphrase>”. The time represents the amount of time you want to unlock your wallet.
Congratulations. You are now able to earn rewards. Just be patient.
#3.5 Backups, backups, backups
Before you go, always remember to make backups of your private key/wallet.
Remember the following:
If you don’t have the keys, you don’t have access to your funds. Nobody can restore your keys.
To make a backup of your wallet, copy the wallet.dat file from your configuration folder to an external device.
If this guide helped you feel free to share it.