This is a step by step guide how to stake PIVX.
There are two ways to stake PIVX: in a pool or alone.
Here are the advantages/disadvantages of both options.
You should use a staking pool when …
- you have a low amount of PIV
- you have no experience with server management/wallets
- you want to invest in multiple coins. Often, staking pools offer multiple coins and easy management of all assets
You should stake alone when …
- you have enough coins to find a new block in a reasonable amount of time
- you have experience with server management
- you have a PC / server that can run 24/7
- this server / PC has a stable internet connection and enough resources to run a wallet/node of PIVX
Before we can stake PIVX, we need some coins. If you already have PIVX coins, go to the “Staking PIVX” section.
Where and how to buy PIV
|Exchange name||Trading pair||Liquidity||Fee|
|Exchange name||Trading pair||Fee|
|simpleswap.io||over 100 coins/tokens to PIVX||Dynamic|
|flyp.me||over 100 coins/tokens to PIVX||Dynamic|
|instaex.io||over 100 coins/tokens to PIVX||Dynamic|
Normal exchange vs. instant exchange:
An instant exchange is an exchange where you don’t necessarily have to create an extra account. However, normal exchanges have a higher learning curve and you can get more coins for the same amount of money if you consider learning all features from a normal exchange.
Consider using an instant exchange if you are just starting or don’t want to create an extra account on an additional exchange.
However, I provide a guide for both options, a normal exchange, and an instant exchange.
Using an instant exchange:
Use the following step by step guide if you want to use an instant exchange. Just to make things easy, I used BTC as a trading pair. However, you could use another trading pair as long as the exchange supports it.
- Select the assets you want to trade: For instance, BTC to PIVX.
- Insert the coin amount you want to swap: For instance, insert 0.1 BTC and the system will automatically calculate how many PIVX coins you would get. Tip: Insert the same amount of BTC on all instant exchanges and use the one who has the best exchange rate.
- Insert the receiving PIVX address in the given input field
- Deposit the BTC amount to the given address: Afterward, the instant exchange gives you a BTC address. Deposit exactly the coin amount you inserted previously, for instance, 0.1 BTC, to this address.
- Wait until your transaction is confirmed.
Using a normal exchange:
- Signup on the exchange: If needed, confirm the e-mail or go through the KYC process.
- Deposit BTC to given BTC address: You can deposit any amount of BTC to the exchange wallet.
- Go to the market and search for the trading pair of BTC/PIVX
- Look at the selling orders: Selling orders are usually marked red and are orders you can fill with your BTC and you instantly get PIVX. If you need/want PIVX instantly, you need to fill one of the selling orders and pay a higher price for each PIVX coin.
- Look at the buying orders: Buying orders are usually marked green and are orders where you are looking to buy PIVX coins. Therefore, these order prices are lower than the current selling order prices. People who want to sell their coins can instantly swap them by filling a buying order, but they get a lower trading price. You can place a buying order, but you have to wait until there is somebody who fills this order.
- Withdraw PIVX: Now, you have some PIVX in your exchange wallet. Withdraw it by going to the Dashboard and clicking withdraw.
- Wait until your transaction is confirmed by the network.
Okay, at this point, you should own some PIV coins.
Therefore, it’s now time to start staking.
How to stake PIVX in a pool
I use FireStake as a staking provider. However, this step by step guide also works for every other staking pool provider.
- Create an account on the staking pool platform: To do that, click on the signup button and confirm your e-mail.
- Search for PIVX on the dashboard: Click on the input field on the top left and search for PIVX.
- Click the deposit button
- Transfer PIVX coins to the given address
- Wait until your transaction is confirmed by the network: You will see the transaction on the FireStake dashboard. You can also see the status of the transaction.
- Enjoy your staking rewards: FireStake payouts are daily and based on how much pool shares you got (the number of coins you deposited) and how many blocks the pool found the last day.
Tip: Activate two-factor authentication to get higher security. You can do that by navigation to the account tab on the FireStake website.
How to stake PIVX on a PC
Install the wallet
Browse to pivx.org/wallet and download the wallet for your operating system. Wallets are available for the following operating systems:
When you start the wallet, you are asked where to PIVX wallet should be stored. You can choose a custom directory or choose the standard one. The wallet also asks for a language and gives you general information about the project.
The wallet needs some time to start.
Configure the wallet and deposit coins
Tip: You can skip this step and go to ‘Deposit coins’ if you already have a connection with the network. Just hover over the connection icon and check if there are active connections with other nodes or not.
Now, it’s time to configure the wallet properly.
Stop the wallet. Now, we add a node list to the configuration file.
Because the wallet sometimes doesn’t connect automatically to the network. Search for the configuration file pivx.conf in your configuration directory.
Depending on the operating system, there can be different paths where your wallet directory could be.
- Linux: ~/.pivx
- Windows: %APPDATA%\PIVX
- Mac: ~/Library/Application\ Support/PIVX
Okay, now add the following lines to your configuration file.
Now start the wallet. The wallet should connect to the network and start syncing the blockchain.
You can deposit your coins to your PIVX address while your wallet is syncing. However, your coins only show up in the wallet if the blockchain is fully synced.
Securing the wallet
Now, it’s time to secure the wallet.
Navigate to “Settings->Wallet” and click ‘Change Passphrase’.
This passphrase is used to withdraw and stake funds. Never lose it or you lose all your PIVX coins!
The wallet should restart after the encryption process is finished. If it doesn’t start automatically again, start it manually.
Start staking PIVX
To start staking, click on the ‘Staking Only’ icon. Afterward, insert your passphrase.
Your wallet starts staking automatically.
The following conditions have to be met to receive PIVX staking rewards:
- The blockchain of your node is fully synced
- The node needs a stable connection to other nodes
- The wallet has to be unlocked
- Your coins need to be mature
There is a mature time for your coins. The mature time for PIVX coins is ~1.5h (101 confirmations). If your coins are unmatured, you can’t earn rewards. The mature time resets for the stake every time you make a transactions or you find a new block.
Remember to make backups.
If you don’t have the private key, you don’t own the coins!
How to make a backup?
Navigate to ‘Settings->Wallet’. Select a directory where you want your backup and a name for the file. The backup file should have a .dat extension.
Tip: If you generate a new PIVX address or you encrypt the wallet, you need a new backup of the wallet.dat file.
How to stake PIVX on a VPS
Choosing the right VPS service
When it comes to the VPS service, you need the following hardware/features.
- high uptime
- stable internet connection
- access to the server console
- ~20GB storage
- 1-2 CPUs
- 4GB RAM
I use time4vps.com, which is a great service. It offers high uptimes and extremely cheap VPS packages ($4-6/month). These servers can usually run up to 3 different wallets/nodes.
Search for Time4VPS hosting packages here: time4vps.com/linux-vps/
I recommend starting with the Linx 2 or Linux 4 package. You can upgrade the plan every time you want in the future if you need further resources.
You could also use another VPS provider if you want to. However, I run crypto nodes for over 2 years on this platform now and I never had a problem. The support also responds usually after 2-6 hours if you need help.
After you bought the service, you are asked to install an operating system. Consider using Ubuntu with the latest version. If you already have an operating system installed, consider installing Ubuntu. Most of the following steps will work with any operating system, however, you need some workarounds to do certain steps if you don’t have Ubuntu.
Connect to the VPS
To connect to the VPS, you need an SSH program. An SSH program is a software that opens a secure connection with the VPS.
I use Putty to open an SSH session with my Time4VPS server. If you have a Linux distribution, you can connect to the VPS over your terminal with the ssh command.
Insert the IP in the Putty program. Click connect. Now, you are asked to insert a username and password. You can find all the credentials on the Time4VPS dashboard.
Install the wallet
To install the wallet, we need the following commands.
This command installs the build requirements.
sudo apt update
sudo apt upgrade
sudo apt-get install build-essential libtool bsdmainutils autotools-dev autoconf pkg-config automake python3 libssl-dev libgmp-dev libevent-dev libboost-all-dev -y
If you use Ubuntu, you need the following extra commands.
sudo apt-get install software-properties-common -y
sudo add-apt-repository ppa:pivx/pivx
sudo apt-get update
sudo apt-get install libdb4.8-dev libdb4.8++-dev -y
Okay, now it’s time to download the wallet. Head to the directory you want to install the wallet.
~ is the home directory of the current user logged in.
Afterward, download the wallet with the following command.
Important: Check out https://github.com/PIVX-Project/PIVX/releases and check if there is a newer version for the PIVX wallet. Just replace 4.1.1 with the newer version!
tar -xvzf v4.1.1.tar.gz
mv PIVX-4.1.1/ pivx
Compile the wallet by executing the following code.
It could take 30-60 minutes to compile the wallet.
Configure the wallet and deposit coins
Before we configure the wallet, we need to start and stop the wallet so the wallet creates the required files for us.
~/pivx/src/pivxd -daemon ~/pivx/src/pivx-cli stop
To edit the configuration, execute the following commands.
sudo apt-get install nano
Add the following lines to the config file.
daemon=1 addnode=126.96.36.199:51472 addnode=188.8.131.52:51472 addnode=184.108.40.206:51472 addnode=220.127.116.11:51472 addnode=18.104.22.168:51472 addnode=22.214.171.124:51472 addnode=126.96.36.199:51472 addnode=188.8.131.52:51472 addnode=184.108.40.206:51472 addnode=220.127.116.11:51472 addnode=18.104.22.168:51472 addnode=22.214.171.124:51472 addnode=126.96.36.199:51472 addnode=188.8.131.52:51472 addnode=184.108.40.206:51472 addnode=220.127.116.11:51472
The configuration preconfigures active PIVX nodes. Your wallet automatically searches for these nodes, but sometimes, it doesn’t find them.
Daemon=1 starts the PIVX wallet always in the background.
Save the configuration and exit the nano editor.
Now, start the wallet. To do that, execute this command.
If you want to stop the wallet use this command.
To deposit coins, you need a new PIVX address. To generate one, use the following command.
Send your coins to the new PIVX address.
The following commands can be useful to track addresses or transactions.
~/pivx/src/pivx-cli listsinceblock // lists all transactions ~/pivx/src/pivx-cli listreceivedbyaddress // lists all transactions ordered by address ~/pivx/src/pivx-cli gettransaction <txid> //lists details about one transaction based on the transaction id
Securing the wallet
Now it’s time to set a passphrase.
To do that, execute the following command.
~/pivx/src/pivx-cli encryptwallet <yourpassphrase>
This passphrase is used to send funds and start staking!
Start the wallet again with the command above.
Start staking PIVX
To start staking, you need the following command.
~/pivx/src/pivx-cli walletpassphrase <yourpassphrase> <timetounlock>
The following conditions have to be met to earn rewards:
- Your coins need to be mature
- The blockchain has to be fully synced
- The wallet needs to be connected to the network
Don’t forget to make backups of your wallet. If the VPS crashes and you can’t recover your wallet, the coins are lost forever.
To make a backup copy the wallet.dat file from your wallet directory (~/.pivx/wallet.dat).
How to send funds
~/pivx/src/pivx-cli sendtoaddress <pivxaddress> <amount>
How long do you have to wait until you find a PIVX block and earn rewards?
It depends on the coin amount you hold. The more coins you have, the higher the chance of finding a new block.
What is the minimum amount to start staking PIVX?
The minimum to get started with staking is 1 PIV. However, it could take a long time to find a new block if you only stake 1 PIV. It is recommended to stake at least 1000 PIV to get a consistent payout.
Is PIVX mineable?
PIVX is not mineable. It is a pure Proof of stake coin.
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