PIVX coin cannot be mined but you can make some income out of this coin. We will discuss this coin, Why mining is not possible with PIVX coin?.
What is PIVX?
PIVX is an altcoin which is forked from Dash focused on transactions with low fees. The coin is focused on privacy even if it is exchanged. The goal of PIVX is to provide private transactions and fair governance to its users.
Why PIVX coin can’t be mined?
PIVX coin uses Proof-of-stake algorithm which states that it provides the reward to every person who holds this coin. Unlike Bitcoin where the user is rewarded for providing their computational power and receiving rewards, PIVX provides rewards to anyone who contributes to the security of PIVX by purchasing a PIVX coin.
How to earn from PIVX coin?
PIVX uses the proof-of-stake mechanism which means you have to hold PIVX coins in order to earn more coins. You can earn interest on your coins but if you have to earn some more coins then we have three methods;
- METHOD 1: Run a master node, you will require 10,000 PIV to run a master node.
- METHOD 2: Staking by keeping wallet active and no minimum requirements.
- METHOD 3: Helping the community by involving in development, marketing, customer support, and lot more opportunities if you are eligible to get paid.
How is PIVX coin created?
PIV coin is created through the process of mining which is occurred by the Proof-of-stake mechanism.
How much PIV is created?
Every 60 seconds 5 PIV are created. These five PIV’s are automatically divided into three pieces and out of this 10 % (0.5 PIV) goes to pool for funding. Another 90% (4.5 PIV) gets divided between the Masternodes and the Stakers. The split of share between masternodes and stakes is called as “Seesaw Algorithm”. This algorithm identifies the amount of stake especially for masternodes who holds a significant amount of PIV which receives rewards slightly more than the stakers.