How to mine cardano? Cardano cannot be mined! — but Cardano requires you to stake, not mine.
In this article, you can learn how to stake ADA to earn passive income.
Staking cardano
The process of staking ADA is simple. The more coins you hold and stake, the more you receive.
Staking ADA using an on-chain wallet and staking your ADA using a crypto exchange are two options to stake on Cardano.
Staking cardano using a crypto wallet
You can stake ADA using a desktop wallet, a browser extension wallet, or a hardware wallet. You can choose the best wallet for yourself.
Yoroi and Daedalus wallets are the two of the most used crypto wallets for staking ADA.
Yoroi wallet for staking cardano
If you have created the yoroi wallet, you can transfer ADA to your Yoroi wallet. Click on the Receive button and use the shown wallet address to send your ADA funds for an exchange or another wallet. After receiving your ADA, you can stake it on Yoroi wallet.
From the Yoroi wallet, click the “Delegate List” tab and then search for a staking pool that has low saturation and good growth. After deciding on which pool you want, simply click “Delegate.” There will be a small fee for delegating.
After you've typed the spending password, Congrats on successfully staking ADA using the Yoroi wallet.
Daedalus wallet for staking cardano
In Daedalus wallet, go to “Delegation Centre” and click on the “Stake pools” tab on the top.
You need to look for an ADA staking pool. After choosing the stake pool, you can choose how much ADA you want to delegate to that staking pool. There is a small fee you have to pay each time you decide to delegate ADA to a staking pool.
Rewards are calculated after the following epoch.
Staking cardano on a cryptocurrency exchange
ADA, the cryptocurrency of the Cardano network, can also be staked on several cryptocurrency exchanges.
Stake ADA on Binance
Staking cardano (ADA) on Binance is super easy. After you created your account, you will need to purchase ADA or transfer some to your account.
To stake ADA, go to Binance Staking, search for ADA, choose the staking duration (30, 60, or 90 days), and click “Stake Now.” Then, choose the amount of ADA you want to stake. The minimum amount is 1 ADA, and the interest is rewarded daily. Once you set everything, click “Confirm.”
Stake ADA on Kraken
After you buy or transfer ADA to Kraken, you can start staking. There are no fixed terms for the staking duration. On Kraken, the APY is around 4–6%, and the staking is flexible.
Now you know how to start staking ADA
Remember, cardano cannot be mined, but you can stake it. If you already have a certain amount of ADA or you want to know how to increase your crypto portfolio, staking is the best choice for you.
