Running Your Own Decred PoS (Proof of Stake) Wallet

Running Your Own Decred PoS (Proof of Stake) Wallet

If you have hundreds or thousands of DCR (or just want to experiment), you may consider running your own Decred PoS Wallet.

Summary of things to consider:

  • Each ticket costs a certain amount of DCR to purchase.
  • Your DCR funds may be locked for an average of 1 month and up to 4 months.
  • You have a 99% chance that you will earn a reward before the 4 month expiration.
  • If your ticket gets picked, you will get the reward, plus the cost of the ticket, minus the transaction fee.
  • If your ticket does NOT¬†get picked or if it gets picked while your wallet is offline or locked, you will get the cost of the ticket back minus the transaction fee.

More detailed info will follow, but let’s start with how to enable your current wallet to start Decred PoS mining.

Here is a standard enablestaking command:

dcrwallet -u YourUserName -P YourUserPassword --enablestakemining --ticketmaxprice=10

A good place to check what you should set the ticketmaxprice would be at: https://dcrstats.com/

Now unlock your wallet without a time limit:

dcrctl -u YourUserName -P YourUserPassword --wallet walletpassphrase "Your TOP SECRET Passphrase Here" 0

To see your current stake info:

dcrctl -u YourUserName -P YourUserPassword --wallet getstakeinfo

Here you will also see the difficulty, which is how many DCR each ticket currently costs.

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