To mine STRONG coin you need to put your money into a pool of assets. From there on you earn rewards for doing so. As of August 2022 rewards range from 9-40%.
Before you start mining STRONG coin there’s a few things I would like to bring you up to speed with.
First of all you are not going to be mining STRONG coin. STRONG coin has been replaced by STRNGR coin. This switch happened in April 2022. So from now on when I say STRONG coin I mean STRNGR coin. I am going to continue to use “Strong” cause that is how most people are familiar with it.
Secondly, technically, you are not mining anything. Mining in crypto speak usually refers to the process of certifying and adding blocks to a blockchain. When you mine with STRONG coin you are doing nothing of the sort. It’s just that the StrongBlock team have decided to use some terminology which leaves most people confused.
So what does mining Strong coin mean?
It simply means that you are taking any STRONG Coin you have and placing it in a pool of assets. In return for doing this you earn rewards.
Before we proceed, if all of the above has been a blur, there are two steps you need take. The first is to read my description of STRONG Coin and how it works. The second is to read my article explaining Uniswap, especially if you have no idea what a liquidity pool is.
In this article I am going to assume you understand what STRONG Coin does and what a liquidity pool is.
There are currently 2 pools you can use to “mine” STRONG Coin and earn a return.
1. How to mine Strong coin in the Stronger pool
The first is the Stronger Pool which used to be called, you guessed it, Strong Pool. Placing your STRNGR coin in this pool is equivalent to staking on other protocols. The term “staking” is itself a little confusing so allow me elaborate
Originally staking in crypto referred to the consensus mechanism of Proof-of-Stake blockchains. On Proof-of-Stake blockchains you delegate native tokens to a validator who will be confirming transactions and adding blocks. In return for doing so the validator is rewarded in newly minted tokens and shares some of the rewards with the people who supplied them with tokens.
Over time though the word took on a parallel meaning that has nothing to do with verifying blocks. Many protocols built on top of blockchains often use the word staking to describe a type of savings product. If you keep your tokens at a pre-specified smart contract address the protocol will reward you in more of its tokens. The main reason for doing this is to encourage token holders not to sell thus relieving any downward pressure on a token’s price
Is it this second type of staking that Stronger Pool offers. And it is even more confusing that they call this mining.
You can earn a 9% return from Stronger Pool rewards.
Where do Stronger Pool Rewards come from?
Rewards for the Stronger Pool are funded by purchases of Strong nodes. When you purchase a node on StrongBlock.io you pay 10 Strong coin. 6 of these go the node rewards pool to fund miners.
2. How to mine Strong coin in Liquidity Pools
The second way to mine STRONG Coin is to fund the ETH-STRNGR liquidity pool on Uniswap V2. Like with any liquidity pool here you need 50% of the value to be in STRNGR and 50% in ETH. While returns are higher you also need to account for Impermanent loss. Again, if you have no clue about liquidity pools go back and read that Uniswap article. There is no other way around understanding what LPs do.
Step by step process to mine Stronger coin
To mine on Stronger pool follow these steps:
1. Get hold of some STRNGR coin.
If you don’t have any you can buy some on any of the following exchanges.
- Uniswap (V2)
If you have limited experience with crypto then it is simpler to use a centralized exchange. Both MEXC and BKEX are centralized exchanges. Open an account with them, transfer your money from your bank and make your purchase. Otherwise you can use Uniswap. But Uniswap does not connect with banks. Hence, if you want to use Uniswap, you need to buy some crypto on a centralized exchanged and move it Uniswap to convert it into STRNGR.
2. Once you have your STRNGR coin you need to move it into your wallet
The most commonly used decentralized wallet is Metamask.
- To set up Metamask it’s best you do it from a desktop device.
- Firstly, navigate to Metamask.io and make sure you type that in correctly cause everything is on you.
- Subsequently, click on Download and it will take to a page where you can add Metamask as an extension on your Chrome browser.
- Once you have added it follow the instructions to set up a wallet
- Finally, it will give you 12 words that form your key. You need to note these down somewhere safe where you will never lose them. If you lose them you are fugged. There is not central authority that can help you recover your key.
3. Connect your wallet to StrongBlock
You now need to hook up your wallet to the StrongBlock app. So go to app.strongblock.com/mining and click on connect wallet
Once you have connected you wallet you can select which pool you want to mine.
And that’s a wrap.
I hope this answered your questions. Please let me know in the comments below if it has not. I check my site obsessively and am here to help.