You must sync the blockchain before proceeding

  • Prior to being able to stake or transfer Gridcoin to/from the Gridcoin client you need to fully sync the Gridcoin client to the latest block on the blockchain (green tick under connections indicates a fully synced wallet)
  • You can download a snapshot of the blockchain from within the client by clicking 'Rebuild block chain | Download Blocks'.
    • Note: The 'Download Blocks' feature requires the Gridcoin client to be running as administrator in windows; without admin permissions these features will throw an error.
  • If you're having issues with 'Download Blocks', you can manually download the latest snapshot here.
    • Note: The snapshot will not fully sync your client, but will rather bring you up to 80-90% sync. Allow your client to manually sync after the snapshot has been implemented.
  • If you are unable to acquire connections to the Gridcoin network, attempt the following:
    • Verify that your computer time is synced to your configured time server.
    • Investigate whether or not your ISP is blocking P2P traffic.
    • Verify you're running the latest version of the Gridcoin client, as there are frequent updates. Notices of updates are posted regularly on Reddit/Twitter/IRC.

Acquire a positive balance of Gridcoin prior to proceeding to the next step

    • In Gridcoin's Proof-of-Stake (POS) system, rewards are minted as yearly compound interest. Users earn their BOINC rewards when they stake a POS block.
    • In order to stake a block (and earn your BOINC rewards), a positive balance of GRC is required (This is the case for all POS cryptocurrencies).
      • There are 960 blocks per day that you can attempt to stake. A user with 1% of the total Gridcoin supply will stake approximately 10 blocks per day if 100% of coins are actively staking. Given that we don't experience 100% staking participation, your staking frequency estimation will likely be an underestimation.
      • The formula required to work out the quantity of coins to stake in a period of time is:
        • EstimatedDaysUntilStake=(1/(UserBalance/NetworkCoinSupply))/960
        • CoinsRequired=(1/(days*960))*NetworkCoinSupply
      • For example, with a network coin supply of 396,567,470 (as of October 25th, 2017) and a user balance of 5000 Gridcoins, it would take approximately 82.6 days to stake.
      • Note however that this assumes 100% of network coin supply is staking at any given time. This is generally inaccurate, so the numbers are best taken from the number of coins actively staking. This is around 164,900,000 as of October 25th, 2017. Using this number we find that with a balance of 5000 Gridcoins it would take approximately 34.4 days to stake.
      • Below is an example of how many coins one would need to stake within various timeframes assuming the coin supply listed above (adjusted active staking numbers in parenthesis):
        • To stake daily one would need around 413,091 Gridcoins (171,771 Gridcoins adjusted).
        • To stake weekly one would need around 59,013 Gridcoins (24,539 Gridcoins adjusted).
        • To stake monthly one would need around 13,770 Gridcoins (5,726 Gridcoins adjusted).
        • To stake once every six months one would need around 2,295 Gridcoins (954 Gridcoins adjusted).
      • The payout window is approximately 182.5 days. A staking frequency greater than this is potentially insufficient for solo-staking.
      • Thusly, the rate at which you are rewarded for your BOINC work is identical to the rate at which you mint POS blocks (since you're rewarded for DPOR on top of your interest payment).
      • Note: Your balance does not affect the magnitude calculation, only the rate of payment.
    • You need to register your CPID within the Gridcoin network, this is achieved by advertising a beacon transaction to the network. The beacon costs a small amount of GRC and it takes approx 24hrs to register your CPID in the GRC reward mechanism after advertisement.

How to buy Gridcoin?

On most centralized exchanges you need to first buy Bitcoin in order to buy Gridcoin, except from on Flyp.me where you can exchange several cryptocurrencies for gridcoin.

On the Bitshares based decentralized exchanges you can trade any bitshares based asset for OPEN.GRC (Gridcoin via Openledger exchange), including several fiat cryptocurrencies. You can find the most liquid trading pairs by viewing Cryptofresh or the Bitshares-Explorer websites.

An advantage of decentralized exchanges over centralized exchanges is that you are your own bank, the risk of the exchange being hacked and your funds stolen is far less likely than with centralized exchanges.

Decentralized exchanges

Centralized exchanges

Free/Starter Gridcoin