I’m bullish on SOL and am Passively growing my Stack
If you are a fan of the simple miners such as Baked Beans and BNB Miner then SolMiner might just catch your attention.
It is a straightforward miner similar to the other two, but it is operating on the SOLANA Chain which is what makes it extra appealing.
I generally like these miners as most of the forks have been good investments for me. If you are familiar with the others then you will see many similarities with this one. Some of them fail, but some can last a long time, such as BNB Miner, and pay out well.
SolMiner mentions a daily payout of UP TO 2.2% and I’m glad it’s not something crazy like 10%. I’ve highlighted the “up to” part because it is the maximum possible, but in all likelihood you shouldn’t expect to receive as much as 2.2% daily. It also will depend on whether the TVL is rising or decreasing.
Generally, in my opinion, the higher the daily payout the shorter the platform lasts, which is why I like that it’s “only” 2.2%.
AND it rewards in SOL, so it’s SOL in and SOL out. At the time of writing there is almost $100’000 of $SOL in the contract!
How to Get Started:
First you will need a Solana wallet, there are a few to choose from. Personally I use Phantom which is a popular choice. If you don’t have one you can easily just add it from extensions in Chrome or Brave.
Once your wallet is downloaded you will need to fund it with some SOL. I use Gate and Bitget to buy my SOL. I then withdraw it from the exchange and deposit it into my wallet.
Then go to the SolMiner website and click “select wallet”. Choose your wallet from the options provided.
Once you have chosen your wallet, click the “Connect” button on the page and then click “Connect” in your drop-down wallet to confirm.
Then you enter how much SOL you’d like to deposit into the miner (the minimum is 0.1) Look how tiny the network fee is, a fraction of a cent!
Once you have confirmed your stake you will see how many miners it give you and you will see your rewards will start to accumulate immediately.
You can compound your rewards to increase your miners to generate more rewards faster.
These miners are high risk, high reward so make sure to only use risk capital. You can have a look at the platform here.
Terminology
Generally each miner has its own terminology. SolMiner has the following:
STAKE: When you deposit SOL into the contract you are effectively buying miners to work for you.
RESTAKE: Compound your rewards. You must have accumulated at least 0.01 SOL in rewards to restake them.
CLAIM REWARDS: withdraw your rewards.
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(I always preach using a Ledger as a crypto wallet, you can read my reasons for this here, and you can go directly to the official Ledger store here.)
As always this is not financial advice, just findings based on my research. Remember to only use risk capital.
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- These defi projects are all high risk and high reward, only use risk capital and be careful.
Disclaimer: This is not financial advice, the information in this article is for educational purposes only. Never invest what you can’t afford to lose. I disclaim any liability or loss incurred by any person who acts on the information, ideas, or strategies discussed in my articles. Do Your Own Research.