Is there a way to mine for new coins on the NEM blockchain?
Yes, there is a way to mine for new coins on the NEM blockchain.
This process is called harvesting and it is done by running a node on the NEM blockchain. The node must be connected to the network and have a minimum of 10,000 XEM in its wallet in order to be eligible for harvesting. Harvesting works by allowing users to stake their XEM tokens in order to earn rewards in the form of new coins.
When a user stakes their XEM tokens, they are essentially locking them up and using them as collateral for the network. This helps secure the network and also allows users to earn rewards for doing so. The rewards earned from harvesting are called “blocks” and they are generated every time a transaction is made on the NEM blockchain.
Each block contains a certain amount of new coins which are then distributed among all of the users who have staked their XEM tokens. The more XEM tokens that are staked, the more blocks will be generated and thus more coins will be earned by those who have staked their tokens. In addition to earning rewards from harvesting, users can also earn fees from transactions that take place on the NEM blockchain.
These fees are paid out in XEM tokens and can be used to purchase goods or services or exchanged for other cryptocurrencies such as Bitcoin or Ethereum. Overall, harvesting is an effective way for users to earn rewards while helping secure the NEM blockchain at the same time.
