The only way to mine Solana as a normal investor is to stake SOL tokens to act as a 'Network Validator' and earn rewards.

You can currently get up to 6% APY, or interest when staking Solana tokens on centralized trading platforms like FTX.

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How to Mine Solana with a PC

You cannot mine Solana like you can mine Bitcoin, because Solana is a Proof-of-Stake network and not a Proof-of-Work network. The only way to effectively 'mine Solana' is by committing your tokens to become a Validator for the network.

By becoming a network Validator, you are paid out the Solana yearly inflation rate of 6% on every SOL you lock up. This is how all Proof-of-Stake networks 'mine' their cryptocurrency.


Where can I Mine Solana Coins?

The best place to earn more Solana coins by 'mining' or 'staking' them is with the FTX platform. They offer low fees to buy, sell and stake SOL tokens to earn 6% interest paid out into your account daily.

Their platform is also the safest and most trusted custodian in the world, with billions of dollars of assets secured in their vaults. If you want to safely mine Solana, this exchange is your best bet.

Read our guide on the Best Places to Stake Solana for more information.


Is it legal to Mine Solana tokens?

Earning passive rewards from the Solana (SOL) protocol is perfectly legal and is considered an income stream. Your Solana mining or staking rewards are taxed in an equivalent manner to income, but you may want to check on your local regulations with a tax advisor.


Solana Mining Fees and Expenses

Mining Solana tokens through centralized platforms like FTX or Binance is completely free. The only fee you pay is when you buy SOL tokens from an exchange. It is free to deposit and withdraw SOL into exchange staking pools to earn passive income.

Mine Solana on FTX
Posted 
May 13, 2022
 in 
DeFi
 category

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