[Last updated: 2021-12-25]
As I’m starting to follow this cryptocurrency in particular Cardano (ADA), I found a lot of questions that I did not know. So, I did some research as well as participated on Reddit to get some answers.
Questions and Answers
Here are some questions and will update this regularly.
What is Cardano (ADA) coin?
Just like other major coins, Cardano (ADA) is a digital currency that could be used for storing and transferring funds around. It’s not designed to avoid or thwart global regulators, but to comply with the law in order (regulation) to provide solutions for everyday people.
What is Cardano being used for?
According to Fool.com, the Cardano can be used in:
- Education: It can store tamper-proof student records
- Health Care: It can authenticate pharmaceutical produtcs to avoid counterfeit
- Finance: It can store people identity and show creditworthiness
- Agriculture: It can provide supply chain tracking for farmers and merchants
Is Cardano fixed or unlimited supply?
Like Bitcoin, Cardano has a maximum supply which is 45 billion coins. Currently, it has 32 billion coin circulation.
How do I buy the Cardano coin?
There are a lot of exchanges where you can purchase the coin.
I use Binance instead as they are the largest crypto exchange by trade volume and one of the fastest in the world.
What is best place to find price tracking of crypto curreny?
You can use your preferred Crypto exchange website or application like Binance.
You can also use it from the Coin Market Cap website. I prefer this website because they have a mission to make crypto discoverable and efficient by empowering retail users with unbiased, quality and accurate information for drawing their own informed conclusions.
You can also look at this table here from Zwaply.
How do I mine the Cardano?
Technically, you can not directly mine the Cardano (ADA), however, you can mine the Monero coin and convert it to ADA via the Unminable website and use XMRig as the rig.
I create a blog for this and you can find on this – How to mine Cardano (ADA) crypto on Windows 10
When mining with XMRig and utilising the Unminable.com, where I can find the hash rate?
Go to the Unminable website and then type in the ADA address that you use on the XMRig mining configuration.
Under the Worker tab, select the RandomX, you will see the Worker and h. The h is a hash rate.
How to find the ideal hash rate for a particular CPU?
Go to the Monero Benchmarks website and search the close specification including the rig and you will find the ideal hash rate.
When do the mining, how long to get the 1 coin of Cardano (ADA)?
As I’m trialling this mining for a couple of days and tuning the machine to get a maximum hash rate, looking at the current rate, it seems that it will take me 15 days to get 1 coin.
Please note that my machine is AMD Ryzen 5 1600 (not overclocking) with 32 GB RAM.
What caused the hashrate jump almost double?
If you are looking at the chart above, it started around 3,000 hash rate, it’s around 10.30 AM, it jumps from 3,032 hash rate to 6,724 and stays for less than a minute and stay around 4,000 mark for almost an hour. But typically, my hash rate is around the 3,500 mark.
At this stage, I’m not sure what causes this as I’m investigating it.
What is Staking?
Staking is having cryptocurrencies locked certain period of time to get rewards.
You can have your coins directly staked from your crypto wallet. Most crypto exchanges including Binance are offering their users staking services.
Binance Staking allows users to earn rewards just by having their coins held on the exchange for periods of time like 30, 60 or 90 days. The analogy, in this case, like if you have a term deposit on your bank, you can have 6 or 12 months. The bank than as a reward, give you a fixed interest.
I used Binance Staking as this is the simplest staking process within your exchange. I might look in the future to do the coins stacked directly from my wallet once I am comfortable with this staking process.
More Crypto currency questions in general
I would suggest gearing up with knowledge from books.
You can check out these great resources.
More technical questions and answers to come!
Please keep pinging with this article.
If you have a question that is not on this Q&A, please free to leave us a comment below this article or we can have a chat on our Dewachat website. We are more than happy to help.
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