What we do is a lot like all other mining pools, you are buying Staking power. Once you have made your payment we then trade whatever coin you used to invest with us and we buy coins we can stake on. As with most Mining pools or Cloud Mining services your deposit represents a contract with Luckybit.eu which allows you to own a percentage of mining power in our pool. Everyday we collect Stakes, which is also known as mining or Minting new coins. Those coins hold a value in BTC which is then equally distributed to each member of the pool in correlation to the percentage of the pool you own. The more coins we stake as a group the more you earn on a weekly basis. Each week we calculate what every member earned on their account, and a payment in BTC is then distributed to each participant.
WHAT IS LuckyBitStake POOL
LuckyBitStake is an altcoin Proof of Stake mining pool. We use Bitcoin (BTC) and other various altcoins which you deposit to purchase altcoins which then are held in their individual electronic wallets. Each altcoin wallet will contain a various number of the specific altcoins we are staking. The number of altcoins we hold in each wallet depends on the price of the altcoin and the percentage of that altcoin supply LuckyBitStake can hold and mine with.
OUR PROCESS The process of staking an altcoin is opening the electronic wallet, in essence taking it out of cold storage, so that it can connect to other altcoin wallets of that coin located on the internet. This results in a peer to peer network of connected wallets. Tranbsaction are then verified and confirmed which enables us to collect a reward for this process. These rewards are then distributed to the participating members of our Staking Pool.
Like regular mining, stake mining has blocks that give rewards, the more blocks you find the more rewards you recieve (the reward being more of that altcoin). The more coins you hold the better tha chance becomes of hitting a stake and collecting a reward. The difference is that LuckyBitStake holds a large volume of several altcoins. This means we stake more frequently and we stake with a larger number of altcoins in each wallet. The result is the combined effort of all the participants allows the LuckyBitStake wallet receive recurring daily stakes with the very good reward percentage.
MATURITY PERIOD Each altcoin has a maturity period, this is the amount of time between the creation of new altcoins. The new altcoins created are the output of the developers mining operation.
By holding altcoins of varying maturity periods we can generate a relatively consistent earnings stream each week.