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Can AMP be mined?

February 20, 2022
< 1 minutes read

Amp is a universal collateral token designed to facilitate fast and efficient transfers for any real-world application which uses the Proof of Stake (PoS) mechanism.

Mining new AMP tokens

As you probably know, mining involves a broad range of hardware usage. The miner validates cryptocurrency transactions and in exchange for the computational power, gets rewarded with AMP tokens.
Miners choose to hold or sell their tokens, many small miners sell enough to offset mining costs while holding the rest. Mining is the process of adding new coins in circulation.

Can AMP be Mined?

Simple answer: No, AMP cannot be mined.
As mentioned above, AMP uses the Proof of Stake consensus mechanism which eliminates the need of mining. Advocates for PoS agree that this mechanism helps eliminate energy waste. There can be a lot of pros and cons between PoS and PoW, we will not get into that here.

Mining AMP - Is there another way?

While you can’t mine AMP using hardware as you mine ETH or LTC, you can mint new tokens by staking AMP. In a future post we will dive into how to mine AMP by staking it.