Get to Know the HempCoin Masternode

If you would like to run your own HempCoin masternode network, look no further. In this article, I will give you an in-depth review of its network and a guide on how to set up and run your own server to receive rewards.

So, what is HempCoin (THC)? It is among the first 30 cryptocurrencies to be developed back in 2014. It focuses on bringing digital financing to the agricultural/farming industry and to the hemp industry. It is built on the source code of Bitcoin and includes both Marijuana dispensaries and the agricultural trade businesses. There was a hard fork in February 2018, which implemented privacy features and the code from PivX in order to be up to date and relevant compared to the competition. Right now, HempCoin is based on the PIVX code and has implemented the Zerocoin protocol, instant transactions with SwiftX and active masternodes.

How to Make Money From THC Masternodes

The HempCoin masternodes receive 65% of the block reward, which is in total of 8.42 THC coins. The rest of the reward is split 21% to stakers and the rest goes to the treasury, which funds future development. The way rewards are earned and masternode payouts received is relatively simple. Every time a block is validated and uploaded to the blockchain, the funds are distributed. Payments to masternodes are distributed in que-like system. When one of them gets paid, it goes back to the end of the line, so the next one can have their turn. This keeps the system fair and unbiased towards luck. The frequency of rewards and overall ROI depend on the count of active THC masternode operators on the network.

HempCoin Masternode Setup

MINIMUM REQUIREMENTS

How do you run your own HempCoin masternode, then? Well before I get to that I would like to advise you of the minimum requirements that should be met before you start setting it up:

  • At least 50 000THC coins that are held in the wallet address of the node or just prepared in a wallet to be sent to the node. You can obtain them from Bittrex or CryptoBridge
  • A Virtual Private Server (VPS) for the masternode
  • A minimum of 512MB of RAM And 2GB of hard drive space for the VPS
  • Static IP Address for the VPS
  • The official Hempcoin wallet
  • linux
  • wallet
  • hempcoin

How to Set Up a THC Masternode Step by Step

  • When you set up the VPS either by yourself or with the help of a provider, you will need to make sure that the IP address is static
  • After that, you can set up your operating system and connect your VPS. A great tool for control over the VPS is PuTTy
  • In order to run a THC masternode, you will need to install the official wallet. Please be advised that only the official wallet has the masternode functionality
  • Next, you can go ahead and send your 50 000 THC coins to the masternode address. Make sure you send exactly the necessary amount with no more or no less. There is a 0.1THC transactional fee
  • Start the HempCoin masternode from the official core wallet user interface

Sean Boyle

HARDWARE ENGINEER

For in excess of six years I have been actively using diverse methods to mine various crypto coins. In search of optimal profitability with limited resources I have engaged in using various masternodes to earn rewards in a passive manner..

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