If you were linked here, you may already have some idea of what it is that we do, but if not, then a word of introduction:
Pickaxe.mn is an extension of our growing cryptocurrency mining pool Pickaxe.pro. We began our Shared Masternode service informally through Discord and decided to create our own website to provide complete transparency and to help users better track the progress of their Shared Masternodes. This has been a joint effort of the Pickaxe team and we hope to offer the same level of quality service here as we do on our mining pool Pickaxe.pro.
Our company is based in Quebec, Canada, but our services are available around the globe. We strive to add new servers expanding our reach to other regions and Pickaxe.mn is no exception. In fact, there are no limitations to getting involved with a Shared Masternode whatsoever! So, please visit our shop to see what Masternodes are available and get started right away.
What is a Masternode?
A Masternode (MN) is a dedicated service that several coin creators implement to help secure their network. What makes MN’s attractive is the reward they receive for the resources they provide the network. Detailed information is provided here. (This article helped us with our own first MN baby steps.)
How does a Masternode work?
First, for whatever coin you may be interested in, you purchase a set amount of coins. Second, you store those coins in a wallet. Lastly, you configure your MN using the coins you purchased as collateral. The MN provides an added layer of security by verifying transaction on the network and writing them onto the blockchain, along with some other features depending on the coin you chose. After a set amount of time (depending on the coin, one would be 5 minutes, others could be 24 hours or more) the wallet will become active. Once active, the MN will “earn” rewards from mined blocks. Again, depending on the coin, the percentage of coins earned from each block varies.
Let’s use LuxCoin as an example. Every LUX block contains 10 LUX; 8 go to miners, 2 go to MN’s and stakers. This is a reasonable split between miners, stakers, and MN’s.
In short, MN owners receive a reward for holding a fixed amount of coins, which cannot be spent unless the MN is deactivated. By holding coins (rather than spending them), the network benefits from more price stability, faster transaction speeds, and additional resources for other services.
A Word of Caution
Some coins send over 80% of a mined block to their MN’s! This could be an indication of a scam. We take every precaution to avoid such coins at all costs.
Some coins can take a large amount of time reach their ROI (Return on Investment); some coins are scams, or have no worth. How can you differentiate good projects from bad?
We can’t check every coin that is added to the market, but we can help you chose reliable and stable coins. We encourage everyone to do their own research to make a well-informed decision about which coins or projects they would like to support. Indicators such as active development, good communication, a realistic use case, and community support usually accompany coins that are looking to make a name for themselves. Unrealistically high ROI’s with minimal development and the severe lack of presence of a community are usually indicators of coins to avoid.
How Does a Shared Masternode Work at Pickaxe.mn?
• We combine smaller amounts of coins from several users to create a single MN
• We create and maintain the Masternode for you
• We provide the optimal server for the Masternode (Slow PC’s or servers with downtime affect the stakes!)
• We maintain the highest levels of security (fiber-coated obsidian lava-resistant bullet-proof housing is our favorite variety)
• We provide regular, recurring payouts of MN earnings
• We eliminate the need for technical know-how by doing all the work for you
• We employ only the bravest developers who do everything in their power to help you with your crypto-addiction
• Last, but certainly not least, we strive to keep crypto fun!
Yes, fun too! Because crypto is the future; crypto is cutting edge; crypto will change the world! Why not enjoy being a part of this exciting, innovative technology?
A Word of Thanks
We are proud of the services we have sought to provide to the cryptocurrency community. We made our entry into cryptomining with one goal: fast, efficient service for miners, by miners. Since our launch, we have grown the pool to over eight different algorithms and close to two dozen coins. Our Discord has been recognized by many users, including a top-notch YouTuber, Goose-Tech, who has endorsed Pickaxe.Pro in several videos. Our members don’t fight or disagree, we act, rather, like a fat and tight second family (fat and tight in the same sentence? Belgians must be crazy!) We don’t want to exclude the entire world, do we ^_^ None of this would not have been possible without the support of our miners. From the bottom of our heart, thank you for helping us grow.
To join the fun, we encourage you to visit our Discord server and chat with other members of the Pickaxe.pro community.