How to Transfer Satoshi BTCs (Core) Hash Power
BTC miners can transfer their Satoshi BTCs (Core) hash power to secure the Core blockchain and share the core system rewards.
How does it work
In the whitepaper released by Core, it shows that Core one can transmit each Bitcoin block as a transaction to the Core blockchain. The BTC hash power is determined using the total blocks an address mines each day.
For BTC miners- to secure the Core blockchain is easy because they only need to verify their identities when transferring or delegating to a Core validator. The system picks the top 21 validators with highest scores to form the validator set in each round which is refreshed at 00:00 am UTC every day. Read more here
To delegate a validator, you need to sign the delegate transaction on the validator’s website using the secure key that delivers blocks on BTC network. It is advisable to create a transaction offline and announce it later. The next step is by using the hardware wallet + MetaMask app.
Once you choose a validator, you can verify the identity by clicking the Detail Tab to view more information about this validator. Click: Delegate and then click Delegate Hash button on the top left.
Here are the necessary information to provide when transferring hash power:
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Public key: It is a 65 bytes long public key which usually begins with ’04’. This public key helps you when signing private key. For example,
044795677eb7000120ee75ac5f8a2ed89156e29ac5bef76201377115ac1498b043340831d83cfb697417114d3838cf36f5e57ed44fbb70c08b8b453955d1665692
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Block hash: The block hash is usually produced after signing private key on BTC network, such as
00000000000000000006e4f2a75c11b405f73131933baa1e46ca14146bafa26a
After you successfully delegate to a validator, you can find your delegated BTC address under the Hash. If you want to cancel the delegation, click the Undelegate→UndelegateHash button and sign the transaction.
Rewards
The delegation takes effect at the next round and reward happens at 00:00 am UTC each day. So, you can receive your first reward in less than two days. The rewards are usually sent to the wallet address.
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