Proof of Stake mining is by far the most easy and energy efficient method for generating new coins on the PHC network. This feature is similar to interest in a savings account. Simply leave your wallet open and online with coins in it, and earn block rewards 24/7! You will need to purchase your coins from an exchange to get started.
In the beginning, CPU mining was very efficient... now specialized equipment must be used to generate blocks using the Proof of Work feature. Mining pools allow ASIC miners to connect and share the required work to generate new blocks, this process is expensive to setup and operate and not recommended for beginners.
ASIC, or application-specific integrated circuit, is an Integrated Circuit (IC) designed to process only a specific application. Compared to programmable logic chips or standard ICs that are more versatile and can be used for a wide variety of different programs, an ASIC is specifically designed to do one thing and one thing only. While it does this one thing much faster and more efficiently than standard multi-purpose processors, they lack the versatility of standard logic chips and, are more expensive to design and manufacture than their mass-market counterparts, especially, as most of them aren’t really produced in very large numbers.
WARNING: Do not to attempt to join a pool or solo-mine with a very large amount of hash-power (50%+ of network or pool). This could get the pool/your wallet automatically banned for up to 24 hours by other nodes on the network due to the Bitcoin Firewall.