This was originally posted over at: https://pivx.wordpress.com/
I struggled for about a month with the decision whether to set up a PIVX Masternode (MN) hosted on a remote server, or simply continue to Stake using my QT wallet. I decided to go ahead and set one up for comparison so I could make an informed decision.
After a few unsuccessful attempts at setting one up myself, I had someone suggest using Coinserver. It turned out to be much easier than I thought it would be and the personal support I received was excellent. As I was walked through the process I documented each step.
Most of what needs to be done in the PIVX MN setup process can be accomplished before you ever get in touch with anyone there. Follow the steps to get everything needed on your side. I specify below when and how to get in touch with the Coinserver administrator when the time is right. Before you even start you need to have already downloaded and installed the latest PIVX-qt wallet and have a little more then 10,000 PIV coins in your wallet. It takes exactly 10,000 PIV to set up a MN, and the current fee to use Coinserver’s service is 7 USD/month.
Step 1. If you are Staking, you need to stop while you set up your Masternode. To make sure I completely stopped, I just commented out the Staking lines in myfile and restarted my wallet.
Step 2. Create a new PIVX address for your first Masternode by going to your Receive tab, typing in a Label name, and clicking Request Payment. This will add a new line in the request payments history list below. Double-click the new line to get the new PIVX address created.
Step 3. Send exactly 10,000 PIVX to this new address. Since it needs to be exactly 10,000 after fees, I just went ahead and checked the ‘send as zero-fee transaction if possible’ box, even though it might take a minute longer, and then pressed Send.
Step 4. You should verify exactly 10,000 PIVX were sent to the new address and wait for the transaction to be fully confirmed. I recommend waiting at least 10 blocks before going on to the next step. To check this, go to your Send tab and click the Inputs button. A list will appear and your new transaction should show at the top associated with the Address Label you sent to. It should say exactly 10,000 (If not, repeat steps 2 & 3). To the right in the Confirmations column you will see how many blocks have confirmed the transaction.
Step 5. In your Menus go to Tools -> Debug Console. A screen will pop up. First type in masternode genkey and it will create the first hash string you need. Next, type in masternode outputs and it will give you the second string.
Step 6. Contact the Coinserver Admin by getting in touch with @coin_server (James) in the PIVX Slack or using the Coinserver Bitcointalk Thread. James is all about customer service and walked me through the entire process. He was patient with me when I had to redo a couple steps. Although I have not personally witnessed it, I am sure he sleeps, so you may need to wait for him to wake up.
Step 7. James needs both hash strings you created in Step 5, including the “0” or “1” at the end of the second. He will also be the one you pay for the servers. He requests this payment by sending a invoice each month via Email, so he will need your address from you as well.
Step 8. James will now do a bunch of behind the scenes complicated IT Admin stuff on his end. In the meantime, you can close your PIVX Wallet and get yourfile ready to be updated. You will receive a text string back from James. It needs to be pasted under the comments in the config file. When done, save and close the file, then restart your Wallet.
Step 9. Go to your Masternodes tab and press the Start All button at the bottom. This will change the Status on your new Masternode from MISSING to ENABLED. You are now running. Congratulations!
Side Note: According to James it takes about 5 days before you will see any return from your new Masternode. He prorates your fees so you don’t pay for these 5 days. He will tell you the prorated PIVX amount for the first month, and you will need to send him that amount now that everything is set up. My first month was 28 PIVX.
Step 10. You do not need to do this, but if you want to again verify your Masternode is working you can check your 10,000 PIVX to verify they are locked. Do this by going back to the Send tab and click the Inputs button. The Lock on the left indicates your coins are working for you.
Step 11. Reactivate the Staking for the other coins still unlocked in your wallet if needed by putting yourfile back to normal and restarting.
Periodically. James ask you check your Masternode tab periodically to verify it is always Enabled. If not, please let him know. It may be an indication there is something going on affecting many other people as well.