Most Frequently Asked Questions About Mining
What is your unique offering, and why are you better than a mining hotel or cloud mining services?
- We have a unique mining insurance offer to protect you from unexpected profit losses.
- Our mining center is located in a cool region, which helps extend the lifetime of the mining equipment and increase the cost-efficiency of our mining operations.
- We have certified engineers who can maintain your mining equipment in workable condition and repair it fast in case of mechanical breakdowns.
- The Bratsk hydroelectric power plant makes electricity very cost-efficient, reliable and environmentally friendly.
- We procure ASICs from Bitmain at wholesale prices, allowing you to buy them at lower prices than what the retail market offers.
How does your miner’s insurance work?
In case of unexpected hash rate drops, Minery.io will compensate the loss of your hash rate to the expected level of hash rate provided by your mining equipment at 100% uptime, depending on the type and quantity of your mining equipment. The insurance costs will be expended from the mining profit generated in that period.
How can I withdraw the mined coins from your service?
We maintain daily billing cycle and the mined currency instantly available for withdrawal upon completion of the process. You can withdraw your BTC manually at any time.
What are the main factors that can positively or negatively affect the price of BTC in the future?
There are several major factors that have been affecting the Bitcoin price in the recent years. Some of them make the price grow, the others push it down.
- Overheated stock market demands new strategies for risk mitigations.
- Increased inflationary risks due to excessive money printing.
- Growing interest from high-net-worth investors towards Bitcoin as a hedge asset.
- Fast economic recovery form the COVID-19 pandemic.
- Lack of interest towards Bitcoin from high-net-worth investors in a strong economy.
How much am I going to earn for the entire period?
Your profits will depend on several factors, most important are:
- combined sustainable hash rate your mining equipment delivers
- mining difficulty that depends on total hash rate of Bitcoin network
- Bitcoin price
- rate of Bitcoin transaction fees
- operational costs (electricity, cooling, repair, other expenses)
I would like to invest a substantial sum. Am I going to have any privileges, discounts?
Yes, you are. Please contact us to discuss individual conditions.
I am afraid of a cyberattack. How do you ensure safe BTC storage?
While we store the mined BTC, its safe storage is our responsibility and priority. When you withdraw your BTC, you can use the best practices for safe BTC storage.
What is your energy source? Where is it located, what type of energy is it, and why is it so cheap?
Our energy is sourced from the Bratsk hydroelectric power plant. The entire electric generation is environmentally friendly, carbon free and 100% renewable. The proximity of the power source and excessive power generation guarantees very cost-efficient electricity.
What is a cryptocurrency, and how does it work?
Cryptocurrency is a digital or virtual currency using blockchain consensus to validate and secure transactions. It works differently from fiat money as it does not have a central issuing authority. All crypto transactions are publicly recorded on the blockchain, but individual identities are kept anonymous.
What is mining difficulty?
Mining difficulty is a phrase indicating the extent of complexity of a cryptographic puzzle. The more complex it is to find the right hash, the more difficult the mining. And the higher the mining difficulty, the higher the hash rate requirement. Miners with higher hash rates have more processing speeds and are more likely to find the right.
What is bitcoin mining?
Bitcoin mining is a process used to validate and record bitcoin transactions. Bitcoin miners use mining software and equipment to solve a complex cryptographic puzzle. When a puzzle is solved, a new block is added to the blockchain containing several bitcoin transactions. Miners who successfully add a new block to the blockchain are rewarded with bitcoins for their contribution to the network.
What is hash rate?
Hash rate is a metric that measures the number of calculations a piece of mining equipment can perform per second. The hash rate for top coins like bitcoin is usually measured in billions or trillions. For example, 500 Gigahash per second (GH/s) means 500 billion calculations are done per second.
What is the legal status of cryptocurrency?
Different countries have different laws and regulations regarding blockchain and cryptocurrency. The legal status of cryptocurrency describes the government's crypto regulation in a particular country. If crypto is legal in a country, the citizens can engage in crypto trading or mining without consequences. But if crypto is illegal, it means all crypto-related activities are banned.
Is cryptocurrency taxed?
Cryptocurrency has different regulations globally. In some countries, crypto is legal and not taxed; in others, crypto is legal with various tax regulations, while in a few other countries, crypto is not legal. Check out if your country legalizes crypto and find out the laws regulating it.
What are the benefits of hosted mining over cloud mining or using your hardware?
The advantages of hosted mining are the reduced expenses and electricity costs allowing miners to realize more profits. In addition, the increased control of purchased equipment also offers faster net profit generation, which makes it an attractive option for many cryptocurrency enthusiasts!
I would like to invest in mining. What would you advise me?
Mining is still very lucrative in 2022. But three things set successful miners apart from everyone else: cheap electricity, affordable, effective hardware, and a great mining pool. That is why Minery.io offers the finest conditions for successful mining.
What is the warranty period for my miner?
The warranty period for miners depends on the type of equipment, but they are generally between 180 days and 365 days. However, it is important to note that these warranties are subject to the purchase and sales contract.
What methods and how can I pay the bill?
At Minery, we understand that everyone has different preferences when paying for goods and services. That's why we accept various payment methods, including cash, credit cards, debit cards, and cryptocurrency. No matter how you like to pay, we've got you covered. We also offer a variety of payment plans, so you can choose the option that best suits your needs.
Do I need to verify my identity to rent hosting?
Yes, when you sign up for hosting services, you will need to verify your identity. This is necessary to conclude an official contract for the provision of hosting services. This helps us avoid fraud and protects both our customers and our business.
What can I mine with minery.io services?
Any coin that can be mined with the current hardware on the market. This flexibility allows users to take advantage of rising prices for certain coins or to change their strategy as the market fluctuations. In addition, Minery.io is constantly updating its hardware offerings to keep up with the latest advances in mining technology. As a result, you can be confident of a wide variety of coins to choose from.
For how long should I buy hosting?
In general, it is best to contract for at least one year with automatic renewal, so you don't need to worry about your contract expiring. This gives you time to enjoy our services and ensure Minery meets your needs fully. Additionally, we offer discounts for long-term clients, so you can save money by signing up for multiple years.
Can I host my own equipment?
No, you cannot host your equipment. Minery offers cheap electricity and hands-on maintenance and monitoring, yielding more profitable mining than hosting your equipment. However, You can buy the equipment and send it to our technicians at one of the sites. Minery's technicians are highly trained and experienced in operating and troubleshooting mining rigs., ensuring that the equipment is always running at peak performance.
How is the hosting fee calculated?
The hosting fee is calculated according to the tariff set in the contract. The fee is based on the electric energy consumption by customer devices, which are measured by billing and EE meters. The records from these devices help keep track of the energy consumption and ensure that the customer is only charged for the energy they have used.
How is equipment serviced and repaired?
Our engineers have been specially trained and certified by equipment manufacturers: MicroBT and Bitmain. Our Service Centers are equipped with state-of-the-art equipment, which allows us to effectively perform ASIC Miners' diagnostics and repairs of any complexity without breaking bank accounts or schedules.
You can learn more about the repair process from our service center.
You can learn more about the repair process from our service center.
How do I know what and how much I mine?
It's easy to keep track of your crypto mining operations with your personal account. All your devices and stats are accessible through the web interface or app, so you can easily see how much you earn. This way, you can ensure you're getting the most out of your mining setup and maximizing your profits.
How will I receive my profit, and where will it be stored?
You can view your daily earnings easily and keep track of your progress. Depending on the type of contract chosen, Your rewards are either stored within the Minery system or on external resources (wallets). This allows for total control and peace of mind for users who want to cash out immediately or hold their assets long-term.
How can I check my offline devices?
To check your offline devices, simply go to your account and select the devices tab. Here, you will see all the devices that are currently offline. You can check this from both the web interface and the application. If you need further assistance, please contact our support team.
Any questions about crypto mining hosting services?
Thank you for contacting us! We will reply to you as soon as possible.