Frequently Asked Questions about Crypto Mining & Cloud Mining

How to earn money with Crypto-Mining ?

In crypto mining, the miner attempts to receive a reward for solving cryptographic computing tasks using a computer, e.g. Bitcoins or Litecoins. As these computing tasks are very complex to solve, special computers, so-called ASICs (Application-Specific Integrated Circuit), are required for crypto mining. When you engage in Crypto-Mining, you earn coins which can be exchanged for money in crypto-exchanges. The biggest rewards are achieved with solomining if you happen to solve a taks that is rewarded with a "block reward". 

What is Cloud Mining ?

Cloud mining (also called remote mining) is a service for users and miners that allows to perform crypto mining without having to buy a crypto miner yourself. With cloud mining, the ASIC computing power of the miners is made available to you by service providers such as Bitcoin-Cloudmining.io for a fee. You can then mine the cryptocurrencies of your choice in a mining pool you determine yourself -  with the hash power you have purchased for the relevant period. You can order our cloud mining services in the shop.

Do I have to sign up to access Cloud Mining ?

At Bitcoin-Cloudmining.io, there is no formal signing up procedure. You can see the whole website right now, including our terms and conditions and prices. There is nothing to hide.

If you want to buy hash power directly without any shopping-cart, just go to the page where you can purchase directly.

It is a miracle for us why other cloud mining providers require registration even before the prospective buyer can see the prices and/or the terms of service. 

Why Bitcoin Cloud Mining ?

Cloud mining is a service that allows you to perform crypto mining without investing in your own crypto mining equipment and IT-infrastructure. Just choose your mining-pool, and Bitcoin-Cloudmining.io provides this ASIC computing power for your mining.

What do I have to do after booking my cloudmining ?

If you have purchase one of our offers, you can mine the cryptocurrencies of your choice with the desired hashpower. Send us your mining pool information with this form, and for the period of time described in the offer you will be mininig Bitcoin.

What is the advantage of Cloud Mining ?

You don't have to invest in expensive ASICs and wait for the shipping of the miners. You also don't have to worry about the high electricity costs which the ASICs consume. All these costs are already included in the price of cloud mining. And your cloudmining will start right away after the purchase. 

Which miningpool should I choose ?

One of the most reliable mining pools for most purposes and crypto-currencies is ViaBTC.com. You can use it for solo-mining or normal pool mining. You can even switch between solo-mining and normal poolmining with a mouse-click, also for switching between mining BTC and BCH. If you need help during setup, just let us know. 

Another recommended pools for solo-mining Bitcoin are solo.ckpool.org and luckymonster.pro. For other non-BTC SHA-256 coins like BCH, XEC and SPACE, solopool.org is very good and stable. 

What is solo mining ? 

If you do solo mining, you try to find a  block using all of the the hash power available to you. With a bit of luck, your miners will solve the rare computational task which solution which is rewarded with the block reward. For Bitcoin, the block reward is currently 3.125 BTC. The disadvantage of solo mining is that a reward (a return) is only given if your miner actually finds a block. The advantage is that this reward can be very high and more than compensates financially for the effort expended.

What is “normal” pool mining ?

In “normal” pool mining, mining for the respective cryptocurrency takes place collectively with other miners. If one of the miners in this community ("pool") finds a block, the reward is divided according to the share that each miner has contributed with his mininig power. There are different calculation methods for this distribution (“PPS”, “PPLNS”, “PROP”). The advantage of normal PPS-pool mining is that the miner earns regular income from mining. Instead of doing PPS/PPLNS/PROP-Mining with a cloud mining provider, consider buying crypto coins directly using a crypto-exchange.

Do I have to make a big initial investment ?

No, absolutely not. With Bitcoin-Cloudmining.io you don't have to buy expensive hardware or make a big upfront payment. You just pay for what you actually know you will get. No big  investments at all. There there are no year-long-contracts where you may have serious doubts if you get what is paid for. Or if the company still exists in a few months. You can start small or with a short term purchase of hashpower. 

What is special about Bitcoin-Cloudmining.io ?

1) Support and reliability. You will always be able to contact us at short notice and get a prompt answer. You will not be left alone with your purchase. Even though any purchaser is responsible for choosing a mining pool that works, we check often if everything is ok and we can assist the purchaser in choosing a proper pool.

2) You get what you paid for. We take care that you will get the hashrate you purchased for the duration of your cloudmining. So that your hashrate average actually is what you have paid for. Otherwise, we extend the cloudmining duration or you get part of your money back. So you can relax and enjoy your mining experience.

How can I pay for Bitcoin-Cloudmining.io ?

As of now, we chose TrySpeed.com as our main payment processor. It provides reliable payments with Bitcoin (you can choose lightning payment or main net payments),USDC and USDT (ERC-20). We have a page here where you can see how you can make a payment with TrySpeed.com.

In case you do not have the option to pay via Tryspeed.com, we can sort out other ways for payments. You could also use a normal money transfer with your bank.  Just contact us, and we will make available other payment options.

What is a TH, what does PH mean ?

Crypto mining is about solving arithmetic problems with the help of specialized computers (“crypto miners”, ASICs). The “reward” that you receive in the form of the respective cryptocurrency depends on how many arithmetic problems are solved in a certain amount of time. The number of calculation tasks and their components that can be calculated per time unit is measured in Megahash (MH), Gigahash (GH), Terahash (TH), Petahash (PH) and Exahash (EH). As the measurement period for this is one second, it is common to specify the “calculation speed/second”, e.g. TH/s for Terahash/second. You will only get paid as much crypto coins as you can prove to have solved to the mining-network, e.g. earnings are received for a proof of work (POW).

What does "luck" mean in crypto mining ?

The term "luck" has a special meaning in crypto mining, especially if you are mining solo. This is because it is possible to statistically predict the average mining effort required to receive a reward for finding a block (so-called “block reward”). This effort can be expressed in time if related to your Hashpower per second.

Your current "luck" is displayed in many mining pools to inform the miner of his current progress in trying to find a block. The “Luck” is expressed in percentage terms. The mining effort that is (statistically) required to find a single block is equated with a luck-value of 100%. When you start mining, the value is 0% at the beginning. As the mining time and effort progresses, the value of luck increases towards 100%. The closer you get, the more likely it is statistically to (finally) find a block. However, you can also find a block earlier (in which case you are lucky or even very lucky, say if you find a block at 5% luck), but sometimes it takes longer. Then the “luck” can be higher than 100% or tick even higher.

How long does it take to find a block when mining crypto ?

Miners sometimes wonder how much time they have to spend solo-mining until they finally find a block. This is because when engaging in solo mining, there is no regular reward as in normal pool mininig, except if you do find a block. 

You can calculate the average block search time (= time to find a block) for any crypto coin which you can mine with a POW algorithm.

For determining the average block search time, you need to solve an equation that takes into account the total network hashrate divided by your personal hashrate and multiplied with the blocktime.