Frequently asked questions (FAQ) about MinedPool Technologies, about the MinedPool Mining Pool, MinedPool Cloud Services, Hosting/Colocation Services, Managed Mining, Bitcoin Mining, Crypto Mining, Cryptocurrency, Bitcoin, Blockchain, and the MinedPool Suite Of Services:
MinedPool Techologies was incorporated in July of 2021 in the USA, and our website launch date and MinedPool Mining Pool launch date is August 3rd, 2021. MinedPool Cloud Services will go “live” sometime between late 2021-early 2022, and all pre-launch members receive special perks, pricing, and discounts if they sign-up now. MinedPool Mining Pool(s)/Hosting Services and MinedPool Cloud Bitcoin Mining are fully live and accepting new members now!
MinedPool Technologies is proudly based in the USA, and our corporate headquarters are in the State of Colorado. For security purposes and for the protection of your mining equipment and data, and our facilities and employees, while it can be disclosed that all bitcoin/crypto mining is done in the USA and we have access to global data centers, our specific data center and mining facility locations are not disclosed and all locations are highly classified. (The location map we have in our “About” section gives you a fair idea about approximate locations of our facilities, but no specific addresses will be shared).
Can MinedPool HELP ME Source/Procure/Buy New Mining Rigs/Mining Equipment To Host At Your Facility so I can start to Mine Bitcoin/Crypto With MinedPool?
Yes, absolutely we can help you with sourcing/procuring/buying ASIC Mining Rigs or GPU Mining Rigs of virtually any kind-both brand new, and high-quality used. If you want to buy a great new or used existing ASIC Mining Machine/mining rig from popular brands like Bitmain, WhatsMiner, AvalonMiner, and more, just check out our shop to find the best crypto mining equipment on the market, because we now are listing machines available for sale via our shop for MinedPool Members. Our MinedPool Machine Procurement & Logistics Services can help you every step of the way when it comes to finding you the NEW bitcoin/crypto mining equipment you most want to buy and host at a MinedPool Facility, even if there is equipment you want that is not available for sale in our shop. For example, you may want to custom-build a GPU Mining Rig-and we can help with that. You may want us to procure machines for you that are seemingly unavailable-and we can usually help with that. No matter what you want when it comes to obtaining the best crypto mining equipment to host and mine with MinedPool, we’re committed to helping you 100% of the way. We find your preferences and budget, then we help you get the machine(s) you want, with the fastest shipping and best deals. While other hosts keep you waiting for months on end before you even get to start mining, we work as fast as possible to get your new rigs to our facility so you can start mining with MinedPool ASAP and we currently offer the fastest average deployment times in the industry with most members starting to mine in an average of 7-14 days from the date of sign-up/machine ordering.
How Are MinedPool Mining Pool/Hosting Services Priced?
MinedPool Mining Pool/Hosting Services are priced on a “per machine, per year” basis. We have 3 simple plans, each with something for everyone. Every MinedPool Mining Pool/Hosting Membership is an all-inclusive plan that includes hosting/colocation/rack space, power/energy/utilities fees, internet, 24/7 security and dedicated techs, maintenance, monitoring, daily reports, infrastructure/facilities, and much more! Unlike other hosts, we never try to present you a mix of confusing fees and never charge you separately for power or hosting/rack space. Know your costs at all times with MinedPool. Our FREE MinedPool Mining Pool/Hosting Membership gives you the option to pay nothing upfront whatsoever, so it is 100% FREE, then you just split your bitcoin/crypto mined with us 50/50 before your rewards are transferred. Our MinedPool Mining Pool/Hosting Gold Membership is $499.99 per rig/per year and includes a tiny additional fee of 20% of crypto rewards mined to be shared with MinedPool to help cover the remainder of costs. We also have MinedPool Mining Pool/Hosting Platinum Membership at $5,999.99 per rig and you keep 99% of your BTC/Crypto with this plan. You simply select the number of mining rigs you plan to host when you are purchasing your membership plan, and you must be sure to account for every machine you plan to host with MinedPool when you sign-up for a MinedPool Mining Pool/Hosting Membership of your choice. So, for example, you must select a quantity of 3 Memberships IF you plan to host 3 RIGS. You select a total of 1 membership if you plan to host 1 rig, or select a total of 100 if you plan to host 100 mining rigs. Now you can see, it is SUPER SIMPLE: each hosted rig has to be accounted for at the time of sign-up. While you are free to request to remove your rigs from our facilities at any time, you must cover shipping to and from our facilities and no refunds will be extended at any time or for any reason. As your 1st year of MinedPool Mining Pool/Hosting Membership progresses, we’ll periodically notify you how much time is left on your plan and we will be sure to give you plenty of opportunities that will allow you to upgrade/extend your MinedPool Membership at any time.
Bitcoin Mining, in short, is the process of digitally creating new Bitcoin to be put into the circulating supply, and it is also a critical “Proof-of-Work” task which is essential for ensuring the security of the Bitcoin Network, as bitcoin miners work on validating bitcoin transactions via hashing/solving complex hexadecimal crypto equations, solving the SHA-256 algorithm, confirming transactions, and finding new “Blocks” in the bitcoin blockchain, and bitcoin is mined by “ASIC” bitcoin mining computers.
Basically, Blockchain technology and the concept of a blockchain refers to the creation of a shared, public, distributable ledger of all transactions across a peer-to-peer network, like the bitcoin network, and blockchain is used for recording the transfer of digital (or physical) assets and transactions.
A blockchain is highly secure because it is impossible to edit, stop/mute, create fraudulent transactions, and blockchains are nearly impossible to compromise because transactions must be constantly verified by the entire network in order to be validated.
To start mining bitcoin, the first important step you must take is you must own an asic bitcoin mining computer (or purchase Minedpool Cloud Bitcoin Mining Contracts) and- since it is nearly impossible to mine bitcoin alone (“solo-mine”) with any success- you must join a bitcoin mining pool, like the MinedPool Mining Pool for example.
Absolutely anyone and everyone who wants to mine crypto with MinedPool is welcome to join, from individual miners with 1 ASIC mining rig to enterprise-mining companies with more than 100,000 miners. Anyone who is able to obtain 1 or more ASIC bitcoin mining rigs, GPU miners, or anyone who purchases MinedPool Cloud Bitcoin Mining Contracts, can mine bitcoin or other crypto. With cryptocurrency mining, it is recommended for users to be 18 years or older in most cases, but it is your own responsibility to understand your local laws and restrictions. Also, while it is currently legal to mine bitcoin in the USA-some places may not allow citizens or businesses to participate in ownership of crypto assets or bitcoin, and may ban bitcoin mining, even if the mining is done in another location/country. MinedPool Technologies is not at all liable for ensuring your eligibility to mine bitcoin, and it is entirely the responsibility of each individual miner to check local regulations and to comply as necessary.
A Bitcoin Mining Pool, or an Altcoin Mining Pool, is essentially a group of independent bitcoin/crypto miners who pool together their computing resources from many mining rigs (often 100,000+ per pool), helping to “decentralize” the bitcoin blockchain (or other blockchains) and to secure the network even further. When bitcoin/crypto is rewarded to a mining pool, then all miners in the pool receive an equal payment for their computing power and work whenever the mining pool successfully finds/solves a block and receives a bitcoin block reward for the mining efforts of the computers.
ASIC, or “Application Specific Integrated Circuit” Bitcoin Mining Rigs/mining computers are highly specialized pieces of equipment which are specifically made to mine bitcoin and only to mine bitcoin. ASIC Bitcoin Miners are specifically programmed to run the SHA-256 algorithm constantly as this is the sole algorithm being solved by ASIC Bitcoin Mining computers today in 2021.
As of 2021, since the most recent “halving event,” bitcoin rewards are currently distributed at an average of 6.25 bitcoin per block reward. This is the overall average and some block rewards can be slightly higher or slightly lower, however the typical bitcoin mining block found is currently awarded roughly 6.25 bitcoin per block successfully “Mined.”
Yes, MinedPool Technologies operates both the MinedPool Bitcoin Mining Pool and the MinedPool GPU/Altcoin Mining Pool which mines for other crypto aside from bitcoin. The specific crypto(s) being mined by the MinedPool GPU/Altcoin Mining Pool will fluctuate based upon what is deemed to be most profitable at the time. The MinedPool Bitcoin Mining Pool mines bitcoin 24/7/365!
All rewards are split using a PPS (Pay-Per-Share) rewards system, meaning you are paid an equivalent percentage of each block reward based upon your overall “hash rate” contributed to the pool vs. the overall pool hash rate. Obviously, the more mining rigs which you run-the greater share of each reward you will receive, so there is financial incentive and benefit for those who run lots of rigs. While miners can elect to have their mining rewards sent to the crypto wallet address of your choice at any time and in any amount, since there are transfer fees for bitcoin transactions, miners must cover their own transaction fees which are deducted before rewards are sent. Members are recommended to build up at least .01 BTC before each transfer, but can elect to have rewards sent any time based upon an amount of bitcoin or a frequency. Get paid daily, weekly, monthly, or wait til you get .01 BTC built up-it’s totally up to you and you can handle transfers however you wish. Just alert our team of your preferences, and we’ll send you your share mining rewards whenever you hit your desired thresholds. For transfers of any amount lower than .01 BTC, an additional standard wallet transfer fee of .00001BTC-.0001BTC is typically assessed, and a larger fee may be applied to help cover transaction fees if a particularly large amount of crypto is being transferred at a single time. Mining rewards will be sent in bitcoin for MinedPool Bitcoin Mining Pool members, and MinedPool GPU/Altcoin Mining Pool members can elect to receive payments in BTC, ETH, LTC, DOGE, Zcash, or another crypto mined on your behalf by MinedPool.
There are some costs/fees that arise when you transact on the Bitcoin Blockchain, and the fees typically increase in size depending on the size of the bitcoin transaction. As such, all members are required to cover their own transaction fees when having rewards sent thus some compensation for such transaction fees is accounted for and deducted from your mining rewards before the remaining balance is transferred to your chosen crypto wallet. Typical fees are between .00001 BTC-.0001 BTC. When mining Litecoin, Dogecoin, and other crypto with GPU or ASIC, similar fees-assessed in the currency mined/rewarded-will apply for miners.
A “Hash Rate” is essentially the speed at which a cryptocurrency mining rig is “hashing,” which essentially is the computing powering being deployed/ speed at which the computer is solving extremely complex hexadecimal equations. Typically, hash rate for mining rigs is measured by the second and a good mining rig-for bitcoin-must be hashing trillions of times per second to be even remotely useful in today’s landscape of bitcoin mining.
Typically, when it comes to bitcoin mining, the “hash rate” for a single useful mining rig in 2021 will be many TH/s. TH/s stands for tera-hashes per second, and a tera-hash-just like a terabyte-is a trillion hashes. Altcoin/GPU Mining Rigs are still viable with hash rates in the MH/S range as of 2021.
Believe it or not, bitcoin was originally launched in 2009 by the pseudonymous creator, Satoshi Nakamoto, and has been continuously growing in adoption, utility, and valuation ever since.
Bitcoin is a peer-to-peer decentralized digital currency/digital store of value, like “digital gold,” which runs on its own secure blockchain network and which allows users to conduct transactions amongst each other at any time globally without the need for any third-party central bank or administrator. bitcoin is currently considered by many to be the world’s foremost cryptocurrency.
In essence, decentralized currencies and decentralized finance is supposed refer to currencies/financial applications that are not controlled by a central bank, administrator, company, or government entity.
Basically, managed and hosted bitcoin mining/cryptocurrency mining (with hosting and colocation) means to run your ASIC Bitcoin Mining Rig (or GPU mining rig) at a MinedPool Technologies Mining Facility and to allow MinedPool Technologies’ dedicated experts to care for your machines and to oversee all paying of bills for electricity and internet, management of all mining operations, security, maintenance and more, 24/7/365. Rather than having annoying, loud, hot, and high-maintenance mining rigs running at your home or current facility, it’s 100% better to join MinedPool instead. We’ll maximize mining results and profit while also working to increase your mining machine’s efficiency and lifespan, plus MinedPool delivers tons of other amazing benefits. With one easy to understand all-in-one price, priced “per rig, per year,” you know your costs and won’t overpay for things like power and other misleading fees like you’ll find at other hosts.
There are many different altcoins/ other crypto options aside from Bitcoin which you can still mine even in 2021 with a GPU Mining Rig. Some different crypto that are successfully mined with GPU Miners in 2021 include Litecoin, Dogecoin, Ethereum (for a while longer, until the switch to proof-of-stake from proof-of-work), Ethereum Classic, Monero, Zcash, raven coin, and more, and many new ones likely on the way.
Bitcoin, and all other cryptocurrency, must be stored in some sort of crypto wallet. Every cryptocurrency wallet has a unique address which can be used for anyone in the world to easily send you funds, and public wallet addresses also make it possible for anyone who knows your address to look up your entire transaction history and current balance. Regardless of the pros and cons, you must have a “wallet” of some sort if you want to own and store cryptocurrency. And, to make it more difficult, not all storage options can hold all coins-although this is changing rapidly. Some different forms of storage are “Hot Storage,” in a software wallet, which is relatively common; or, storing your crypto in an exchange (the least secure Option); or-for those who prefer the most security for their bitcoin and other crypto-there is an excellent storage option known as “cold storage” which is a method of storing all of your crypto assets in your own hardware wallet device and also owning the private “keys” and “seed phrases” for your wallet. If you ever hear someone refer to crypto ownership with the term “not your keys, not your coins,” or “my keys, my coins,” they are referring to the fact that cold storage ensures you are in sole control of your crypto assets. Despite the fact that some stories of assets being lost on exchanges have been told, some people do still prefer the simplicity of storing their assets online where they buy. The choice is yours.
While there is not a definitive right or wrong answer when it comes to crypto storage methods, and only you/your financial advisor can say what is the absolute right storage method for your funds. While it is recommended to choose the storage strategy which most suits your level of risk tolerance, most crypto investors tend to value security and total ownership of their assets, and many investors with larger amounts may not choose to store their crypto on an exchange or software wallet because they may feel the most secure option could be cold storage in a hardware wallet totally controlled by the owner. Of course, everything has risks and everyone is free to choose the crypto storage method which suits them best.
MinedPool Technologies can host and manage nearly any type of ASIC Mining Rig or GPU Mining Rig, including Bitmain Antminers S9-S19 and newer, Microbt WhatsMiner, Innosilicon, Canaan Avalon, Nviida GPU miners, AMD GPU Mining Rigs, and nearly any other existing or yet-to-be built mining rig which is made for mining bitcoin or other cryptocurrencies.
MinedPool Technologies only accepts payments via cryptocurrency through our website at this time, because WE ARE A CRYPTOCURRENCY MINING COMPANY AFTER ALL and we are very much committed to advancing the cryptocurrency industry and the adoption of widespread crypto payment usage worldwide. And crypto is the most secure payment option FOR YOU and for us. We currently accept many major cryptocurrencies via our convenient online payment portal build for our website’s shop, and the currencies currently accepted by MinedPool include Bitcoin, Litecoin, Dogecoin, Bitcoin Cash, USD Coin, and Ethereum. If you do prefer to pay with fiat currency rather than crypto, we are committed to providing you the best possible service and we try to accommodate all requests, so bank transfer/credit card/fiat payment accommodations can be made for members on a per-request basis but this option will not be offered in our online shop. If you are in to crypto and are going to mine crypto, we hope you will be excited to have the option to pay with crypto and to help advance the cryptocurrency industry.
Fiat money is essentially what you think of when you currently think of traditional “money,” so think your currencies like US Dollars, Euros, British Pounds, Chinese Yuan, Japanese Yen, Mexican Pesos, and so on. Basically, fiat money is simply defined as a non-digital currency that has been established by a government and fiat has no physical value, intrinsic value, or real store-of-value qualities, but is deemed to have value solely because the government body controlling the currency declares the currency shall have value and shall be used as a means of monetary transfer and because the public agrees the currency has value and continues to support the valuation of the currency via economic activities.
Can mining machines only run on a MinedPool Mining Pool if you host my equipment at your facility, or can you mine with other mining pools when hosting rigs at a MinedPool Technologies facility if a member chooses?
We strongly encourage all MinedPool Members to mine with our Mining Pool and to let the MinedPool Technologies Team manage all aspects of crypto mining for you in order to deliver best results. For security purposes and for best results, we highly discourage members from mining with any other mining pools. As a MinedPool Mining Pool/Hosting Member, we absolutely hope you will give us the opportunity to have your mining rigs mining with our mining pools at all times and we strongly encourage/request all new MinedPool Mining Pool/Hosting Members let us run their machines on our pool in most scenarios. If you have a specific mining pool which you are very keen on now, but you still want to host your mining rigs with MinedPool, you may be permitted to mine with other mining pools on a case-to-case request basis. However, since most other mining pools operate with much less oversight than ones that are based in the USA like MinedPool, there are many cons posed with mining on outside pools which we do not want to subject our members to. For example, if a pool ran in an offshore location were to shut down and run away with customer funds-it would be devastating and nearly impossible to track. At MinedPool, we operate with the strictest standards in the crypto industry and we are more committed to your success and security than most. If we do run your rigs on outside pools, we may “pool hop” to maximize results and rewards so we can get you more payments quicker-but we don’t recommend long-term mining with other pools for our MinedPool Mining Pool/Hosting Members. Regarding mining on outside pools, an updated policy, as of September 5th 2021, has been implemented to state we are not permitted to offer VPN access or dashboard access to members when they mine on alternate mining pools due to security threats posed by such activities. Other mining pools may have pros and cons associated with them, but we 100% CAN TRUST everything about the security we provide at MinedPool, but we unfortunately truly can’t completely trust some other mining pools. For best results when hosting your rigs with MinedPool, you are highly encouraged to take advantage of all MinedPool Services, including joining our Mining Pools and Managed Mining Services.
What firmware/software does MinedPool use with mining rigs?
The proprietary in-house firmware used for mining rigs, and in-house monitoring software, is not publicly shared at this time and features are not publicly disclosed. Only the MinedPool Team has access to all firmware and software at this time, because we offer managed mining services that don’t require you to worry about anything related to operating your mining rig. If you are mining on a pool that is not ran by MinedPool, your rigs may be ran with alternative software and/or firmware and your rigs will likely not perform as optimally as they would if running the full MinedPool Suite with our MinedPool Mining Pool. While our current firmware does cover almost every mining rig on the market, it does not currently extend to the newest machines on the market like S19 rigs because we are still in the process of developing and testing firmware for the S19s. We always highly recommend you mine with MinedPool Mining Pool(s) and let our team manage all aspects of your crypto mining endeavors for best results.
Does MinedPool Technologies Sell Mining Rigs/Mining Equipment Directly?
MinedPool Technologies takes your orders and obtains your equipment-on your behalf- from our vast network of manufacturers and third-party suppliers/resellers, but MinedPool Technologies does not directly sell Mining Rigs/Mining Equipment, and we instead act more as a “drop-shipping” and/or “online retail arbitrage” market for equipment. If you do see mining equipment listed in our online shop, we do not control shipping and are ultimately just working as a broker to obtain your equipment for you and to coordinate logistics, because we are not a direct electronics retailer/importer. Instead of being a direct retailer of mining rigs who may try to force you in to buying certain equipment they are incentivized to sell, we don’t have any incentive to do anything but get you the rigs you want and to find you the best prices. We don’t get paid any commissions from manufacturers or suppliers/resellers at any time when you make a purchase, and we only charge a small procurement/logistics fee when we help you buy rigs, and we think this is the best way to provide our members the best choices in mining equipment. Basically, once we take your order, we can go out and get you the equipment you want, and-since we have the utmost flexibility in how we source your equipment- others can’t typically match the prices, speed, and choices presented in the plethora of great options our team at MinedPool can find for you.
How Is MinedPool Cloud Bitcoin Mining Different from MinedPool Mining Pool/Hosting Membership and other third-party mining services like nicehash?
Our MinedPool Cloud Bitcoin Mining One Month Contracts are a completely unique offering which are unlike anything else offered on the market today. So, to compare MinedPool Cloud Bitcoin Mining with our traditional MinedPool Mining Pool/Hosting Membership, or with any other third-party service, is somewhat of an “apples to oranges comparison,” for lack of a better term, because other services offer something quite different from what we offer via MinedPool Cloud Bitcoin Mining (different than traditional MinedPool Mining Pool/Hosting Memberships). You have to use your own hardware with other services, whereas you are not having to purchase or maintain any hardware to participate in MinedPool Cloud Bitcoin Mining. With other services like nicehash, it appears you are renting/selling your idle computing power to other users/”buyers” through their marketplace and you get paid based on your hash power sold through the marketplace, and your GPU computing power appears to be used for mining other currencies other than bitcoin according to their website. And power costs and other expenses also are not factored in for you with NiceHash, whereas they are here, plus you’re also having to do some management/work with that service whereas none is required with us. After accounting for power expenses/internet and all costs, your true earnings are likely similar or lower with nicehash that with us-but we are not here to vouch for any services aside from our own. Also, only an ASIC miner can truly mine Bitcoin with the SHA-256 algorithm, while a GPU cannot. So, while they are paying you in Bitcoin, if you are selling GPU computing power, you are not actually mining Bitcoin at all. With MinedPool Cloud Bitcoin Mining-you are actually mining Bitcoin directly and helping the bitcoin network directly, and you are buying the computing power from an ASIC miner at our facility instead of selling your hash power to us or others, and your 1 TH/S share gives you a direct share of Bitcoin Mining Rewards earned by a machine running in our mining pool. Each machine only gets a small fraction of the average bitcoin block reward of 6.25 BTC after splitting the rewards thousands of ways, and earnings can fluctuate with prices dropping/rising and other factors. As is noted, we do our best to make these packages profitable for all users, but Bitcoin is very volatile each day and it’s impossible to guarantee mining rewards because the prices fluctuate so greatly. Since 1TH/S-in terms of Bitcoin Mining-is just a small fraction of the hash power typically distributed by each machine and mining pool, if you were to theoretically mine Bitcoin with an ASIC mining machine that only had 1 TH/S, you would lose approximately $6.40 per day after accounting for average power costs if doing this at home according to whattomine.com-but we instead only distribute your share of earnings to you and cover all costs on our end. So, while we always hope for earnings to be as high as possible-you can see there are many factors at play, and we always suggest that 1 month is a very short time frame for any venture so it is best to give some time to assess true performance. Overall, while our cloud bitcoin mining is intended to be a great first step into mining, for the highest rewards it is typically advised to obtain the highest hash power possible with your own ASIC mining machine/machines and it is typically best to become a full MinedPool Mining Pool/Hosting Member for best overall results.
Essentially, cloud storage and hosting is simply the process of storing and hosting your data, systems, infrastructure, and information off-site on servers hosted in a secured data center owned by a cloud storage provider, and a key feature of cloud storage and hosting is having the ability to access information stored via the cloud with any device from any location with internet connections for users and customers alike. Instead of having to worry about maintenance, security, and management and storage of data on personal devices or dedicated servers on-site in the office, data center, or at home, users can save significant amounts of money with cloud storage while also reducing physical footprints of operations significantly and eliminating maintenance and hardware needs. Also, big data tasks are typically completed much faster and more securely with cloud storage.
Why have you not heard about MinedPool yet?
Since we are a brand new company, we’re honored if you hear about us at all. It’s a big world out there, and everyone has to start somewhere. And we are very proud of our start so far! Since we literally launched “live” in August of 2021, it’s not a surprise if you have not heard about MinedPool…. yet—but, we know that you’ll be glad to know about us once you give our services a shot. We are a dedicated team of hard-working individuals who are here trying to do great things for you. Sure-we hope our company is able to become a household name over time, but we’re really proud of what we have going right now-despite being brand new- and we’re very committed to doing great things that will help many people and help improve the world. We are honored you are here, and-if this is your first introduction to MinedPool-that’s okay. Welcome to the world of MinedPool. Welcome to the future!
Thank you for your interest in MinedPool Technologies.