We know you probably have lots of queries around the comining contracts we have.
We have listed the top queries receive around our comining contracts below:
- Does your company decide what to mine – Yes, which will be based on the most profitable currencies at the time – and is the rig of such a nature that it will be able to swap between currencies Yes, it will however this will be limited to certain periods as you are only able to see a profit after mining of at least for 3 months with any single currency and is it able to mine multiple currencies? Yes, we usually split it to a maximum of 3 rigs depending on the size of the machine Will your company determine the most profitable situation and switch accordingly? Yes, we do as explained above we would recommend and then mine accordingly based on the recommendation
- After 6 months if we decided to carry on with the mining what will needs to happen? You can either sign a 6 month contract or a 12 – 24 month contract (which is what most of our clients do 😊 and then mine the same currency or an alternative you might have an interest in which we can confirm is profitable – Please confirm that if the contract was renewed for 6 months that there will be no monthly fees? There will be monthly fees once the contract is renewed as this covers the maintenance of the machine, including electricity, floor space hosting, 24/7 internet accessibility, security and the 99.9% uptime availability
- Please confirm the percentage that is charged by your company on the mining profits as well as the monthly fees? The profits charged by us based on the mined crypto currency is a total of 17.8%, the monthly fees on a 12 GPU rig as mentioned is R 799 per person
- Who verifies the mining profits and pay these over, are there any statements given monthly? Yes, monthly statements are sent out to show current profit, payouts to the relevant wallets and a basic health report on the machines health
- Are you backed financially by any other company? Yes, we are currently moving our backing over to Investec and RMB as the fund we are having now would need to be over 100 Mil due to the massive financial increase in BitCoin at the end of last year.
- What happens in the event when Crypto currencies gets banned for instance or something catastrophic happens before the 6 month period is over? Are there circumstances where we can lose the deposit and what are they? Usually in that case what happens (which is the beauty about BitCoin Mining and not ASIC mining) is that the parts of your CoMining Rig are sold off and the monies are then returned back to you usually at a rate of approximately 75% of your initial investment
- Do you have alternative power in place in case of power outages? – Yes, due to the state of our current energy situation in this country all miners are backed up with a 24/7 battery storage device.
- Where is the mining operation based? Our mining operation is based in Midrand, however full street address details are not allowed to be disclosed due to the high security measures to keep other owners mining machines secure.
- What are the approximate values that could be realised on a 12GPU rig if you own 1 GPU worst and best case scenario? Mining Rigs are extremely volatile to the market however the following link can be used as a base to calculate profitability over a month, however with that being said there was a 800% increase between Dec 1 2017 – Dec 19 2017 so this could always change depending on the market.