Frequently Asked Questions

Mining cryptocurrencies is a fairly new industry and can be daunting to start with. People have many questions about it. This page is here to help answer some of those questions. If you're new to cryptocurrency mining or have lots of experience, this is a bit industry and an ever changing market, with new things to learn everyday. If you have a question that has not been answered here, please contact us and we will help as best we can!

What is a cryptocurrency?

A cryptocurrency is a currency the same as any you know, such as the dollar, or euro; the difference is cryptocurrencies are digital and designed to be secure and anonymous. Transfers have minimal processing fees, avoiding steep wire transfer fees charged by banks.

The first cryptocurrency to be created was Bitcoin back in 2009. Nowadays, there are lots of other cryptocurrencies, often referred to as Altcoins.

What is a bitcoin?

Bitcoin is the first worldwide decentralized cryptocurrency, invented in 2009. The inventor is an unknown programmer, possibly a group of programmers, under the name of Satoshi Nakamoto.

Transactions take place between users directly, so there is no need for a bank or financial institution to intervene. These transactions are recorded in a public distributed ledger called a blockchain. Bitcoin can be exchanged for other currencies, such as dollar, euro, pounds etc.

Bitcoin is starting to be accepted as an everyday currency in over 100,000 shops, businesses and online services, such as Amazon. The name 'bitcoin' comes directly from the words, bit, as in a binary digit and coin, obviously from the monetary term.

What is the blockchain?

All bitcoin transactions have to be logged in a ledger to keep them from duplicated or fraudulently traded. The blockchain is a public ledger of all bitcoin transactions that have ever been executed. Each block contains a link to a previous block, a timestamp and transaction data.

Do I need my own mining hardware?

You do not need your own mining hardware to begin mining for bitcoin and other digital currencies. There are other options available to you, such as cloud mining.

What is cloud mining?

Cloud Mining is the process of mining for cryptocurrencies (such as bitcoin and ethereum) using a remote data center with shared hashing (or processing) power. This allows you to mine for cryptocurrencies without needing your own hardware, paying to maintain the hardware or pay for the electricity supply.

How long does it take to mine one bitcoin?

This question depends on many factors; how powerful your mining rig is, the current difficulty level of bitcoin, if you're solo mining or pool mining, the cost of your rig and electricity fees or your mining contract, the list goes on.

For this reason, this question doesn't have a straight forward answer, but put simply, you will never mine a whole bitcoin on a typical laptop. The power costs alone to keep the laptop running would outweigh how much you mine. Even if you come up with a magic way of mining with low outgoings, the difficulty is increasing every day, so it will only get harder.

How profitable is it?

The profitability of mining for cryptocurrencies depending on many factors, such as the difficulty level of the currency and the current price against the dollar. Therefore the profitability changes from day to day. You can use the cryptocurrency calculators we've built to work out your profit margins per day, week, month and year, using up to date, real time figures. Here's some of the most popular mining calculators:

Bitcoin Mining Calculator
Ethereum Mining Calculator
Bitcoin Cash Mining Calculator
Litecoin Mining Calculator
Monero Mining Calculator
Dash Mining Calculator
Ethereum Classic Mining Calculator
Bitcoin Gold Mining Calculator
Zcash Mining Calculator
Bytecoin Mining Calculator
Siacoin Mining Calculator
Dogecoin Mining Calculator

Is profit a guarantee?

In short, no, profit is not a guarantee. Cryptocurrencies are the same as any other currency, the exchange rate and value fluctuates daily, and as such, can affect your profit. It's a good idea to keep your eye on the way currencies are moving in order to make an informed decision about how much to invest, when to invest, and when to draw down your currency. We've made a page of charts for each currency, here are some of the more popular ones for your reference:

Bitcoin Charts
Ethereum Charts
Ripple Charts
Bitcoin Cash Charts
EOS Charts
Litecoin Charts
Stellar Lumens Charts
IOTA Charts
NEO Charts
Monero Charts
Dash Charts
NEM Charts

How much is a bitcoin worth?

The value of a bitcoin fluctuates daily, with highs and lows like any other currency. As of April 21st, 2018, a bitcoin is worth 8,781.75 USD.

For the most accurate value of a bitcoin, check out our bitcoin charts page.

How much is an Ethereum worth?

The value of Ethereum, as with bitcoin and other currencies like USD and EUR, changes every day. As of April 21st, 2018, an Ethereum is worth 605.06 USD.

For the most accurate value of Ethereum, check out our ethereum charts page.

How secure is cryptocurrency mining?

Cloud mining services are very secure. They offer two step authentication on your log in and keep your personal information safe. Each has an area to input your cryptocurrency wallet ID and this is where your currency can be paid to. The wallet is up to you to keep secure.

If you carry around cash and loose your wallet, your cash is gone. If you give your cash to someone else, it's gone. This is the same with bitcoin or cryptocurrency wallets. If you loose your wallet ID, or give it to someone else, it's no longer yours. It's secure as long as you treat it as such. Never post your wallet ID online; you wouldn't leave cash laying on the floor and expect it to still be sitting there a few days later.