FAQ

1 Hash Mining is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We are a team of mining experts with extensive knowledge of the digital currency sector. 1 Hash Mining specializes in building the most efficient and reliable mining rigs that we also offer for rent to our clients. Finally, our experts in cooling and maintenance of data centres are also an important part of our success.

It is quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on your contract, you can either mine Bitcoin, DASH or Ethereum directly. It is also possible to trade your payments to other cryptocoins, and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The first payout reaches our clients wallets after 48 hours, and then a daily payout will follow.

Remark: Every day of mining will be processed and paid in the following 24 hours after the mining day is over.

Please refer to section “When do I get my payout?” for more details.

Besides the fact that we ourselves mine with the very same hardware that we offer to our clients, our capital is limited. We believe that Bitcoin and altcoin mining is highly profitable, however, we do not want to "put all our eggs in one basket".

For security reasons, we do not disclose the exact location of our mining farms. As of April 2015, we are operating several mining farms that are located in Europe, America and Asia. Electricity cost and availability of cooling are important, but not the only criteria.

You are able to mine Bitcoin and various altcoins. As of June 2016, we provide the following coins:

For SHA256 we offer: Bitcoin, Unobtanium, Bitcoin, Dark, Litecoin, Dash, Zetacoin and Darkcoin.

For X11 we offer: Dash, Startcoin, Bitcoin, Litecoin, Dogecoin, Bitcoin Dark, Peercoin and Namecoin.

For Ethereum we offer: Ether and Bitcoin

We add new coins to this list from time to time.

A special feature is the “1 Hash Mining Advanced Autotrader”:
For example, it allows you to get the payouts in BTC while mining with a X11 algorithm! This is possible by automatically mining the most profitable X11 altcoins which are then automatically exchanged by our algorithmic trading framework to BTC. This is a very cost efficient way of mining different coins. We call it “mining BTC the smart way”.

The same technique is also used to mine LTC with a SHA256 contract.

Bitcoin and altcoin mining depends highly on the prices and difficulties of the coins you mine. It would not “look right” if we provide data on the mining profitability and selling contracts at the same time. Therefore, we recommend all our clients to do their own research and do their own profitability calculation.

For example, you might want to have a look at coinwarz.com. Remember that some of our products have a daily maintenance fee, and this must be deducted from the daily earnings.

Please note that the website is an independent source of reference and not related to 1 Hash Mining in any way.

It is always possible that a miner crashes, slows down or completely breaks. In all these cases, our algorithms ensure that other miners are allocated to the relevant pools to fully compensate for possible hashpower loss. This way our clients will not lose a second of mining time.

We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).

Our internal policy is: "be a good crypto citizen". This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.

On the first glance one might think that buying miner X is slightly cheaper than hosted mining. However, there are a number of "hidden" costs related to purchasing and maintaining a miner that change the economics significantly:

  • Shipping costs: few merchants will cover this, but in most cases they will charge you extra.
  • Customs dues / VAT: if it is an international delivery you will likely have to pay customs dues and VAT; generally this has a huge impact on the total cost of your mining equipment.
  • Delivery time: when you pay for your device you have to wait until the miner is packaged and shipped; if it is held up in the customs this can take weeks. And during that time you cannot mine at all ("opportunity costs"). You have to wait and hope. And if the merchant has a stock shortage; it is you who has to wait. With 1 Hash Mining you pay and get your hashpower immediately online. No delays!
  • Costs for additional equipment: when buying miners from larger retailers you often have to buy additional equipment like an extra PSU that matches the electricity specs for your country, control units and specific shelves to store them efficiently. This adds up significantly to the overall price for hashpower.
  • Setting the system up: when the device finally arrived you have to assemble and configure it. Beginners often underestimate the amount of work and technical knowledge that is needed to bring the device up and optimize its settings. People that used the first ASICs spend days and weeks on it. In monetary terms this costs you twice: (i) your time and (ii) lost mining opportunity.
  • Maintenance: hardware failures, outages and crashes could lead to downtimes between seconds and weeks. If your unit breaks you have to return it and start from scratch (by the way: check the guarantee time of your miner; it is often less than a year). With 1 Hash Mining you have a guaranteed uptime of 100%: in case one of your units fails another unit will be switched over and start mining for you the very same second.
  • Electricity: having the machines at home not only brings heat and noise, but also an increase of your electricity bill; an important factor that many underestimate.

Please do not get us wrong: we do not want to discourage anyone from mining at home! We are often asked about prices and realized that many users do not know about all the hidden costs. If you compare the true costs, you will notice that our prices are very competitive. We want to provide you the best possible mining experience, so that you can focus on mining your favorite coins (and we take care of the rest).

The maintenance fee covers all costs related to mining including, inter alia:

  • electricity cost
  • cooling
  • maintenance work
  • hosting services

It currently applies to SHA256 contracts, and it is calculated per GH/s and automatically deducted on a daily basis. You will find the current maintenance fee details in the contract.

Please note that our 1 year X11 and Ethereum contracts have no maintenance fee.

When you purchase an Ether mining contract, you buy a share of a GPU ("graphics processing unit") to mine Ethereum. The hashing algorithm used to mine Ether is called Ethash (or Dagger-Hashimoto). Ethash requires the so called DAG file in order to perform the calculations. This file grows over time, which means that more operations for each hashing operation need to be performed. This means that the effective hashrate decreases a little each time the DAG file grows This has to be considered when comparing the theoretical output of your hashpower. Online calculators do not take this into account.

Lifetime contracts do not have a maturity date. As long as the contract is profitable (i.e. the payout covers the maintenance fee) you will continue to mine and be able to receive payouts. Theoretically, this could be 100 years ("lifetime"), however practically it will depend on difficulty and market prices for the crypto currencies.

Customer service is our highest priority! We know how important it is for a potential investor to find answers to their questions. Making decisions is not only about having the good feeling, but also about understanding the business concept in detail. Therefore, please contact us any time at info@1hashmining.com if you need any help. We are looking forward to hearing from you.

Company in Lines

1 Hash Mining is known for the best return on investment. We are all strong believers in the future of digital currencies and we love being part of this growing community!

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