What is VBit?
VBit is a Philadelphia based tech start-up specialized in selling Bitcoin mining hardware and offering mining equipment hosting at very competitive prices to help bring Cryptocurrency access to the mainstream.
What makes your company different?
Our executive leadership team operates with a level of trust, respect, and dignity which builds confidence, cooperation, and contribution throughout our entire organization. Our service makes mining Bitcoin accessible to everyone. No longer is it required to buy expensive equipment and waste your time on setting it up. Simply select the desired hardware and hosting package, distribute your hashpower and start your mining operation!
We have services with superior quality, diversifying entry to mining, advanced techniques in our data center, and favorable pricing. We are trusted by our clients and have a reputation for the best services within the Bitcoin Mining field.
This looks great, how do I get started?
You can go to the homepage and click on the “Sign Up” link to start your journey as a miner.
What is Bitcoin mining?
Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (Bitcoin’s famous “blockchain”). For participating in this service, miners are rewarded with newly-created Bitcoins and transaction fees.
What is hashpower?
Hashrate is the speed at which a computer is completing an operation in the Bitcoin code. The hashrate is a measure of how many times a computer can attempt to complete this algorithm puzzle every second. The higher hashrate means increased opportunity for Bitcoin Mining and receiving.
How do I know what I’m really mining?
With the amount of hash-power that you received when you purchase your mining package, you will be able to use any number of public calculators that you are able to find on Google and plug in the amount of hash-power in the mining calculator of your choice. The calculator will let you know the amount of Bitcoin you should be mining per day. You can then match that number with the amount of Bitcoin that you mined in your Bitcoin wallet to verify that you are mining the right amount of Bitcoins.
Is mining better than buying?
Given the right setup, mining Bitcoin has always been more profitable than buying Bitcoin. When you buy Bitcoin, you only get a fixed amount of Bitcoin one time, and risk losing money due to the volatility of the market. Through mining, you don’t have to worry about the volatility of the market because you are getting a little more bitcoin every day. So over time, you will have more bitcoin mining than buying, giving you a cushion against loss if prices drop, and magnifying your gain if prices increase. You can read more about it here.
Is VBit Technologies a cloud mining company?
No, VBit Technologies is a hardware reseller offering hosting services. The consumer purchases actual ASIC hardware and NOT a cloud mining contract. Customers can choose to utilize our superior hosting services or have their hardware shipped to them, subject to shipping and handling charges. Please refer to our Terms and Conditions for details.
How will I receive my profits and where will be stored?
All mined Bitcoins are distributed directly into your QABU Wallet.
What is mining difficulty?
Bitcoin mining difficulty is a measure of how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty where valid blocks must have a hash below this target.
Is it possible to change my monthly payment schedule from X months to X months?
It is possible, but pending review and approval by Admin Staff and completion of new contract. A member may request through email@example.com
I want to pay off the rest of my monthly package. Is that possible?
Yes, reach out to the Admin staff at firstname.lastname@example.org and a staff member will follow up with you
I want to pay with Credit Card/Crypto/Cash/Check for this monthly’s invoice. Is that possible?
It is possible by requesting through email@example.com and asking to change your payment method.
When will I see my hash updated? How long will it take?
After purchase (and contract signing if applicable) the Admin staff will do their best to activate a member’s hashpower as soon as possible, but there are a number of factors that can affect the initial activation, including but not limited to:
Verifying all payment and contract information
Hardware setup and availability at the data center
High volume of orders and network traffic
Issues with a member’s payment or account
VBit has up to 30 days to fulfill a paid order but often does so in less than 7 days.
I paid for ___ (another VBit Member) but I don’t see anything on his/her account. What do I need to do?
If no activity has taken place in 7 days, you should reach out to firstname.lastname@example.org. However, before contacting the staff, we recommend that you gather up relevant information to provide the staff to expedite the review and reply.
Relevant information includes:
Date and time of payment
Payer information (name on card, QABU account, Coinbase, etc)
VBit member’s account ID and name
Receipt (screenshots are welcome)
Can you help me change email/password/order for my downline/upline/family member, etc.?
The passwords may be reset from the login screen.
For security purposes, requests to change emails or reset passwords must come from the Account Owner directly.If you are requesting on someone’s behalf, they must be cc’ed and be able to respond directly to confirmation.
How to verify my identity?
Please follow the instructions on page Verifying your Identity to Meet KYC/AML.
What is an Antminer? Why should I buy this over using my own computer?
They are specialized hardware developed specifically for mining at the highest efficiency. VBit currently offers the latest state of the art S19 ASIC Pro models.
While in the past, it was possible to mine bitcoin with a powerful graphics card, it has become very costly and inefficient in overheard costs (electricity and heat) to use basic consumer hardware for mining.
What happens if my machine fails?
Antminers are generally expected to last around 4-6 years. However, our hosting services include regular maintenance and cleaning by dedicated staff at our data centers. Furthermore, we offer 1 warranty replacement for each piece of hardware during the total term of your hosting services with us.
How long of a hosting service should I buy?
Because mining hardware lasts between 4-6 years, 5 years of hosting makes sense from a cost perspective as maintenance rates are locked in for the life of a contract. However, Vbit believes every member should be able to make their own educated decision on hosting terms, as it offers plan durations from 6 months to 5 years.
With the split hosting and hardware offerings, if I bought a package with 1 year of hosting, am I still entitled to that year? What happens at the end of that year?
That first year of hosting is unaffected by the changes in our products and you will still have the same service for any package you purchased.
When your first year is completed, you will have the option to renew your hosting or have the hardware shipped to you. This is the same for all members whose hosting services have been completed.
Why should I host my miners with VBit instead of my own facility?
Bitcoin mining computer hardware requires technical knowledge to setup, a well ventilated space and huge amounts of ongoing electricity at a high voltage to operate. You will incur very high fees to set-up the space and high ongoing electricity bills to operate, not to mention the loud noise these computers generate. So just let us worry about setting it up and maintaining it for you while you decide on where to distribute your hashpower and collect your rewards!
What happens when my hosting is done?
If your hosting term has ended and your hardware is still functional, you will be contacted with the options to either renew your hosting or have the hardware shipped directly to you (fees will apply). Hosting rates will vary depending on the changing costs of electricity in the future.
Where is my equipment being hosted?
VBit has several data centers in Canada and the United States
Can I host my equipment myself?
Yes, you may purchase hardware at cost and have it shipped directly to you for shipping and handling fees.