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 the a computer can attempt to complete this algorithm puzzle every second. The higher hashrate means increased opportunity for Bitcoin Mining and receiving.
Do I have to pay for anything else? Are there any other fees after completed payment of the package?
All customers will receive 1 year of free hosting and maintenance fees included with their package purchase. After this period, we charge a small maintenance fee of $0.00005/GH per day, which is fixed in USD.
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 mine in your VBit wallet (QABU) to verify that you are both mining Bitcoin and 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.
Why should I mine with you vs. myself?
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 collect the rewards! You work hard for your money, so start letting your money work hard for you!
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 Bitcoin Mining package and start generating revenue!
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.
Is VBit Technologies a cloud mining company?
No, VBit Technologies is a hardware reseller and offer hosting services. Consumer purchases application specifics integrated circuit chips (ASIC Chips) based on the hashpower. The purchase price includes the hosting service for the first year. After the first year, customer will be charge a maintenance fees based on hashpower generated by the ASIC chips at prevailing rate. Customer can request to have their ASIC Chips ship back subject 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 stored on our wallet system QABU. We’ve included this for all mining customers.
Is this the right time to mine?
Although Bitcoin mining is not as dirt-cheap of an operation, it is still a very profitable venture when it’s done right. Bitcoin Mining companies like VBit Technologies are now smarter with a lot more experience operating with more technologically advanced mining equipment. That, coupled with cheap and sustainable power solutions has made Bitcoin mining profitable when mining with a company that’s using the most up to date mining rigs.
What are some obstacles of mining?
There are various things that contribute to the obstacles of Bitcoin mining. Those reasons range from not being profitable, being scammed, theft and fraud to name a few.
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.
How constant of a return will I be able to expect?
The length of time your machine will mine Bitcoin depends on market conditions, such as BTC price, mining difficulties, the model of your machine or ASIC chips, electricity cost, and etc. These market conditions are out of the control of VBit Technologies. Due to these factors, we can not guarantee the length of time your machines or chips will run.
How safe is mining and with your company?
VBit Technologies have a multi-layer security system and measures in place and your Bitcoin will always be safe whenever in our position. However, members must practice sound personal security measures when withdrawing their Bitcoin.
Where can I find my MemberID?
If you don’t know MemberID, login to VBit back office and find in profile instead
How do I file taxes for my mined Bitcoin?
We have templates and reporting software in the back office to help with your documentation at tax time. You can donwload our Tax Tutorial for more information.
Can I opt to pay off my financed agreement early?
Yes, Please contact firstname.lastname@example.org
Can I cancel or get a refund?
Refunds will be given within 7 calendar days of purchase. If a refund is given, the customer will receive the purchase price minus any Coin proceeds received. The value of the Coins will be calculated based on the day of the refund.
What does “Open-Ended” contract mean?
Your mining package will continue to mine for as long as the following conditions are met:
- ASIC SHA-256 algorithm chips has not reach the end of its life expectancy, and;
- The value of Coins generated within the 15 prior days are sufficient to cover the Maintenance Fees accumulated within this period.
Please refer to our Terms and Conditions on our website for details.
What does VBit mining package come with?
When you purchase a mining package from VBit, you are buying computer equipment with free maintenance for the first year. From second year on, the maintenance fee will be calculated based on Giga-Hash per second per day. For current rate, please refer to our Terms and Conditions on our website.
What if I’m not satisfied with the hosting service?
At any point, you may terminate and have your ASIC SHA-256 algorithm chip ship to your destination. The customer is responsible for the shipping and handling charges. Please refer to our Terms and Conditions on our website for the details.
What is the maintenance fee?
The maintenance fee covers all costs related to mining including, but not limited to electricity cost, cooling, maintenance work, hosting services, and repair cost, etc. The fee is fixed in USD but deducted from the daily mining rewards in the natively mined coin on a daily basis. The maintenance fee details are listed on our Terms and Conditions of our website.
Where is my MemberID?
If you don’t know MemberID, login to VBit back office and to locate in profile.
Otherwise email email@example.com
What is a custodial wallet?
Custodial wallets are similar to banking accounts. Principal difference being that the operator (custodian) has access to the private key which has advantages. For example, if you lose your password, you will be able retain access to your funds.
Will non-mining users also have access to the QABU wallet?
Coming soon! We’re working hard on it.
What is two factor authentication?
2FA is a necessary security measure that protects your funds. Before account access is granted you’ll receive a 4-digit code via text message which is entered on qabu.com. This helps ensure that only the account owner will access the account.
Why am I not receiving the 4-digit code to confirm my cell phone?
First check that you have a phone signal, then make sure the device is set up to receive text messages (SMS). Finally check the registered mobile number from QABU profile for accuracy.
Recently noticed a drop in BTC mining totals even though hash power remains the same, what happened?
The reason for the change in daily mined units is due to the increase in the mining difficulty level. When the difficulty level increases, each miner generates less Bitcoin. Inversely, when mining difficulty level drops, each miner generates more Bitcoin. These rules are built into the Bitcoin network. Every two weeks, the difficulty level adjusts to demand, follow this link for added visual clarity.