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.
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.
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 decide on where to distribute your hashpower and collect your rewards!
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 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 offers hosting services. 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 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 desired Bitcoin wallet.
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 has the right setup.
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 profits. Estimates of mining proceeds based on current market conditions can be found through a number of publicly available online bitcoin mining calculators.
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 download 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 if I’m not satisfied with the hosting service?
At any point, you may terminate and have your equipment shipped to your destination of choice. 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. Unless a prepaid hosting package is purchased, the maintenance fee is variable and based on market conditions. The maintenance fee details are listed on our Terms and Conditions of our website.