MINING FAQ

Mining FAQ

All you need is to create an account with SwissCryp® using a valid email address and purchase one of our mining packages.  Once you have done this, you can start mining cryptocurrency!  It’s that easy!

You can purchase your mining packages using your Bitcoin wallet or by bank transfer. You can open a Bitcoin wallet using Coinbase or use any other cryptocurrency wallet service.

Your mining package is valid for 1 year, after which you may decide to renew.

You can mine for any cryptocurrency, both alt currencies as well as public currencies.

Mining is the process of spending computing power to process transactions, secure the network, and keeps everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network.

This process is referred to as “mining” as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.

These abbreviations stand for the hashing power that your miner is generating. MH/s stands for megahash per second and GH/s stands for gigahash per second. There is a direct correlation between how fast your miner works and how profitable it will be.

However, all this is covered by us, so you don’t have to worry about it! That’s the beauty of joining SwissCryp®!

The term “hashing” means how quickly your hardware is processing data from the Blockchain and solving the complex mathematical equations that are required to earn bitcoins.

A mining pool is a group of miners who have shared their hashing resources to solve blocks together and the rewards are then distributed amongst the members.

Let’s say Bob runs a Bitcoin mining farm with 1% of the Bitcoin network hash rate. His machines only find, on average, one out of every 100 blocks. Bob becomes impatient and wants more frequent payouts. He joins a mining pool with 20% of the network hash rate. Instead of getting paid on average once per 100 blocks, Bob now receives smaller but more frequent payouts every five blocks.

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