FAQ
1WHAT IS MINING?

Mining is the processing of transactions in the digital currency system, in which the records of current transactions, known as a blocks, are added to the record of past transactions, known as the Blockchain.

cryptocurrency mining is a process in which cryptocurrency is produced by solving complex mathematical problems. Mining is the process by which transactions are verified and added to the public ledger, known as the blockchain. It is a means through which new Crypto coins are released. Miners are the rewarded with Block Rewards in respective cryptocurrency as a compensation towards their contribution.

Anyone with precise hardware, Appropriate resources & domain knowledge can participate in mining. At Coinomia, we save all the trouble and provide a ready to mint (Make crypto-currency),cloud mining platform for you.

2WHAT IS Cryptocurrency?

Cryptocurrency is kind of new generation of the payment systems with high security that allows users to perform safe as well as real time online transactions. It is a medium of exchange like other Fiat currencies such as USD, GBP, EUR, etc. It is like the money you've got in your credit/debit card, that can be used for purchases. Transactions are visible in the bank statements/ledgers but you don’t get to touch it or feel it.

Put another way, cryptocurrency is computer hardware resources and electricity converted into lines of code with monetary and exchange value based on demand and supply logics.

3WHAT IS ETHER?

Ether is one of the biggest cryptocurrency. Ethereum offers a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Everything that’s being built on Ethereum will always use Ethers for internal transactions and hence, demand for ethers will always keep on rising. This makes Etherium a perfect mining preposition.

At Ethermine, we are committed to ethereum mining and promotion of other ethereum based smart contracts. For more information.

4WHERE ARE YOU MINING SETUPS?

Ethermine team started their research on optimized mining around 3.5 years back in UK. Over time we realised that there are places around the world with cheaper energy and convenient alternatives. Therefore, we decided to move to such places.

We have established our rigs in India and China where electricity rates were low and generating green electricity was also cheaper (through solar plants) than any other part of the globe. However, we can not reveal actual location of it to avoid any uninvited trouble.

5HOW DO YOU MANAGE POWER?

We have invested in solar power plants that will guarantee uninterrupted green energy for the decades to come. Our mining rigs are established in the plains of India and China where there is ample sunlight throughout the year. Rather investing in diesel generators and heavy transformers, we installed the most durable form of green energy that goes best with the available form of energy. At the same time, cost of regular power supply in these locations is also very cheap. So if in case our power generation plants fail, we wouldn’t be bothered much.

6WHAT IS POOL CONTRACT?

Pool contract is a virtual division of a machine between multiple users, where the block rewards received through mining done on the same machine is distributed between the pool owners. This concept is similar to Virtual Private server (VPS) in case of Data Hosting Services. You can have a feel of mining Ethers or Ethereum at just $100! on complete autopilot!
No need to purchase hardware!
No maintenance cost to bear!
Get daily returns!
With a pool contract you also get-
1. A Potential Volume(PV) of 1
2. Mining Power of 3 TH/s in BTC & 0.58 MH/s in ETH.
3. A Direct Referral Commission of 8%.

7WHAT IS RACK CONTRACT?

As a Rack contract owner, you get an entire rack of machines solely dedicated for your mining needs.

8WHICH HARDWARE YOU ARE USING TO MINE?

We are using ASIC (Application specific integrated circuit) mining equipment’s for Ethereum. There are being supplied by the biggest hardware vendor in this domain, BitMain. For Altcoin mining we have developed custom designed hardware that can mine any Altcoin as soon as it is instructed to.

9WHY IS THE MINIMG IS POWER OF THE ETHEREUM MORE THEN ETHER?

Mining depends on lots of factors like cryptography algorithm, current difficulty level, block submission interval, data stored in blockchain/transaction & several others. In case of ethereum the difficulty level to solve a block is higher than that of etherium. Therefore, more power is required to mine ethereum blockchaindata.

10WHAT IS CLOUD MINING?

Cloud mining gives an instant access to mining platform. For new users, cloud mining is beneficial in many ways.
1. It reduces the risk.
2. It reduces the cost.
3. It assists the new user.
4. It provides daily returns.
5. It is hassle free.
6. User don’t need to invest on hardware and its maintenance.
7. Mining in pool and sharing the payout.
8. Provides more authenticity.

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