Still have questions regarding cryptos, cloud mining, or even the services of MyHashing? Check out this FAQ page to know more about MyHashing.
1. Cryptocurrencies and Mining
+What is cryptocurrency?
A cryptocurrency is a digital currency used for online transactions. It is a medium of exchange that requires the use of private and public keys. Every transaction made with crypto currency is stored in a blockchain hosted on a peer-to-peer network. The main objective of cryptocurrencies is to provide decentralized and safe transactions.
+Where and how can I buy cryptocurrencies?
You can buy, sell, or even trade cryptocurrencies on crypto exchanges. You can find loads of exchanges online. Simply create an account with the chosen exchange, and then provide the amount of crypto coins you want to buy.
+Can I acquire cryptocurrencies without buying them from crypto exchanges?
Yes. If you want to acquire crypto coins without buying from crypto exchanges, you can do so by mining.
+What is mining?
Mining or crypto mining is a means of acquiring cryptocurrencies by way of verifying cryptocurrency transactions made by crypto users. This is done with the use of powerful hardware that solves algorithms with cryptographic hash functions. These functions are linked to blocks that contain the data of cryptocurrency transactions. The miner that solves the block first gets to authorize the cryptocurrency transaction and gets rewarded with small amounts of cryptocurrency. This is how the blockchain is formed.
+I don’t have the mining hardware. Can I still do mining?
Yes. But the kind of mining you will do is cloud mining, which is exactly the service that we offer.
2. Cloud Mining
+What is cloud mining?
If you want to mine without worrying about the mining hardware and the electricity fees, then you can opt for cloud mining. This type of mining requires you to pay a company like MyHashing that offers cloud mining service packages based on hash rate. In turn, you will receive processing power that essentially does the mining for you. Then, you will receive the coins in your wallet as if you yourself are the one mining.
+What is hash rate?
Hash rate is the speed at which the crypto mining machine operates. When the hash rate is high, the possibility of solving the next block is bigger. The more blocks are solved, the more crypto coins are earned.
+What is maintenance cost?
Maintenance cost is simply the tax which a contract holder pays so that the hash power provider like MyHashing can maintain the reliability of the mining services. This price is based on 4 factors: electricity cost, cooling, maintenance work, and hosting services. In MyHashing, for any kind of cloud mining contract, the maintenance fee is fixed at US$0.13 per Th/s deducted from your account on a daily basis.
3. MyHashing & Cloud Mining Packages
+What is MyHashing ?
MyHashing is a company with mining facilities in Georgia that generate over 200 PH/s processing power. MyHashing offers Bitcoin and Bitcoin Cash mining without requiring you to buy any specialized equipment. MyHashing is fully responsible for hardware maintenance, thereby reducing your electricity cost and minimizing the risk of giving you any kind of trouble caused by equipment failure during the working process.
+How does Myhashing works?
It’s an easy and comfortable platform. We provide in-house built software that miners can check detailed parameters in relation to their cloud accounts in real time.
After registering on platform user needs to choose desired package and pay for it in crypto currency or in USD. When you pay initial one-time payment, contract is activated automatically and you will be provided with hashpower, according to your contract terms and duration. You will receive your mined coins on a daily basis.
After contract is activated maintenance fee applies for it, which is automatically deducted from your mined coins on a daily basis.
+What are the cloud mining hash rates offered by MyHashing?
You can find our offers in pricing section
+What are the cryptocurrencies covered by your cloud mining services?
Bitcoin (BTC) and Bitcoin Cash (BCH).
+How can I buy a cloud mining service package?
Set up your personal account by registering with MyHashing.
4. Account and Registration
+How can I register with MyHashing?
To register, simply click the “Sign Up” button on the homepage or here and provide the following information: e-mail address, full name, and password. You will receive a confirmation email which will prompt you to click the confirmation link to verify your account. Once your registration is verified, you can start purchasing hash power.
+I did not receive any confirmation email. How do I open the confirmation link?
In the event that you did not receive the confirmation email, check your Spam folder or click “Resend the confirmation link again” option. You can also reach us through email or online chat.
5. Buying hash power
+How can I buy hash rate?
After you have created an account with My Hashing, go to the pricing section. Тhere you will see the contracts we offer at different levels - Starter, Basic, Premium, and Custom. Choose the package of your choice and payment method. For more information, check pricing section.
+Is there a limit to the amount of hash power that can be purchased?
The highest amount of hash power that you can buy is 1,000 TH/s.
+Are there maintenance charges that I need to pay?
There is a maintenance fee US$0.13 per Th/s which is deducted from your mined coins on a daily basis.
+How can I calculate my estimated profit based on my chosen hash rate?
It’s recommended for you and any other clients to do personal research. You can use our forecast calculator which is located on the same page where you can buy your desired package. The calculator predicts future profit, but remember to carefully read notable information after the calculation because there are a lot of external factors that can affect the result. In other words, any amount shown by the calculator is not guaranteed.
+What factors affect my profit?
Your income is based on the mining difficulty of your chosen crypto coin. If solving a certain block takes much time, getting the reward for solving that particular block will also take as much time. The more blocks the hardware solves per day, the bigger your income will be.
Apart from mining difficulty, your profits are also based on the price of BTC or BCH since you need to convert your income to your desired fiat currency.
+When do I get the payouts?
You can add your desired wallet address from Settings/My wallets section. After wallet address is added you can simple request withdrawal of your holdings any time from your personal accounts earnings balance.
+Are there any withdrawal fees?
There are minimal withdrawal charges. For Bitcoin withdrawals, the withdrawal fee for each request is 0.0005 BTC. For Bitcoin Cash, the fee is 0.0005 BCH.
+Is there a minimum withdrawal threshold?
The lowest amount of Bitcoin you can withdraw is 0.002 BTC. For Bitcoin Cash, it’s 0.02 BCH.
+Is it possible for me to have a negative balance?
No, you cannot possibly incur any negative account balance.
+What kind of benefit do I get when I buy a large portion of hash power?
The more power you buy, the lower the initial cost gets per TH/s.
7. Crypto Wallet
+What is crypto wallet
A crypto wallet is a device or software that allows you to send or receive crypto currencies.
+How can I create crypto wallet?
If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet. There are different kind of platforms, where you can register personal crypto wallet, for example Bitgo, Ledger, Trezor and so on, but before registering a wallet, you should, however, consider how you intend to use it.
+How can I add wallet on my account?
Go to the personal account and choose settings section. Click my wallet button and insert personal wallet information.
8. Account Settings and Recovery
+I forgot/lost my password. How do I recover my account?
Go to the sign in icon on the main page. After clicking on icon, you will see "Reset password" under the sign in button. Click on it and write down your registered email. Then click recover my password. In a few seconds, you will receive password recovery link on your email. Open sent URL and set new password for your personal account.
+How can I change my password after registration?
Firstly, sign in to the personal account. Then go to the setting section. After clicking on it, you will see change password. Enter new password, then confirm and click change password button.
9. Referral Program
+How does MyHashing Bonus Program work?
Every registered user has a unique referral link. In order to earn referral commission bonus, customer has to spread information about his/her personal referral link, which can be shared with anybody. New user, who registers on Myhashing by using referral link, becomes lifetime referral. Commission bonus is defined as 5% of new customer's initial contract price. Whenever lifetime referral adds new contract, you will receive coins. Bonus is added to your account's balance in BTC shortly after the purchase is confirmed.
+Can I have individual conditions for MyHashing referral program?
Every user has same bonus program conditions – 5% of new customer's initial contract price.