FAQ 2018-06-08T11:31:55+00:00

FAQs.

Here in our FAQs you can find out frequently asked questions. Should there be any questions not found below, please do not hesitate to contact our support team. We do not allow your questions unanswered!

Questions about the company!

MineBlock  is an Austrian company with the legal form: Limited Liability Company (Mine Block   GmbH). Object of the company is the rental of  computing power and hardware. Our team consists of  a group of successful sales entrepreneurs, technicians, programmers and people who have been  dealing with crypto currencies and crypto mining for years.

The Companies Register no. is: FN484026 d

The UID Numer is: ATU73071436

Commercial Court Vienna

More information can be transparently tracked here:

https://www.firmenabc.at/mineblock-gmbh_OUHD

We are based in Austria:

MineBlock GmbH

Währingerstraße 2/1/48

1090 Wien

Österreich

Yes of course!

Your account is always visible in your personal member’s area.

Questions regarding mining!

Our mining hardware is mainly located in Georgia, Austria, China and Iceland.

Iceland is currently the most popular country for digging crypto currencies worldwide, as environmentally friendly, favourable conditions and the additionally low outside temperatures which contribute to the effective cooling of our devices.

China the 2nd most popular country in the world – and the 3rd most popular country Georgia. The electricity costs are comparatively low; one of the most important factors in mining,

In Austria, we want to make physical monitoring of the mining process easily accessible to our customers and present the quality of our services.

It is always to remain very important for us on the cutting edge of technology to ensure maximum efficiency for our customers.

Every computer in a crypto network has a certain computing power, which is measured in hashes per second. Since users have to perform highly complex mathematical operations, which is necessary to increase the security of the respective crypto network. A hash rate indicates the speed at which a computer processes such an operation in cryptographic code. A data record of any length is converted into a data record of fixed length and the computers are rewarded for this. When mining of bitcoins , the algorithm SHA-256 is used, for Litecoin Scrypt-504 and  Z-Cash for instance Equihash.

Our approach enables us to provide our customers with their processing power within 24-48 hours.

This works with our first of 2 applicable methods. The Cloud Mining Method.

Since the process of delivering physically tangible machines takes about 14-28 days, we initially use this method to save our customers the annoying wait. We then take care of converting cloud computing power into in-house computing power and placing it on our farms.

We offer our customers computing power for crypto mining in the form of ASIC and GPU processors. The customer buys Bitpower and leases computing power. At the time of purchase, MineBlock GmbH selects the most suitable mix of ASIC and GPU machines for the customer to ensure efficiency and stability.

Our goal is to find the most profitable cryptocoins with the best predictions on the market without the customer having to pay a lesson for incorrectly selected ASIC or GPU computing power. Since ASIC does not mean ASIC and GPU is not GPU, we bring in our know-how to protect customers from unwanted / unprofitable results

No.

Investments are regulated by public authorities established by countries that have to decide on the lawful content and its distribution. Buying Bitpower is a form of personal production of crypto currencies. Since results depend on several factors, such as the complexity of the network, transaction fees of a network and, for example, electricity costs, a stable forecast in the form of “returns” cannot be given.

A clear YES!

Our world has always been shaped by change. Innovations such as the railway, the car or the Internet have become established over the years and are indispensable today. But why?

New technology has often offered people added value and simply made life easier.

To give an overview of the function of the Bitcoin Mining Network, we have included the process of mining. Note that each transaction network works differently.

All Bitcoin transactions are processed via the Blockchain network. The task of the miners is to “crack” the newly created blocks and validate them for correctness. If the information is verified on a block of at least six independent miners, the block is considered cracked and the bitcoins stored on it can be mined by the machines involved. The number of bitcoins stored on a block depends on two factors. A fixed quantity of bitcoins, which is reduced by half every 4 years and currently stands at 12.5 BTC and the transaction fees that arise when transferring money from one wallet to another. Not only transaction information but also the collected transaction fees are stored on blocks. After this process, the tested blocks are combined and linked to the existing information string. The ever-growing block chain (Blockchain) can be regarded as a kind of account book. A new block is created every 10 minutes. The block wage is halved every four years. The next halving, called in English chippings, will take place in summer 2020. The bitcoins then halve to a fixed value of 6.25 BTC for the next 4 years. Since the number of bitcoins is set at 21 million, the last bitcoin will be mined in 2140.

Currently Bitcoin & other crypto currencies are becoming more and more popular and get more and more reputation. People recognize the potential of this technology and want to be part of it.

Mining offers the best long-term opportunity, because you support the entire industry with your computing power and can be sure to get your fair share over the next few years.

When you register, we will give you 15 Bitpower free of charge so that you can demonstrate the functionality of our back office.

After your first purchase you are entitled to pay out the proceeds of your donated Bitpower.

The level of mining results cannot be influenced by MineBlock, but depends on many different circumstance factors specified by the mining market. Factors such as the increasing complexity, transaction costs and utilization in the respective transaction network are of a higher nature and are not dependent on us.

Influensible factors such as effective electricity costs, rental costs, construction costs, maintenance costs and security costs have already been optimized by us. Our hardware and software concept is scalable, variable and designed to guarantee our customers the best possible results.

It is therefore possible for us to connect to various pools at any time and to dig for the most profitable Altcoin portfolio and to exchange it for Bitcoins as required. We are proud to be the market leader in our hybrid mining concept.

Profitability is mainly determined by the global mining market. Factors such as difficulty of the mining network, economic price of the mined coins and transaction costs of the transaction network play a role here.

With the Hybrid Mining System and the know-how of the mining market, MineBlock GmbH guarantees the customer the best possible result.

This depends on the individual tax situation. MineBlock GmbH recommends the advice of a tax consultant.

We currently accept IMMEDIATE credit transfers, SEPA  transfers, Bitcoin, Ethereum, Litecoin and Dash. With the daily distributions, further Bitpower can be activated.

In principle, enormous computing power is required for the process of mining crypto currencies. In order to increase the performance of such computers, mining plants are combined into large “mining pools”. Thousands of devices are often linked in such a pool.

There are 2 possible approaches to get this computing power. Cloud mining and traditional Farm mining.

The principle of cloud mining makes it possible to quickly rent or buy shares of a usually large mining pool. The suppliers provide the miners with the hardware or computing power. The devices are installed, operated and maintained by our supplier.

Large Cloud Mining Pools offer mutual benefits, for both the miner and the contractor. As efficiency is increased by a large operation, the miners can be offered better conditions and computing power can be purchased or sold at any time.

The principle of Farm mining makes it possible to operate solo or pool mining, for this purpose the computing power is provided by physically tangible ASIC or GPU machines. The machines are purchased, installed, operated and maintained by the miner itself. As technical expertise is required in this area, the process can only be carried out with expert knowledge.

Farm mining makes it possible to physically participate in the process of produced cryptocoins. In addition, it is possible to control and variably adjust electricity costs, maintenance costs, setup costs, etc. yourself. Since the mining process produces a lot of waste heat and is noisy, the location and the building must be suitably selected and equipped with a complete ventilation system, security system, power connection and other individual software.

We merge these two methods to offer our customers maximum benefits. Short activation times, computing power in small quantities, as well as physical participation in the production process are only a few advantages that are possible with our concept.

Yes, if a customer decides to recommend our service, he will be rewarded according to our MBC Referral Program.

In your backoffice you will find an exact overview of how many coins you already have. Every day you have the possibility to send your mined crypto currencies directly to your private wallet.

A crypto wallet is an electronic wallet that can be used with all mobile devices, such as smartphones, tablets or computers. Crypto currencies are stored on this wallet, and any number of walls can be set up per user.

Since a crypto currency is not physically vulnerable like paper money, a digital wallet is used to send any transactions.

The advantage for the users: All information of the transaction network is stored in the wallet and with 1-2 clicks a secure and fast payment is possible.

Crypto currencies are digital currencies with a usually decentralized and cryptographic system. They represent an alternative to our current payment systems, which are regulated and controlled via central nodes such as a bank. In contrast, crypto currencies are regulated decentrally by a network of computers. This technology is called Blockchain.

Since this system requires checking incoming and outgoing transactions to ensure secure transfer of bitcoins or other cryptocoins, these transactions are verified by multiple security protocols. What the majority says is true. The miners (individual specialized high-performance computers with the aim of cracking blocks) receive a reward for verifying this information or information blocks, which is stored on the respective blocks. This process is called mining and is an integral part of most cryptographic currencies.

All Bitcoin transactions are processed via the blockchain network. The task of the miners is to participate in this process by collecting all transactions within a specified time period and merging them into a list (block). The miners confirm or deny the information stored on them. If an information is verified by at least 6 miners acting independently of each other, it is considered correct and is executed. The miners who have carried out this calculation process are rewarded with bitcoins or other crypto currencies.

 This process requires enormous computing power. In order to increase the performance of such computers, mining machines can be combined into large “mining pools”. Several thousand minerals are often linked into a pool. The so-called ASIC miners are machines specially designed for this process and provide a particularly high computing capacity. In the cloud mining process, additional shares of a usually large mining pool can be rented or purchased.

Since large “mining farms” require enormous amounts of energy and produce enormous amounts of waste heat, they are usually located in countries suitable for such processes. Large mining pools bring mutual benefits for both customers and suppliers, as efficiency can be increased by larger plants and customers can generate greater profits. The customer also no longer has to install and maintain the machines.

First computing power can be activated for as little as 5 euros.

Since it is technically more complex for Mineblock GmbH to allocate small amounts of computing power to our customers, we have prepared a corresponding price table for our services.

This can be viewed on our service page.

The coins are paid out daily, every 24 hours. After activating Bitpower, our software will charge you every day at 00:00.

You have the possibility to apply for a transaction at MineBlock.City from a balance sum of 0,001-0,002 BTC (approx. 20 Euro).

Your requested Bitcoin amount will be checked manually by our staff within 24-48 hours and then sent to your deposited Bitcoin Wallet.

As transaction costs depend on the Blockchain network, we reserve the right to increase the limit if transaction costs exceed the requested payout amounts.

All mining hardware of MineBlock.City is insured against any kind of damage. Each device is serviced as required and even replaced in the event of a total failure. This was also calculated in the price of a Bitpower.

The results are currently being credited to Bitcoin.

Of course!

Since we act according to Austrian law, the right of withdrawal is 14 days after the first Bitpower was purchased.

Since we activate the required computing power within 24-48h, no revocation can take place if the first Bitcoin transactions have already been transferred to the own Bitcoin-Wallet.

In this case our premature contract declaration comes into force, which can, however, be revised if already transferred Bitcoin amounts are refunded to MineBlock GmbH to 100% within 14 days.

A recall is to be sent by registered letter to our business address:

MineBlock Ltd.

Währinger road 2/1/48

1090 Vienna,Austria

No. MineBlock GmbH serves several diggable crypto currencies and is constantly oriented to the latest technologies on the market. This enables us to constantly adapt to the latest trends in order to guarantee the most profitable result for our customers.

Questions about the referral program!

The MineBlock.City recommendation program offers the possibility to get additional Bitpower (computing power) by recommending our service.

The MBC team has opted for an attractive and fair bonus in the form of Bitpower (passive hash bonus), as this way the stability of our concept can be fulfilled.

The breakdown is as follows:

Level: 5% of the acquired computing power of the partner will be credited to your account

Level: 2% of the acquired computing power of the partner will be credited to your account

Level: 1% of the acquired computing power of the partner will be credited to your account

Level: 1% of the acquired computing power of the partner will be credited to your account

Level: 1% of the acquired computing power of the partner will be credited to your account

In our member area under the tab “MBC-Marketing” you will find further information about our recommendation program

Since we want to exclude an uncontrolled growth of our community and the associated logistical and technical deficiencies, we have decided to activate appropriate levels of recommendation.

Thus we can exclude that our product is advertised by persons who do NOT use our service themselves.

Stability and quality are important to us.

A list of the required bit power for the activation of our recommendation levels is provided here:

Level 1 – 455 Bitpower (100 Euro in computing power)

2nd level – 2778 Bitpower (500 Euro in computing power)

Level 3 – 10714 Bitpower (1500 Euro in computing power)

4th level – 35714 Bitpower (5000 Euro in computing power)

5th level – 71429 Bitpower (10000 Euro in computing power)

You can find further information about our recommendation program in our back office under the tab “MBC-Marketing”.

For more information about our referral program you can find “MBC Marketing” in our back office under the rider.

No. MineBlock GmbH stores the Bitpower bonus until the respective person has qualified for the corresponding level.

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