9 Craig Road, Singapore 089669+65 9488 8669 admin@bitcoinminingsingapore.com

FAQ

What is BitMining?

We are a Bitcoin mining company HQ in Singapore under the company Success Results Pte Ltd. Our aim is to provide general public access to crypto mining with low electricity costs.

What is Bitcoin Mining and how do we “Mine” out a bitcoin?

Basically in layman terms, Miners help to solve a complex algorithm in the Blockchain. The first party to verify that transaction earns the bitcoin. The current reward for the first party to solve the algorithm is 12.5 BTC.

What is the difference between mining with BitMining vs mining myself?

Many miners have stopped mining due to the rising electricity costs. They are just not able to turn a profit. Some miners might even find themselves losing money due to these costs. Also do bear in mind that these rigs produce a ton of heat and noise as well!

At BitMining, we have partnered with a few other large mining operators around SEA for farm locations to host our mining operations/rigs. We are also able to combat the electricity cost issue by partnering with hydro/wind energy providers in Thailand, China, Malaysia etc. By using hydro/wind energy, it helps us save between 50-80% on electricity costs compared to retail/domestic rates.

Thus, we are able to lower our overheads and still turn a profit regardless even of a low Bitcoin price.

The price of Bitcoin is so volatile. How do you ensure consistent yield?

Price volatility mostly affects traders. We miners are just the ones who help to verify the transactions are get rewarded for it. In a nutshell, if the price of the Bitcoin drops, the difficulty level of verifying the transaction becomes easier. This enables us to verify more transactions over a shorter course of time, thus balancing the profit ratio.

What are the risks involved?

In the event that Bitcoin & other cryptocurrencies were to come obsolete, having $0 in value. In that case, BitMining reserves the right to void prior arrangements and will return the client 50% of the machinery cost.

Does my Cloud Mining Package include anything else besides ownership of the Hash Rate? Are there any hidden costs involved?

Upon joining us, the rigs producing the hash will be fully taken care of. Administration fees, maintenance of rigs, electricity costs, broken-down rigs. Basically, all costs involved in the operations will be borne by us.

There will be no other cost that BitMining will ask from you. You can just sit back and relax!

I'm not from Singapore. Can I join the programme too?

Yes you can. Do contact us via email and we will arrange the necessary procedures for you.

Why does it take 1 ½ - 2 months after purchasing the rigs/hash before I can start seeing my yield?

Due to the high demand of the rigs, the supply is scarce. Purchasing and delivery of the rigs to the farm would typically take about 4-6 weeks. The machines would then be set up, optimized and tested before going live.

How will be my yield be paid out to me monthly?

During the payment date every month, the client is able to choose if he/she wishes to receive the yield in Bitcoin or fiat currency.

– Do note that if the client wishes to receive BTC, after the payment has been completed. BitMining
will not be held responsible for any fluctuation in the price.

– Should the client wish to receive the money in fiat currency, an OTC (over-the-counter) fee of
2% will be applicable. Alternatively the client is able to use his/her own crypto-exchange to convert
their BTC into fiat currency.

I purchased a Cloud mining package. When will I see my returns?

Similar to the mining package. Client who purchase hash rate from us will also be paid out monthly.

Cloud Mining with BitMining VS other Cloud Mining companies.

Quite similar to mining on your own. Other cloud mining companies charge maintenance fees which might eat into profits as it is heavily dependent on the price of Bitcoin. Some might find themselves losing money during the Bitcoin bear run instead. Here at BitMining we have adopted a new strategy and pay out a guaranteed return instead, regardless of the Bitcoin price.

Can I terminate my contract early?

Yes you can. At any point of time should the client wish to withdraw from mining with us he/she is able to do so. But do note that early termination of the contract is not advisable. In the event the client wishes to terminate the contract, a 1 month notice is required. After which, Bitming will return 50% of the initial capital to the client.

I have my own mining rigs, can I host it with BitMining?

Yes you can, although different rates would apply. The maintenance fees of the rigs would also be borne by the client.