FAQ

What is mining?

Mining is basically a process of validating transactions in the cryptocurrency world. Just like banks get a fee for processing your credit card payments, miners get a fee for processing cryptocurrency transactions.

The major difference with banking is that there is also a fixed pay for miners, so even if there are not a lot of transactions, miners still get their pay. Imagine government paying banks every day just because they exist. This allows keeping mining profitable even while bitcoin is still not widely adopted.


Can I buy my own equipment and mine at home?

Though possible, hardly anyone would want to mine bitcoin at home. Mining equipment is not only expensive but also not suitable for home or garage. It is loud and high-power consuming. It works in maximum performance mode 24x7 and needs moving parts to be replaced often. Its portability, price, and loudness allow people to easily find it and steal it.

Mining at home might look like a passive income, but actually requires a lot of time and becomes a business on its own


What is cloud mining?

Cloud mining is buying a share of the hashrate of a large mining operation. With that, you get a lot of benefits - cheap electricity, no need for replacement parts or watching equipment, etc.

All is included in one simple maintenance fee, which allows you to easily predict earnings (check our calculator) and hold no risks.


Is it profitable to mine bitcoin? If Yes, then why do you sell your hashrate?

We are similarly engaged in mining. And we also want to raise profits. This can be done by engaging more people and building better infrastructure.

The more we grow, the cheaper is electricity and equipment for us and our clients!


I am from the US. Can I join FlyMining?

Yes, we have no problem working with the USA!


Is $100 enough to get started?

Our smallest lifetime contract is $175. But our smallest monthly contract is just $10 that you pay monthly! Monthly contract is a great way to try mining for yourself!

You can always upgrade your monthly contract to a lifetime contract, and your previous payments count towards the price!


What is return on investment in cloud mining?

We cannot give you specific numbers as it is not possible because of bitcoin price volatility. You can use our calculator when you register and go to "Buy hashrate" page. Or you can use other resources such as coinwarz.com or whattomine.com.

Calculator estimates how many dollars you get. Because we give you terahashes, and they generate bitcoins. This is what you buy from us - service of generating bitcoins. Price of bitcoin is given for your reference in this calculator only, it is not included in the contract. You have to sell bitcoins on your own, and we just give an estimation of how many dollars you get in the end.


Is there a chance I lose money from the bank?

No chance of losing money from the bank. If mining becomes unprofitable, mining stops until it becomes profitable.


How often can I withdraw money?

You can withdraw your bitcoins once a day


What is the "maintenance fee"?

The mining equipment is spending electricity and requires constant maintenance. All this is included in one fee, which is called Maintenance Fee. Right now it is $0.22 per 1TH/s per day

What is Mining

01 /
WHAT IS MINING?

On the bitcoin network, transactions are being made every second - people send BTC to other people. Transactions in the blockchain each take their unique place one after another. But for the transaction to really be fixed in its position in the blockchain, it must obtain a special key.

Imagine that you have a doorlock and have to try 1000 trillion keys before you find the right one that opens the door. It is a pretty accurate depiction of what happens.

Finding the key is not an easy task and a person who commits a transaction is willing to pay miners some fee for finding the right key. Plus, there is also a separate reward from the bitcoin network itself.

All the computing equipment in the world has to spend an average of 10 minutes to find the right key. For efficiency, the key is used not for each transaction separately, but for a block of about 2000 transactions (hence `block`chain, not `transaction`chain).

The miner who finds the key for the block - gets all the glory and some bitcoins as a reward!

This process is called mining.
02 /
CLOUD MINING

Bitcoin mining is a profitable business since day 1 and will always be until bitcoin dies, because there is no bitcoin without mining.

Without mining, transactions will stop and bitcoin will become worthless!

So if you believe in bitcoin - you also must believe in profitability of bitcoin mining!

Mining at home is impossible nowadays: the equipment has become too industrial and is not user-friendly nor home-friendly - it is too noisy, consumes too much power, requires special skills in set-up.

Cloud mining is a web-service that leases out mining equipment without you having troubles of maintaining your own equipment:
  • loud noise
  • high power consumption
  • high heat dissipation
  • equipment overheating
  • enterprise-level Internet connection via two or more alternative channels
  • warranty replacements in China
  • equipment failures after warranty
  • theft
  • import and customs
03 /
MINING IS PROFITABLE FOR YEARS TO COME

Mining is the mechanism of the banking system of the future. Can you imagine, for example, that servicing credit cards would stop being profitable for banks? No, because the financial system of the world would be destroyed! Like current financial system needs banks, the Bitcoin network needs miners as much as a human body needs a heart. Once the mining ceases to be profitable, the Bitcoin network will die. That is why mining will always be profitable as long as bitcoin is used.

Why Bitcoin?

Why bitcoin and not some other digital currency?

Bitcoin was the first digital currency to get special mining equipment and since then the progress has pretty much achieved its final state. The computational complexity grows very slowly nowadays.

Mad performance races of the past (2013-2014) are over now, which cannot be said about Ethereum, DASH, Litecoin, Decred, etc!

Because of this stability, all the large investors are investing in bitcoin.



Why mining is a much better investment than just buying bitcoin?

It is easy to see why mining is better than just buying bitcoin when bitcoin price is falling or even just staying still.

No profits can be made right now if you are not a professional trader with years of experience.

But mining bitcoin is profitable even now, because otherwise bitcoin would cease to exist, which will not happen in the nearest future




Contact US

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Phone
+41215880081
Address

Suite 4091 Mitchell House, 5 Mitchell Street, Edinburgh

Scotland, UK, EH6 7BD