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FAQ
Frequently asked questions
Company
We are a comprehensive cryptocurrency mining service provider.
We source and host clients mining equipment, and additionally we are a strategically located provider of rackspace for the Bitcoin & Cryptocurrency mining industry.
The combination of our mining infrastructure and proprietary mining farm-management software, enables an easy and safe way to acquire hashpower without the necessity of a complex hardware and software setup.
Our strategic bases give us access to some of the lowest electricity prices in the world, with 100% of our energy coming from hydroelectricity. This enables us to provide hosting solutions at affordable prices.
Our team of mining experts have an extensive knowledge of the digital currency sector, and therefore specialize in building the most efficient and reliable mining facilities.
We provide Mining-As-A-Service
- We source and host latest mining equipment for clients. Our customers own the miners, we run them in exchange for a mark-up the electricity usage.
- We are transparent and simple. We offer all-in pricing for our services with no hidden fees.
- We never hold your coins. Since customers own the hardware, the machines mine directly into their wallets. Our customers receive 100% of the mining rewards.
- We use 100% green energy, from excess hydro power plants.
1. You order the latest mining equipment (ASIC, GPUs etc) with us.
2. We source hardware directly from manufacturers for you. If manufacturer requires a pre-payment then client needs to prepay to us as well.
3. Hardware prices include sourcing, shipping, customs, power unit, cables and testing.
4. Once hardware is installed and ready to go live, client is asked to subscribe to a hosting plan (monthly, 6-months or yearly pre-paid).
5. All-in pricing: Hosting Fees include everything required for profitable mining (electricity, infrastructure and maintenance costs) but does not any potential repairs in case of hardware defects.
6. Flexibility and Security: Once first hosting fee has been paid client receives logins to client portal and can add its own wallet ID.
7. 100% of mining rewards go to Client: Miners mine directly into clients wallet and Client receives daily 100% of mining rewards. Blockbase never touches the coins.
8. No Contract length: As long as the hosting fees (monthly, 6-monthly or yearly) are paid in advance in time Blockbase will power clients units.
We source mining equipment for our clients from around the world and ship it directly to our data center which has highly favourable conditions for crypto mining. We host the hardware with our proprietary mining software.
Yes you are welcome to visit our offices as well as our data center. We are also regularly hosting open-house events.
Our current data center are in Sweden and North America. With these strategical locations we can provide:
- low-cost access to energy
- 100% green energy
- natural cooling
- political stability
- strong legal security
- well educated IT staff
- plenty of land available for expansion
Our current energy capacity is around 30 MegaWatts. We are in the process of building additional data centers in order to reach a capacity of several hundred MegaWatts.
We currently accept BTC, ETH and Bank Wire Payments in EURO.
We know how important it is for a potential customer to find answers to their questions. Therefore, please do not hesitate to contact us at [email protected]
Hardware Sourcing
Our software systems are tested and optimised for mining the following coins:
- Bitcoin
- Bitcoin Cash
- Dash
- Ethereum
- Ethereum Classic
- Litecoin
- Monero
- Zcash
If you wish to mine a different currency, please contact us beforehand so we can check feasibility. Our mining operation is highly automated and therefore we need to test compatibility and system integration.
No, you pay an all-in purchase price which covers sourcing, shipping, and installation.
You are welcome to instruct us to have your miners shipped to an alternative destination, but our data center offers the cheapest power rates in the world, so why would you ship elsewhere?
Our hardware prices include sourcing, shipping, customs, quality inspection, power supply, cables, racks, software installation and testing.
Many quotes that you receive from other suppliers are not all-inclusive. They are typically just for the mining unit only.
As you purchase the miners via ourselves, they are legally yours. This means that you receive 100% of the mining proceeds directly into your wallet. Due to security reasons, we never touch your coins.
Additionally, once your hosting contract expires or is cancelled, you may ship your miners to a different location of your choice.
Hosting Services
Our hosting fees include electricity, infrastructure and maintenance (but not any repairs) and are based on the energy usage. We can offer discounts on if you are looking to host larger quantity of miners and if you can prepay hosting for 6 or 12 months.
No, we do not charge anything on top of our hosting fees.
All hardware set up, network setup, transportation, configuration and cabling cost is included, as long as you have purchased your hardware from Blockbase.
Otherwise, we require an installation fee of 150 Euro per ASIC Miner and 175 Euro per GPU miner. This is because every miner setup is unique and therefore our software, wiring and cooling setup is more complex.
You will have direct access to your miner’s internal interface.
In addition, we will provide you with a personal webpage, so that you can view your miner’s hashrates in real-time.
Yes, our custom software monitors all miners permanently and can reboot them automatically which solves the vast majority of incidences. Additionally if hands-on actions are needed our on-site support team takes care of it.
We insure all of our customer’s miners for their full replacement value against theft, water and fire damage.
Yes. If your miner fails, we will reset it at your request.
If your miner does not reset, then we will advise you on the costs of any repair involved.
If your miner goes offline for an extended period and it is not bootable, you will be entitled to compensation of unused power. This credit will be applied to your hosting bill.
We have two reliable ISP’s and we are not in a power outage-prone area. Our uptime exceeds 99%.
With regards to the security of our facility, there are two factors to consider:
- Physical risks: We operate tens of thousands of miners under strict security. Our miners are protected by barb wire, security guards, an alarm system and securely locked data centres. The time to uninstall, unplug, box and load miners on a truck is also lengthy. As soon as one cable is unplugged an alarm will be activated. We are not liable for damage or theft, however all the mining equipment in our data centre is fully insured.
- Digital risk: Our system recognises immediately if a cable is plugged into our miners, and there is no WiFi available in our data center.
We use a free cooling concept. Meaning we don’t use air-conditioning units that consume electricity, we use fresh air which is cool enough to cool the system due to the location.
Yes CCTV is present, but only for internal security.
No, that is not possible.
No, we will not offer old and ineffective miners.
It is important that our clients mine efficiently, with the latest equipment, so that they stay profitable for the longest time possible.
Our data center capacity is very limited and we want to work with clients in the long term.
We recommend and select by default pools for Bitcoin / Dash / Litecoin / Ethereum / Ethereum Classic / Zcash and Monero that have been tested with Blockbase infrastructure.
We do not publish a list of the pools we are using but our criteria for a good pool is reliability, fee structure and reject rate.
We will be in charge of connecting the customers miners to the pool according to the cryptocurrency mined by you.
If a different, specific mining pool is preferred, you will be able to change the settings in your client portal.
Yes. Simply log in to our client portal and set each miner to your preferred currency and wallet ID. You can change these settings daily.
You can switch miners target coins at any time. So,for example, if you buy and host 5 miners with us, you could mine 5 different coins.
Daily. Your miner is setup with your wallet ID. 100% of the mining proceeds go straight into your wallet.
Our hosting agreement can be found online.
General Mining
Mining profitability is determined by the underlying currency price, respective difficulty rate and overhead costs. Find out how much you can earn with our free Cryptocurrency Mining Calculator.
Mining profitability is determined by the underlying currency price, respective difficulty rate and overhead costs.
We recommend purchasing a hardware wallets from TREZOR
A hashrate is the unit of speed by which the mathematical equations to solve and generate cryptocurrency blocks and units are measured.
A higher hashrate is more beneficial as it gives you a higher chance of discovering the next block and getting rewarded.
A kilowatt is 1000 watts or 1000 joules/second. A kilowatt-month is 1000 watts used (constantly) over the period of a month.
A cloud mining provider leases their computation power (hashrate) to clients. With cloud mining, you share processing power of a remote datacenter with other “shareholders”.
The amount of processing power you require is up to you, but the hardware is managed by Blockbase.
+ Instant start: The hardware is already running so you can start mining within minutes.
+ Less capital needed: You can rent the computation power of less than 1 miner.
– Intransparent: It is nearly impossible to gage the value for money. Moreover clients cannot double-check what they should receive.
– Termed contracts: Usually 1 or 2 years commitment,
– Upfront payments required.
– No flexibility: Typically it is not possible to change the currency to be mined.
– Security risk: The miner mines into their wallet first and distributes to clients after. Hence you need to trust the provider to pay out and hope that the provider will not get hacked).
Hosted Mining
Hosted mining (interchangeably referred to as “co-location”) is the process of hosting your mining hardware in a safe, secure, and affordable hosting data center for a nominal fee. This provides many advantages such as cheaper utility rates and reduced maintenance issues.
+ Hardware ownership (you could ship miners to a different location / service provider).
+ Transparency.
– High minimum investment: We recommend to buy at least 10 miners because if you only bought 1 and it breaks at some point you lost 100% of your investment.
– Delivery time: since clients acquire latest mining equipment directly from manufacturers there is usually a lead time on production and shipping (which is out of Blockbase hands).
Blockbase differentiates with their Mining-As-A-Service in the following way:
+ 100% green mining.
+ Clients receive 100% of the coins.
+ We never touch your coins because clients hardware mines directly into clients wallet.
+ You can switch to different currencies (GPUs only) per miner.
+ No commitment. As long as you pay your hosting fee in advance to us we keep powering your miners.
+ Very affordable, transparent all-in pricing.
“Proof of stake” is a method of validating block transactions based on how many coins the particular entity holds. Essentially, the bigger the amount of cryptocurrency you own, the more mining power you have.
“Proof of work” is a method that cryptocurrencies like Bitcoin use to generate blocks.
Miners need to complete all parts of the proof of work for the block to be generated, and only then will the block be accepted and validated in to the overall cryptocurrency network.
The probability of successfully generating the block is very low, which makes it impossible to predict which machine or miner in the network will generate the next block.