FREQUENTLY ASKED QUESTIONS.
Will I be able to monitor the performance of my miners?
Yes, as a client of Epic Mining you will receive a link to your own dashboard on which you can monitor the performance of your miners 24/7.
Why do you only mine Bitcoin and not other crypto currencies?
Bitcoin has a proven track record of performance. Based on our research, we hold a strong conviction that Bitcoin will continue to exist and perform well over the coming decades. That is why we focus on Bitcoin mining. However, we will not rule out that we will include the possibility to mine other cryptocurrencies via our services in the future.
How long does it take before the mining equipment is live and I can start earning Bitcoin?
Our conservative estimation would be 6-8 weeks. The estimation is made based on the experience of handling formalities such as contracts, sourcing, and negotiation of the best equipment for the best prices, payment transfer, transportation of the equipment, and the installation process. In reality, it might be faster than the timeframe mentioned above.
How do I store my Bitcoin safely?
As a client of Epic Mining we will provide you with a step-by-step guide of how to store your Bitcoin safely.
What about taxes?
Based on the country where you are a resident or have your company registered, different taxation rules apply. With our experience we can help you to figure out what the best possible way is to minimize your taxes on your mined cryptocurrencies. However, we are not professional tax advisors or accountants. We always recommend our clients to consult a professional tax advisor.
Will the mining equipment be my legal property?
Yes, one of the USP’s of Epic Mining is that the mining equipment that we source for our clients is legally their property.
How will I know that Epic Mining sources the best equipment?
It is in our best interest to do so. We are interested in having long term relationships with our clients. So, you can trust us to deliver you the best possible machines for your needs.
Is there a minimum purchase amount?
No, there is no minimum order quantity. You can start with just 1 miner.
How can I check the profitability of the mining equipment?
You can always view the real-time performance of your miners in your dashboard.
Will you reimburse me for lost profits due to downtime?
No, this will be out of our control. There is always the potential for some downtime due to a power outage, an internet outage, the repairing of your mining or simply the rebooting of your machine. On average, based on our date, the device will be active for at least 95% of the time.
Is it possible that rewards will diminish over time due to better mining equipment being released?
Mining has become so advanced over the past few years that the increase in efficiency with the release of each new model is becoming smaller. It is, of course, still possible but this is inherent to crypto mining.
What is included in the monthly invoice?
Every month we send our clients an invoice of the hosting fee. This fee incIudes a prepayment of the electricity, the rent of the space, access to high-speed internet, our custom high-performance mining software, technical staff that do the upkeep of the infrastructure and the machines. Potential repairs of the machines are not included in our fees. Based on our estimates, if a part of the machine breaks on average a repair could cost €80- €200. In case of downtime, we will credit the overpaid amount on the next invoice.
Will the Bitcoin halving impact our results?
Yes, every 4 years a halving occurs. This implies that the mining rewards halve. This also means that Bitcoin is becoming more scarce, which drives up the price of Bitcoin. These two forces result in the mining profitability staying more or less equal over time.
Will an increase in mining difficulty impact our results?
Yes, mining difficulty will impact results. Increased mining difficulty generally leads to diminishing returns. There are, however, several factors we should take into account.Due to our strategically chosen geographical location, we have lower electricity costs than many other miners. Because of low costs, we will be able to continue mining for a significantly longer amount of time while others already discontinue their operations, which will, in turn, decrease mining difficulty and increase profitably again.
Will I get official documentation of my equipment?
Yes, you will receive a document with the serial numbers and specs of your machines.
Do you have to do a KYC check on your clients?
Yes, according to internatitional AML laws and regulations we have to do a KYC check on purchases higher than $15.000. As part of this KYC check we need to have a copy of our clients’ ID and need documentation on their proof of funds and political exposure. In the case of a business purchase we also require a UBO form.
When do I receive payouts of my mined Bitcoin?
Based on the amount of miners that you have we can set payout thresholds at 0.001BTC, 0.01BTC or 0.1BTC or 1BTC. Once the amount of mined Bitcoin reaches such a threshold, you will automatically receive a payout in your wallet.
