Mining Help
Frequently Asked Questions
Top Questions
It’s quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on the blockchain algorithm you select and the associated mining service agreement you enter into, you can either mine native cryptocurrencies directly or allocate your hashpower to other cryptocurrencies (marked with AUTO), and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The first mining output is released after 48 hours, and then a daily mining output will follow.
Besides the fact that we ourselves mine with the very same hardware that we offer to our clients, our capital is limited. We believe that Bitcoin and Altcoin mining is one of the best ways to receive Cryptocurrencies, however, we do not want to “put all our eggs in one basket”.
For security reasons, we do not disclose the exact location of our mining farms. As of April 2015, we are operating several mining farms that are located in Europe, America and Asia. Electricity cost and availability of cooling are important, but not the only criteria. See our Datacenters page for more information.
You are able to mine Bitcoin and various altcoins directly via our mining allocation page*. The availability of cryptocurrencies you can mine depends on the contract you have chosen.
You must allocate your hashpower in order to determine the cryptocurrency received for your mining output. If no allocation has been made, the mining output will default to the following for the given blockchain algorithm:
SHA-256 contract – BitcoinEthash contract – Ethereum
(*) “TradersHive Advanced Allocation” (special feature): It allows you to get mining outputs in many different coins even if they are not mined directly by a certain algorithm. For example, you can get mining outputs in BTC while mining with an X11 algorithm! That is possible by mining the DASH coin directly, which is then automatically swapped to BTC by our algorithmic framework. The Allocation function is designed for customers to receive delivery of their mining results in their preferred cryptocurrency. We call it “mining BTC the smart way”. The same technique is also used to get mining results in LTC with a SHA-256 contract, etc.
When you purchase an Ether mining contract, you buy a share of a GPU (“graphics processing unit“) to mine Ethereum. The hashing algorithm used to mine Ether is called Ethash (or Dagger-Hashimoto).
Ethash requires the so called DAG file in order to perform the calculations. This file grows over time, which means that more operations for each hashing operation need to be performed. This means that the effective hashrate decreases a little each time the DAG file grows.
This has to be considered when comparing the theoretical output of your hashpower. Online calculators do not take this into account.
Also, please keep in mind that some of our products have a maintenance fee attached.
Bitcoin and altcoin mining depends highly on the prices and network difficulties of the Cryptocurrencies that you are mining, which cannot be predicted. It would not “look right” if we would provide data on the mining performance and sell contracts at the same time. Therefore, we recommend all our clients to do their own research and do their own performance calculation.
For example, you might want to have a look at coinwarz.com. Remember that some of our products have a daily maintenance fee which must be deducted from the daily mining rewards.
Please note that the website is an independent source of reference and not related to TradersHive in any manner.
We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).
Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.
We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).
Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.
Some of our products have a maintenance fee attached. The maintenance fee covers all costs related to mining including, inter alia:
electricity cost
cooling
maintenance work
hosting services
The fee is fixed in USD but deducted from the daily mining rewards in the natively mined coin on a daily basis.
TradersHive allows its clients to mine different types of coins at the same time. You decide which coins you prefer and you can allocate hashpower accordingly.
Each mining algorithm is set up with a default delivery cryptocurrency. The TradersHive Advanced Auto-Allocation (in short “AUTO”) will apply to all cryptocurrencies which cannot be mined directly. In the user interface go to “Mining Allocation” and choose the hashpower allocation that is best for you. When you are done press “save allocation”.
Remember that the cryptocurrencies marked with (AUTO) are not directly mined, as mentioned in the “What coins can I mine?” section of this Customer Service page.
In order to get the mining output, please ensure to add your wallet address(es) to your TradersHive profile. Find out more details about how to add your wallet(s) in the next section.