CoinHashers Mining - FAQ

What is cryptocurrency mining?

When gold, silver or other minerals are mined from the earth, the process requires expensive hardware, manpower, energy and other significant resources.  If the supply is low, the profitability of mining grows higher. Much like phsyical mining, cryptocurrency transactions and blockchain recordings need to be authenticated and written into the ledgers. In order to do this, there are complex mathematical equations that must be solved. This is where mining computers come into play. Miners solve these equations and as a reward for solving the problem and providing authentication of the transaction, the miner gets payment in the form of whichever currency or as each blockchain rewards system dictates. While man power expenses are less, the hardware and energy resources are stretched tight. As the value of the currency or asset climbs, do does the value of mining. 

What does CoinHashers Mine?

While our goal is to have a mining footprint on virtually every asset or currency,  our main focus is on the top 25.  Most of our mining focus is currently set on Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin and other decentralized assets.  Some others are PIVX, TRON, XVG and more.

How much does it cost to mine?

Depends on what you are mining, the hardware and method selected as well as the location and source of energy.  As demand for a currency or asset rises, so does the cost to mine. Where it was once feasible to mine with a laptop computer, in the future it may require full power farms and dedicated power stations.

What is the purpose of bitcoin?

 Oh this question is one that has been asked thousands of times and will continue to be asked. Bitcoin was created by an unknown individual or entity by the name of Satoshi Nakamoto.  Satoshi published a whitepaper and believed that Bitcoin could replace the banking system and change the fundamentals the world today relies on. The purpose was and is to be electronic peer to peer cash which could be a means of exchange to any person, any time, any where.  It is decentralized meaning no person, no team, no company or government can stop it. Bitcoin is a currency here to replace cash as we know it but is still evolving and it remains to be seen what the one true bitcoin will look like.

Is cryptocurrency mining legal?

We are not attorneys, you must check with your local regulatory agencies and we recommend following all laws. Cryptocurrency is new, but there are some grey ares to be mindful of. For example, if you sell bitcoin to other individuals for a profit, you will now have to register as a money transmitter, which is expensive and difficult to comply with. Think of what it would take to start a bank, that is what essentially what would be required. As of now, mining is legal and is becoming more and more mainstream. Especially as infrastructure is built upon the blockchain, companies will have to mine their respective currency.Because of the technical knowledge required, expense of setting up and maintaining, man businesses are expected to outsource to mining companies like CoinHashers. 

Can I mine myself?

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Bitcoin?

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Monero?

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Dash/PIVX Staking?

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Lightcoin?

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ZCash?

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Ethereum?

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