miningcryptofx is a Cryptocurrency cloud mining service that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We offer hosted cryptocurrency mining services and a variety of mining related solutions to small and large scale customers. The combination of our algorithmic trading framework, mining infrastructure, and proprietary mining farm-management software, miningcryptofx Hive, quickly made us an industry leader. Our team of mining experts with extensive knowledge of the digital currency sector specializes in building the most efficient and reliable mining facilities. miningcryptofx is also the founding partner of Logos Fund, the first ever Bitcoin Mining Fund, which targets professional investors looking to gain access to Bitcoin’s and various other digital assets’ potential. Our service was founded by the end of 2011 and with now over 2.000.000 users we are the world‘s leading multi-algorithm cloud mining service.

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% BTC, 20% LTC and 20% BCH. The first mining output is released after 24 hours, and then a daily mining output will follow. Remark: Every day of mining will be processed and sent to your account in the following 24 hours after the mining day is over. Please refer to section “When do I get my mining output?” for more details.

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”.

It is always possible that mining hardware crashes, slows down or completely breaks. In all these cases, our algorithms ensure that other miners are allocated to the relevant pools to fully compensate for possible hashpower loss. This way our clients will not lose a second of mining time.

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 support team for more information.

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.

On the first glance one might think that buying miner X is slightly cheaper than hosted mining. However, there are a number of “hidden” costs related to purchasing and maintaining a miner that change the economics significantly: *Shipping costs: few merchants will cover this, but in most cases they will charge you extra. *Customs dues / VAT: if it is an international delivery you will likely have to pay customs dues and VAT; generally this has a huge impact on the total cost of your mining equipment. *Delivery time: when you pay for your device you have to wait until the miner is packaged and shipped; if it is held up in the customs this can take weeks. And during that time you cannot mine at all (“opportunity costs”). You have to wait and hope. And if the merchant has a stock shortage; it is you who has to wait. With Genesis Mining you pay and get your hashpower immediately online. No delays! *Costs for additional equipment: when buying miners from larger retailers you often have to buy additional equipment like an extra PSU that matches the electricity specs for your country, control units and specific shelves to store them efficiently. This adds up significantly to the overall price for hashpower. *Setting the system up: when the device finally arrived you have to assemble and configure it. Beginners often underestimate the amount of work and technical knowledge that is needed to bring the device up and optimize its settings. People that used the first ASICs spend days and weeks on it. In monetary terms this costs you twice: (i) your time and (ii) lost mining opportunity. *Maintenance: hardware failures, outages and crashes could lead to downtimes between seconds and weeks. If your unit breaks you have to return it and start from scratch (by the way: check the guarantee time of your miner; it is often less than a year). With Genesis Mining you have a guaranteed uptime of 100%: in case one of your units fails another unit will be switched over and start mining for you the very same second. * Electricity: having the machines at home not only brings heat and noise, but also an increase of your electricity bill; an important factor that many underestimate.

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 - Bitcoin X11 contract - Bitcoin Cash Ethash contract - Ethereum CryptoNight contract - Monero/Monero Classic Scrypt - Litecoin (*) “miningcryptofx Mining 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 Bitcoin Cash 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.

miningcryptofx.com 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 miningcryptofx 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 miningcryptofx profile.

Most cryptocurrency protocols utilize different proof-of-work mining algorithms to enforce their blockchain rules. In the table below, you can see what type of architecture we deploy for mining the available cryptocurrencies. Please be aware that blockchain developers may make changes to features and specifications of the algorithm over time, which can result in the elimination of support for and/or a different use of chips utilized by miningcryptofx

Since third-party calculators are a popular way of estimating mining performance, we have set up a Performance estimation tutorial on how to make your own calculations, along with the general explanation about potential mining scenarios. When evaluating the benefits, please keep in mind that mining, and using our service, is subject to a maintenance fee (if applicable to your mining plan) which must be deposited for the daily mining rewards. The results of cryptocurrency mining highly depend on the price and the network difficulties of the given cryptocurrencies that you are mining. Neither of those can be predicted, so each customer must make an independent decision about the benefits of cryptocurrency mining and, in doing so, should consider the risks and their own circumstance when choosing whether to mine

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 GBP. You will find the maintenance fee details of your chosen contract in the Terms of Service before the purchase.

Customer service is our highest priority! Making decisions is not only about having a good feeling but also about understanding the business concept in detail. Therefore, if you need any help, our agents are always available to assist you. Feel free to contact us anytime via ticket from the “Contact Customer Service” section on your miningcryptofx Mining account or our web form (at the bottom of this page). Since the quality and promptness of our response also depends on the request you have submitted, please make sure to choose the right service topic from our drop-down menu. If the wrong one is selected, it can delay the resolution of the ticket. We are looking forward to hearing from you.