What is mining?
Mining is basically a process of validating transactions in the cryptocurrency world. Just like banks get a fee for processing your credit card payments, miners get a fee for processing cryptocurrency transactions.
The major difference with banking is that there is also a fixed pay for miners, so even if there are not a lot of transactions, miners still get their pay. Imagine government paying banks every day just because they exist. This allows keeping mining profitable even while bitcoin is still not widely adopted.
Can I buy my own equipment and mine at home?
Though possible, hardly anyone would want to mine bitcoin at home. Mining equipment is not only expensive but also not suitable for home or garage. It is loud and high-power consuming. It works in maximum performance mode 24x7 and needs moving parts to be replaced often. Its portability, price, and loudness allow people to easily find it and steal it.
Mining at home might look like a passive income, but actually requires a lot of time and becomes a business on its own
What is cloud mining?
Cloud mining is buying a share of the hashrate of a large mining operation. With that, you get a lot of benefits - cheap electricity, no need for replacement parts or watching equipment, etc.
All is included in one simple maintenance fee, which allows you to easily predict earnings (check our calculator) and hold no risks.
Is it profitable to mine bitcoin? If Yes, then why do you sell your hashrate?
We are similarly engaged in mining. And we also want to raise profits. This can be done by engaging more people and building better infrastructure.
The more we grow, the cheaper is electricity and equipment for us and our clients!
I am from the US. Can I join FlyHodler?
Yes, we have no problem working with the USA!
Is $100 enough to get started?
Our smallest investment is just $29.5
You can always add more hashrate, so it makes sense to start small and grow your investment over time
What is return on investment in cloud mining?
We cannot give you specific numbers as it is not possible because of bitcoin price volatility. You can use our calculator when you register and go to "Buy hashrate" page. Or you can use other resources such as coinwarz.com or whattomine.com.
Calculator estimates how many dollars you get. Because we give you terahashes, and they generate bitcoins. This is what you buy from us - service of generating bitcoins. Price of bitcoin is given for your reference in this calculator only, it is not included in the contract. You have to sell bitcoins on your own, and we just give an estimation of how many dollars you get in the end.
Is there a chance I lose money from the bank?
No chance of losing money from the bank. We do not have access to your bank account. If mining becomes unprofitable, mining stops until it becomes profitable.
How often can I withdraw money?
You can withdraw your bitcoins once a day
How do holder contracts work?
A holder contract is a contract in which you put your funds on hold and we do mining for you. You can withdraw your funds (plus mining income) from hold at any moment (withdrawal can take up to a week). Maintenance fee is deducted every day from your mining income. Withdrawal fee both for funds on hold and BTC balance is 0.00005 BTC. All the mined bitcoins accumulate on your BTC balance (separate from your funds on hold). You can manually withdraw your bitcoins and add them to your funds on hold. Holder contracts are risk free - in any situation you get your initial investment back, minus transaction costs!
What is the "maintenance fee"?
The mining equipment is spending electricity and requires constant maintenance. All this is included in one fee, which is called Maintenance Fee. Right now it is $0.12 per 1TH/s per day
Can I set a custom mining pool in FlyHodler?
No, we do not offer such service as we cannot direct just a portion of device to some specific pool. We did extensive testing of various pools, and found out that the best pool is pool.btc.com (we are not affiliated with them). Their payout was highest after 2-month testing, and what is more important - payout is fixed for 2 weeks and does not depend on if pool has actually found a block or not - we get paid anyway. So it allows for a stable business model.
Can I use Nicehash with FlyHodler?
No, we do not offer such service as we cannot direct just a portion of device to some specific pool. Please read more in "Can I set a custom mining pool in FlyHodler?"