FAQ
General
Synccoin is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We are a team of mining experts with extensive knowledge of the digital currency sector. Synccoin specializes in building the most efficient and reliable mining rigs that we also offer for rent to our clients. Finally, our experts in cooling and maintenance of data centres are also an important part of our success.
It is 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 your contract, you can either mine Bitcoin, DASH or Ethereum directly. It is also possible to trade your payments to other cryptocoins, and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The first payout reaches our clients wallets after 48 hours, and then a daily payout will follow.
Remark: Every day of mining will be processed and paid in the following 24 hours after the mining day is over.
Please refer to section “When do I get my payout?” 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 highly profitable, 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.
You are able to mine Bitcoin and various altcoins. As of June 2016, we provide the following coins:
For SHA256 we offer: Bitcoin, Unobtanium, Bitcoin, Dark, Litecoin, Dash, Zetacoin and Darkcoin.
For X11 we offer: Dash, Startcoin, Bitcoin, Litecoin, Dogecoin, Bitcoin Dark, Peercoin and Namecoin.
For Ethereum we offer: Ether and Bitcoin
We add new coins to this list from time to time.
For example, it allows you to get the payouts in BTC while mining with a X11 algorithm! This is possible by automatically mining the most profitable X11 altcoins which are then automatically exchanged by our algorithmic trading framework to BTC. This is a very cost efficient way of mining different coins. We call it “mining BTC the smart way”.
The same technique is also used to mine LTC with a SHA256 contract.
Bitcoin and altcoin mining depends highly on the prices and difficulties of the coins you mine. It would not “look right” if we provide data on the mining profitability and selling contracts at the same time. Therefore, we recommend all our clients to do their own research and do their own profitability calculation.
For example, you might want to have a look at coinwarz.com. Remember that some of our products have a daily maintenance fee, and this must be deducted from the daily earnings.
Please note that the website is an independent source of reference and not related to Synccoin in any way.
It is always possible that a miner 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.
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.
The maintenance fee covers all costs related to mining including, inter alia:
- electricity cost
- cooling
- maintenance work
- hosting services
It currently applies to SHA256 contracts, and it is calculated per GH/s and automatically deducted on a daily basis. You will find the current maintenance fee details in the contract.
Please note that our 1 year X11 and Ethereum contracts have no maintenance fee.
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.
Lifetime contracts do not have a maturity date. As long as the contract is profitable (i.e. the payout covers the maintenance fee) you will continue to mine and be able to receive payouts. Theoretically, this could be 100 years (“lifetime”), however practically it will depend on difficulty and market prices for the crypto currencies.
Customer service is our highest priority! We know how important it is for a potential investor to find answers to their questions. Making decisions is not only about having the good feeling, but also about understanding the business concept in detail. Therefore, please contact us any time at contact@Synccoin.com if you need any help. We are looking forward to hearing from you.
User Interface / Technical Details
Synccoin 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.
By default all hashpower is allocated to the Synccoin Advanced Auto-Trader (in short “Auto”). This means you will receive your payouts in Bitcoin only. If you are interested in mining different types of coins, you can do this as well. 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, but traded automatically by our "Synccoin Advance Autotrader", as mentioned in the "What coins can I mine?" section of this FAQ.
In order to get the payout, please ensure to add your payout address to your Synccoin profile. Find more details about this in the next section.
In the menu “My Account” select “Settings” and then “Wallets”. Here you can set payout addresses for each type of coin. The links in “blue” will help you find a suitable wallet for your coin of choice.
Important: Remember that you have to add a wallet for each coin selected in the "Mining Allocation" section
Synccoin provides daily payouts of all mined coins!
A mining day usually starts at 00:00 UTC and ends at 23:59:59 UTC. If you just bought a contract the start time could be different and you will only mine for a fraction of that day. Otherwise your miners will mine for you 24 hours and exactly act according to your settings (see “mining allocation”).
At the end of the 24 hours mining day we will do some additional calculations and double checks to ensure everything is correct. About 8 hours later (max. 24 hours) you will receive payouts for each coin you have mined. Please ensure that you provide a payout address for each coin you mine, otherwise we cannot make the payout!
It can take up to 48 hours to receive the first payout once you have purchased a contract. If you did not get any payouts from us within 48 hours, please contact our customer service team at contact@Synccoin.com.
When you order via credit card, your payouts will be held for a month, as stated in the Terms of the Contract. This is a security measure to protect Synccoin from credit card charge back. Once the month has passed, the full amount will be released to your wallet, and from then on you will receive a daily payout.
In the meantime you can see your accumulated earnings in My Account > My Orders, under "My pending balance of payouts".
You can check your general payouts in the menu in the menu under “Payouts”.
Synccoin on a “normal” pool means that the miner will exactly mine that one coin (and nothing else).
A multipool on the other hand will switch between different coins, depending on their profitability. In practice the algorithm will check the coin difficulty and the market prices to determine the most profitable coin. Then all miners are redirected accordingly.
- First generation multipools were directly paying the different coins and it was up to the user to exchange them to Bitcoin.
- Second generation multipools act like first generation pools, but automatically trade the various coins for Bitcoin.
- Third generation multipools are highly optimized second generation multipools, that mine the most profitable portfolio of altcoins (instead of the most profitable coin). This requires deep knowledge about the mining process, switching costs and makes use of advanced portfolio theory (also with respect to correlation patterns among different coins).
In simple terms: if coin X is the “most profitable one”, then adding more and more hashpower to it, will make it less and less profitable (i.e., the marginal utility of mining the coin declines). In order to achieve the best possible result, it is necessary to use modern portfolio theory (and various optimization techniques) to mine the most profitable portfolio of coins.
Furthermore, our platform uses an advanced trading engines that allows to trade the mined coins efficiently to any target currency (like Bitcoin). There is a lot of work and brain capacity going into the algorithmic trading engine to make it the best of its class.
The following slide gives a good overview:
In step (a) the client’s mining hashpower is distributed by the control unit (CU) to various altcoins by using advanced portfolio optimization techniques to mine most profitable portfolio of altcoins at any time!.
After the coins have been mined the Synccoin Trading Engine (b) exchanges the altcoins to bitcoin for the best possible prices.
In this way you can sit back, relax and earn Bitcoin while the algorithms are doing all the number crunching to maximize your profit! Have fun!
Please visit our blog to learn more about us:
http://blog.Synccoin.com/