What is Miner One?
Miner One is a community of people who mine cryptocurrency profitably by combining resources to achieve savings on cutting-edge equipment, professional maintenance, and low-cost electricity. About US $4.5 million were raised in Spring 2018 in an Initial Coin Offering, or “ICO”/"Crowdsale", at which time cryptographic, Ethereum-based (ERC20 compliant) tokens called MIO were offered to contributors. Following the ICO, MIO Tokens were unlocked and distributed to contributors and can now be freely traded. MIO Holders all share in Miner One's output based on the number of MIO Tokens each holds. Miner One began mining and made first payouts to MIO Holders in August 2018. Payouts are made monthly and accessed by MIO Holders via their ERC20-compliant wallets.
What are the benefits and advantages of Miner One?
Miner One lets you participate in cryptocurrency mining at peak efficiency and get a share of the output equitably without the hassle of doing it yourself – simply by holding MIO Tokens. Despite recent turbulence in cryptocurrency markets, mining done right can be profitable. Miner One is leveraging the power of community to get the absolute-best technology, lowest costs, and best possible returns.
What’s Miner One's overall strategy?
Our strategy has been very straightforward: 1) raise funds, 2) leverage those funds to procure the best mining equipment and other necessities at the lowest possible prices, 3) set up the hardware in a suitable facility; 4) start mining; 5) distribute what we mine minus electricity and basic operating/maintenance costs to the Miner One Community (i.e., MIO Token Holders).
What is cryptocurrency mining?
In a cryptocurrency network, mining is the validation of transactions in that cryptocurrency. The encryption necessary to do it requires significant computing power. For contributing to this effort, successful miners receive cryptocurrency as a reward.
What is bitcoin?
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralised digital currency, as the system works without a central bank or single administrator. The bitcoin network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified through the use of cryptography and recorded in a public distributed ledger called a blockchain.
What is blockchain?
A blockchain is the technology on which cryptocurrency is based. A blockchain is basically a continuously growing list of records called blocks that are linked and secured using cryptography. It can record transactions between two parties efficiently and in a verifiable and permanent way. When used for cryptocurrency, it is managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. If you successfully validate a new block, you get cryptocurrency as a reward. This is called cryptocurrency (or “crypto”) mining.
How do I invest in Miner One?
Acquire MIO Tokens. Everyone who holds MIO Tokens is entitled to a monthly share in Miner One's net output (output minus costs).
What is cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Can I mine with you without investing any money?
Miner One manages its own mining operations, which were funded by the Miner One Community during the ICO.
Why did you decide on an ICO as the means of funding Miner One?
Because it is a scalable and efficient way to create a worldwide community of participants interested in the benefits of a crowdfunded cryptocurrency mining operation.
How much should I invest?
While we would love for as many people to join the Miner One Community as possible, we cannot advise you on what is the right amount for you to invest, or whether Miner One is the right investment for you. Cryptocurrency mining is not without risk, and we are open and candid about those risks in our White Paper and other communications. We encourage you to read the White Paper carefully and consider the risks and benefits before making a decision.
What will be Miner One’s impact on global warming? Will it use renewable energy?
Miner One is committed to minimising its impact on the environment. Miner One mining operations are currently located in Lithuania, an EU member-state, and comply with local environmental standards. About one-half of Lithuania's overall supply of electricity is generated from renewable sources (by comparison, in Sweden that figure is 67%).
When did Miner One start?
Miner One began in Autumn 2017 with a group of like-minded colleagues who are enthusiastic about cryptocurrency and blockchain technology discussing how to make cryptocurrency mining efficient, affordable, and profitable. An idea was born, a business plan developed, a "dream team" assembled, a successful ICO held in Spring 2018, and mining operations begun in Summer 2018.
Is Miner One a two-year or three-year project? I saw somewhere that Miner One and MIO Tokens are valid only for two or three years.
Miner One is not a two-year or three-year project. Miner One will mine as long as it can mine profitably. The plan is to continuously reinvest 23 percent of net output into equipment upgrades to keep Miner One on the cutting edge of mining efficiency and profitability.
How does Miner One mine cryptocurrency?
Miner One mines cryptocurrency, starting with bitcoin (BTC), in specially-adapted shipping containers using dedicated mining hardware with all the necessary safety and security measures, and low-cost electricity.
Does Miner One only mine bitcoin (BTC)?
For the time being, Miner One is mining bitcoin – the world’s most popular cryptocurrency with the highest market capitalisation. Mining requires specialised hardware. Miner One hardware is built to mine bitcoin.
Why not mine other cryptocurrencies?
BTC will be the focus for starters. If we see a need, we can diversify later using the 23 percent of net output designated for equipment upgrades to buy the hardware needed to mine other cryptocurrencies.
Which mines do you buy? Will you use graphics cards?
Miner One buys the best available miners for the best price that is specially made to mine bitcoin. These miners are called ASICs, or “application-specific integrated circuit chips”.
Will Miner One mine BTC only with ASIC miners, or also use GPUs?
Miner One will start mining with ASICs. As for GPUs, we'll see how it goes – perhaps later, depending on mining profitability.
Can I use Miner One software on my own mining equipment?
Miner One will be responsible for ensuring peak mining efficiency for the entire Miner One Community by having our dedicated experts obtain, install, and maintain the mining equipment. Relying on others would make ensuring peak efficiency very difficult.
How much money will I make? What are the expected returns on investment?
Cryptocurrencies are a new and volatile instrument and mining depends on various factors, some beyond our control. Returns can be high, but they can also be low or even zero, depending on conditions. We cannot predict or promise returns with certainty. But, if all goes well, our calculations show returns could be as high as 13 percent per month. Please read our White Paper for all the details and risks.
I see your calculations are based on a bitcoin (BTC) price of USD 14,000. What if it’s less?
We estimate that Miner One can mine profitably within a broad range of BTC values. Our White Paper details numerous scenarios in addition to that one. Miner One can even protect you from BTC volatility and serious downturns. Please read the White Paper at MinerOne.io for more scenarios and an explanation of the Miner One “Cushion Effect” that can amortise BTC volatility.
You estimate up to 13 percent returns on investment per month – how will that change as BTC mining difficulty increases?
If difficulty increases and the BTC:USD currency exchange rate decreases, this will reduce profitability. But a decrease in the exchange rate can have the reverse effect on mining difficulty, and that would increase returns.
Does “returns up to 13 percent per month” mean returns are capped at that amount?
No, that’s not a cap. Just a good faith estimate of a maximum at the time the project was conceived. Returns could be lower or even potentially higher in some extremely optimistic scenarios, but we don’t want to overpromise.
What taxes would I have to pay on MIO Tokens and Miner One payout?
We are not tax specialists and are not qualified to provide definitive answers about your tax obligations. Please consult a tax specialist. Generally, Miner One payouts and any appreciation in value of the cryptocurrency you own would be considered taxable income once you exchange it to fiat currency.
How will I earn, on average, 37 percent more than by mining at home?
Please see the article about that here: https://btcmanager.com/profitable-bitcoin-mining-2018-not-way/
Looks like a great plan, but how do we know you can deliver? Who is implementing the plan? Do you have a qualified team?
We have assembled a team of top-notch industry experts who are already at work and mining has already begun. The team is led by our CEO Pranas Slusnys, who himself has 20+ years of data centre industry experience. Check out the following article about the Miner One Team: https://firstname.lastname@example.org/meet-the-team-building-miner-one-the-worlds-largest-crowdfunded-bitcoin-mining-operation-d371f8931cbf .
Wasn't the first mining centre supposed to be in Luleå, Sweden?
In early Spring 2018, Miner One secured a large facility in Luleå, Sweden, where electricity is very cheap (EUR 0.065 per kWh), supply is stable and plentiful, and the climate is cool, which keeps cooling costs minimal. Since the ICO ended, a more convenient and cost-effective alternative was found in Vilnius, Lithuania, where electricity is obtained at the same price, but set-up and maintenance costs are significantly lower due to lower labour costs. A decision was made to house Miner One miners in specially-adapted shipping containers, which can be moved to a different location in case even better conditions are found later.
When did Miner One start mining?
Miner One began mining bitcoin with 770 Antminer S9 ASIC miners (which represent a bit less than 20% of full initial capacity) and distributed first payouts in August 2018.
Why did it take 3 months to start mining?
Equipment must be shipped and installed in specially-adapted containers that are fitted with ventilation, and safety and security measures.
What’s your experience with mining so far?
Our CEO Pranas Slusnys and the Miner One Team have two decades of experience building and managing data centres that are even more complex than what Miner One will require. Several team members including our CEO himself have experience mining cryptocurrency.
How are the funds from the ICO being used?
92 percent of the proceeds from the ICO are for purchasing mining hardware, 5 percent are for software development, licensing, research and development, and 3 percent for administrative and legal expenses.
What’s your plan for scalability?
In our case, scalability means adding more electricity and more space for mining equipment. Housing miners in specially-adapted shipping containers gives us the flexibility we need to scale.
Do you have a prototype of your mining containers?
The first two mining containers were outfitted and tested successfully in July 2018. They began operating in August 2018. Read more about them here: https://email@example.com/miners-ordered-installation-on-schedule-562070956070.
It looks like the White Paper anticipates a seven-year timeline for Miner One? Why not more?
The seven-year timeline is not a limit. It is a projection based on the anticipated end of bitcoin mining once the cap of 21 million BTC is reached. It is difficult to project beyond that time. Of course, we expect there will be other opportunities we can switch to by then (or even earlier), including other blockchain and cryptocurrency needs that Miner One could meet. It's still an evolving field and we will do our best to get the most out of it for everyone using the Miner One Community's resources responsibly.
What happens after the overall cap of 21 million is reached and there is no more bitcoin to mine?
By that time there will most likely be other ways to use Miner One mining centres, including mining other cryptocurrencies or supporting the global blockchain infrastructure in ways that yield additional payouts. But it’s a bit too far ahead to make predictions.
Is the project only for two or three years?
No, Miner One is structured to operate as long as mining remains profitable. 23 percent of net output will be reinvested into equipment upgrades on an ongoing basis. Three years is just an example we use to illustrate payouts over a certain time.
How long was the ICO and when did it start?
The ICO started February 15 and ran exactly three months.
How do I get the MIO Tokens I bought during the ICO?
Follow the instructions under Token Information at www.MinerOne.io. If you have any questions, contact our Community Support during regular business ours (European Time) using the online chat feature of the website or on our Telegram channel https://t.me/theminerone.
What is ERC20?
ERC20 is a standard that allows tokens like MIO to use the Ethereum network.
What is the price of a MIO Token?
The current price of a MIO Token depends on market conditions.
I bought MIO Tokens and don’t see them in my ERC20 token-compatible wallet, but I see them on the Miner One Dashboard. Why is this?
If you paid from an exchange or by SEPA (Single Euro Payments Area) bank transfer, you will see your MIO on the Miner One Dashboard. We will upload them to your ERC20 wallet within a few days. For prompt delivery, please be sure to add the address of your ERC20 wallet to your Profile Settings on the Dashboard of the Miner One Wallet. Once your MIO are delivered, you will see them in your personal wallet and not on the Dashboard.
I bought MIO Tokens, I see them in my ERC20 token-compatible wallet, but don’t see them on the Miner One Dashboard. Is this normal?
Yes. That means your MIO Tokens have been delivered to you.
Was anyone else authorised to sell MIO during the ICO?
During the ICO, MIO Tokens were ONLY available on www.MinerOne.io. Now, MIO are tradeable on token exchanges.
How many tokens were sold? What is the overall supply?
The overall supply of MIO is approximately 16.7 million. More than 13 million were sold during the ICO. For all the details, you can examine the token contract at 0x141044ccc363d6e8d92dd8983422775913e304ec .
Were there any restrictions on participation in the Miner One Crowdsale for citizens or residents of particular countries? Can residents and citizens of the United States participate?
The only restrictions apply to citizens and residents of countries that classify an ICO as a sale of a security. If this is the case in your jurisdiction, please do not participate. To comply with the United States Securities Act, if you are a US citizen or resident, you can only participate if you are an accredited investor with a net worth of USD 1 million or a certain level of income. If you are a US resident or citizen and believe you qualify, please contact us by email ([email protected]).
Are Founders’ MIO Tokens locked? Or can they be sold as soon as the Crowdsale is over?
Founders MIO Tokens are locked for 12 months, so they will not be sold during that period.
Are pre-ICO MIO Tokens locked?
No, the 330,000 pre-ICO MIO are not locked.
How were MIO Tokens distributed? Who got what percentage?
82 percent were available to the public during the Crowdsale. The remaining 18 percent were reserved to fund research and development (6 percent), an ICO Bounty Program (2 percent), and for the Founders (10 percent).
What is the difference between token distribution and output distribution?
Token distribution refers to the initial distribution of MIO Tokens generated during the Crowdsale. Output (net output) is the total amount of cryptocurrency that Miner One mines each month, minus electricity and basic maintenance. Once mining starts, 77 percent of that is distributed to MIO Token Holders. 23% is reserved for ongoing equipment upgrades to keep Miner One on the cutting edge of mining efficiency and profitability.
Can I buy MIO now?
MIO Tokens are tradeable on peer-to-peer and other token exchanges. That means it is possible to obtain them from someone willing to sell them.
How do I collect my Miner One payouts? Are you paying out in coins or cash?
Your MIO Tokens are the key. Upon commencement of mining operations, 77 percent of monthly net Miner One output (total output minus electricity, facility, and basic operating/maintenance costs, including maintenance staff) is converted to ether (ETH) and automatically distributed to MIO Token Holders via Ethereum-based “smart contracts”. MIO Token Holders are free to do with these distributions as they wish. When the Miner One Debit Card is issued, it will allow you to access your ETH for purchases or cash withdrawals (see the FAQs about Miner One Tools for more information about the Miner One Debit Card). For more information on accessing your payouts, see Token Information at www.MinerOne.io.
What is a smart contract?
A smart contract is a digital instrument that automatically facilitates, verifies, or enforces the negotiation or performance of a contract without third parties. Miner One will use them to distribute output automatically to MIO Token Holders.
Is MIO related to ETH in some way?
MIO is based on the same Ethereum network that manages ETH. MIO Token Holders receive Miner One payouts in ETH.
But I thought Miner One mines bitcoin (BTC), not ether. Why are payouts in ETH?
Miner One mines bitcoin (BTC) and converts it to ETH for distribution to MIO Token Holders. We need to convert BTC to ETH in order to use Ethereum-based “smart contracts” that conveniently distribute Miner One payouts, ensuring minimal transaction costs. Your MIO Tokens represent your share of net Miner One output.
What are the transaction costs for the monthly ETH payouts to MIO Token Holders?
The transaction costs for monthly ETH payouts to MIO Token Holders are miniscule.
Won’t exchanging BTC to ETH for distribution increase transaction costs?
BTC transaction costs can be up to 20 times higher than transaction costs for ETH. ETH allows us to use Ethereum-based “smart contracts” to automatically distribute Miner One output and minimize transaction costs.
So, are you also mining MIO?
No. Miner One mines bitcoin (BTC) and converts it to ETH for distribution to MIO Token Holders. Your MIO Tokens simply represent your share of Miner One output. They let our system know how much to distribute to you.
Is the value of MIO pegged to the price of ETH?
During the ICO, MIO was priced in ETH. Since they were unlocked and became tradeable, MIO have their own market price that is independent of the price of ETH.
Where are MIO traded? On which token exchanges?
Currently on peer-to-peer exchanges only. Details about listing on a centralised exchange are coming soon.
Do my Miner One payouts decrease or increase if the market price of MIO falls or rises? Do we get payouts based on the exchange price of MIO Tokens?
The amount of payout you will receive has nothing to do with the exchange price of MIO Tokens. The payout per MIO is 77 percent of net Miner One output divided by the total number of MIO no matter how much a MIO costs on a token exchange.
Do I need to keep my MIO Tokens to get monthly payouts from Miner One? What if I sell or trade my MIO?
Payouts follow the MIO Tokens. If you sell them, whoever has them in their wallet gets the payouts.
How much hash power does 1 MIO represent?
Hash power per MIO is not fixed. This ratio varies depending on conditions of mining equipment.
Will Miner One appear on etherscan.io since MIO are ERC20-based?
Yes. You can see them here: https://etherscan.io/token/0x141044ccc363d6e8d92dd8983422775913e304ec
Do MIO Tokens entitle Token Holders to automatic payouts, or do we use MIO Tokens to buy mining contracts?
MIO Tokens entitle you to your share of Miner One output automatically. No additional contracts are required. Miner One is not cloud mining.
Is Miner One offering a security? Are MIO Tokens like stock or shares in the company? What’s the difference?
Miner One is not offering securities and MIO Tokens are not shares in a company. If an ICO can be classified as sale of a security in your territory, please do not participate.
Is the MIO Token a security?
Because of its properties, the MIO Token may be classified as an unregistered security in some jurisdictions. Please consult a qualified professional for a definitive answer about your jurisdiction.
Will it be easy to sell my MIO later?
We have no way of predicting that, but assume that if it’s generating payouts as planned, there should be willing buyers.
Will Miner One facilitate conversion of MIO to other currencies?
You will be able to trade MIO on external exchanges. More information coming soon.
Wait, so you’re mining BTC, payouts are in ETH, but I have to have MIO to get them, MIO is priced in ETH, I can sell my MIO...I’m confused. Do I need to sell my MIO Tokens to get payouts?
Let's keep a few things separate in order to avoid confusion. 1) MIO is priced in ETH for the Crowdsale, but you can use BTC, LTC, or EUR to buy MIO as well. To get Miner One payouts, you need to hold MIO. 2) Every holder of MIO gets monthly payouts from Miner One in ETH as long as Miner One is profitably mining cryptocurrency and the holder owns the MIO Tokens. The payout drops into the ERC20 token-compatible wallet of your choice. 3) If you want to sell or buy MIO after the Crowdsale, you can do that provided you find a buyer or seller on a token exchange. Miner One will not be managing or restricting that, except for Founders’ MIO Tokens, which will be locked for a certain period following the Crowdsale.
Is Miner One more profitable than mining at home?
As a Miner One Community Member, you will earn, on average, 37 percent more than by mining at home. On average, Miner One spends 50 percent less on electricity and 15 percent less on hardware, because we are buying electricity at industrial rates, getting discounts on equipment due to volume, and will have much less equipment downtime by employing a dedicated maintenance team.
Is Miner One a mining pool? What’s the difference?
Mining pools depend on the quality of participants’ hardware as well as whatever rates they are paying for electricity, which is usually 30 percent to 50 percent higher than what Miner One will be paying. We have secured access to the lowest electricity rates in Europe. What’s more, Miner One buys hardware at wholesale prices, whereas mining pool participants usually pay standard retail prices. Finally, there’s downtime when equipment or connections fail. This adds to the inefficiency of mining pools, whereas Miner One will have expert technicians on the job 24/7, making sure your investment yields maximum returns. And all you need to start mining with Miner One is one MIO Token. Whereas to be in a pool you need equipment that costs at least USD 1,500. To join and benefit from the Miner One Community, you don’t need any technical knowledge of mining at all and you don’t need to buy any equipment. Leave that to us, sit back, and enjoy the payouts.
Is Miner One “cloud mining”? What’s the difference?
Cloud mining is typically provided as a service, with you, the client, simply paying the company to lease you “hashing power”. Management costs are generally high (and not very transparent) and this lowers your returns. The Miner One approach is different. We are a community that has its own mining centres operated by Miner One management on behalf of that community with access to low-cost electricity and the best hardware at wholesale prices, with an equitable distribution of all output and transparent accounting.
How is Miner One different from Moonlite?
Moonlite is similar to Miner One, but our technical team is stronger by far than what we can see on the Moonlight webpage. Most of their team are managers and entrepreneurs. Nothing wrong with that, but we don’t see much technical expertise there. By contrast, our CEO Pranas Slusnys has 20+ years of data centre industry experience and has assembled a remarkable team of data centre professionals. Read this article about the Miner One Team.
How does Miner One compare with Ice Rock Mining?
Ice Rock is similar, but Miner One allocates a much higher percentage of output to payouts (77 percent v 50 percent) and is located in an EU country with a much more stable political and legal environment. Ice Rock will be putting their miners in a cave, which may be difficult to insure and fire-proof.
What is the Miner One “Cushion Effect”? How does Miner One protect me from changes in BTC prices?
The Miner One Cushion Effect refers to the difference between speculation in bitcoin and mining bitcoin. If you simply buy bitcoin, your profit or loss depends on whether bitcoin goes up or down. If you mine bitcoin, whether it’s worth 12,000 or 20,000, you still have more than what you started with. So, let’s say you put 14,000 into bitcoin and over the next year it drops to 12,000, then rises to 17,000, then drops back to 13,000. In the end you’ve lost 1,000. If, on the other hand, you put the same 14,000 into Miner One, this amount after one year can generate bitcoin worth up to 4,000 (depending on exchange rate, difficulty, etc.), which means you have a gain and not a loss. This is the Miner One Cushion Effect.
So as an example, if BTC drops to USD 2,000 tomorrow and stays at that value for 3 years, would a MIO Token Holder still make a return on investment in 3 years’ time?
Our long-term technical analysis shows that the recent drop in BTC and ETH prices is more like a return to a normal trendline from a hype-induced spike. To answer your question, yes, we think so, according to our best estimates. How much will depend on what mining difficulty will be. If difficulty drops, profitability would increase. Please note: if BTC price or mining conditions push it below a level at which we can mine profitably, we will pause mining operations. We will be keeping a reserve to maintain the centres for some time during a severe downturn. If BTC recovers, we expect to resume operations. If we can foresee a situation that makes mining other cryptocurrencies a better bet, we can use the 23 percent of net output set aside for upgrades to make the switch.
Are there any risks to participating in Miner One?
There are certainly risks and they should not be underestimated. Future prices and exchange rates of cryptocurrencies are impossible to predict, as is mining difficulty, the evolution of legal regulations, future price of electricity, hardware, and other factors. We will do everything we can to mitigate these risks, but there is no way anyone can eliminate them. That is why our general advice is not to risk more than you can afford to lose. On the other hand, if we succeed, the gains could be double- or even triple-digit.
Isn’t cryptocurrency a fad on the verge of ending?
We’ve heard this before. Long-term analysis shows that the recent drop in BTC and ETH prices is more like a return to a normal trendline from a hype-induced spike. Recall that even after recent ups and downs, bitcoin is worth several times more than one year ago.
Gains/returns of up to 13 percent per month? How is that possible? Sounds too good to be true.
Mining bitcoin can be very profitable if you are paying ultra-low-electricity rates and using cutting-edge-equipment obtained at wholesale prices. Please note that these calculations were a good faith estimate at the time the project was announced and not a promise or an obligation. Many factors beyond any single person’s or entity’s control influence mining profitability. Please have a look at our calculations and read about the assumptions they are based on in detail in our White Paper. Some updates can be found here: https://firstname.lastname@example.org/miner-one-about-to-begin-mining-78be80b9494c
How do we know this isn’t a “pyramid” or “Ponzi scheme”?
A pyramid or Ponzi scheme takes money from some investors and hands it to others, pretending this is profit. Miner One is building real mining facilities with real hardware that can produce real output in the form of BTC that will be converted into ETH and distributed to MIO Token Holders. Our founders and advisors are reputable members of their communities and would not risk their reputations by participating in such a thing. We are doing our best to be open and provide as much information as is necessary to establish and maintain our credibility. We are also clearly stating the risks and that our projections are good faith estimates, not promises or guarantees of returns.
If you don’t reach your Hard Cap, will you still build Miner One and mine bitcoin?
Yes, we will build Miner One even if we don’t reach our Hard Cap during the Crowdsale. It will be enough if we reach our Soft Cap of 3,000 ETH.
How do we know you will accurately report what Miner One mines? How do we know you won’t secretly keep some for yourselves?
We are committed to transparency and provide every Miner One Community Member with a monthly report of output and costs so anyone can check whether our numbers add up. A dashboard we are developing will show in real time the total number of miners operating, total BTC mined daily and other data that can be independently checked. We will also conduct regular external audits and make those reports available to Community Members (i.e., Miner One Token Holders).
How do we check your background and confirm the legitimacy of Miner One? Where is Miner One located?
Miner One FZE is registered and operating in RAK FTZ Business Park (a Special Economic Zone) in Ras al Khaimah (RAK), United Arab Emirates (UAE). The company’s registration number is RAKFTZA-FZE-4012910. As for our team, you can find us all on Linkedin and other online directories. We are real and reputable people who are respected in our fields and communities. We all have a stake in the success of Miner One, including the support team.
How do we know we can trust your accounting and reporting on costs and output? Who will independently control and oversee Miner One accounting and operations?
Detailed accounting reports on costs and output will be provided and can be checked by anyone. We also plan to have external audits at regular intervals with reports provided. The long-term success of Miner One depends on maintaining trust, and we take that very seriously.
Are you concerned about the potential upcoming reduction of network fees due to the Lightning Network? Are you taking that into consideration?
Lightning Network has been around for a few years now. We don’t expect it will have a major impact on Miner One operations.
Isn’t 80 percent of BTC already mined?
It’s true that more than 80 percent of total possible BTC has been mined. But that means about 4 million BTC left to mine and that is still plenty, esp. as difficulty increases and rewards are reduced. To do it profitably as this happens you will need specialised miners and low-cost electricity like Miner One has. It is estimated that we can mine BTC through 2024, so there’s still plenty of time. We can also gradually switch to other currencies using the 23 percent of net output dedicated to equipment upgrades.
How do we know your calculations are correct?
The reason we are putting them all online is so that anyone could check them and ask us questions. Please note that the calculations are a good faith estimate, not a promise or obligation. Many factors beyond any single person’s or entity’s control influence mining profitability. But even under current conditions, we believe we can deliver good returns on your investment. Crypto is a very new and volatile field, so we cannot make any promises or predictions – only estimates based on various scenarios.
Was your smart contract audited by an independent cybersecurity company?
What if cryptocurrencies crash and you cannot mine profitably?
If mining becomes unprofitable, we will pause operations. A contingency reserve will cover expenses for some idle time. If the situation persists and it becomes impossible to cover costs, a decision may be made to liquidate.
What if equipment is stolen or vandalised?
We will have extensive security measures as well as insurance to protect against equipment-related losses.
Who are the Founders of Miner One?
Our Founders are reputable experts with decades of experience in data centre management, design and product development, law, administration, and regulatory matters. You can find their bios along with information about the remarkable team they have put together on our website and in our White Paper.
Are Founders available to answer questions?
We have live Q&A sessions regularly with CEO and Co-Founder Pranas Slusnys and others on Telegram and Facebook. If you would like to address a question to them, you can also send an email to [email protected]
Are you on BitcoinTalk?
Do MIO Tokens entitle Token Holders to a say in Miner One decisions?
MIO Tokens are not shares in a company and so they do not entitle Holders to a formal role in decision-making. We do, however, consult Community Members for their opinions regarding major decisions.
Do I need to use the B-Wallet to hold MIO and get MIO Payouts?
No, MIO can be held and payouts received in any ERC20 token-compatible wallet. The B-Wallet will have additional features that provide information about Miner One operations.
When will the B-Wallet be available?
By the end of 2018.
What will the Miner One B-Wallet do?
You can hold your MIO Tokens, your Miner One Payouts, and other cryptocurrency in your B-Wallet. By holding MIO Tokens in your B-Wallet, you'll be able to see the Miner One dashboard that shows you information about Miner One operations in real time.
What kinds of cryptocurrency can I store on the B-Wallet?
The Miner One B-wallet will accomodate all major cryptocurrencies. The exact list will be available soon.
So B-Wallet is an ERC20 wallet. But what if I want to convert my earnings to EUR? Do I need to transfer them to an exchange’s ETH wallet again?
We will support ERC20 with our own solution for the direct exchange of ETH to EUR using the B-Wallet.
And the MIO debit card will let me make purchases and withdrawals with what I hold in my B-Wallet? It will exchange my cryptocurrency to fiat currency automatically?
Yes, that’s correct.
Will I be able to deactivate the MIO debit card from the B-Wallet in case of loss or theft?
The MIO card will have a number of security measures to prevent fraud and theft. The card is being developed in cooperation with Tokia and will be available early 2019.
Is there or will there be a mobile app?
Yes, we will have a mobile "Miner One B-Wallet" app. It will work on iOS and Android.
Is the Miner One B-Wallet compatible with WALLETH Ethereum Wallet alpha?
Yes, the B-Wallet will be compatible with WALLETH Ethereum Wallet alpha.
What do the Founders earn from Miner One?
10 percent of MIO Tokens are reserved for our Founders. They will earn whatever share of output their MIO Tokens provide, just like other Miner One Community Members. Regular staff required to maintain Miner One are paid salaries at market rates. A full accounting of these costs is provided to all Community Members on a regular basis.
Why is Miner One registered in the United Arab Emirates (UAE)?
UAE is a crypto-friendly jurisdiction and our CEO Pranas Slusnys is a resident.
What about taxes?
Miner One is based in Ras al Khaimah, UAE, where profit taxes are 0 percent.
Is Miner One registered with the Securities and Exchange Commission (SEC) of the United States?
There is no way to register an ICO with the SEC at this time.
What is the full address of Miner One corporate headquarters?
Miner One FZE
RAK FTZ Business Park
Al Nakheel, Ras al Khaimah, UAE
P.O. Box 330099
Ras al Khaimah, UAE
Is Miner One registered in Dubai?
No, Miner One is headquartered in Ras al Khaimah. Dubai is another of the United Arab Emirates (UAE).
What taxes will Miner One have to pay?
Miner One is headquartered in a Special Economic Zone in Ras al Khaimah, United Arab Emirates (UAE), where profit tax is zero. Depending on the origin of the equipment, it may be subject to import duties, but since the mining centre will be in the EU, equipment coming from EU countries or free-trade countries will be duty-free. Because Miner One is running on an industrial scale, an import Value Added Tax (VAT) will be refunded. It is important to note that MIO Token Holders are solely responsible for any tax obligations arising from holding, exchanging, or selling MIO Tokens and from receiving Miner One payouts.