What is Miner One? What is the difference between Miner One and other ICOs?
Miner One is a community of people who want to mine cryptocurrency profitably by combining resources to achieve savings on cutting-edge equipment, professional maintenance, and ultra-low-cost electricity. We are conducting an Initial Coin Offering, or “ICO”, to raise funds and build the World’s Biggest Crowdfunded Crypto Mining Operation. The Miner One “coin” will be the MIO Token. Once Miner One is built and mining cryptocurrency, MIO Holders will all share the output based on the MIO Tokens each holds. ICOs are used to fundraise for many different kinds of projects.
What are the benefits and advantages of Miner One?
In short: it’s participation in cryptocurrency mining at optimum efficiency and sharing of the output equitably without the hassle of doing it yourself. It’s a better deal than “cloud” mining, more efficient than most mining pools, and more stable than buying cryptocurrency outright. Despite recent turbulence in cryptocurrency markets, mining done right can be very profitable. Miner One means leveraging the power of community to get the absolute-best technology, lowest costs, and best possible returns.
What’s your overall strategy?
Our strategy is 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?
Participate in the Miner One ICO and Crowdsale starting February 15, 2018 and acquire MIO Tokens. in BTC.
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 Community Members contribute to building and maintaining Miner One by acquiring MIO Tokens during the Crowdsale. This is how you can secure for yourself a share in Miner One output.
Why does Miner One call itself “the World’s Biggest Crowdfunded Crypto Mining Operation”?
Our vision is to be the World’s Biggest Crowdfunded Crypto Mining Operation. That vision is based on the enormous investment we are making into planning and fundraising as well as the planned scope of Miner One. We are confident that by bringing together a broad community of contributors and a dedicated team of experts, that vision can become reality.
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. As you can see, Miner One also offers great potential benefits. 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 Green Energy?
Our first mining centre will be located in Luleå, Sweden. 100 percent of the power supply there is Green Energy – i.e., energy obtained from the many hydroelectric power plants in the region (and also one of Europe’s largest onshore wind farms nearby). Our team was in Luleå for a site inspection and spoke with Luleå Technical University and Luleå Energy Company staff about sustainability, including possible uses of the warm air generated by the mining equipment. There is a research facility right next to our building there that is conducting data centre research and experiments. Our team met with them, too, and thinks they will also have some good advice for us. It is in our interest to mine using as little power as possible. Locating the mining facility in Luleå, where the average annual temperature is 2C means keeping equipment cool won’t consume a lot of resources.
When did Miner One start?
Miner One began in the fall of 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 pre-ICO held, and a Crowdsale announced.
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. In a previous plan, we had a more specific time limit in mind, but have since revised the White Paper and extended the life of Miner One to as long as we can mine profitably. Our plan to continuously reinvest 23 percent of net output into equipment upgrades will keep Miner One on the cutting edge of mining efficiency and profitability.
How will Miner One mine cryptocurrency?
Miner One will mine cryptocurrency, starting with bitcoin (BTC), in a large facility full of specialised equipment, all the necessary safety and security measures, and ultra-low-cost electricity.
What are your targets for BTC mining? How many BTC do you plan to mine per day?
Our goal is to raise 200,000 in ETH during the Crowdsale. For that amount, given conditions on January 15, 2018, our best estimate is that we can mine +/- 107 BTC per day. Please remember that how much BTC can be mined depends on numerous factors, many beyond our control, including mining difficulty. So this is a good faith estimate based on current conditions and not a guarantee.
Does Miner One only mine bitcoin (BTC)?
For the time being, Miner One will be 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 miner will you buy? Will you use graphics cards?
We will buy the best currently-available hardware that is specially made to mine bitcoin. These miners are called ASICs, or “application-specific integrated circuit chips”. Right now, the best ASIC miner is the Ebit Miner E10 made by Ebang. For a comparison of miners, please see our White Paper. Graphics cards are effective for mining some other cryptocurrencies, but not BTC.
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 – probably yes.
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 our good faith estimate of a maximum. Returns could even potentially be 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 will implement the plan? Do you have a qualified team ready to go?
Absolutely. In fact, Implementation is already in progress. We have secured our first facility and access to Europe’s lowest electricity rates in Luleå, Sweden. We are in touch with manufacturers of the hardware we will need. And we have assembled a team of top-notch industry experts already at work. 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 .
Why is the first Miner One mining centre being built in Luleå, Sweden?
In Luleå, electricity is very cheap (we are getting the lowest rates in Europe here at EUR 0.065 per kWh), supply is stable and plentiful (100 percent Green Energy from hydroelectric and wind power), and the climate is cool (average annual temperature is 2C) which keeps cooling costs minimal. By the way, we will have a famous neighbor: Facebook is just up the road with a huge data centre here (the size of 11 football fields).
Will the Miner One mining centre be built from the ground up or are you leasing it?
We are leasing the building, but the building will be adapted and equipment will be bought, installed, and maintained by Miner One. There is an option to expand as well as construct additional buildings next door.
Have you signed a contract for a building in Luleå, Sweden?
A letter of intent has been signed with the Luleå-based company NP10 Fastigheter Luleå AB to locate the first Miner One mining centre in a large former warehouse building owned by the company there. A copy of the letter is posted on our website.
When does mining start?
Mining begins within 3–5 months of achieving the Soft Cap of 3,000 ETH during the Crowdsale.
Why does it take 3–5 months to start mining?
Equipment must be shipped and installed once the building is prepared with proper ventilation, and safety and security measures. We will work as fast as we can, since we all want to start mining and getting payouts as soon as possible.
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.
Does the company have its own mining equipment?
We have some equipment for testing. 92 percent of the proceeds from the Crowdsale will be used to purchase all the necessary mining hardware (5 percent will be used for software development, licensing, research and development, and 3 percent for administrative and legal expenses). The first order for hardware will be placed as soon as Miner One reaches its Soft Cap of 3,000 ETH during the Crowdsale.
Isn’t there a shortage of mining hardware right now? I hear manufacturers are sold out and cannot keep up with demand. Will you be able to buy enough?
At the volume at which we will be ordering, manufacturers will be competing among themselves to sell us the hardware. We are already in contact with several manufacturers. They prefer to deal with a single large customer rather than many smaller ones. That is why doing this together as a community makes so much sense. Moreover, demand is tapering off due to the recent drop in BTC price.
How will you obtain mining equipment at wholesale prices? Have you already negotiated those prices?
We are leveraging the power of our community to negotiate great prices. We are already in touch with several manufacturers and will finalise the first order as soon as we reach our Crowdsale Soft Cap of 3,000 ETH.
Can you give us a rough estimate of the expected monthly electricity costs of your mining facility in Sweden?
hat will depend on the exact number of miners we deploy. We will have access to the lowest electricity rates in Europe there (EUR 0.065/kWh). And, by the way, it is 100 percent Green Energy.
What’s your plan for scalability?
In our case, scalability means adding more electricity and more space for mining equipment. We have options for expansion in Luleå, but are also planning to have more than one location, if necessary – whether in Sweden or another country with similar advantages.
Do you have a prototype of your mining rigs or any other prototypes?
We will show you how our miners will be configured within 1–2 weeks of the start of the ICO, when testing will start on the first mining lab that will contain several hundred.
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.
I live in Luleå, Sweden. Will Miner One affect the city in a positive way?
We certainly believe so! Miner One will be leasing facilities that are currently empty, which means income for the owners as well as tax revenue. We will also need to hire more maintenance staff, which means jobs, income, and local spending. We will buy energy locally, which means we will be contributing to employment and income in the energy sector. And we think our decision to locate in Luleå is already helping spread the word about the advantages and benefits the city offers businesses like Miner One!
How long is the Crowdsale and when does it start?
The Crowdsale started February 15 and runs either 90 days or until the Hard Cap of 200,000 ether (ETH) is reached, whichever comes first.
Is there a minimum required investment?
Due to transaction costs, the minimum investment has been set to 0.1 ETH. Transaction costs can really eat into anything lower and we don’t want participants to be disappointed.
How do I get my MIO Tokens?
You go to www.MinerOne.io and follow the instructions. During the ICO and Crowdsale, MIO Tokens will be sold on www.MinerOne.io. You can pay for MIO Tokens in ether (ETH), bitcoin (BTC), litecoin (LTC) or euro (EUR) using the payment options available on our website. To receive your MIO Tokens and your monthly Miner One payouts, you will need what’s called an “ERC20 token-compatible ether wallet” (like Metamask, MyEtherWallet, Parity, Mist, or imToken). This summer, Miner One will be offering an ERC20 token-compatible wallet of its own called the B-Wallet. It will enable you to conveniently store your MIO Tokens and receive and store Miner One payouts. For a list of ERC20 token-compatible ether wallets, click here.
Do I need an ERC20 token-compatible wallet to pay for my MIO?
No, you can pay using any of the options available on MinerOne.io. But you may find it convenient to pay in ETH, since you will need some of the same tools to receive and hold your MIO Tokens and Miner One payouts (in ETH). If you want to obtain Miner One Tokens (MIO) during the Miner One Crowdsale, you will need an ERC20 token-compatible wallet. This wallet will also let you receive and hold Miner One payouts (in ETH).
What is ERC20?
ERC20 is a standard that allows tokens like MIO to use the Ethereum network.
What if I want to pay in ETH, but don’t have it. How can I get ETH for the Crowdsale?
Our handy guide explains how to get ETH for the Crowdsale: https://email@example.com/get-ether-for-the-miner-one-crowdsale-be7427fa62ec
What is the price of a MIO Token?
The regular price of one MIO Token is set at 0.001 ETH. “Early Bird” discounts of up to 35 percent will be offered during the Crowdsale. For example, a 35 percent discount will be offered during the first five days of the Crowdsale. At a 35 percent discount, you will get about 50 percent more MIO Tokens than at regular price. The discounts will decrease as the Crowdsale progresses. A full schedule of discounts is available here and in our White Paper.
After buying MIO Tokens, should I put my MIO in my wallet?
MIO will be automatically assigned to your ERC20 token-compatible wallet as soon as we process your payment following a KYC (“know-your-customer”) procedure. After the launch of the Miner One B-Wallet in summer 2018, you'll be able to transfer MIO from your initial ERC20 token-compatible wallet to your B-Wallet, which will also will be synchronized with our online dashboard that will provide you with information about Miner One operations in real time.
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.
If I am paying in ETH, how much gas and GWEI should I set?
Our recommendations are 200,000 gas and 30 GWEI.
How do I send BTC, other cryptocurrency, or euro payments to you?
We will provide detailed payment instructions on www.MinerOne.io during the Crowdsale.
Do you accept payment in US dollars? Can I wire US dollars?
We are not currently able to accept US dollars, but are working on a solution.
Can I wire EUR from a non-European country?
We can only accept EUR from SEPA (Single Euro Payments Area)-linked bank accounts.
Will anyone else be selling MIO during the Crowdsale? Who is authorised to sell MIO?
During the Crowdsale, MIO Tokens will ONLY be available on www.MinerOne.io. To avoid the possibility of fraud, do not accept any offers to buy MIO from anyone else during the Crowdsale. MIO will be tradeable on token exchanges after the Crowdsale.
What happens to unsold tokens? Will you burn them?
Yes. Tokens not distributed during the Crowdsale will be burned by smart contract.
Given the volatility of cryptocurrency, including ETH, wouldn’t it be better to price MIO Tokens in US dollars for the ICO? Then buyers could make their exchanges at the going rate.
Initially we thought so, too, but we discussed the issue with teams of other successful ICOs and the reality is that 80–90 percent of all investments come in cryptocurrencies, so it’s actually simpler to price MIO in ETH.
Is there a maximum purchase limit on MIO Tokens or a cap for each ICO round?
There are no maximum purchase limits or caps, other than the Crowdsale Hard Cap.
What is your Hard Cap, i.e., maximum fundraising target?
The Crowdsale Hard Cap is set at the 200,000 ETH.
Are 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]).
Will you accept credit or debit cards during the Crowdsale?
Miner One is committed to your security. Unfortunately, there is no secure way to accept credit and debit card payments at this time. In order to assure the maximum level of security, we won’t be able to accept credit or debit card payments for MIO during the Crowdsale. Our live online support is available during the Crowdsale to help you make payments by other means.
How many MIO Tokens will I get if I invest X, XX, or XXX?
Calculations of the exact amount of MIO due to you are made when your order is accepted. To get the approximate amount of MIO Tokens you will receive for a particular amount of currency, use an online converter to calculate the value of that currency in ETH, then divide that number by today’s MIO price to get your approximate number of MIO Tokens (some transaction costs will apply).
When do you fix the discount and price for the MIO I order? If I place an order, are those MIO reserved for me at the discounted price?
Your MIO discount and price is fixed as soon as we receive your order and generate an invoice for you, and remains valid throughout the discount period. If we receive your payment after the discount period, the price and discount that is valid at the time we receive payment will apply. PLEASE NOTE: This does not mean the amount of MIO you request is reserved for you. MIO will be issued to you only after your payment is received, assuming supplies are available.
Can I use my credit or debit card to buy MIO Tokens?
Your security is of paramount importance to us. Regrettably, there is no secure way to accept credit and debit card payments at this time. In order to assure the maximum level of security, we won’t be able to accept credit cards for MIO during the Crowdsale. We all here are ready to help you make payments by other means.
If you don't accept credit and debit cards, how do we send payments in EUR?
We will accept EUR by SEPA (Single Euro Payments Area) transfer.
Are there any limits on the number of MIO Tokens we can buy at a particular discount or at a particular time during the Crowdsale?
We are not limiting the amount you can buy at whatever discounted rate applies at whatever time you order.
I want to invest a large amount. Any additional incentives?
If you intend to invest 10 ETH or more, let’s talk. Please contact Co-Founder Jonas Udris at [email protected]
Is there a KYC (“Know-Your-Customer”) procedure to buy MIO Tokens?
Yes, we will be performing a KYC check on all orders of MIO Tokens. KYC will be done after accepting payment but before any MIO are issued. If there are problems with your KYC application, we will return the funds.
Do you have a Referral Program? That is, do you reward us for bringing investors?
Yes. For every referral during the Crowdsale, Miner One will give you MIO equal to 4 percent of the amount purchased by the person you refer. And the person you refer gets a 4 percent discount on their purchase – in addition to any other discount that applies.
How do I refer someone? Do I have to buy MIO myself?
To participate, go to MinerOne.io and register a user profile. No purchase is necessary to participate, but you must have an ERC20 token-compatible wallet to get your MIO. On the user profile page under “profile settings” you will see a Referral Program link. Copy the link and share with whomever you want to refer. They must use that link to order their MIO.
I found out about Miner One from a friend who didn’t see the information about the Referral Program, so I didn’t get my referral discount when I bought MIO. Can I get it now, retroactively?
So sorry you weren't able to do that. Unfortunately, we cannot apply the discount retroactively.
I paid by smart contract. Why didn’t I get the referral bonus?
We can apply the Referral Bonus to Smart Contracts if both Referrer and Referee do the following: go to the Miner One Wallet and under “Profile Settings” enter your ether wallet addresses. We will then be able to match referrer and referee. This can be done retroactively. We will send you your bonus tokens before the end of the ICO.
Do you have a Bounty Program?
We do. It is being conducted through affiliates on an invitation-only basis.
Is Miner One planning to do an airdrop? Can we get some free MIO Tokens?
No airdrops are planned.
Will Founders’ MIO Tokens be locked? Or can they be sold as soon as the Crowdsale is over?
Founders MIO Tokens will be locked for 12 months, so they will not be sold during that period.
Will pre-ICO MIO Tokens be locked?
No, the 330,000 pre-ICO MIO will not be locked.
If you don’t reach your Hard Cap, will the founders still get 10 percent of all MIO Tokens generated?
The formula for MIO Token distribution will apply regardless of the amount raised during the Crowdsale, provided the Soft Cap is met.
Why is your Crowdsale so long (90 days)?
We believe Miner One is of sufficient merit and scope to warrant a Crowdsale of this duration. Of course, whether we reach the Hard Cap sooner depends on the level of participation.
What is the maximum number of MIO Tokens that can be issued?
Why is the maximum number (350 million) of MIO different from the Hard Cap of 287 million in MIO?
350,000,000 MIO includes the 18 percent that will be generated for the ICO Bounty Program, Research & Development, and Founders, as well as the 330,000 that were allocated during the pre-ICO. 350 million MIO Tokens are possible if the entire Hard Cap is met at the 35 percent discounted rate. 287 million MIO is the equivalent of 200,000 ETH in MIO Tokens without any discounts and with the additional Tokens generated for the aforementioned purposes.
What if you don’t reach the Hard Cap? For example, how many MIO Tokens would be distributed if you raise 100 million?
The final number of MIO will depend on how many are sold at what prices. We will only know that once the Crowdsale has ended.
How will MIO Tokens be distributed? Who gets what percentage?
82 percent are available to the public during the Crowdsale. The remaining 18 percent are 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 we buy MIO after the Crowdsale is over? Where will MIO be tradeable? On which token exchanges?
MIO Tokens will be tradeable on peer-to-peer and other token exchanges. That means it will be possible to obtain them from someone willing to sell them after the Crowdsale.
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) will be 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).
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 will be ETH-based and will be priced in ETH during the Crowdsale. You will receive your Miner One payouts in ETH, as well.
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 automatically distribute your 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 will be priced in ETH. Once MIO are generated, they will have their own market price that is independent of the price of ETH.
Where will MIO be tradeable? On which token exchanges?
It will be tradeable on both peer-to-peer and regular exchanges. Details 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 buys them gets the payouts.
How much hash power does 1 MIO represent?
Hash power per MIO is not fixed. This ratio will vary due to continuous upgrades of the mining facilities, as per the business plan detailed in our White Paper.
Will Miner One appear on etherscan.io since MIO are ERC20-based?
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 or payments are required. Miner One is not cloud mining.
Why does the White Paper sometimes mention US dollars, but MIO Tokens are priced in ETH?
The White Paper only mentions US dollars as an example where potential returns are discussed. MIO Tokens are officially priced in ETH and we accept payment in ETH, BTC, LTC and EUR during the Crowdsale.
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.
Won’t it be difficult to trade and exchange MIO on token exchanges since it looks like a security token?
The MIO Token does have some properties of a security, therefore, it may be technically difficult to trade it on utility token exchanges. However, it will definitely be tradeable on peer-to-peer exchanges. We will list those for you soon, along with other exchanges on which MIO will be tradeable. Interestingly, Envion (a project similar to Miner One) just announced that its token will be listed on HitBTC – one of the world’s top ten cryptocurrency exchanges. This leads us to think that we will be able to list MIO on popular token exchanges, as well.
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 peer-to-peer 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 (you can use the Miner One B-Wallet when it becomes available in July 2018). 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 at our location in Luleå, Sweden. 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 0.1 ETH (less than USD 100). 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 creating a community and will build and manage our mining centres on behalf of that community with access to ultra-low-cost electricity and the best hardware at wholesale prices, with an equitable distribution of all output and transparent accounting.
What is the difference between Miner One and Envion?
Envion is a similar project, but based on modular mining that may make maintenance more challenging. Miner One is focusing on stationary, large scale mining facilities instead of mobile mining units like Envion. Using mobile mining units at scattered and remote locations may cause additional maintenance costs which we avoid.
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), is greener in terms of energy use (100 percent Green Energy in Luleå, Sweden), and is located in a country with a much more stable political and legal environment than Kazakhstan. 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 our calculations are a good faith estimate, not a promise or an obligation. Many factors beyond any single person’s or entity’s control influence mining profitability. But, under current conditions, we believe we can deliver excellent returns on your investment. Please have a look at our calculations and read about the assumptions they are based on in detail in our White Paper.
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 centres 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.
Can you prove you have a contract with an energy company in Sweden for ultra-low electricity rates at the required amounts?
Industrial electricity rates in Sweden are the lowest in Europe: EUR 0.065 per kWh. These are the rates Miner One will have access to at its location in Luleå, where the first Miner One mining centre will be located. Posted on our website you will find a letter of intent that has been signed with the Luleå-based company NP10 Fastigheter Luleå AB to locate the first Miner One mining centre in a 4000m2+ building owned by the company. Our team recently met with Luleå Energi and confirmed these low prices and that the necessary supply is available. By the way, it will be 100 percent Green Energy (mostly hydro and some wind).
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 will 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).
Will changes in cryptocurrency prices affect the minimum purchase amount?
We established the minimum in ETH in mid-January for orientation. At amounts less than that, transaction costs substantially eat into your investment.
You changed the conditions since the pre-ICO and increased the Hard Cap. Won’t this diminish the value of the MIO Tokens I got during the pre-ICO?
Your token value won't be diminished by a higher Hard Cap. Changes since the pre-ICO only increase benefits for MIO Token Holders. We raised the Hard Cap in order to increase the amount of hardware and, therefore, the potential for mining more output to distribute. Economies of scale mean additional savings – again, more output to distribute. And we have are making MIO Tokens valid for the entire life of the project with a plan to continuously upgrade equipment – again, more output to distribute. In short, a larger number of MIO Tokens does not mean a smaller share or any less benefits. And the longer life of the project means a higher-value MIO Token. Please read the updated White Paper to get the details on how all MIO Token Holders will benefit.
So if I participated in the pre-ICO, my share wasn’t diluted when you increased the hard cap?
MIO Tokens are not shares in a company. They represent your contribution to the project and entitle you to your respective share in the output. If the mining facility is built with 100 million instead of 30 million, there will be that much more mining going on and therefore more output. 1000 MIO doesn't get you any less output just because the facility is bigger. In fact, economies of scale mean you will even get exponentially more than you would if the facility was smaller.
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. A company in Sweden has also been established to provide necessary services. 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.
What will happen if the Crowdsale is not a success? Will my investment be refunded or will I lose this money?
We have a relatively modest minimum goal, or Soft Cap of 3,000 ETH for the Crowdsale. In the unlikely case that we do not reach that goal, payments made will be refunded to all ICO participants. Pre-ICO participants will not receive refunds, as they have been clearly informed.
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.
What effect will SegWit2x have on Miner One?
It’s hard to predict its effect, but the main thing SegWit2x does is increase the speed of transactions processing on the BTC network. If it results in a new fork, it will decrease difficulty and we will have one more possible currency to mine.
Isn’t 80 percent of BTC already mined?
It’s true that around 80 percent of total possible BTC has been mined. But that means about 4.1 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 ultra-low-cost electricity like Miner One will have. 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 vandalized?
We will have extensive security measures as well as insurance to protect against equipment-related losses.
Luleå, Sweden will be the first Miner One mining centre location? Mind if I check up on that?
By all means, please do. For details, please see the letter of intent we have signed with the lessees for the first Miner One facility in Luleå. It’s posted on MinerOne.io along with video from the site inspection we recently conducted. We are always happy to answer any questions you may have.
Who is your target market?
We are building a broad global community of individuals who want to be a part of the cryptocurrency revolution and enjoy the benefits of crypto mining without the hassles of doing it themselves or paying too much. We are reaching out to them through social media and spreading the word online.
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?
One of our Founders Jonas Udris is regularly present on our Telegram channel. We are scheduling live Q&A sessions with CEO and Co-Founder Pranas Slusnys and others on Telegram and Facebook before and during the Crowdsale. If you would like to address a question to them, you can also send an email to [email protected]
Are you on BitcoinTalk?
Why don’t you have more Telegram followers/community members?
While Telegram is valuable and important for live interaction, we believe our ICO Waiting List is the most significant indicator of interest. For the current total number of members, please see the front page of our website.
Do MIO Tokens entitle us 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 will, however, be regularly surveying Community Members for their feedback and taking it into consideration.
Can I help you with marketing?
Yes! Please help us spread the word among people you know who might be interested. If you are a marketing agency or consultant, we welcome your proposal. Please send it to [email protected]
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 July 2018 – in time for the first Miner One payouts.
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. Details are being finalised and will be published soon.
Do you have any more information about the Miner One Debit Card? I see other major companies focused on this only and after one year and their cards are not yet on the market. Do you have any agreements with card services providers? How confident are you that the Miner One Debit Card will be available by August, as specified in the White Paper?
We are doing our utmost to make the Miner One debit card option available as quickly as possible and will share the details as soon as they are finalised. We are currently in discussions with several card providers and cannot disclose the names at the moment due to a non-disclosure agreement. But we will announce this as soon the final deal is finalised.
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.
Could I have a link to your B-Wallet github repo?
It will be available soon.
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 will be paid salaries at normal market rates. A full accounting of these costs will be provided to all Community Members on a regular basis. We do not expect basic operating/maintenance costs to exceed 4–5 percent of monthly output.
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. We have also set up a company in Sweden called Greenbit Data Center AB.
What about taxes? Aren’t they very high in Sweden? Where is Miner One based?
Miner One is based in Ras al Khaimah, UAE, where profit taxes are 0 percent. Our Swedish company will pay whatever is due in Sweden. These costs will all be reported to MIO Token Holders.
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. Our Swedish company will pay taxes in Sweden on whatever is required by Swedish law. By the way, energy tax incentives in Sweden mean almost no tax on the ultra-low-cost energy there. 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 will be 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.
Do you need to have a licence to mine cryptocurrency in Sweden?
You do not need a licence for crypto mining activities in Sweden. A company is being registered to handle operations there.