Q: Why FPGA mining?
A: FPGA miners yield higher returns than GPU miners while bearing less risks than ASIC miners. Field Programmable Gate Array (FPGA) is an integrated circuit designed to be re-configured or re-programmable. It is 10x - 50x more efficient than GPUs on computational intensive Proof-of-Work coins, while preserving the flexibility of GPUs. FPGAs are less vulnerable to price and mining difficulty volatilities compared with fixed-algorithm ASIC miners, because with FPGA miners we can always choose the most profitable coins to mine.
Q: What is OMGMiner “managed mining service”?
A: Profitable FPGA mining is a professional process that involves coin research, algorithm development, mining pool and exchange selection, crypto trading as well as miner monitoring and operations. To lower the bar of entry, OMGMiner advocates for an “invest, sit back and relax” mining experience. Our “managed mining service” takes care of all the daily mining operations, while our customers enjoy hassle-free profits. A monthly mining report will be provided forour customers with details of coins mined, price sold, hosting fees charges and most importantly profits earned each month.
Our daily operation handles cases including power outage, mining farm network issues, mining pool service availability, hardware faults and revenue auditing, etc.
Q: How is my share of profits calculated?
A: All hosted miners form a pool. Miners are assigned to mine most profitable coins based on daily mining revenue data. Profits are distributed to our customers based on hash power contributions.
Q: How do I get paid for my mining profits?
A: For ease of accounting, we convert your profits to UDST, a widely accepted USD stable-coin. The payment will be made monthly on 1st day of the next month. Upon your miner is online, we will be sending out another email with detailed instructions to setup your profit wallet. Trial payments will be made before real payout is sent to you.
Q: Can I keep my alt-coins or get BTC/ETH instead of USDT?
A: Currently, we only support USDT payouts, for accounting reasons. But we’ll incrementally diversify the payout options as we collect more feedback from our community.
Q: How do I monitor the performance and profits of my miner?
A: We’ll send out weekly status update and monthly summaries with the mining revenues. Besides, daily profits update will be published at our community channels that we highly recommend to join.
Q: How much is the hosting service?
A: At this moment, we don’t charge extra fees beyond the hosting fee charged by hosting service providers. The hosting fee generally varies between $0.05 to $0.07 per kwh. Hosting fee will be finalized once miners are deployed. We expect hosting fee to be below $2 per miner per day.
Q: How is hosting fee paid?
A: By default, hosting fee is covered by your mining revenue, which means your profit is mining revenue less hosting fee.
Q: Does OMGMiner charge fees for software?
A: Software including FPGA firmware or bitstream is currently released freely to our customers for promotion. We reserve the right to charge ~5% of the mining revenue as FPGA software license fee, or so called devfee in the mining community, in order to cover the cost of continuous development to adopt new profitable coins.