Question 1

What is bitcoin and how does blockchain technology work?

Accepted Answer

Bitcoin is a blockchain which is a shared ledger that contains a history of every bitcoin transaction that ever took place. The blockchain is made up of blocks and in each block has transaction information in it.

Question 2

What does the future hold for cryptocurrency?

Accepted Answer

Cryptocurrency is still in its very early stages but it has had its milestones since the Bitcoin network was first deployed in 2009. Blockchain technology hasn’t been widely adopted yet, but it has been growing at an exceptional rate with the potential to dramatically change how we do business in a variety of industries. There have been many cryptocurrencies namely Bitcoin and Ethereum have hit all time highs this year which many experts say that it is a good thing for the future of digital assets and for the evolution of finance.

Question 3

What positive attributes are for cryptocurrency vs current financial system?

Accepted Answer

All transactions on the network are peer-to-peer. This means that there is no 3rd party involvement in the process. When these transactions occur there is no way for either party to identify one another, this means that it is much more private than fiat. Since payments can be processed by sender and receiver you can instantly process transactions, traditionally a transaction with a bank can take a few days. Also, there are no fees to keep crypto in your wallet.

Question 4

What does proof of work mean?

Accepted Answer

Proof of work is the original consensus algorithm in a blockchain network. This means that the algorithm is used to confirm the transaction and creates a new block to the chain. As soon as a miner successfully creates a valid block, they get rewarded.

Question 5

Is there a way to monitor my miner?

Accepted Answer

We give you remote access to your miner. We'll provide you a username and password, as well as direct your miner to the pool of your choice. Slushpool is our favorite, but the option is yours!

Question 6

How long is a leased spot for a miner?

Accepted Answer

12 months, paid at the beginning of each month via debit/credit card, crypto, or ach/wire. We also require when you first sign up that one month is paid upfront and a one month security deposit.

Question 7

What happens when the lease is up?

Accepted Answer

We'll either keep hosting you month after month, or we'll return your miner to you.

Question 8

What happens if my miner is damaged?

Accepted Answer

We'll fix it for a small price if it's only a basic fan or power supply (PSU). We have fans and PSUs on site. If the repair is more involved or the miner is still under warranty, you'll need to file a claim with the manufacturer, and we'll send it to you.

Question 9

How does hosting work?

Accepted Answer

You send us your miner or purchase one from us. And we run it in our state of the art facility so that you don't have to worry about downtime, noise and heat.

Question 10

How does spacing availability work?

Accepted Answer

We are constantly upgrading our facilities with various power companies to get increased power. When more space becomes available our customers are the first to know.

Question 11

How does payment work?

Accepted Answer

We accept crypto, bank wire, ach, credit and debit cards.

Question 12

How Mining Pools work

Accepted Answer

Mining Pool, which refers to a collection/group of miners cooperating to improve their odds of finding a block at the group level as opposed to the individual level. Miners in such pools pool their individual computational resources with those of the other members, enhancing their combined processing capacity and assisting in the speedier completion of the desired output. 
To use an analogy, a gold digger capable of digging 100 square meters of land in a single day will need 100 days to search for gold on a hectare of land. A team of 100 gold diggers can finish the job in one day. If all 100 diggers put in equal effort to investigate their assigned areas of land, the unearthed gold can be divided equitably among them.

Question 13

How rewards are received

Accepted Answer

Bitcoin Mining Rewards are earned daily. For example, a S19J Pro 100 TH is currently earning 0.000524 BTC a day. Once you reach .01 BTC of rewards this is sent to your BTC wallet.

Question 14

How fast is a miner deployed after purchasing?

Accepted Answer

Depending on the shipping of the miner and when space is available. Changes day to day.

Question 15

Where are the miners coming from?

Accepted Answer

Directly from the manufacturer.

Question 16

Do discounts exist for larger orders?

Accepted Answer

Yes please contact joey.darwell@cryptoknighthosting.com

Question 17

Does a miner come with a warranty?

Accepted Answer

Any new miners purchased come with the manufacturer warranty.

Frequently asked questions