FAQ

General

What is ORO Mining?

ORO Mining is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We are a team of mining experts with extensive knowledge of the digital currency sector. ORO Mining specializes in building the most efficient and reliable mining rigs that we also offer for rent to our clients. Finally, our experts in cooling and maintenance of data centres are also an important part of our success.

How does it work?

It is quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on your contract, you can either mine Bitcoin, directly.  The first payout reaches our clients wallets after 48 hours, and then a daily payout will follow.

Remark: Every day of mining will be processed and paid 2% profit of there investment in the following 24 hours after the mining day is over.

Please refer to section “When do I get my payout?” for more details.

If it is profitable, then why are you not mining yourself?

Besides the fact that we ourselves mine with the very same hardware that we offer to our clients, our capital is limited. We believe that Bitcoin and altcoin mining is highly profitable, however, we do not want to “put all our eggs in one basket”.

Where is your mining farm located?

For security reasons, we do not disclose the exact location of our mining farms. As of April 2015, we are operating several mining farms that are located in Europe, America and Asia. Electricity cost and availability of cooling are important, but not the only criteria.

What coins can I mine?

You are able to mine Bitcoin and various altcoins. As of June 2017, we provide the following coins:

For SHA256 we offer: Bitcoin, Unobtanium, Bitcoin, Dark, Litecoin, Dash, Zetacoin and Darkcoin.

For Ethereum we offer: Ether and Bitcoin

We add new coins to this list from time to time.

A special feature is the “ORO Mining Advanced Autotrader”:
For example, it allows you to get the payouts in BTC while mining with a X11 algorithm! This is possible by automatically mining the most profitable X11 altcoins which are then automatically exchanged by our algorithmic trading framework to BTC. This is a very cost efficient way of mining different coins. We call it “mining BTC the smart way”.

The same technique is also used to mine LTC with a SHA256 contract.

What is my expected return on investment?

Fixed Profit 2% send to your Bitcoin Account in every 24 Hours Automaticaly for LifeTime

Bitcoin  mining depends highly on the prices and difficulties of the coins you mine. It would not “look right” if we provide data on the mining profitability and selling contracts at the same time. Therefore, we recommend all our clients to do their own research and do their own profitability calculation.

What does "100% uptime guarantee" mean?

It is always possible that a miner crashes, slows down or completely breaks. In all these cases, our algorithms ensure that other miners are allocated to the relevant pools to fully compensate for possible hashpower loss. This way our clients will not lose a second of mining time.

Which pools are you using for mining?

We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).

Our internal policy is: "be a good crypto citizen". This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.

Isn't buying the hardware cheaper?

On the first glance one might think that buying miner X is slightly cheaper than hosted mining. However, there are a number of "hidden" costs related to purchasing and maintaining a miner that change the economics significantly:

  • Shipping costs: few merchants will cover this, but in most cases they will charge you extra.
  • Customs dues / VAT: if it is an international delivery you will likely have to pay customs dues and VAT; generally this has a huge impact on the total cost of your mining equipment.
  • Delivery time: when you pay for your device you have to wait until the miner is packaged and shipped; if it is held up in the customs this can take weeks. And during that time you cannot mine at all ("opportunity costs"). You have to wait and hope. And if the merchant has a stock shortage; it is you who has to wait. With Oro Mining you pay and get your hashpower immediately online. No delays!
  • Costs for additional equipment: when buying miners from larger retailers you often have to buy additional equipment like an extra PSU that matches the electricity specs for your country, control units and specific shelves to store them efficiently. This adds up significantly to the overall price for hashpower.
  • Setting the system up: when the device finally arrived you have to assemble and configure it. Beginners often underestimate the amount of work and technical knowledge that is needed to bring the device up and optimize its settings. People that used the first ASICs spend days and weeks on it. In monetary terms this costs you twice: (i) your time and (ii) lost mining opportunity.
  • Maintenance: hardware failures, outages and crashes could lead to downtimes between seconds and weeks. If your unit breaks you have to return it and start from scratch (by the way: check the guarantee time of your miner; it is often less than a year). With Oro Mining you have a guaranteed uptime of 100%: in case one of your units fails another unit will be switched over and start mining for you the very same second.
  • Electricity: having the machines at home not only brings heat and noise, but also an increase of your electricity bill; an important factor that many underestimate.

Please do not get us wrong: we do not want to discourage anyone from mining at home! We are often asked about prices and realized that many users do not know about all the hidden costs. If you compare the true costs, you will notice that our prices are very competitive. We want to provide you the best possible mining experience, so that you can focus on mining your favorite coins (and we take care of the rest).

Ok, fine! How can I pay?

We currently accept only Bitcoin:

  • cryptocurrencies: Bitcoin

 

How do your X11 contracts work?

When you purchase an X11 mining contract, you buy a share of a GPU (“graphics processing unit“) to mine Bitcoin/Ethereum. The hashing algorithm used to mine Ether is called Ethash (or Dagger-Hashimoto).

Ethash requires the so called DAG file in order to perform the calculations. This file grows over time, which means that more operations for each hashing operation need to be performed. This means that the effective hashrate decreases a little each time the DAG file grows

This has to be considered when comparing the theoretical output of your hashpower. Online calculators do not take this into account.

What does lifetime contract mean?

Lifetime contracts do not have a maturity date. As long as the contract is profitable (i.e. the payout covers the maintenance fee) you will continue to mine and be able to receive payouts. Theoretically, this could be 100 years (“lifetime”), however practically it will depend on difficulty and market prices for the crypto currencies.

How can I reach you if I have further questions?

Customer service is our highest priority! We know how important it is for a potential investor to find answers to their questions. Making decisions is not only about having the good feeling, but also about understanding the business concept in detail. Therefore, please contact us any time at support@oromining.info if you need any help. We are looking forward to hearing from you.

Technical

How can I mine different coins at the same time?

Oro Mining allows its clients to mine different types of coins at the same time. You decide which coins you prefer and you can allocate hashpower accordingly.

By default all hashpower is allocated to the Oro Mining Advanced Auto-Trader (in short “Auto”). This means you will receive your payouts in Bitcoin only. If you are interested in mining different types of coins, you can do this as well. In the user interface go to “Mining Allocation” and choose the hashpower allocation that is best for you. When you are done press “save allocation”.

Remember that the cryptocurrencies marked with (AUTO) are not directly mined, but traded automatically by our "Oro Mining Advance Autotrader", as mentioned in the "What coins can I mine?" section of this FAQ.

In order to get the payout, please ensure to add your payout address to your Oro Mining profile. Find more details about this in the next section.

When do I get my payout?

Oro Mining provides daily payouts of all mined coins!

A mining day usually starts at 00:00 UTC and ends at 23:59:59 UTC. If you just bought a contract the start time could be different and you will only mine for a fraction of that day. Otherwise your miners will mine for you 24 hours and exactly act according to your settings (see “mining allocation”).

At the end of the 24 hours mining day we will do some additional calculations and double checks to ensure everything is correct. About 8 hours later (max. 24 hours) you will receive payouts for each coin you have mined. Please ensure that you provide a payout address for each coin you mine, otherwise we cannot make the payout!

It can take up to 48 hours to receive the first payout once you have purchased a contract. If you did not get any payouts from us within 48 hours, please contact our customer service team at support@oromining.info.

You can check your general payouts in the menu in the menu under “Payouts”.

What is a multipool? How does the Oro Mining Multipool work?

Mining on a “normal” pool means that the miner will exactly mine that one coin (and nothing else).

multipool on the other hand will switch between different coins, depending on their profitability. In practice the algorithm will check the coin difficulty and the market prices to determine the most profitable coin. Then all miners are redirected accordingly.

  • First generation multipools were directly paying the different coins and it was up to the user to exchange them to Bitcoin.
  • Second generation multipools act like first generation pools, but automatically trade the various coins for Bitcoin.
  • Third generation multipools are highly optimized second generation multipools, that mine the most profitable portfolio of altcoins (instead of the most profitable coin). This requires deep knowledge about the mining process, switching costs and makes use of advanced portfolio theory (also with respect to correlation patterns among different coins).

In simple terms: if coin X is the “most profitable one”, then adding more and more hashpower to it, will make it less and less profitable (i.e., the marginal utility of mining the coin declines). In order to achieve the best possible result, it is necessary to use modern portfolio theory (and various optimization techniques) to mine the most profitable portfolio of coins.

Furthermore, our platform uses an advanced trading engines that allows to trade the mined coins efficiently to any target currency (like Bitcoin). There is a lot of work and brain capacity going into the algorithmic trading engine to make it the best of its class.

The following slide gives a good overview:

 

In step (a) the client’s mining hashpower is distributed by the control unit (CU) to various altcoins by using advanced portfolio optimization techniques to mine most profitable portfolio of altcoins at any time!.

After the coins have been mined the Oro Mining Trading Engine (b) exchanges the altcoins to bitcoin for the best possible prices.

In this way you can sit back, relax and earn Bitcoin while the algorithms are doing all the number crunching to maximize your profit! Have fun!