Crypto Mattock

What is cryptocurrency mining?

Cryptocurrency mining is the mechanism for which new cryptocurrencies are introduced into circulation. Cryptocurrency miners use their hardware specifically designed to solve a complex cryptographic problem in order to keep the network secure. As a reward for the work done by the miner, new cryptocurrencies are minted and given to the miner that successfully mines the block.

What is cloud mining?

Cloud mining is the mining of cryptocurrencies by rented computing resources on the cloud without physically owning or operating the hardware. This makes cryptocurrency mining accessible to the general public.

Isn’t it the case that most bitcoins have already been mined? What even is the incentive to participate in crypto mining?

It is true that over 90% of the bitcoins that can ever exist have already been mined. However, the block reward isn’t the only source of revenue that crypto miners enjoy. The miner that successfully mines the block will receive all the transaction fees paid by network users in that block. Eventually, transaction fees will be the dominant source of revenue for bitcoin miners.

Do I need KYC to use the platform?

Yes, as we have to comply with our local regulations against money laundering and tax avoidance. However, users with daily transaction volume below a certain threshold need not complete KYC in order to use our platform.

Will you enable cryptocurrency payments in future?

Yes, this is part of our plan. However, to be compliant with the relevant regulations, we most likely will handle transactions without holding customer’s assets in custody. This can be achieved by means of a smart contract.