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Please Read through our F.A.Q.S. as we answer all of the key questions you may have!
Click on The Question for the Answer!
General Questions
G-1 Is there any guarantee that my miner subscription will result in finding a Bitcoin Block?
G-2 Can I order more than one Miner Subscription?
G-5 I have a subscription on a miner can I move my subscription to another miner?
G-7 Why do you require a copy of my ID for me to subscribe to your service?
G-8 How will I know if my Subscription Miner found a Bitcoin Block?
Reward/Bonus/Referral & All Payment Questions
P-2 Why do I have to pay for my subscription with Bitcoin?
P-3 Why are taxes taken out on the 3.125 Bitcoin Block Reward?
General Questions
G-1 Is there any guarantee that my miner subscription will result in finding a Bitcoin Block?
The simple answer to this question is No, What a miner is doing is solving (submitting) transactions to the Block chain. Every 10 minutes the miner closest to the difficulty of the blockchain is the LUCKY winner. This is based on luck and why they now refer to this as lottery mining. Please remember our #1 rule do not spend more than you can afford to lose.
G-2 Can I order more than one Miner Subscription?
Yes, you can order more than one subscription to increase your earnings from one miner or purchase a subscription on a different miner to increase your odd's. If you order more than one subscription on the same miner we offer a multiple subscription discount. If you order 8 subscriptions on the same miner type, a separate miner will be setup for your account!
G-3 If my Subscription Miner finds a Bitcoin Block is my subscription over even if I have time left on my subscription?
No, Your subscription will continue until its end date with the possibility (all but impossible) chances of finding another block, this is all based on luck and known as lottery mining.
G-4 The Miner I have a subscription on has not sold all of it's subscriptions, does that effect the payouts if the miner finds a Bitcoin Block? Will I still receive my portion of the payout?
Your miner not having sold all of it's subscriptions if it finds a Bitcoin Block will not effect your payout in a negative way but it will effect it in a positive way because 247BitcoinMiner will take the unsold blocks and divide them by 2 (2 x 50%) of unsold blocks. 50% will remain with 247BitcoinMiner the other 50% will be distributed to the remaining active subscribers in addition to their actual subscription payout - We SHARE the Wealth! If you chose the ViaBTC Account Method of payment you will receive your standard subscription payout through ViaBTC and the Bonus Payout to your registered Bitcoin Wallet Address as ViaBTC does not have the capability of recognizing unsold subscriptions.
G-5 I have a subscription on a miner can I move my subscription to another miner?
No once a subscription has been purchased it cannot be moved or upgraded to another miner. We try to keep things as simple as possible and our subscription prices are so low that buying an additional subscription for the new miner you would like to be on is affordable and improves your odds of a miner you have a subscription on finding a block.
G-6 Why should I mine with a subcription through 247BitcoinMiner when I can spend more money on hash leasing at a higher rate than the hash rates offer by 247BitcoinMiner or by buying my own home miner and doing it myself?
The first part of the question is part of the answer, hash leasing and buying your own home miner are both expensive and you still have no guarantee of finding a Bitcoin Block. Hash Leasing is very expensive and yes you are getting a better hash rate which makes your odds better but it is all still based on luck and hash leasing can be addictive (lets say you lease 2 hours of hash rate and at the end of that 2 hours you did not find a block, you spent 10 or more dollars for 12 opportunities to find that lucky block, with our lowest hashing plan you have 144 chances per day for 6 months making your odds better due to length of time and spent only $8.00 . Buying your own miner you would have to pay for the miner and in the case of most miners you will want to do specific upgrades to the miner to make it more efficient and stable in some cases. Then you have the cost of power (included in power is the increase in power to keep the room cool enough the miners work more efficiently between 65 and 70 Degrees F , Internet (Preferably high speed) and the knowledge to upgrade firmware, overclock if possible and monitor the miner on a regular schedule to assure it is doing what it is suppose to do.
G-7 Why do you require a copy of my ID for me to subscribe to your service?
This again is a multiple answer question:
1. In the event you forget your bitcoin wallet address or for some reason need to change your Bitcoin address on file we require that you send your photo id once again to compare and prove your identity before we make any changes to your account.
2. We believe that Crypto mining and the use of crypto should be anonymous as it was created to be. The only way we release any information to anyone is by court order and then we use your identifying Id to assure you are the person listed in that court order. If you signup for a ViaBTC.Com account so that we can setup automatic payment directly to your ViaBTC Account you will not be required to provide ID to us because you can make any changes you wish in your ViaBTC Account.
G-8 How will I know if my Subscription Miner found a Bitcoin Block?
1. If you are one that takes advantage of viewing the miner stats for your subscription you will see income in the miner stats that was not there before or additional income if the miner has found a block in the past. Click Here to watch the video on how to view the Live Mining Stats and Understand what those stats mean in out Video Tutorial Area of Support.
2. If your Subscription Miner finds a Bitcoin Block you will receive an email notification of the process to receive your portion of the Reward Block. You must respond to this email with all the proper verification information we request.
3. The main page of the 247BitcoinMiner website and the Miner Info on the Live Miner Stats Page will prominently display the winning block information for everyone to see.
4. If you chose the ViaBTC Payment Method you will receive a deposit into your ViaBTC Account once the block was confirmed on the Blockchain.
G-9 My Miner Subscription Found a Lucky Bitcoin Block, Do I receive the entire 3.125 Bitcoin Block Reward?
No, Each Bitcoin Miner is devided into 8 Paid Subscriptions so you will receive 7.4% of the Net Proceeds of the reward payout for each subscription you hold for that lucky miner during your valid subscription dates purchased. (Net Proceeds = Reward minus 2% pool Fee & 24% Taxes)
Reward/Bonus/Referral & All Payment Questions
P-1. My Miner Subscription found a Bitcoin Block, Do I need to do anything to receive my percentage of the block reward?
If You Chose the ViaBTC Account Payment Option NO you will not need to do anything, Upon a Miner Finding a block and issuing the payment (24 to 30 Hours for confirmation) the money is frozen in our ViaBTC account and sent to your account within 24 hours (within the ViaBTC Payout Cyle).
If you chose the "Pay To Me Directly" Payment Option YES you will receive an email notifying you of your subscription miner making the find of the Bitcoin Block. In that email you will be asked to again verify your payout information on file with us to receive your payout when it is ready 24 to 30 hours after the block was found. If we do not receive a response within one week of the first email request we will send a second email request. No further requests will be made and no response within the end of your subscription on that miner will forfiet the payout. We highly recommend that you place support@247bitcoinminer.com on your email clients white list to prevent our emails from going to your "Spam" folder and keep your email address updated through our Subscriber Support Page.
P-2 Why do I have to pay for my subscription with Bitcoin?
There are several reasons why you have to pay for your subscription with Bitcoin.
1. Most credit card processing companies place crypto businesses in a high risk category and some of them do not allow crypto companies to use their services, those that do allow it charge a very high processing fee.
2. If your miner finds a lucky bitcoin block we will only make payouts to you in Bitcoin (we do not make payouts in other crypto currency or Money to Bank Accounts) Your proceeds from your subsciption to that lucky miner will only be paid to the Bitcoin address in which you made payment for your subscription. This is for your safety so that nobody can make changes to your account.
P-3 Why are taxes taken out on the 3.125 Bitcoin Block Reward?
247BitcoinMiner is a business and responsible for reporting all income into our business, the taxes are approximately 24% to 36% of the reward amount. As the company that receives the Bitcoin Block Reward we have to recover those taxes but we only recover 24%. At any time if we end up paying more than 24% due to tax bracket status we will incur those additional taxes at no cost to the subscribers.
P-4 Since Taxes were taken out of the Bitcoin Block Reward prior to payout for my subscription do I have to claim the payout on my taxes?
We do not give tax advice to subscribers and we do not report payouts to the IRS or any other legal entity. We only report our income to the IRS. We encourage you to talk to you accountant or tax adviser in regards to this issue.
P-5 Can my subscription Reward Payouts if Any be paid in another crypto currency or to my bank account?
No we only make subscription payouts in Bitcoin to your registered Bitcoin Address or your Registered ViaBTC Account for your safety and other reasons that are of concern to some subscribers.
P-6 My Miner Subcription found the lucky Bitcoin Block, when will I receive my net proceeds payment for that Block Reward?
Once a block is found the blockchain must verify the find through 100 block transactions and each block is every 10 minutes (144 Chances a Day to find a block) these 100 transactions will take approximately 17 to 18 hours before being paid out by the block chain. We will then do our paperwork , accounting and verifications over the next 6 to 12 hours depending on the time of day the block was found to make payout to all of the subscribers on that miner. We will payout the exact amount of the net proceeds according to the Bitcoin Price at the time of the Block Being found, what you receive is dependent on the price of Bitcoin upon receipt by you and dependent on if your exchange or payment services charges you any fees to receive a Bitcoin Payment.
P-7 I have not received my Payment from a Bitcoin Block my subscription miner found. What should I do?
You can look up the payment online through the block chain using the information we send to you by email after we have sent your payment. Remember when your miner hits a Bitcoin Block we send you an email to verify your Bitcoin Wallet Address prior to sending payment (CHECK IT CAREFULLY) before you respond to us that it is correct The Address Must Be Your Bitcoin "Receive Address" or your payment will be lost forever!. We also make a screen capture video of all of our payment transactions all the way to payment submission and sent receipt. A copy of this video is available upon request.
P-8 My Miner Found a Lucky Bitcoin Block and when I received my Reward Payment it was not 10% of the Total 3.125 Block reward and Transaction Fee's why didn't I receive 10% of the Total Reward?
All of the information on our website states that you have a 10% interest in the Net Proceeds of the Miner you have a Subscription to, the information also states that 24% of the Total Reward is used directly for taxes related to 247BitcoinMiner recieving the total funds, in some or most cases 247BitcoinMiner will pay more than 24% but 247BitcoinMiner will cover any taxes over the 24%. (Net Proceeds = Reward minus 2% pool Fee & 24% Taxes) This is why your 10% gross subscription is reduced by about 2.6% Per Subscription if you purchased Multiple Subscriptions to that particular Miner.