Frequently Asked Questions

• Is it a pyramid scheme?
• What does the pyramining logo represent?
• How does it exactly work?
• I don't have any sponsor. Where can I find a referral link?
• This project is cool, I want to donate BTC, where is the address?
• What happens if I send bitcoins to the provided address more than once?
• Where can I see progress?
• What does it happen if I lose the wallet with my rewards address?
• Why are you borrowing mining? Where is your income?
• What is a suitable amount to deposit?
• Can I partecipate with many accounts?
• Why referral links / codes do expire?
• What is it "Equivalent hashing power" statistic?
• Are there any warranties if something goes wrong?
• Which technology are you using?
• Why there are separate deposits for ASIC technology?
• What happens to hardware after my revenue is complete?

Is it a pyramid scheme?

It is not. This is a service that allows you to borrow hashing power and integrates a referral system which allows you to increase your rewards. Each member income derives 100% from mining activity. All deposits gets entirely converted to mining infrastructure.

What does the pyramining logo represent?

The logo represents a monument to The God of the Blocks, who (trough worshipment) provides us better luck while we are mining for Bitcoins. :-)

How does it work? (more details)

• Find a sponsor (searching for referral links), join and send the desired amount of Bitcoins to the address displayed. Your reward will be the deposited amount plus 10% bonus.
• Whoever gave you the referral becomes your sponsor. Referral link must be used before creating the account.
• When a member joins through your referral, your bonus percentage increases depending on your partecipation amount and the new member's partecipation amount.
• Your income is composed by direct Bitcoin mining revenues and by Bitcoin mining revenues of referral members.
• When miners find a block, mined Bitcoins less energy costs are split proportionally to the initial amount you sent.
• 30% of your income will be sent upwards: 15% of your income will be sent to your sponsor. 7.5% to the 2nd grade sponsor and 7.5% to the 3rd grade sponsor.
• If any upper grade sponsor's account are complete, the % that would have been credited to him it's credited to the first active upper grade sponsor through the top of the tree. If all upper grade sponsors' accounts have been completed, this amount will be credited to you.
• The same happens to your referrals, so you will receive 15% of your first level referrals' income and 7.5% of your second and third level referrals' income.
• All Bitcoins sent as deposit are used to buy new infrastructure (actually FPGA boards) to increase the hashrate. Current infrastructure cost is 23.19BTC for every GH/s added.
• Rewards are sent in multiplies of 0.1 BTC. If your account is near to be fully rewarded (less than 0.2 BTC left) reward will be sent upon completion in a single transaction.
• All accounts will receive their rewards.
• There is a 0.5% fee on reward transactions, used to pay Bitcoin transaction fees and accounting management.
• You can partecipate with any amount. Suggested amounts are between 0.1 and 1000 Bitcoins.
• The more referrals you get, the higher your bonus will be and the faster your full reward will be reached.

I don't have any sponsor. Where can I find a referral link?

You can just use google, searching for "pyramining investment" or "pyramining referral", and choose one of the many you'll find.

This project is cool, I want to donate BTC, where is the address?

If you want to support us, you can join and deposit there. It will help us buying more infrastructure and increase efficiency, but after some time you will also have your Bitcoins back (plus the reward).

What happens if I send bitcoins to the provided address more than once?

Accounts can have more than one deposit. Each deposit remains active until it has been fully rewarded. Hashing power is allocated to active deposits only (those that hasn't been fully rewarded yet).

Where can I see progress?

You can view the account status by logging into the site using the address where you sent your Bitcoins (deposit) as your login. No need for passwords since everything is read-only.

What does it happen if I lose the wallet with my rewards address?

Your bitcoins will be lost. To increase security and avoid hacking as much as possible, there are not user accounts. Rewards address will be asked for the account creation and can't be changed. If you lose access to your rewards address, you will lose rewards, so please be careful with your wallet and keep several backups of it.

Why are you borrowing mining? Where is your income?

Immediate income for us is the 0.5% transaction fee applied to rewards. This helps us covering costs. The other benefit is that this service helps us buying mining hardware in large volume therefore achieving bigger discounts. This leads to two advantages: covenience for members and less costs for our private mining gear.

What is a suitable amount to deposit?

You can enter any amount, there are no limits. Reasonable amounts are between 10 and 3000 Bitcoins, anyway the system will work even with 0.1, 10000 or anything else. Notice that if you will insert more than 10000 Bitcoins actually it could take a few weeks for us to increase hashing power accordingly, so your reward rate will be slower at first. Payments for accounts with a complete reward smaller than 0.1 Bitcoins might be delayed if the cost of the transaction exceeds our 0.5% fee.

Can I partecipate with many accounts?

Sure, you can. There is nothing that prevents you to do it. Accounts can also be referrals of other accounts of yours, and you can insert the deposit address of one account into the other, to automatically reinvest your rewards. Build your strategy as you like.

Why referral links / codes do expire?

A referral code expire when the total amount of Bitcoins deposited in accounts activated through itself is greater than 50% of your account's deposited amount. Every member will always have at least 2 valid referral codes. When one of them will expire, a new referral link / code will be generated. It's done in order to better spread membership access: while (for example) you publish your referral codes on a forum, after new members will join and their deposits exceed the threshold, you will have to take the new referral codes and publish them again. At the same time new members can publish their referrals so that new members will not be connected all to the same (first) account. Notice that posting referral links on a forum is not the best way to recruit members. It's better to communicate the referral link or code directly to interested people.

What is it "Equivalent hashing power" statistic?'

It's an indicative parameter that shows the approximative quantity of hashing power borrowed with your deposit. This parameter can sligtly vary during time depending on how much Bitcoins other members are depositing. When new (and cheaper) infrastructure goes in production, this number tends to increase. Anyway during short periods of time it might shrink a bit (as a consequence of other members depositing), and this should not alarm you.

Are there any warranties if something goes wrong?

There are really few things that can go wrong, but you should not consider us responsible. We use deposits as fast as possible, so it's unlikely that they can be stolen. We send rewards often (as soon as your balance is more than 0.1 Bitcoin), in the unlikely event our system will get hacked, you will lose very little. Our technology is very power-efficient, anyway if Bitcoin value would drop under the current managing costs threshold, mining will be suspended and accounts will still be valid. Everything will start again when Bitcoin value will increase. If the entire Bitcoin system will collapse, the service will be interrupted and you will lose your rewards.
Our security policy include a very restrictive firewall, experienced system administrators, experienced programmers, frequent backups. We will really do our best to avoid bad things to happen. Anyway if you join this service it is everything at your own risk.

Which technology are you using?

Currently all our equipment is based on Xilinx Spartan 6 FPGAs, assembled into rackmount clusters. Average power draw is 55W each GH/s. Mining power is split between multiple pools (including p2pool) to reduce variance.

Why there are separate deposits for ASIC technology?

Because new ASIC infrastructure is not available right now, but you can reserve your hashing power with this technology. We are doing a lot of research and development in order to have it ready as soon as possible, and with the best performance we can achieve. Our production plans include several production batches, and hashing power will be added weekly. ASIC Deposits will be activated in chronological order, first arrived, first served.

What happens to hardware after my revenue is complete?

The hardware remains available for other members in order get their revenues faster. You can also re-join with a new account and get advantage from this. This strategy will help compensating the halving of the bounty for mined blocks that occours about every 4 years.

© 2012-2013 pyramining, a bitcoin company