What is mining?
Mining facilitating the transmission and of data by securely and verifiably adding transactions to a public ledger for peer review.
This data can take many forms:
Mining computers support the network they are working on in various ways. They make the network more secure because it becomes harder for a malicious actor to out-compete the rest of the network. Each mining computer acts as one more point of redundancy in case something happens to other parts of the network. The work done by these computers is rewarded to incentivize people to participate in processing the blocks onto the ledger. This presents the opportunity to generate an income by becoming a part of this processing network.
Another reason someone would mine a coin specifically is it is one of the only ways to obtain certain coins not sold on exchanges or can be a way to not have to deal with exchange KYC.
Thirdly, its one of the few ways to obtain “clean crypto” that has never touched an unknown wallet.
That is where MyntFarm comes in. We build specialized dedicated computers for mining, also known as mining rigs. We use GPUs (Graphics Processing Unit) or ‘graphics cards’ for the mining process.
Private Mining Charges
For private mining you can choose to pay daily or monthly or yearly based on the GPUs you have opted to use. The rate is calculated based on power used by the GPU.
Managed mining Payouts
We currently offer pay outs in any currency supported by Coinbase.com.
While you do pick a currency at account creation you can change the payouts at any time. The change in payout currency will take effect on your next payout cycle.
Payouts are based on mining pool payout times.
Private mining Payouts
You will have control over your own wallet and will receive payouts from your pool.
Return On Investment
Calculations and Fees for managed mining
Daily Housing Costs [DHC] = $ 0.67 /day/GPU Cost Locked until 9/2023
Farmer Daily Cost [FDC] = DHC x (# of GPUs)
Farmer Daily Revenue [FDR] = (Revenue Generated) – FDC
MyntFarm Fee [MFF] = FDR x 0.2 (20%)
Daily Farmer Payout [DFP] = FDR – MFF
Estimated ROI = (total GPU cost)/ DFP
Also see Getting Started for info on setting up a wallet to accept your payouts.