Simple Mining FAQ
How do I pay for miners?
We accept payment for miners via the following options: Credit Card (3.5% fee), Wire transfer, ACH, or Coinbase Commerce (1% fee).
How do I pay for my monthly hosting?
We accept payment for monthly hosting via the following options: Credit Card (3.5% fee), ACH, or Coinbase Commerce (1% fee).
Is there a separate hosting fee?
No, our hosting fee is an all in cost. There is no separate fee monthly to host your ASICS with us.
Do I get credited for down time?
Yes, we credit all downtime. Downtime credits will always be added one month behind. For instance, if we send a bill for January Electricity, downtime credits from November will be included on the invoice.
Does Simple Mining Require KYC?
We are not required to KYC.
Are there any other fees to get started mining?
There is a one time set up fee of $100 per unit for clients with less than 10 units.
Why am I paying a 30 day deposit?
We collect a 30 day pre payment for all miners purchased with us which is used as soon as your miner goes live. For instance, if you pay a 30 day deposit and your miner goes live on September 15th, your 30 day deposit will start on this date and cover you for the next 30 days.
Do you accept outside miners?
No, we currently only host miners sold through our company.
How long is the contract?
Our hosting contract is for 12 months. At the end of the contract you will be automatically enrolled in another 12 month agreement unless Simple Mining is notified at least 30 days before the contract end date.
When did Simple Mining go into business?
Simple Mining opened operations to hosting clients in the beginning of 2021.
Does Simple Mining own and operate their own sites or are you the middleman?
We currently own and operate two mining sites with over 4000 miners hosted.
Can I overclock/underclock my miners?
We are currently looking into solutions to be able to offer overclocking firmware to clients.
Is the facility immersion or aircooled?
Both of our facilities are container design and aircooled.
Are your energy costs fixed?
No company has truly fixed costs. We have never raised our rates since our inception. If rates ever did go up, Simple Mining must give clients a 30 day notice of the effective rate increase, at which point the client can terminate the contract with no penalty.
When will I be billed each month?
Payment for hosting is due on the 27th on each month and is always for the following month of hosting. For instance, if it is November 20th, you can expect a bill due on November 27th which will be for December Hosting.
I would like to change my payment method how do I do this?
You can change your payment method my contacting support@simplemining.io
Can I change my mining pool?
You can change your mining pool by contacting support@simplemining.io
My payment is overdue, now what?
If your payment is 7 or more days past due, Simple Mining will suspend your mining operations until payment is received.
Is there bulk discounts on miners?
Yes, we offer bulk discounts on miners.
Are there cheaper hosting rates available?
Yes we offer cheaper hosting options. Our starting rate is $0.08/kWh. At 500kW - 999 kW, we offer $0.075/kWh and at 1000kW or more we offer $0.07/kWh
What energy source does Simple Mining use?
Both of our facilities are on grid. Our main source of energy is wind. Iowa generates the most wind energy of any state in the US from a percentage standpoint.
If I have a question regarding a miner that is offline or a billing question who do I contact?
Please contact support@simplemining.io.
Will I be notified if my miner is out for repair?
Yes, any miner pulled for repair from our onsite team will lead to an email explaining the issue of the miner and a follow up email will be sent once your miner is back online and hashing.
How do I get started mining Bitcoin with Simple Mining?
To get started mining Bitcoin please email sales@simplemininig.io. Once your miner is selected, an invoice and contract will be sent to you for completion.
Can I visit the facility?
Yes we do allow site tours in person and via zoom.
My miner is offline or underhashing, what do I do?
No action is required on your end if your miner is offline or underhashing. Our team is onsite 7 days per week and our backend system notifies us of any units offline. If you are concered about an underperforming unit please contact support@simplemining.io and we will notify you of the issue your unit is having.
Where are your mining facilities located?
Both of our facilities are located in Iowa with our headquarters in Cedar Falls.
Do you have repair technicians?
We have a separate dedicated repair facility with 8 full time repair technicians capable of all repairs,
Do you have load shedding?
We do load shed but overall it is minimal compared to warmer climates like Texas. We will notify clients of any major outages due to load shedding or anything else.
What is your average uptime?
We currently have an average uptime since our inception of over 98% across both of our sites.
What are the tax implications of mining Bitcoin?
We cannot provide tax guidance but are partnered with a tax firm that can provide guidance on this topic.
Is there a minimum order quantity to get started mining?
We do not have an MOQ to start mining Bitcoin with us. Clients can get started with just one miner.
How can I contact your customer support team if I have any questions or concerns?
Please email support@simplemining.io and somebody from our team will respond within 24 hours.
What is the lifespan of the different mining equipment for sale?
Lifespan on equipment varies on a few factors such as the price of Bitcoin and the difficulty of mining Bitcoin. It is impossible to predict how long a miner will be profitable due to the volatility of the market. From a repair perspective, miners can last for years and if they do have issues then we can repair them to get them up and running.
What is the cost of repairs?
All repairs are included for free on all units purchased through Simple Mining. Any miners on contract renewal or purchased in the marketplace do not come with free repairs but additional protection may be purchased. For more information on our Protection Plan click here.
Is there any insurance on the mining equipment?
We cannot insure client owned miners but are partnered with some insurance companies that can provide insurance.
What mining pool should I use?
We allow clients to mine to any pool they choose. We do have parternships with the following pools to receive discounted pool fees. With Luxor we receive a discounted pool fee down to 1.2% and with Nicehash we receive a discounted pool fee down to .5%.
Where should I send my Bitcoin from the mining pool?
We suggest sending your Bitcoin to a hardware wallet. For more information on safe self custody solutions, please click here.
Do I need technical experience to start mining with Simple MIning?
No, at Simple Mining we offer a white glove service and make it easy to start mining Bitcoin. We handle all maintenance, repairs, reboots, etc. Just pay your monthly bills and we handle the rest.
Do I own my miner or is this cloud mining?
This is not cloud mining. All clients own their miners outright. Simple Mining provides all serial numbers of miners to clients.
How do I receive the Bitcoin that I mine?
You control your login to your mining pool and are responsible for entering your Bitcoin address to receive payments from the pool. Simple Mining does not pay you Bitcoin daily as this comes directly from the mining pool.
What is the Pause Period?
At Simple Mining we do not force anybody to mine if their miners are unprofitable in relation to their electricity cost. Clients can elect to take a “pause” in their mining operations if they would like.
Is there a limit to many times I can Pause my mining operations?
Pause Period is limited to one on and one off per month. Clients can not toggle between Pause Period daily. We ask that clients keep it to one per month.
How long am I allowed to Pause my miners?
You can pause your miners up until the end of your contract if you choose or as little as one day but we limit pause and unpause to one time per month.
Will I be billed during Pause Period?
No, you will not be billed during pause period. You will owe everything up to the date your miners are put into pause.
Are my miners shut off during Pause Period?
Technically your miners are still running but they are reconfigured to our company account at Simple Mining. When you are ready to resume mining operations, we will reconfigure your miners to your mining pool.
If my miner breaks during Pause Period, am I responsible for the repair cost?
If your miner is still under 12 months of free repair then you will not be charged. If you do not have protection on your miner and it has issues then you will be responsible for the repair costs to get your miner back up and running.
Does my contract pause during Pause Period?
No, your contract still carries on as normal. For instance if you start mining September 1 and pause for 6 months, you would only have 6 months remaining on your contract. The Pause Period does not lengthen or pause your exisiting contract.