Frequently Asked Questions
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 deposit the desired amount of bitcoins to the address displayed. The deposit will be converted to mining equipment as soon as possible.
- Whoever gave you the referral becomes your sponsor. Referral link must be used before creating the account.
- Mined bitcoins will be credited to your account to cover the deposited amount plus a 10% bonus.
- 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.
- 10% of your income will be sent upwards: 5% of your income will be sent to your sponsor. 2.5% to the 2nd grade sponsor and 2.5% 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 5% of your first level referrals' income and 2.5% of your second and third level referrals' income.
- When account balance exceeds 0.01 BTC, it will be sent to the payout address. If your account is near to be fully paid (less than 0.02 BTC left) payment will be sent upon completion in a single transaction.
- All the accounts will receive their payments. Payments smaller than 0.001 can't be made because of too higher transaction fees. Make sure that the sum of deposits will reach at least 0.001 bitcoins.
- A 0.5% fee is applied on every payout transaction, it's used to pay for Bitcoin transaction fees and accounting management.
- You can partecipate with any amount, but it's advised that the sum of all deposits is at least 0.001 bitcoins to be able to receive the payments.
- The more referrals you get, the higher your bonus will be and the faster your payments will be made.
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 bonus).
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 paid. Hashing power is allocated to active deposits only
(those that hasn't been fully paid back).
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. Notice that if you will insert a large amount, it could take a few weeks for us to increase hashing power accordingly, so your
reward rate will be slower at first.
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.
Are there any warranties if something goes wrong?
There are really few things that can go wrong, but you should not consider us responsible. Mining is a risky business and mining difficulty can increase quickly and without
control. We take security policies seriously. 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
0.01 bitcoins), 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 deposits.
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 custom ASIC miner clusters, and it mines on P2Pool.
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 increasing mining difficulty.