do I mine? You go to Exchange. Mining Menu. And on the lower left side you can sign up tokens for mining. You can choose the amount of tokens that you wish to mine. Or you can mine with all tokens. Do I need any special software to mine? No, you just sign up on the mining dashboard on the exchange in your back office. How many OneCoins have been mined? Please check the ticker on our website! When will the mining difficulty increase? It depends on the amount of coins mined. Please check the back office for more information.
How many Coins can be mined per day?
Per hour we can mine approximately 60,000 coins in all pools. This means 24 x 60,000= 1,440,000 OneCoins per day maximum. What does the Blockchain show? How many OneCoins have been mined per block. And if any transactions happened. What will happen to the Tokens escrowed for Cryptocurrency? It depends on which package you are. All packages that are not Tycoon and have already split ONCE will go into mining on a certain date. This will be announced by the company, so you have time to upgrade your account if you wish to do so. All Tycoon packages that have split once will NOT go into mining, but the company will wait until they have split for a second time.
MINING FREQUENTLY ASKED QUESTIONS
How often does an account split? Every account can split up to 3 times. Example: You buy a starter package. It splits once. You upgrade to Tycoon. It will split two more times. You buy a Tycoon package. Account splits 2x You buy a starter package. It splits once. You upgrade to Trader. It will split again once. You upgrade to Tycoon the account will split only once more, as every account can split up to maximum three times. Should I wait for a split before I mine? Please stay tuned here. An exciting announcement will be made on Thursday!
How long do I have to wait until my coins are
mined? People are signed up and assigned to mining pools on a principle first come, first serve. Whenever a place is free you join a pool. If you sign up for mining, you can be 100% sure that your coins will be mined. Current waiting time is 2-4 days. But might change in future. Why does it take so long for the block to be mined? In the beginning, it will take longer period for the mining process. When will I have coins in my account? The mined coins are distributed once a day to the customer accounts. This happens around 08:00 GMT. When does OneCoin trading start? Currently there are not many coins mined. We will wait for appr. 3 months from first day of mining, until some more coins are mined and trading can happen. We expect trading to start beginning of May.
MINING FREQUENTLY ASKED QUESTIONS (continued)
How many Tokens do I need to mine ONE OneCoin 5 Tokens. Unless you sign up for service Automatically Mining. Then you can mine at 4 Tokens per coin. Can you somewhere see if you have joined the mining? Yes, in your backoffice (Exchange Mining) it is saying you are mining. Soon you will be able to see with how many tokens and which pools you belong to. How can I mine for 4 Tokens per coin? Tick the box Automatically mining. This gives you a preferential rate for mining. Is there a reason why NOT to choose the AUTOMATICALLY mining option? No, actually this is the best option. You can mine NOW in the early days and you mine 20% cheaper than other miners. And you still will get the split on all you tokens, if you are entitled to one.
What does Automatically Mining
mean? Mine automatically gives you a preferential rate for mining. Normally mining for OneCoin is 5 Tokens per coin. If you subscribe to the service Automatically Mining, you can mine the coin cheaper. If you tick the box Automatically Mining you are subscribed for this service for three months. You can also subscribe ALL existing tokens for 4 Tokens/Coin while you tick the box.
MINING FREQUENTLY ASKED QUESTIONS (continued)
How will I receive a split on my tokens if I join the mining? Our system records ALL tokens (from package and bonus/mandatory/exchange purchases) and will SPLIT all this tokens if you mine with them now. Should you have now 200.000 tokens (120.000 from your package, and 80.000 from your mandatory buy) and you mine with all of them you will receive in the next split 200.000 tokens! There is no disadvantage for you if you mine today. Why do you give preferential rates for mining with all tokens? The more OneCoins we mine, the earlier we can start the trading of the coins and the faster the value of the coin will increase. We have a financial model, valuing the tokens and allowing us to do this promotion.
Why cant I see the algorithm of OneCoin?
Why is not open source (yet)? If we would publish the Algorithm of OneCoin TODAY everyone also outside the Network will be able to mine the coins. This would be unfair for the network and people who paid for packages. Everyone outside the BV system could join the mining. The algorithm will be open source once all coins are mined. I am not an IT person. I do not understand the blockchain. How do I know it is real and not some numbers? We will have in the next 4-6 weeks an auditor who will (with IT experts) audit the blockchain monthly. No other cryptocurrency does this. So the members can know, that the blockchain is real and there are no coins mined outside and no transactions outside.
MINING FREQUENTLY ASKED QUESTIONS (continued)
Why do we measure the difficulty in Tokens and not in Hashes? We show the mining difficulty in Tokens not in Hashes. As we all know Tokens is an internal currency in the OneCoin world, which gives the opportunity to split and to treat members the same way. E.g. if a member has 100 tokens in the mining he will mine exactly the same as a person who also gives 100 tokens in the mining. Of course we have mathematical models, assigning to tokens monetary value. The algorithm does not calculate in Tokens but in hashes and we translate this in costs and the costs in tokens. The value of the tokens is calculated based on market value, number of splits and the promotions on the market (10% extra tokens or mining at preferential rate).
What is the algorithm of OneCoin?
OneCoin is not an ALTCOIN this means we do NOT use the Bitcoin algorithm with small changes. We decided to use a custom made solution, which has elements of scrypt and x11. When will the next difficulty come? The next difficulty will come after 43.2 million mined coins. Then the mining difficulty will be 5.25/4.25 Tokens. What is OneCoins Market Capitalization? The market capitalization is calculated: Number of mined coins x market price. The current market price is 0.50 EUR. How many Tokens min/max can I commit into mining? As many you wish!
MINING FREQUENTLY ASKED QUESTIONS (continued)
I submitted 6 Tokens how many Coins will I receive? Onecoin has up to 8 digits after the decimal. You will receive 1.25 OneCoins. Should I mine now or wait? The only reason for you to wait would have been to wait for your tokens to split. Now that you will get the splits (Promotion until end of May). You can mine now. It is more beneficial for you to mine the coin at an early stage and to participate in the value creation of the coin. If you have 12 Tokens today you can mine in the preferential mining 3 OneCoins. This can lead to a value of 7.50 EUR15 EUR in one year. If you sell the tokensyou can make up to 2,642.75 EUR (value of Tokens will also grow with time, but not as much as of the Coin). Our estimate is that in 4 weeks the coin will go up in value as the difficulty will grow.
Will we have any wallet to wallet transfer
in OneCoin? When you receive OneCoins in your back office this is a wallet to wallet transfer. As we have not completed KYC procedures in the network we plan to use the exchange for transactions. So you transfer the coins to the wallet of the exchange. And it transfers to the other user. When OneCoin goes open source, of course direct wallet to wallet transfers are possible. Why does our blockchain look different than bitcoin? Bitcoin currently does many, many transactions. Our network mines and the transactions made are the distributions to the wallets. One day our blockchain will be as busy as bitcoin.
MINING FREQUENTLY ASKED QUESTIONS (continued)
I submitted to mining and did not push mine automatically. Now I mined for 5 Tokens, but wanted to mine for four? What do I do? Of course in the beginning mistakes like this can happen. You can notify support@onecoin.eu. But only until the 05.02.2015, we will make a change for you. All requests afterwards we cannot handle! How long does the blockchain need? 10 Minutes? Normally the blockchain needs approximately 10 minutes. As long as not 100% of the possible pools are subscribed (1,440,000 Coins per day) we will let the blockchain run a bit slower. Every block currently mines and if people have not subscribed for all coins, we cannot mine 1,440,000 Coins per day.