FAQ

Frequently Asked Questions

Iran Mining is a mining service that is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We offer hosted cryptocurrency mining services and a variety of mining related solutions to small and large scale investors. The combination of our algorithmic trading framework, mining infrastructure, and proprietary mining farm-management software.

Our team of mining experts with extensive knowledge of the digital currency sector specializes in building the most efficient and reliable mining facilities. Iran Mining is also the founding partner of Logos Fund, the first ever Bitcoin Mining Fund, which targets professional investors looking to gain access to Bitcoin’s and various other digital assets‘ potential.

Our service was founded by the end of 2017 and we are the Iran‘s leading multi-algorithm mining service.

It’s quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on your contract, you can either mine Bitcoin, DASH, LTC, Zcash or Ethereum directly. The first payout reaches our customers’ wallets after weekend, and then a weekly mining will follow.

Remark: Every day of mining will be processed and paid in the following week.

Please refer to section “When do I get my payout?” for more details.

Besides the fact that we ourselves mine with the very same hardware that we offer to our clients, our capital is limited. We believe that digital currency and altcoin mining is highly profitable, however, we do not want to “put all our eggs in one basket”.

For security reasons, we do not disclose the exact location of our mining farms. As of November 2017, we are operating several mining farms.

You are able to mine various coins directly or through our “GM Advanced Autotrader”. As of November 2017, we provide the following coins per algorithm. We add new coins to this list from time to time.

(*) “Iran Mining Advanced Autotrader” (special feature):
It allows you to get the payouts in many different coins even if they are not mined directly by a certain algorithm. For example, you can get the payouts in BTC while mining with a X11 algorithm! This is possible by mining the most profitable X11 altcoins which are then automatically exchanged to BTC by our algorithmic trading framework. This is a very cost efficient way of mining different coins. We call it “mining BTC the smart way”. The same technique is also used to mine LTC with a SHA256 contract, etc.

Digital coin mining depends highly on the prices and difficulties of the coins you mine, which we cannot predict. Therefore, we recommend all our clients to do their own research and do their own profitability calculation.

For example, you might want to have a look at research in internet.

Please note that the websites are independent source of reference and not related to Iran Mining in any manner.

It is always possible that mining hardware crashes, slows down or completely breaks. In all these cases, our algorithms ensure that other miners are allocated to the relevant pools to fully compensate for possible hashpower loss. This way our clients will not lose a second of mining time.

We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine some coins (and pass the fee savings to our users!).

Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two to four different pools for each coin.

On the first glance one might think that buying miner X is slightly cheaper than hosted mining. However, there are a number of “hidden” costs related to purchasing and maintaining a miner that change the economics significantly:

  • Shipping costs: few merchants will cover this, but in most cases they will charge you extra.
  • Customs dues / VAT: if it is an international delivery you will likely have to pay customs dues and VAT; generally this has a huge impact on the total cost of your mining equipment.
  • Delivery time: when you pay for your device you have to wait until the miner is packaged and shipped; if it is held up in the customs this can take weeks. And during that time you cannot mine at all (“opportunity costs”). You have to wait and hope. And if the merchant has a stock shortage; it is you who has to wait. With Iran Mining you pay and get your hashpower immediately online. No delays!
  • Costs for additional equipment: when buying miners from larger retailers you often have to buy additional equipment like an extra PSU that matches the electricity specs for your country, control units and specific shelves to store them efficiently. This adds up significantly to the overall price for hashpower.
  • Setting the system up: when the device finally arrived you have to assemble and configure it. Beginners often underestimate the amount of work and technical knowledge that is needed to bring the device up and optimize its settings. People that used the first ASICs spend days and weeks on it. In monetary terms this costs you twice: (i) your time and (ii) lost mining opportunity.
  • Maintenance: hardware failures, outages and crashes could lead to downtimes between seconds and weeks. If your unit breaks you have to return it and start from scratch (by the way: check the guarantee time of your miner; it is often less than a year). With Iran Mining you have a guaranteed uptime of 100%: in case one of your units fails another unit will be switched over and start mining for you the very same second.
  • Electricity: having the machines at home not only brings heat and noise, but also an increase of your electricity bill; an important factor that many underestimate.

Please do not get us wrong: we do not want to discourage anyone from mining at home! We are often asked about prices and realized that many users do not know about all the hidden costs. If you compare the true costs, you will notice that our prices are very competitive. We want to provide you the best possible mining experience, so that you can focus on mining your favorite coins (and we take care of the rest).

We currently accept the following payment method:

  • Bank wire

The maintenance fee covers all costs related to mining including, inter alia:

  • electricity cost
  • cooling
  • maintenance work
  • hosting services

Please note that our 24 months contracts have no maintenance fee.

When you purchase an Ether mining contract, you buy a share of a “graphics processing unit“ to mine Ethereum. The hashing algorithm used to mine Ether is called Ethash or Dagger-Hashimoto.

Ethash requires the so called DAG file in order to perform the calculations. This file grows over time, which means that more operations for each hashing operation need to be performed. This means that the effective hashrate decreases a little each time the DAG file grows.Ethash requires the so called DAG file in order to perform the calculations. This file grows over time, which means that more operations for each hashing operation need to be performed. This means that the effective hashrate decreases a little each time the DAG file grows.

This has to be considered when comparing the theoretical output of your hashpower. Online calculators do not take this into account.

Please refer to our Affiliate FAQ. You will find very detailed information about the program there.

Payouts are generated daily, but you will receive your payouts only weekly.

Customer service is our highest priority! We know how important it is for a potential investor to find answers to their questions. Making decisions is not only about having the good feeling, but also about understanding the business concept in detail. Therefore, please contact us any time atinfo@iranmining.com if you need any help. We are looking forward to hearing from you.

Iran Mining allows its clients to mine different types of coins at the same time. You decide which coins you prefer and you can allocate hashpower accordingly.

In order to get the payout, please ensure to add your payout address to your Iran Mining profile. Find out more details about how to add your wallet in the next section.

In the menu “My Account” select “Settings” and then “Wallets”. Here you can set payout addresses for each type of coin.

Important: Remember that you have to add a wallet for each coin.

Iran Mining provides daily payouts of all mined coins!

A mining day usually starts at 00:00 UTC and ends at 23:59:59 UTC. If you just bought a contract the start time could be different and you will only mine for a fraction of that day. Otherwise your miners will mine for you 24 hours and exactly act according to your settings.

At the end of the 24 hours mining day we will do some additional calculations and double checks to ensure everything is correct. After weekend you will receive payouts for each coin you have mined.

If you did not get any payouts from us after weekend, please contact our customer service team at info@iranmining.com.

Please visit about to learn more about us:
about