Frequently Asked Questions regarding Rig Store

1. How is mining revenue calculated and distributed?

Following the PPS model, user’s mining revenue is calculated each day at 8:00 (UTC+8) based on the hash rate the user owns, with electricity fee, insurance fee, mining pool fee, management fee deducted from the mining output at real time Bitcoin price. The revenue will arrive at user’s Bixin account each day. When mining out is insufficient to cover the aforementioned cost, there will be no revenue on that day.

 

2. When mining farms undergo blackout, will I receive revenue then?

Yes. The Rig Store’s insurance covers these abnormal situations, in order to help user receive stable mining revenues each day.

 

3. Why is insurance fee charged?

Insurance fee is charged to hedge against various risks including power outage, rigs breaking down, parts being replaced, performance dwindling due to wear and tear, in order for users to receive stable mining revenue. Insurance fee rate is updated each day considering market price of bitcoin, hash-to-power ratio, bitcoin network parameters. For more detailed calculating rule, read: https://help.bixin.com/rig-store-insurance-premium/

 

4. How long does it take for the user to receive revenue after purchasing hash rate?

For the spot rigs, if rig is bought on day T, mining revenue will be distributed on day T+1.

For the futures rigs, if the user hasn’t applied for shipping, the rigs will be under custody and hosted by Bixin. Revenue will be distributed after shipping and deployment are done. Please refer to announcement for specific distribution time.

 

5. For how long will the hash rate I bought keep generating revenues?

Theoretically, the hash rate will always be owned by the user. But the hosting agreement will terminate automatically after 30 days of no revenue. 60 days after the termination of the hosting agreement, the user can apply for delivery of the physical rigs (to be eligible for delivery, the user must own the equivalent hash rate of at least 1 rig). No applying within those 60 days shall be deemed forsaking the right of redeeming rigs. The agreement will also terminate due to inexorable forces or events that prevent the farm from running normally such as regulation policy change, war, earthquake, fire outbreak, etc.

 

6. After how long, will the hash rate I bought be eligble for trading?

You can post offers in the corresponding trading market of specific rig models immediately after the purchase.

 

7. Why is the redeem period so long?

Rigs running on the mining farms entails reporting corresponding power consumption plan to local government’s related departments. Usually such plan is reported once each season. Redeeming rigs will affect the power consumption plan, hence the inflexibility and the long period.

 

8. How much fee is charged for trading hash rate on the market?

When buying or selling hash rate, 4‰ of the total amount traded will be charged as trading fee.

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