Cryptocurrency mining is the mechanism for which new cryptocurrencies are introduced into circulation. Cryptocurrency miners use their hardware specifically designed to solve a complex cryptographic problem in order to keep the network secure. As a reward for the work done by the miner, new cryptocurrencies are minted and given to the miner that successfully mines the block.
Cloud mining is the mining of cryptocurrencies by rented computing resources on the cloud without physically owning or operating the hardware. This makes cryptocurrency mining accessible to the general public.
Cryptocurrency mining is not risk free, the profitability is subject to a lot of volatility factors such as cryptocurrency prices, energy costs, introduction of new technologies and the mining difficulty. By letting out a portion of their rigs, cryptocurrency miners can effectively hedge their risks against the volatility, stabilising their income.
It is true that over 90% of the bitcoins that can ever exist have already been mined. However, the block reward isn’t the only source of revenue that crypto miners enjoy. The miner that successfully mines the block will receive all the transaction fees paid by network users in that block. Eventually, transaction fees will be the dominant source of revenue for bitcoin miners. Furthermore, besides bitcoin, a lot of cryptocurrencies still use proof of work as their consensus mechanism and decent block rewards are still available to be mined.
Yes, as we have to comply with our local regulations against money laundering and tax avoidance. However, users with daily transaction volume below a certain threshold need not complete KYC in order to use our platform.
What forms of payment do you accept to use the platform?
Yes, this is part of our plan. However, to be compliant with the relevant regulations, we most likely will handle transactions without holding customer’s assets in custody. This can be achieved by means of a smart contract.
Cryptocurrency mining is the process by which new cryptocurrencies are introduced into circulation. Miners use specialized hardware to solve cryptographic problems and secure the network, earning rewards in return.
Cloud mining involves renting computing resources from the cloud to mine cryptocurrencies, making mining accessible without owning the physical hardware.
Mining profitability is subject to volatility (crypto prices, energy costs, technology advancements, difficulty). Letting out rigs helps miners hedge risks and stabilize income.
While most bitcoins have been mined, miners can still earn transaction fees from successful blocks. Additionally, many cryptocurrencies still use proof of work and offer decent rewards.
Yes, KYC is required to comply with local regulations against money laundering and tax avoidance. However, users with lower transaction volumes might be exempt.
Initially, only fiat currency (via card or PayPal) will be accepted.
Yes, we plan to enable crypto payments, but to comply with regulations, we’ll likely use smart contracts to avoid holding customers’ assets in custody.
Copyright © 2025 Mattock Technologies Limited. All Rights Reserved.
