Frequently asked questions
The Burst mining system is unlike any other coin in existence: it uses your existing free space on your hard drive to mine coins. Because of this, it is naturally more decentralized, and very low on power usage. The difference between mining and simply running your computer not mining is so negligible you will not notice a difference on your power bill. Due to the nature of the mining process, and the fact that it is mineable most efficiently and cost effectively mined on consumer grade storage hardware, the coin lends itself to being much more decentralized by design. Everyone has free hard drive space, and purchase of another drive specific for Burst mining represents a small cost. Since the mining process itself doesn’t take much power (as hard disks only average <5W power, just like charging a mobile phone) it makes sense to mine just because you can.
This opens the door to the general public in a way that had never been possible before with other more ‘traditional’ style mined crypto-currencies. The mining process is very easy on hardware, and to date not a single piece of hardware has been reported to have issues due to the BURST mining process running on it. This means that you won’t have to worry about burning up your CPU or GPU like you would if you were mining the other types of cryptocurrency.
For those who have not studied Proof of Work, a brief summary is that a Proof of Work is a calculation done that proves that an immense number of calculations (aka work) went into creating it. In Proof of Work systems, miners continuously run numbers through a hash function looking for inputs which produces outputs that satisfy some set of constraints. In Proof of Capacity, miners do this work once up-front (this is called plotting), and save the results which they can continue to use for each block without the need to work continuously.
Mining is the act of using these plotted hard drives to power the network. While mining, miners package all transactions they see on the network that have not yet been submitted into ‘blocks’. Then miners pull those Proofs off of the hard drive using a predetermined set of rules and submit them to the network. The end result is that the more hard drive space you contribute to the network, the more power you have over it.
As soon as you purchase the contract and it gets assigned to your account. Storagemining.io has already prepared all delivery and installation work for you, this means you start mining Burstcoin immediately.
The transaction cost on Burst network is 1 Burstcoin. That is why we do transactions to your account once per week, every Monday. This is to limit the transaction fees that must be paid. If you have a 2 year contract, you will receive payments for 104 weeks.
Your ROI may change according to Burstcoin network growth and its popularity compared to other coins. Being a good, active member of the Burstcoin community can help facilitate this.
To calculate your approximate earnings, you can use a mining calculator.
There is only a one-time payment for our contract – no surprises.
Storagemining.io team believes in total transparency and if there is any kind of uncertainty, please contact us. We will kindly answer any question concerning our services.
Storagemining.io is cooperating with major brands like Seagate. Thanks to this we can offer the most competitive prices in the mining market. Additionally, by using Renewable energy, we cut the electricity costs greatly.
After you have purchased your contract, it will be effective for exactly 2 years (730 days).
Have more questions?
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Contact our support team.