Question 1

How does an alpmine device work?

Accepted Answer

The alpmine devices produce heat while cryptomining. This allows you to heat for free and mostly even with profit, by selling the generated cryptocurrencies by your alpmine product. On our landing page, you can check out our current products. Feel free to join the waitlist and download our datasheet for further information.

Question 2

How do I use it?

Accepted Answer

All you have to do is follow these five simple steps:     1. Connect the power plug to your house’s mains     2. Connect your smartphone with our radiator via the radiators Wi-Fi Hotspot and open            the alpmine App     3. Type in your WLAN-Password and your wallet address. You can also connect your                radiator with an Ethernet cable (the normal internet cable, in case if you are wondering)          to your router modem, if you don’t like to use a WLAN connection.    4. Set your desired room temperature    5. Start earning by tapping on ‘Start’ in the App

Question 3

Can I really get money from it?

Accepted Answer

Yes, by using an alpmine product you provide a service for a blockchain network which gives you cryptocurrency in return. Depending on the market, these cryptocurrencies have different values in FIAT money (e.g. Euros, Dollars etc.).

Question 4

How do I get my money to my bank account?

Accepted Answer

Currently, you have to sell your cryptocurrency on exchanges. The support team is happy to help you out with cashing out your crypto.

In the meantime, we are working on a full service where you don’t have to think about anything: just sit back in your warm home and wait for the money to be transferred from us into your bank account.

Question 5

What do I need for my alpmine product?

Accepted Answer

To heat with profit you just need a working internet connection, an electrical wall socket and a phone, tablet or pc…

Question 6

Do I still profit if a cryptocurrency drops?

Accepted Answer

Scenario 1: If the price of a cryptocurrency falls, mining becomes less profitable. People and companies for whom mining should make a profit switch off their mining equipment, otherwise the electricity costs will eat up the profits. For us, computing power is just a by-product, since we offer heating devices. Your heating is therefore still more profitable than a conventional one. In addition, the mining difficulty decreases when miners decide to pause their activities. This means you can win more of the respective cryptocurrency through mining. In this way, alpmine heating devices benefit from the reduced difficulty and from each subsequent increase in the value of the cryptocurrency.
 Scenario 2: 
The user has the option to sell his cryptocurrencies at any time. Anyone who does not believe in a possible increase in the value of their cryptocurrencies can sell their cryptocurrencies directly after each distribution. Current average minimum payout interval: 10 days.

Question 7

Can I continue mining with other cryptocurrencies?

Accepted Answer

You can always choose which cryptocurrency you want to mine. But, we'll always recommend the best cryptocurrency to mine depending on our calculations and the current market situation, so that you’ll always earn in the most profitable way possible.

Question 8

I don't have a alpmine device - can I still mine?

Accepted Answer

Yes. You can download for free our alpmineOS or our alpmine Software for Windows in the download section and start mining within a few clicks!
If you don’t have a very powerful computer, we recommend contacting our support team to find the best solution for you.

Question 9

Is this way of heating somehow bad for my health?

Accepted Answer

Heating with alpmine is neither more nor less harmful than heating with a traditional electric heating system. We have never heard of health problems caused by electric heating systems, do you?

Question 10

How sustainable is this way of heating and how many CO2 emissions can be saved?

Accepted Answer

Heating with electricity costs about 2.5 times more than heating with gas. But by monetizing the computing power that your alpine heating product provides, you will even make a profit. Heating with your alpmine product is cheaper and more profitable than heating with any other heating device. Alpmine heating solutions are not only futuristic but also green. Conventional fossil heating solutions are producing up to 30 times more CO2 than alpmine heating products. Compared to other electrical heating systems we generate green computing power and money too.  On average, 84 percent of the energy consumption in private households is accounted for heating and hot water. Almost 800 euros per year are due for this.   Source: https://nachhaltig-sein.info/lebensweise/klimaschonend-heizen-10-tipps-fuer-weniger-co2-und-kosten

Question 11

What is a Database and what is a block?

Accepted Answer

A database is a set of structured information. Today, most databases are stored digitally. We consider a customer list with client nr., name and phone number already as a small database. Most databases are stored on a centralized storage system or server. This means that if the server or storage is a victim of failure or a hack attack, all the data is lost or modified without permission.  To bypass those weak points, administrators of those databases regularly make backups of the whole database. Unfortunately, this takes a lot of time and if the database is hacked, it lasts up to days and weeks until the administrator is able to re-upload all the data from the backup. In 2008, Satoshi Nakamoto, an unknown programmer, found a way to solve this problem by simply splitting those databases up in small pieces (so-called blocks) and storing them on different servers. To make sure the database is not subject to modifications or deletion, Nakamoto developed the so-called Blockchain. This was the day when Bitcoin was born.

Question 12

What is a Blockchain?

Accepted Answer

The Blockchain consists of a set of Blocks with information. Every new Block of information contains information about the previous block. With this method, I am able to track back every block ever made since they all are related to each other. It forms some sort of “chain” thus it is called Blockchain.

Question 13

Where is the Blockchain stored? And how does the data get added?

Accepted Answer

The Blockchain is decentralized, thus there is no central place where it is stored. It is stored across all participating systems and computers. These systems and computers are called “nodes”. Every node has a copy of the blockchain. When the blockchain gets modified, every node has to update their copy of the current blockchain. The blockchain gets modified when a transaction happens. Once the transaction is validated through a validator, for example a miner, the whole network updates their copy of the blockchain and the transaction becomes immutable and irreversible.

Question 14

What are cryptocurrencies?

Accepted Answer

A cryptocurrency is a digital or virtual currency that is stored on a blockchain by cryptography. Thanks to the possibility to store and process a high amount of transactions on a Blockchain, makes it nearly impossible to counterfeit or double-spend cryptocurrencies. Since the main feature of the blockchain is decentralization, it means that they are not issued by any central authority (in comparison Euros are issued by the ECB), and therefore almost completely immune to hacker attacks and manipulation. The units of a cryptocurrency are called “coins” or “token”, depending on the technology used by the currency. Nowadays there exist over 8.000* cryptocurrencies worldwide. (*Source: Investopedia)

Question 15

What are the biggest advantages?

Accepted Answer

The biggest advantages of cryptocurrencies are:    - Very high transaction speed    - High security     - Every transaction is traceable    - It does not belong to anyone, crypto is for everyone

Question 16

What is the difference between a coin and a token?

Accepted Answer

Crypto coins possess their own blockchain, and thus they can be mined via the PoW (proof of work) or other consensus algorithms. When a coin transaction is fulfilled, the coins get transferred to another wallet.
Examples for coins: Bitcoin, Ethereum, Dogecoin, Raven Coin etc. Unlike crypto coins, tokens do not have their own blockchain. They operate on blockchains of crypto coins via smart contracts.  Tokens do not get mined, they get “minted” depending on the initial smart contract parameters. Examples for tokens: ShibaInu, USDC, Chainlink etc.

Question 17

What is a wallet, and how do I safely store cryptocurrencies?"

Accepted Answer

A wallet is your cryptocurrency address (basically your crypto “bank” account) on the blockchain. It is very important that you don’t lose the safety keywords (so-called seeds). Make sure that you don't share your password or your seeds with anyone else.

Question 18

How do I buy cryptocurrencies?

Accepted Answer

If you are not mining: Exchanges, Crypto ATMs (where you can buy and sell) and private selling.
There does not exist “the best” crypto exchange. Every crypto exchange has its own advantages and practical uses. It all depends on your needs. We recommend testing a few exchanges out so that you find your own “best” exchange.

Question 19

What is KYC?

Accepted Answer

To open an account on exchanges, you have to fulfill the KYC procedure. KYC means Know Your Customer. Exchanges have to make sure the identity of their clients is the one that they claim to be. During the KYC procedure you have to take pictures of yourself, your ID or passport and in some cases even send your electricity bill to confirm your residence.

Question 20

Do I have to pay taxes?

Accepted Answer

Every country has its own laws and regulations regarding cryptocurrencies and hence its taxes.
In case of uncertainty, feel free to contact alpmine support or  your local tax consultant.

Question 21

Where can I pay with cryptocurrencies?

Accepted Answer

Nowadays, you can already pay almost everything with your cryptos. The list of online shops, stores, car dealers and even real estate agents increases day by day.
Certain exchanges even offer debit cards which allow you to pay in every physical store with your cryptos.
For further information and help, contact your alpmine support.

Question 22

How does the network validate crypto-transactions?

Accepted Answer

Crypto transactions need to be validated via a validator. Every validator has the whole Blockchain on its storage system which gets updated when another Block is added. Thus, the more validators, the more secure are the transactions.

Question 23

What is “mining” and how do I “mine” a proof of work (POW) cryptocurrency?

Accepted Answer

Mining is called the process of validating and creating a block in a so-called “Proof of Work” (PoW) Blockchain. By creating and adding a new block to the Blockchain, the miner gets rewarded with the native currency of the Blockchain Network. E.g: Mining in the Ethereum Blockchain will be rewarded with Ether (ETH). It requires a high amount of computational power to mine cryptocurrencies.

The computational power for mining is called “hash rate”. The difficulty of the computations to be made vary depending on the total hash rate of the whole network. Therefore, if the network has a higher total hashrate, the difficulty for hitting a block rises proportionally. If the total hashrate sinks, the difficulty sinks too. This guarantees network stability and security.

Everyone, with the right equipment, can become a crypto-miner. It is recommended to mine in a “Mining Pool”.

Question 24

What is a mining pool?

Accepted Answer

A pool is a cooperative between Miners. The probability to hit a block in solo mining is even with the fastest and most powerful machines very low. In order to gain constant rewards, miners decided to make a cooperative where they share their gains, in order that everyone has constant rewards even with lower Mining Power.

Question 25

How do I profit from a “proof of stake (PoS)” cryptocurrency?

Accepted Answer

To profit from the proof of stake algorithm, you have to “stake” your tokens/coins in a Pool.
By staking your coins, you lend the pool your coins so that the pool attains the validator status and becomes a node. The pool (which is now a node) is able to validate transactions in the network and by doing so, he gains interest in the form of transaction fees.  When your coins/token are staked, it also means that your assets (coins/token) are currently locked in the Pool and you are not able to transfer them until you unlock them from the Pool. Unlocking usually takes up to 7days before you can transfer your funds. The biggest advantage of PoS networks is that it does not take very powerful PCs and/or ASIC-Chips to maintain the network working.

On the other hand, the one with the biggest bags has the greatest influence and power over the network. Proof of work is also more tested and has proven itself over time compared to proof of stake.

Question 26

Is mining illegal?

Accepted Answer

There are only a few countries in the world where crypto mining is illegal (e.g Algeria, Egypt, Morocco, Bolivia, Ecuador, Nepal…). 
To be sure, check your local laws and regulations.

Question 27

Why do I need to pay mining fees?

Accepted Answer

In order to provide you always the best service and highest returns, we need to apply small fees on your mining rewards to cover our own costs. In future, you can lower those fees by buying alpmine NFT’s.

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