Cryptocurrency is a computer-generated monetary system. It’s created by specialized, powerful computers called “miners,” which compete mathematically to secure “transactions.” The transactions are bundled into a “block,” which the cryptocurrency miner digitally verifies to assure the validity of all transactions. The miner computes a “cryptographic hash,” a computerized method to ensure the block’s validity and prevent invalid block construction. Blocks are accumulated and accounted for in the blockchain, functioning as digital ledgers. Miners are rewarded for their transactions with a set amount of cryptocurrency.
Frequently Asked Questions
What is cryptocurrency and how does mining work?
What are the long-term projections for cryptocurrency?
The cryptocurrency market is projected to grow ten-fold by 2025. This decentralized form of money does not require a processor like a bank or credit card company (and their fees), offering major benefits over fiat currency or credit systems. Values may fluctuate, but they have continued to generate excellent value returns.
What are the advantages of cryptocurrency over fiat money or a credit card?
Because the cryptocurrency system is a “peer-to-peer” transaction, there is no middle institution involved, like a bank or credit card company, which means no third-party fees. You’re also assured of privacy since there is no way for the seller and purchaser to identify one another. And you aren’t charged any account fee just for keeping your currency in your digital ledger.
How do I purchase hashrate and pay with BTC, BCH or ETH?
You can use "Pay with BTC/BCH/ETH" payment method to purchase hashrate with either Bitcoin (BTC), BitcoinCash (BCH) or Ethereum (ETH). After selecting this payment method, you will be taken to a third-party payment system.
How long does the mining contract last?
SHA-256 and SCRYPT contracts last 1 year(365 days) and are subject to maintenance and electricity fees (MEF).ETHASH, EQUIHASH and DASH contracts last for 1 year (365 days) and are not subject to any fees.
What is Corval Hash's colocation services?
Our facilities are built specifically for cryptocurrency mining and can handle virtually any coin. Initially, we see the potential for the following: Bitcoin, Litecoin, Zcash, Ethereum, Dash, and Monero (XMR). However, we are constantly evaluating other coins, and you can mine virtually any cryptocurrency with us.