How does TeamMining work?
TeamMining is a new type of package available on our EasyMining platform, where multiple people can participate in the same package, thus increasing the chances of getting a block reward!
If you haven't tried our EasyMining yet, read this article to learn how it works and get started.
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TeamMining
TeamMining packages allow multiple users to buy 'shares' of a mining package. This means you can select how much you want to invest in renting hashpower, and when other people join the package their shares of hashpower are combined with yours to increase the odds of mining a block reward.
In other words, it's the easiest and most effective way to mine Bitcoin.
How does it work?
TeamMining is very easy to get started with:
- To join a package, simply click 'Join' on the 'TeamMining' package at the top of the EasyMining page.
- Then the package will open up, and you can select the shares you want to add. You have three price points, Small, Medium, and Large. Read more below about pricing.
- Add as many shares as you want to the package. You will see them underneath and can always add and remove them.
- If you are the first one to join the package, a 30-minute timer will start a countdown. During this time, other people can join the team package, and once the 30 minutes is over, the mining will start. If you are joining a package that already has other people on it, you will see a countdown timer.
- Then sit back and let the machines hash! Once the package starts, miners will connect their hashpower to the mining package.
- If a block is found, you will see a rocket icon and 'You caught a block!' The reward amount that you receive will be relative to your percentage of shares. If no blocks are found, then no one receives a reward, and you can try again.
What are 'shares'?
In TeamMining, you buy shares of the package, since it is open to other people to participate. The collective total of hashpower from all participants determines your portion of the package. A 'share' simply represents a portion of the package.
When buying a share on a TeamMining package, you are increasing the probability of the package mining a block. Owning a share means that you are entitled to receive a percentage of the block rewards mined by the TeamMining package IF a block is mined. The exact percentage you are entitled to receive is calculated by how many shares you own out of the total amount of shares sold.
For example, owning 5 shares out of 10 means that you would get to keep 50% of all block rewards mined with the package.
How does pricing work?
Pricing is set for the amount of shares you add. You can add 1, 10, or 100 shares as many times as you like and in any combination. (If no more shares are available to add it simply means they is a high demand for packages, and you can try again later).
- 1 share (Small) is 0.0001 BTC
- 10 shares (Medium) is 0.001 BTC
- 100 shares (Large) is 0.01 BTC
To buy a package, simply top up your wallet with some Bitcoin. You can see how to do that here.
How is my TeamMining reward calculated?
If a block is mined during the Team Package that you are a part of, the amount of reward you get is calculated as a percentage based on your number of shares.
For example, if you have 1 share out of a package that started mining with 10 shares total, you would be entitled to 10% of the reward amount.
Note that the number of shares will continue to change (as more people participate and join the Team Package), up until the package starts. So the amount of reward will vary until the package starts. (So don't be surprised if you see it go down as more people buy shares since your percentage is then lower).
How to claim the rewards?
To claim the reward, you will need to have KYC Tier 2 enabled on your NiceHash account. You can find instructions for claiming the reward here.
For any other questions you might have, check out our EasyMining FAQ section, which has answers to most topics.
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