This article provides answers to the most common questions regarding mining with River Financial.
How do I buy a bitcoin miner?
You can get started with River Mining by sharing your name and email on this short form and a member of the River Relationship Management team will reach out to you. We will share all of the details of bitcoin mining with River, including pricing, terms, and conditions. Once you are ready to move forward, your Relationship Manager will send an agreement to sign. You will be able to see your upcoming miners in the River iOS app and track your mining returns. The entire process can be accomplished in 20 minutes. We believe in great service, transparency, and giving you full access to high quality bitcoin mining.
How do I pay for a bitcoin miner?
Bitcoin miners can be paid for via wire or ACH transfer. Miners coming online in Q2 2022 must be paid in full within 7 days of a signed purchase agreement. Miner payment plans are available for miners coming online in Q3 or Q4 2022.
How much does it cost to operate a bitcoin miner?
The cost of operating a bitcoin miner varies based on a variety of factors, including machine efficiency, electricity costs, hosting fees, and machine maintenance. The approximate monthly cost of operating a bitcoin miner with River Mining is $150 - $200. River Mining charges fixed hosting costs priced in $/kWh. This hosting rate is fixed for the entire contract term, providing clients with transparency into their expected monthly hosting expense. There are no hidden fees with River Mining.
Where does River host and store the miner?
River partners with leading, US-based co-location facilities. These facilities are data centers designed specifically for bitcoin mining.
What happens if my miner breaks down?
River will oversee the bitcoin miner maintenance with our co-location partners. Clients will be responsible for the cost of repairs outside of any warranty. Often one of the greatest costs of repairs is machine downtime. To reduce downtime, River maintains an inventory of spare parts at each of our co-location facility partners to ensure timely repairs.
Does my miner come with a warranty?
Each new miner comes with a one-year manufacturer's warranty. Note that in most cases this warranty requires machines to be sent back to the manufacturer to be repaired. This is not River Mining specific, but rather a term dictated by the manufacturer. Often the most economical decision for the client is to have the machine repaired on-site outside of the warranty in order to limit downtime. The River Client Services team will walk you through any maintenance decisions with your best interests in mind.
Is mining bitcoin profitable?
There are a number of factors that determine the profitability of bitcoin mining, including the value of Bitcoin, network difficulty, miner's hashrate, hardware costs, and monthly hosting costs.
Historically, Bitcoin miners have earned more Bitcoin by mining than they would have acquired by using those resources to simply buy Bitcoin. Mining with the latest generation of mining machines has historically outperformed dollar cost averaging when taking into account capital expenditure and operating costs.
This is not financial, tax, or legal advice but instead provided for education purposes.
How much bitcoin will I be able to mine?
The amount of Bitcoin you can mine depends on many factors, including how many miners you own and the hashrate. At the time of this writing, a mining machine with a hash rate of 100 TeraHashes/second could be expected to earn ~0.02 BTC per month.
Where does the bitcoin that I mined go?
Bitcoin mined through River mining will be deposited on a daily basis to your River account. River clients will be able to view, track, and manage their bitcoin miners directly on River.com or in the iOS app. 100% of the Bitcoin mined by your miners will be deposited into your River account; River does not take a cut of the bitcoin mined. We also guarantee a zero percent mining pool fee through 2022
How is bitcoin mined with River Mining taxed?
River Financial does not offer tax advice and recommends consulting a tax professional. For a general overview of bitcoin mining taxes, read our River Learn article here.