Crypto mining facility FAQ
Miningsky Technology Ltd. data mining sites use power from the conventional grid at its locations: BC Hydro, Quebec Hydro and Manitoba Hydro.
The power uptime in Canada is close to 100% We recorded 99.9% power-on time at the BC site. and 98% in Quebec. Manitoba hydro expects to power our site at 99% or higher uptime.
Miningsky site power is rated at 240-250V,20 amp. The rated hardware will be able to support any miners less 4320W hourly power consumption.
On location in close proximity to the transformers deployed, for security reasons, addresses are only available to clients
Yes. All facilities are fenced, attended by security personnel and insured.
Miningsky insurance covers all operations and equipment excluding the specific mining equipment owned by the customer (miners and PSU). Customers can purchase insurance separately to cover their mining equipment.
The sites operate on minimum power of 8 MW which is a size that can accommodate 2500 s19 of miners at each site.
We host most of miners on the market, from smaller to larger: such as the Antminer s9, s17, s19, and GPU rigs.
Our operations have experienced temperatures ranging from -50 0C to 40 0C, without difficulty since 2017. Cold winters are generally favourable to what is normally a high heat operation but in extreme cold measures can be taken such as overclocking which increases power usage and heat generated.
We have been designing and installing data mining containers since 2017, as an alternative to carrying out new construction. Containers can be customized and installed on a cement pad with all equipment for hosting. This reduces costs, improves speed and our products have been tested and running for years.
Whether the site is housed in a custom made container or a building is constructed, it meets all building codes, safety codes and electrical codes. Canada has strict requirements for safety and certification such as CSA testing. (Canada Standard Association)
Yes, but we suggest that you purchase directly from us so all of the specifications are properly installed and the timeframe for a rapid deployment of 45 days are executed. The customer would lose the benefit of all outfitting occurring before shipment and may have longer and more costly setup as a result. We are the largest North American mining container manufacturer, with the lowest price in the market. The containers are specially designed, North American patented, CSA proved, ventilated, and easy to install.
Shipping and TAX
Canada imposes import taxes based on the value of the item imported and also there is a provincial goods and service tax (GST). GST may be refunded under certain circumstances. Mininsky can use its experience to provide advice and information to complete the tax filings with the Canada Revenue Agency.
Air shipping is fast and the most expensive however Cargo can arrive within 24-48 hours.
Ocean forwarding is least expensive but shipping time will be 17-25 days from most Asian ports to Vancouver.
Once the HSA (hosting service agreement) has been signed, Clients can use the site address for shipping directly.
Hosting service agreement
Miningsky provides fully managed service, transformers, mining containers, and site construction. Professional operations and maintenance teams monitor and maintain the miners and operations. Miningsky has been designing and building the transformer, power unit, and PDU equipment since 2018. Our experience and expertise enables us to build up a crypto mining site at much lower cost.
Miningsky can accept a customer with 50 miners or more, and the quote may vary according to the number of miners deployed by a customer.
Miningsky will review age and condition of used miners, generally we accept new miners no more than 1-2 years old.
Miningsky service rate will be calculated on power consumption and service.
Miningsky service rate for ASIC miners changed from 8 CAD cents per kwh in 2018 to 7 CAD cents per kwh in 2020, and in the near future, we will be able to lower the rate more.
Miningsky gives priority to existing clients when lower rate solutions are available such as moving miners to our partners’ mining farm for a lower rate to take advantage of rates during lower power-on time.
The higher the amount of power used the better the rate such that one MW minimum is considered to be eligible for a better rate. A client can also make their own capital investment in facility hardware (transformer, containers, PDU, internet switches) to get a better rate since Mininsky wouldn’t be using its capital. If a client wishes to invest at a much higher level in a joint venture to acquire a site for over a 5 MW size then it would get a better rate accordingly.
The hosting agreement contains default and termination provisions similar to any lease contract with a term, such that deposits may be forfeited, services terminated, and equipment removed.
One month billing invoice amount is taken as a deposit to be used in the last month. Regular monthly payments commence at or before power-on day. There is a credit or catch up amount in next invoice based on actual power use.
Hosting service agreements are usually set up in one or more year terms: 12,24,36 months and a longer term agreement can achieve a better service rate.
Remote access and service
Miningsky accepts BTC and ETC but payments are denominated in cash value so only on condition it can be sold immediately and turned into cash equivalent at the amount of the payment. Notice of intention to pay in BTC and ETC is required as Miningsky has a minimum size requirement of CDN$100,000 and a crypto currency transaction fee will be applied.
Miningsky has to record payment for services and power and collect GST so taxes are included in the amount to be paid.
Miningsky will sign a crypto currency payment agreement and payment instructions will be listed in the agreements.
Contact Miningsky to advise on the specific miners quantity and arriving time;
Sign NDA with Miningsky for confidentiality;
Miningsky provides a quote to the customer;
Agreement terms are discussed and drafted;
Legal advisors finalize the agreement;
Execution of the service agreement by Miningsky and the customer;
Customer may visit site;
Customer Pays Miningsky deposit for setup;
Shipping is completed;
Setup miners and configure the mining pool;
Customers pay Miningsky the first month invoice;
Miners power on;.
at end of each months after power up, customer is invoiced in advance of the next month.