FAQs

What is Bitcoin?

 Peer-to-peer Electronic Cash.

 

What is Proof-of-Work?

 Proof-of-Work(PoW) is a consensus algorithm that is used to confirm transactions and produce new blocks on the blockchain. A concept originally used to validate emails as legitimate, it was initially adapted to money by Hal Finney in 2004 and was adopted by Satoshi for Bitcoin in 2009. Bitcoin is the first real-world application of the idea with regards to money. 

 

What are nodes?

 At the most basic level, a node is any computer connected to the Bitcoin (or other blockchain) network. A full node is charged with verifying all transactions coming into the blockchain from inception. In the case of  Bitcoin, nodes have been verifying all the transactions since January 3rd, 2009. Depending on the crypto network, some nodes are financially incentivized to perform a few key functions (eg, Master Nodes and Lightning Network Nodes).

 

What is decentralization?

 Decentralization is the distribution of the network across a wide array of geographic locations and individual actors. Decentralization is important primarily because it secures the network against catastrophic failures such as natural disaster or war. Decentralization is fundamentally what allows Bitcoin to have zero downtime and unprecedented reliability. 

 

Should I mine Bitcoin or Altcoins?

 That entirely depends on personal risk tolerance. Bitcoin is currently the most stable unpegged crypto asset and therefore “safer” to mine than altcoins such as Zcash or Dash. However, due to the relative stability of Bitcoin, it has attracted the highest number of miners; thus other networks may provide higher fiscal returns. Harpia consultancy services can help you decide upon, and set up your perfect project.

 

Where should I be mining?

 Harpia location scouting services are designed to help investors locate and execute on the best mining locations. Our services help secure low cost power and favorable geographic and political locations for mining in North America and globally. 

 

I’m planning on starting a new mining farm, what hardware is the best for me?

 It depends. Harpia uses two functions that describe a miner’s theoretical profitability: the first is Hash/Watt, which illustrates how efficient a miner will be, the second is Hash/Dollar, which demonstrates how expensive that miner will be to run compared to its purchase price. Another key factor that will influence your best hardware is your operational costs, namely the electricity price associated with your facility. Other factors taken into consideration include the purchase cost of the miners and the capital expenditures necessary to get the facility up and running. 

 

Why is my home electricity too expensive?

 Depending on your geographic location, home electricity prices in the United States typically range from $.06kW/h to $.20kW/h and above; with the national average being $.13kW/h. To maintain a solid ROI mining Bitcoin, ideally your energy cost would be between $.01-$.05kW/h. If you’re mining out of Washington State or Oklahoma, for example, you may actually be able to mine at home and turn a profit, but in most states this isn’t the case. Harpia partner introductions service is able to set up would-be home miners with hosters who can run your machines at one low, all-in price, creating a higher chance for profitability. The larger the scale of your project, the better we are able to negotiate lower power rates for you.