Frequently Asked Questions

You arrive on Abound Electronics Limited and don’t know where to start? Good thing this guide is here for you for these reasons:

  • Explain exactly what mining is.
  • Why you make money by mining, and why it is an investment for the future.
  • What are the different types of mining and which one to choose?
  • What solutions we provide and why work with us.
  • Answers to our customers’ frequently asked questions (Temperature, Wear, Electrical conditions, Internet connection, etc.)
  • Abound Electronics Guide

Some miners pre-order you, so you will be the first to receive them as soon as they are in stock. Here you will find information about the conditions and stock of current pre-orders.

  1. An order is only delivered when all products in the order are in stock. For example, if you have also ordered an accessory for your miner and it is not yet available, delivery will be delayed. It is better to order the miner and the accessory (s) separately from each other.
  2. You have to pay the miner in full in advance.
  3. Unfortunately it is possible that the demand exceeds the supply. Although we do our best to prevent this, it is possible that the delivery date may be postponed. In this case we will keep you informed by mail.

How do you start mining yourself? Below you will find a list of ten things you will need if you want to start mining yourself.

  1. A wallet for the specific coin that you want to start mining.
  2. A good miner that is specially built for mining. The days when your own household computer was good enough are over.
  3. A good, and most of all, reliable internet connection.
  4. A good location. The miners can get very hot and can make a lot of noise. It is therefore not a good idea to do the mining in your living room. The best location is a cellar, attic, or shed.
  5. For the same reason, you will also need a cooling system. Such as a fan or an air conditioner. It is important to keep your equipment cool.
  6. It is advisable to become a member of an online mining pool. This is a pool that is mining the same crypto coin you are. By joining an online mining pool, you will ensure a more stable income.
  7. When you want to sell the crypto coins, you must be a member of an online exchange where you can sell your mined coins.
  8. And most importantly: you have to enjoy mining and be curious about how it all works.

As you can see, the difficulty of mining continues to increase and the only way to keep up is by constantly teaching yourself about how you can improve your miners. You can think of it as a sport: the person who works the hardest ultimately achieves the best result.

Crypto funds are value in the form of an amount in a cryptocurrency. This is a kind of digital coin, which is often used as an alternative for regular types of money. The world’s most famous cryptocurrency is Bitcoin. There are currently more than seven hundred cryptocurrencies in circulation.

In the United Kingdom, the value of crypto funds must be reported in Box 3. Given the often large fluctuations in value, the valuation date of 1 January takes on extra relevance. Depending on the jurisdiction, it sometimes matters whether cryptocurrency is considered as currency, which is the case in Japan, or as other assets, as in the United Kingdom and Australia.

For the explanation about the Blockchain, we limit ourselves to the part that is relevant for mining. There is much more to tell about Blockchain technology.

A blockchain is actually a large, distributed database. It is open to everyone, no one owns it. It’s just like the internet with all its websites. Anyone with an internet connection can see those pages.

When using these databases, a sort of secret code is used, the ‘hashcode’. That code is linked to a certain purchase or transaction. The question is often: is a blockchain secure? The answer is yes, a decentralized blockchain is secure as each participant can see everything and collectively safeguard the security.

The advantages of making payments, transactions, and transfers through a blockchain:

  • Fast, since it is real-time.
  • Cheap, since there is no longer any middleman needed.
  • Reliable, since the transactions are visible on all computers that are connected to that blockchain. Cheating is therefore nearly impossible.

Simply stated, crypto mining means solving complex mathematical formulas to create crypto funds, by means of hardware or software.

 

With mining, everything is documented on the blockchain. Everything is collected in a ‘block’, which then forms a chain of blocks in line with each other. You must remember that additions can only be made behind the block. Past transactions will always remain a part of the Blockchain and cannot be changed.

 

Incidentally, not only are the transactions stored, but also refer to the previous block (the hash): a difficult to crack the mathematical puzzle.

 

The control over the transactions is usually achieved with what is called a Proof-of-Work protocol (PoW), a hashing algorithm. Or the complicated puzzle that must be solved by the miners. Thanks to PoW, there is agreement about all transactions in the records (Ledger). The computing power that the computer has provided for solving the mathematical puzzle and updating and checking the records is a proof of work. PoW. Thanks to this protocol, you do not need, for example, an accountant or auditor.

 

With mining, you thus contribute to the security of cryptocurrency. That is, however, not the only advantage of crypto mining. As mentioned earlier in this article, you can also receive a reward for the use of the computing power of your miner. The biggest gains, however, can lie in discovering a new block in the Blockchain. Bitcoin has become very competitive, and therefore a lot of computing power is needed to earn a little bit. This therefore costs your miner a great deal of power. With other, smaller or newer crypto coins (ALTcoins), it can be easier. The value of this currency may still increase, which means that in the long run, you can still achieve a nice return.

Abound Electronics is proud to report that we have been certified since 08 October 2018. Many issues are not yet clear, legally documented, or transparent in the crypto market. That is why the management of Abound Electronics finds it important that Abound Electronics operates transparently and according to the rules.

We deliver within 7 to 10 working days after your payment. We deliver with DHL or UPS or FEDEX, depending on the distance, your rigs are insured and shipped with care. We deliver worldwide.

Note that for pre-orders, the delay is variable and not guaranteed. The tracking number will be sent to you by email once the order has been dispatched.

After several problems with delays we would like to put this disclaimer online to explain the reality of our position and the mining market.

In a few lines, please note that when we have pre-orders we have orders recorded with an estimated production date. It sometimes happens, depending on the manufacturer, that we have delayed times on those miners. This is due in particular to the difficulty for them to obtain and produce ASIC chips. This is why we want to warn you in advance that these concerns can happen and that we want you to understand that we are in no way responsible for them, this market is quite unbalanced and that is why we will launch with the largest distributors an association of legitimate distributors who have proven themselves over the years on the market to counterbalance the powers on the market and have a voice that carries more to better protect your assets and encourage manufacturers to work more rigorously with regard to production dates.

Once again we ask you to take this into account, and that when you place your order we will keep this desire for transparency and will be informed directly if we should have an offset on the production dates of the miners.

Thank you again for your trust
Abound Electronics Support Team

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