Mining Operations and Rewards

Introduction

In this section, we'll delve into how the Blockware Pool works, why joining a mining pool is beneficial, and how you can monitor and optimize your mining operations. You'll learn about the mechanics of pooling hashpower, how rewards are distributed, and the features of the FPPS (Full Pay Per Share) model used by the Blockware Pool. We'll also guide you through the tools available on the Blockware Marketplace for tracking your mining rig's performance and managing your hosting fees. By the end of this section, you'll have a clear understanding of how to maximize your mining efficiency and ensure consistent payouts.

The Blockware Pool

Bitcoin mining pools enable individual miners to pool their collective hashpower, working together to run the SHA-256 hash algorithm. By combining resources, miners increase their chances of successfully adding new blocks to the Bitcoin blockchain and earning the 3.125 BTC block reward plus any transaction fees associated with that block. When the pool successfully mines a block, the rewards are distributed among all participating miners, with each miner receiving a share proportional to the amount of hashrate they contributed.

The main advantage of joining a mining pool is the ability to earn consistent revenue. Instead of relying on the unlikely chance of discovering blocks independently—where smaller hashpower would lead to highly unpredictable earnings—pools provide more regular payouts by sharing the rewards across all members.

The Blockware Pool distributes constantly so you’ll see your rewards group every 10-15 minutes. You configure in your Settings how often the Pool sends rewards to your wallet. You can choose the Interval (1-24 hours) to check and the Threshold (a minimum amount of Bitcoin) that must be met. At each set Interval, the Pool checks if your earnings have reached the specified Threshold, and if so, the rewards are sent to your wallet.

The Blockware Pool operates on the FPPS (Full Pay Per Share) model. This means that miners receive payouts not only for the hashpower they contribute but also inclusive of on-chain transaction fees. Your earnings are calculated based on the hashprice formula, which is expressed as $/TH/day, with typically a 2% pool fee deducted from your payout. (The pool fee is provided in the Offer Details page.)

This model ensures that you are compensated fairly and consistently for your contribution to the pool’s success, making your mining efforts more stable and predictable.

Monitoring machines via dashboard

The Dashboard tab on the Blockware marketplace allows you to monitor the performance of your ASICs in real time. This gives you insights into the revenue, hashrate, and power consumption of your entire fleet. You can also click on each ASIC in your fleet to monitor their individual performance. 

We encourage checking the Marketplace daily to make sure everything is running smoothly, all your payouts are in order, and to browse for good deals on the Marketplace tab.

Configuring and optimizing mining operations

Your hosting contract with Blockware includes a comprehensive service package to manage your Mining Rig. 

Monitoring and Maintenance

Blockware continuously monitors your mining rig to ensure it is performing at optimal levels. This includes checking the hashrate to ensure it aligns with the specifications of your machine. If your rig’s hashrate drops below the expected level, Blockware’s team takes proactive measures to diagnose and address any issues, minimizing downtime and maintaining your rig's profitability.

Firmware Updates

Just like any piece of high-tech equipment, mining rigs benefit from regular software updates. These updates, known as firmware updates, can enhance your rig’s performance, improve energy efficiency, and add new features that may increase your overall hashrate. Blockware handles these updates for you, ensuring your rig is always running the latest and most efficient version of its software without you needing to lift a finger.

Troubleshooting, Repairs, and RMA Management

Mining rigs are complex machines that can encounter hardware issues over time. Whether it’s a problem with the power supply, a fan failure, or a hashing board malfunction, Blockware’s technical team is on hand to troubleshoot and repair your rig. This service is crucial because even minor issues can cause significant drops in performance or, in some cases, lead to downtime, during which your rig isn’t generating any revenue. Blockware’s expertise ensures that issues are identified and resolved quickly, keeping your rig up and running as much as possible.

However, not all issues can be resolved on-site. In cases where the problem is more serious and requires specialized attention, Blockware manages the entire Return Merchandise Authorization (RMA) process for you. If the miner is still under warranty, Blockware will coordinate with the manufacturer to have it sent back for warranty repair. This can save you the hassle of navigating the often complex and time-consuming warranty claims process. If your rig is outside the manufacturer’s warranty period, Blockware will arrange for the machine to be sent to a trusted third-party repair center. This ensures that your equipment is in capable hands, whether it’s being serviced by the original manufacturer or a reputable repair specialist.

Paying hosting fees

When you purchase a mining rig through Blockware, an initial hosting deposit is collected and credited to your account. After that, hosting fees are billed monthly at the beginning of each month by the Blockware Finance team. These fees can be paid using various methods, including Bitcoin (with a 1% exchange fee), USD ACH, USD Wire, USDC, or credit card.

Throughout the month, Blockware monitors your mining rig's performance and energy usage. If there is any downtime due to issues with the rig or the hosting site, Blockware calculates the actual energy usage and applies a “true-up” adjustment. This adjustment ensures that you are only charged for the energy your rig actually used, and any overcharges beyond the service level agreement in your hosting contract will be credited to your account in the following month.

Support

You can access Blockware’s support systems through the Marketplace Support tab. There are options to file Technical or Billing Support Tickets.

You can also chat with Blockware through the Chat tab on the Marketplace..

Conclusion

We’ve explored the benefits of participating in the Blockware Pool, including how pooling your hashpower can lead to more consistent earnings. The FPPS model was discussed, highlighting its role in ensuring fair and predictable payouts. You’ve also learned how to use the Blockware Marketplace Dashboard to monitor your mining rigs in real time, along with the process for managing hosting fees and accessing support services. With these insights, you’re well-equipped to optimize your mining operations, ensure your rigs perform at their best, and maximize your participation in the Blockware Pool.