Find the answers to all your questions here. Need more information? Contact us !
We recommend that you first take a look at all the questions and answers in the FAQ. Then you can read our blog (link in the menu at the top of the page). And if you still have questions, don't hesitate to contact us, we are always happy to help!
In order to provide our customers with the best legal protection, we have registered our company in Europe, specifically in Dublin, Ireland. We also have branches in different countries such as Luxembourg.
The machines we buy every month are shipped to several places where the price of electricity is low. Currently, they are in Russia, Canada, the United States and Iceland. This allows us to reduce risk and get better prices for everyone.
We are not tax advisors and cannot provide tax advice. In general, you must pay tax on profits and income where you live. We encourage you to contact an accountant if you are not completely sure. Setting up a company for this occasion can also be interesting.
Yes, please contact us directly at hello@summitmining.io for more details.
We are experts in trading, management and logistics, but we are not fund managers. So we will not invest your funds in the financial markets and we will not be able to advise you on price trends, forecasts, etc.
We buy equipment on your behalf, take care of it for you and send you the profits you make from your machines. It's as simple as that.
With any investment, there are risks, and these are even greater as we move into the cryptocurrency sector. That said, we have a long history of working with our suppliers and partners. We have made sure that our business partners have valid company data and are operating legally. We have also visited the facilities ourselves, so we know they are legitimate. We have also installed our own machines there, so security is a priority!
You can create an account yourself via this link. But if you have any questions, don't hesitate to contact us. Send us your contact information and we will contact you within 24 hours to discuss the next steps. Please CHECK YOUR SPAM FOLDER. Our email could be in there!
We will then ask you to accept our terms and conditions and verify your identity (KYC). This is to further protect you. Once done, we will provide you with our payment details (bank transfers or cryptocurrencies only). Finally, if you don't have one yet, we help you set up a crypto wallet so we can send you your mining revenue.
For full details, please see our privacy policy.
Mining is profitable... if you know what to do and what not to do. First of all, you need to have access to low or even free electricity prices because the machines consume a lot of energy. Second, you need to get a good price on the machines or you will end up never paying the machine back. Third, if you decide to ship them to your home country, you will have to pay an extra 30% to pay for customs duty + VAT + shipping costs. In addition, mining machines are sometimes considered as encryption computers. Thus, in some countries, these machines are simply forbidden, unless you have special authorizations.
The return on investment varies every month, depending mainly on the price of the crypto-currencies we mine. As a general rule, the higher the value of a cryptocurrency, the higher the return on investment.
Rather than go into a long rant, take a look at the chart on our site's homepage, which shows month-by-month profitability. These are calendar months, meaning we don't take into account the overall increase in the cryptocurrency market after the month shown, nor do we take into account the possibility of reinvesting your profits from month to month.
For the sake of transparency, please note that we cannot guarantee or promise a return on investment, as we (unfortunately!) do not control (yet 😀) the price of cryptocurrencies.
We mine four cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Zcash (ZEC).
Since a few months, we no longer mine DASH because it has become difficult to find this type of machine.
Community mining is a concept we invented in the world of mining. Normally, in classical mining, when you mine, you buy machines, you install them somewhere and they make money for you (if everything goes well). The problem is that when a machine breaks down, you are the one who pays for the repair. And in the meantime, you don't mine anymore. Plus, if a new, more efficient machine comes on the market, you can't take advantage of it unless you reinvest.
With Community Mining, everything is shared. Costs are shared, machines are shared, revenues are shared. On top of that, because we pool the available funds and we only place orders once a month, we have much better prices than anyone else. So we can buy more machines, and that benefits you directly.
The group effect therefore allows for additional income for everyone. Hence the notion of "community mining".
No. If mining is temporarily unprofitable, we are committed to covering any losses. Technically, we will pull the plug on unprofitable machines until they are profitable again. This is the worst case scenario. On your side, the worst case scenario will be a 0% ROI for the month and a decrease in the value of the machines. Indeed, if the machines are not profitable, they sell for less on the market, which is logical. Your initial investment may therefore be temporarily impacted.
The concept is as follows: with the machines we buy, we mine cryptocurrencies; with these cryptocurrencies, we pay the electricity bill every month. Even if this is not perfectly accurate in practice, let's take the fictitious example with the following parameters:
1. We are interested in the case of Bitcoin only.
2. From month to month, for mining, only the price of Bitcoin (BTC) varies.
3. We have machines that produce 3 Bitcoins per month, gross.
4. The electricity bill is 20,000 euros.
Scenario 1
In the first month, let's say the bitcoin price is 10,000 euros, i.e. 1 BTC = 10,000 euros.If we mined 3 BTC, then we need 2 BTC at 10,000 euros each to pay the electricity bill, which amounts to 20,000 euros.So we have 1 net BTC left in our pocket, worth 10,000 euros.
Scenario 2
Let's say that the following month the price of BTC drops to 5,000 euros, i.e. 1 BTC = 5,000 euros.
We always mine 3 BTC, it does not change. So we mine 3 BTC x 5 000 euros = 15 000 euros.
The electricity bill does not change either. Having mined only the equivalent of 15,000 euros, we have to add 5,000 euros of our own money to cover the bill. And in this case, it is better to quickly disconnect the machines than to make them run at a loss.
This is of course an extreme example but it makes it easy to understand why mining can be more or less profitable.
To understand the impact of halving on performance, you must first understand why the profitability of mining machines is not always the same. The previous question in this FAQ answers this question, so please read the answer first to understand the following concept.
During a halving, the mining reward is divided by 2. The date is known in advance and this happens about every 4 years in Bitcoin. So, in the example in the previous question, instead of mining 3 BTC, we suddenly only mine 1.5 BTC. So some machines may become unprofitable. Punctually. Why punctually? Because there is a parameter that we did not take into account in our previous example: the difficulty of mining. This is a mathematical parameter, but to put it simply, it means that if mining is suddenly less profitable, many miners will give up mining in order not to mine at a loss. In this case, the remaining miners will share a larger amount of bitcoins if they continue to mine, which will help pay the electricity bills. It is therefore important to buy powerful machines and to have cheap electricity.
In the case of Summit Mining, mining multiple cryptocurrencies reduces the risk when halving.
Mining is simple. But not easy. At all. Many sites scam users and legitimate sites often charge customers a fortune for the machines. So it's not easy to find partners you can trust, believe us 😉 Then, the machines have to be shipped. Somewhere. So you'll have to pay additional shipping costs, and they're not particularly low. Next, the machines need to be installed. Preferably where the cost of electricity is low, which is usually not at your house. And where noise doesn't matter. Because yes, the machines are terribly noisy. And they get hot. A lot. So you need access to a serious cooling system. Finally, they need to be configured. If you've survived this far, your machines may fail within the first 3 days or after a few weeks. Therefore, they may have to go back to the manufacturer (obvious waste of time and money). Finally, you have to monitor them all the time, as they often need to be rebooted, cleaned, etc., like any computer.
One of our featured models was the Antminer Z9. In April 2019, we were buying it for about 700 USD, including shipping + power supply. On www.asicminervalue.com (no affiliation), which calculates miner profitability and compares prices from online stores, this model was sold at the time for between $943 and $3363. This still applies to all miners we buy. And keep in mind that depending on where you are, you might have to pay the highest price for the miner since not all websites deliver everywhere on the planet...
No. You mine all the cryptos that our mining park mines at the same time, in proportion to your investment. However you are welcome to suggest machines or cryptos to mine. We will analyze them and decide accordingly.
The problem is that some machines may look very interesting on paper, but once installed, they give completely different results. We have a few models in mind... Also, most of the time, the very interesting machines are recent or soon to be released models. And for this reason, they are too expensive. And the launch can be delayed. So our expertise and network of suppliers is a great source of reliable information to help us decide which models to buy and when.
No. We are not an e-commerce or online sales company, nor are we distributors or resellers.
Our machines are located in Russia, USA, Canada, Iceland and Norway. In these countries, the cost of electricity is relatively low and the teams that take care of the equipment are very professional and highly qualified. This also allows us to reduce the risk of having all the machines in one place.
Most of the machines are located near a hydroelectric plant, which gives us three main advantages.
First, we use renewable energy, which is a priority for us.
Secondly, we have access to a huge source of energy and thirdly, the price of electricity is low.
Only bank transfers and crypto payments are accepted. Why? Because with a card payment, the commissions are high (5%) and we prefer to see that you have saved these fees and thus get more machines.
Out of 10,000 euros, this represents 500 euros. So, by paying by bank transfer instead of by card, your funds are much better used!
We make payments at the beginning of the month, after sending you a mining report. We pay you with the cryptos you have mined. Currently we are mining 4 cryptos, so you will receive 4 payments. It is then up to you to decide whether to reinvest these funds in the next order, convert them into euros, dollars, etc. or simply keep them in your crypto wallet.
We do not transfer money to regular bank accounts. We only transfer funds to crypto wallets. For example, if you mine Zcash, we will send you Zcash. Then you are free to transfer your funds to your bank account, exchange them for another crypto, sell them, etc. It's up to you.
In exchange for your investment, you will receive Mining Park Tokens (MPT). One MPT corresponds to one euro that you have invested. Thus, the sum of all issued MPTs corresponds to the sum of all investments. In this way, you own a certain stake in the mining park we manage, proportional to the amount you have invested. This amount is then used to calculate the amount you will receive each month.
Let's say, for example, that you have invested 10,000 euros and that a total of 1,000,000 euros has been invested in the mining park by all our customers. So your investment at that time represents 1%. If at the end of the month we have mined 10 net BTC, 500 LTC and 300 ZEC, you will receive 1% of 10 BTC + 1% of 500 LTC + 1% of 300 ZEC, from which you have to deduct our service fee. Very simple.
You will receive a certificate indicating the number of TPMs you have. When you decide to reinvest, your TPM count will increase accordingly.
Note that the value of the mining park, and therefore the value of your TPMs, can increase or decrease depending on the value of the machines that make up the park. Indeed, the price of the machines can increase with time. Even for used machines. This usually happens when the market price of cryptos increases.
Please also note that for every euro invested, a portion is used for processing fees, which include such things as transportation, processing, customs, etc. So, if you invest 10,000 Euros and decide one month later to get your money back, it is very unlikely that you will get back the same amount you invested, because of these costs. The same thing happens if you buy your equipment yourself. We invite you to read the answer to the question "I decide to stop in a year. What happens to my investment? Are the funds guaranteed?" for further explanation.
No. You are free to reinvest (add) money or not and you are free to reinvest or not the funds mined during the month, for the next order. The initial investment is 2,000 Euros but for future reinvestment the minimum amount is only 100 Euros in the case of fiat currencies (Euros, Dollars, Pounds, etc.). In the case of reinvestment of funds mined in the past month, there is no minimum. As always, 1 euro (re)invested = 1 Mining Park Token.
We only transfer mined funds to you once a month, unless you close your account. If you wish to withdraw part of the capital originally invested, we must first calculate the residual value of your investment, which depends on market conditions. Withdrawals made before the end of the minimum 6-month commitment period are subject to a penalty.
The Marketplace, sometimes referred to as the Marketplace, is a tool accessible through your dashboard. As a seller, this tool allows you to easily resell some or all of your TPMs to other Summit Mining customers who may be interested in buying them back from you. As a buyer, you can buy back TPMs from sellers.
Each month, between the 1st and 19th (until 11:59 p.m.), Summit Mining customers can put all or part of their TPMs up for sale.
Each month, between the 20th and 24th (until 11:59 p.m.), Summit Mining customers can express their desire to purchase TPMs.
On the 25th, the numbers of TWAs offered for sale and offered for purchase are compared:- if the number of TWAs for sale is greater than or equal to the number of TWAs for purchase, all buyers are served;- if the number of TWAs for sale is less than the number of TWAs for purchase, a draw is held to award the TWAs to sellers.
Please note that there is no guarantee of liquidity on the marketplace. Thus, you are not sure to be able to sell your TPMs (e.g. if nobody wants to buy them), and you are not sure to get them (if there are not enough for sale). If a seller does not manage to sell all his TPMs, he will be offered to sell them in the traditional way (physical sale of the machines). For the sellers, the refund will take place within 2 to 3 weeks.
For buyers, payment is expected within three days.
TPMs are offered for sale at the market price shown on your dashboard at the time you offer the TPMs for sale. However, buyers pay €1 per TPM, regardless of the selling price of the TPMs, so as not to create too much of an imbalance with Summit Mining's clients who purchase TPMs during the monthly investment rounds. If there is a difference between the sale price of the TPM and the purchase price, the difference is used to cover the obsolescence of the mining machines.
No. The use of the marketplace is free.
The advantage as a seller is that you can try to resell your TPMs faster than the traditional way (physical sale of the machines). The repayment of your funds is therefore accelerated.
The advantage as a buyer is the quick activation of TPMs, as opposed to TPMs bought in the traditional way in investment rounds.
No. Whether you use the marketplace or not, you cannot resell your TPMs to anyone who is not already a Summit Mining customer.
The Summit Token is the Summit Group's crypto. By holding Summit Token, you will be able to enjoy many benefits in all Summit Group services (Summit Mining, Summit Gravity, etc.). In addition, a significant portion of Summit Group's revenue will be redistributed to you, allowing you to receive additional passive income.
At this time, the Summit Token is in the process of being ICO'd. Therefore, the Summit Token is not yet listed and is not publicly tradable. The ICO includes several private purchase phases. The next phase will start in a few weeks.
1. We find the best deal with your and other investors' investment. A good deal is a combination of low cost machines, fast delivery time, availability, etc.
2. We manage the shipment of the equipment to the "mining farm".
3. We set up and configure the machines in a temperature-controlled room.
4. We monitor the machines to make sure they are mining as much as possible.
5. We make sure the machines stay in good condition (dust cleanup, reboot, software updates, etc.).
6. We pay all the bills for you.
7. We transfer the net balance to your crypto wallet.
8. We help you create a crypto wallet if you don't have one or don't know how to get one.
9. Basically, we manage everything for you from A to Z.
No. All the machines we buy are shared with all our investors. So everything is shared. This allows you to avoid having to be the only one to pay for repairs if a machine breaks down. It also allows you to benefit from new machines not yet on the market, which we will buy when they come out and which you would not have had access to unless you reinvested. This is a community investment and we are the only ones doing it.
Our management fee is 20% on the net amount you mine each month. Net means that electricity and all other costs are already deducted. If you get a small profit, we get a small fee, so we strive to make you generate as much as possible! There is also an administration fee, included in the processing fee for each order.
At any time after the 6-month commitment period. You only have to give 30 days notice so that we have enough time to arrange for cancellation of the service and transfer of the final balance.
To answer this question, it's important to understand how resource sharing works in general, and then more specifically how it works with Summit Mining. If you've read the answer to the question "What is a Mining Park Token?" above, you now know that in exchange for your investment, you will receive Mining Park Tokens (MPTs) and that one MPT is equal to one Euro that you have invested.
When we order mining machines, part of the initial investment goes into costs such as transportation, transportation insurance costs, customs costs, machine inspection costs, installation costs. It is the same if you invest in mining without us.
Let's take a realistic simplified example where you invest 10,000 euros. If you have 10,000 euros (and not one more) at your disposal, you will be able to buy a machine outside Europe for 6,000 euros, because you will have to spend 4,000 euros (approximately) on shipping, insurance, customs, VAT, etc. If you buy the same machine in Europe, the reseller will have already impacted the price with these costs and will even have taken his margin, so it could even cost you 11,000 euros or 12,000 euros. Or even more (we've already seen it!).
Keeping in mind the previous principle, we cannot buy exactly 10,000 euros worth of machines. For example, there are 8,000 euros of machines (2 machines at 4,000 euros each) and 2,000 euros of costs. So, in effect, we only bought 8,000 euros worth of machines, and the remaining 2,000 euros are "sunk" costs. That said, since you invested 10,000 euros, you get 10,000 TPM back. By the way, the 2 machines we bought are added to the mining park we manage.
On the day you wish to withdraw funds, in whole or in part, we will need to assess the value of your TPMs. The value of your TPMs is based on the value of the machines that make up the mining fleet. The value of the machines that make up the mining fleet depends on the profitability of the machines. And finally, the profitability of a machine depends not only on its power but especially on the price of the cryptocurrency it mines. In concrete terms, if it brings in 50 euros in a month but costs 75 euros in electricity, it is not profitable and therefore no one will want it. So there is supply but no demand. Supply and demand oblige, its price will be low. If on the other hand the machine produces 125 euros per month and costs 75 euros in electricity, it is profitable and its price will be higher. You can find more details on the variation of the profitability of the machines in the section that answers the question "Why the profitability of mining machines is not always the same?"
Understanding the basic principle of supply and demand, it is therefore wiser to wait until the market price of cryptocurrencies is high rather than when it is low to recover invested funds, so that the value of your TPMs is as high as possible. You also understand that the funds invested initially are not guaranteed.
When you have finally made your decision, your TPMs are offered for sale to other customers, who may be interested in buying them back. If no one wants them, we physically sell machines for the amount we need to recover to reimburse you, and the TPMs are then destroyed and removed from the fleet.
Generally, 3 to 8 weeks after your investment. This depends on the delivery time. Your funds will be used to purchase machines in our next order. We place an order once a month, depending on the price of the machines. As with cryptocurrencies, the price of machines fluctuates. But the more machines we buy, the better price we can get. So we decide, based on the funds we have, what's best. After we pay our suppliers, it usually takes 3-8 weeks to deliver the machines and another day or two to install them, depending on how many there are. That's when you start mining.
Since the reopening of Summit Mining in March 2022, the contracts have been replaced by General Conditions. These are available here: https://summitmining.webflow.io/terms-and-conditions
No. Legally, if something were to happen to you, Summit Mining could not enforce the addition of another beneficiary. If you wish to transfer your account to a spouse, partner, child or other, you should contact your notary.
No. For anti-money laundering and anti-tax evasion reasons, it is not possible to open a joint account.
Yes and no. For anti-money laundering and anti-tax evasion reasons, it is not possible to make internal transfers.
To transfer TPMs (or funds) from your Summit Mining account to another Summit Mining account, in this case we will need to make a refund of the funds to your bank account and then you will need to send us funds again from the policyholder's bank account.
Example: You have 2,000 personal TPMs and a company that has 8,000 TPMs. You want to transfer all your TPMs to your company account. We cannot credit the 2,000 TPMs directly from your account to your company's account. We will first make a refund of your 2,000 TPMs to your personal bank account at market value (which at this time may be €2,000 or €1,500). Then, you will need to send funds back from your company bank account (and only from your company bank account) to be credited to the Summit Mining pro account.