2. How to buy an offer
Buying a mining contract - the key steps
Cloud mining Bitcoin on Xive is much easier than setting up your own mining rig. Here are the steps:
- Register an account with any mining pool;
- Create a worker and find the stratum address in the pool's settings;
- Set up a wallet address for payouts in your pool account.
- Pick one of the available offers on Xive.
- Enter the worker name and stratum address in the offer settings.
- Pay for the offer with BTC or PayPal.
- Start cryptocurrency cloud mining.
- Collect your profit and repeat!
If you've never tried cloud mining services before, it can seem like a lot to take in at first. But don't worry: we'll explain everything step by step.
Registration on a mining pool
When you buy cloud mining contracts on Xive, you're not tied to any particular mining pool. You decide which pool the seller should point their equipment to.
Xive supports all stratum cryptocurrency mining pools – that is, pools that use the Stratum protocol. If you're new to crypto cloud mining, we advise that you stick to the major pools described below.
Each pool has its own fees and reward payout schemes. Before you pick a pool, enter the hashrate you want to buy into the pool's profitability calculator and compare the results.
The registration process is almost the same for all pools. You'll need to provide your email address and set a password. The pool will send you a welcome email with a verification link.
You can sign up to the main pools using these links:
Where can I find the stratum address and my username?
After you verify your mining pool account, you'll need to set up a worker and copy the stratum address from the pool settings and paste that data into the offer purchase form on Xive.
Stratum is the name of the protocol used by most popular mining pools. A stratum address is a bit like a pool's URL. The address is accompanied by a port number.
The stratum address can be hard to find on some pools. If you don't see it either in your pool account settings or on the home page, use the search function on the pool website. Here are the BTC stratum addresses for the most popular pools. Note that many of them have alternative addresses and port numbers:
A worker is a sub account you create on the pool. If you had your own ASICs, you’d create a different worker for each of them. But when you buy a contract on Xive, you’ll need to create a separate worker for each contract.
In most pools, you can create a new worker manually in your dashboard. When you buy a contract on Xive, you’ll need to provide the worker name in the format [your username].[number]. For example, if your pool username is bugsbunny19, you can call a worker simply ‘01’. The full resulting worker name you’ll need to enter on Xive will be bugsbunny19.01.
Payout wallet settings
Every pool allows you to configure a blockchain wallet address for each coin that you want to mine. If you purchase BTC mining hashrate on Xive, you'll need to give the pool your BTC address. Note that you'll receive your rewards straight from the pool, not from Xive or from the seller who sold you the cloud mining contract. Xive is only a marketplace that brings together sellers and buyers.
You'll need to set a minimum threshold value. Once as your accumulated rewards exceed that value, you'll receive an automatic payout. Most pools settle accounts once every 24 hours.
Note that pools normally have a default minimum threshold below which you can go. So for example, if Antpool's minimum payout value is 0.0010 BTC, you can either leave it or increase it to 0.0015 BTC, 0.0020 BTC and so forth. But you can't set it to anything less than 0.001 BTC.
The standard reward model is pay-per-share (PPS). The total reward earned by the pool is distributed among all the miners according to the number of shares (proposed solutions) they submitted.
How much you'll get will depend on the pool's luck, cumulative hashrate, fees, and other factors. There's no way to calculate the exact amount in advance. That's part of the excitement of mining.
How to buy an offer: a step-by-step guide
You can access the list of offers either in the Cloud mining tab , or by clicking on your username in the top right corner and choosing Buy Power. The second option will let you filter offers by date, price, etc.:
In this example, we'll buy a 7-day contract for 10 TH/s using an account on SlushPool.
1) First, let's copy and paste the stratum address of the pool without the startum+tcp:// part. For SlushPool, it's stratum.slushpool.com:3333
2) Enter your full worker name and the password you used to create your pool account.
3) Click on Proceed to Payment. Xive supports two payment options: Bitcoin and PayPal
Paying with Bitcoin
If you use a mobile wallet, such as Bitcoin Wallet or Edge , simply scan the QR code. Your wallet will automatically open and you'll just need to tap Pay.
If you use a desktop wallet like Electrum, click on the payment link under the QR code to open the wallet app. The address and amount should be inserted automatically.
If you use a portable wallet app (for instance, an Electrum app image on Linux), the payment link won't work. In this case, manually copy the blockchain address from the payment link:
Once you've made the payment, wait for it to be confirmed. It takes from 10 minutes to an hour.
Paying with PayPal
Click the yellow button to open a new window with PayPal login. If you've activated OneTouch, you'll be logged in automatically. Then make the payment like you normally would on PayPal.
4) Review your contract
After the payment is processed, you'll see a page with your contract details. The status field at the top should say 'Active’.