Frequently asked questions
What is Electrum?
Electrum is an independent Arizona based startup focused on bringing cryptocurrency mining to the everyday person.
What is the Electrum philosophy?
Electrum functions off of a simple but powerful principle: we believe everyone can, and should, benefit from the ongoing blockchain revolution. Our business model has been entirely structured around this central concept. This has enabled us to offer mining contracts at lower prices than our larger competition, and has empowered our customers with a peace of mind and security that simply does not exist with any other mining operation.
Where is Electrum located?
Electrum operates solely and exclusively in the United States of America, in the state of Arizona.
How is Electrum more secure than other mining operations?
Electrum has been founded by blockchain technology enthusiasts after considering carefully the developing cryptocurrency landscape. While we found tremendous interest in cryptocurrency mining, we noticed this interest was coupled with distrust in the present mining industry. It doesn’t take much to learn where this distrust comes from - our competition is primarily operating out of countries that provide their customers with little recourse in the case of missed payouts or premature contract termination.
For this reason, we chose to begin our business in the United States of America, which is known for its strictly enforceable business laws. Each Electrum mining contract comes with a formal contract specifically written for the purchased offering, legally binding us to provide the contracted service to you, or you get your money back. Simple as that.
In short, Electrum has been designed to give our customers ultimate peace of mind and security, and this is central to each step of our growth as a company.
How does cloud mining work?
When you buy an Electrum mining contract, our locally owned (note: not outsourced) processing units get to work mining cryptocurrency for you, which is paid out to your provided cryptocurrency wallet address at regular intervals.
Why buy a mining contract instead of setting up my own mining rig?
There are a number of reasons why cloud mining has become a multibillion dollar industry in the past few years. The reason is quite similar to why companies pay data centers for their server space: cost, maintenance, and convenience.
When you buy an Electrum mining contract, you simply pay a one-time fee and receive your contracted cryptocurrency payout at regular intervals. There’s no maintenance required, no electricity costs, and no technical knowledge required. Essentially, we do the work, and you earn the cryptocurrency over your contract duration (between 1 to 3 years, depending on the contract plan).
What cryptocurrencies can I mine with Electrum?
Presently, Electrum is exclusively focused on mining the Zcash cryptocurrency, which operates on the equihash algorithm.
While there are many, many cryptocurrencies, we choose to identify and mine cryptocurrencies that have scalability; evidenced by technological innovation, historical market trends, and market sentiment.
Why was Electrum founded?
What started out as a hobby by enthusiasts of blockchain technology and cryptocurrency development became a scalable business model that was initially shared with family, friends, and associates. Realizing that there is a significant lack of transparent, customer-centric services to facilitate cryptocurrency mining, Electrum was born.