General User Guide

Rental Process

The rental process at Virtual Mining consists of several stages:

1.     When a renter wishes to rent a rig, he or she fills in the Rent Now online form , and after verification the rented rig is marked as rented, and the rental cost is credited from the renter’s account and debited to the pending balance of the rig owner’s account. Now the rental itself is in in the initial Not Started state. Usually it remains in this state for a short time until the rented rig is switched to the pools specified by the renter.

2.     After the rig traffic is redirected to the renter’s pools, the rig status changes to Started. The remaining rental time countdown begins at this moment, and the proper rental commences and continues for the rental period duration. All shares earned by the rig are credited to the renter’s account at the pool. Both renter and rig owner may track the rental progress on the Rental Details page .

3.     Normally the rental proceeds until the remaining rental time is up. After that the rental status changes to Ended, and the rig is marked as available for another rental. At that moment the real average hashrate of the rental is calculated and shown on the Rental Details page . Also, now the 12 hours rental dispute resolution period begins at which the renter may open a ticket with a request to refund part of the funds if the real fulfilled hashrate is significantly lower than the rig advertised hashrate.

4.     If no such dispute is started with the 12 hour period, the rental goes to the Closed status automatically without a refund. It is not possible to start a dispute after this 12 hour period. When the dispute is resolved, the rental goes into the Closed state as well with or without a refund according to dispute outcome. Only at this moment the pending balance of rig owner’s account is transferred to the main balance and can be used by the rig owner.