Invest in the world's only mining service that is still profitable after more than 5 years.
and invents a new cryptocurrency mining service.
Cryptocurrency mining is very simple to understand. It consists of verifying the transactions made between people who exchange cryptocurrencies, including the most famous one which is Bitcoin, using very powerful computers.
Miners are the people who mine (this is also the name given to computers). By mining, you are charged a fee for each verified transaction. Just like when your bank charges you for sending money or paying with your card.
The interesting thing is that anyone can become a miner. You "just" need to buy the right computers to verify the transactions. And ideally verify as many as possible!
So, anyone can receive money through the validation of thousands of transactions made every day on cryptocurrencies.
Even you.
Our CEO visits a bitcoin mining farm (November 2019)
*Theft, fire, power cuts, geopolitics
Professional management that has already proven itself: this way you avoid all beginner's mistakes.
You own the machines, so you keep a residual value of your initial investment.
The ability to terminate the service and recoup part or all of your initial investment (depending on market conditions).
Responsive and friendly customer service to answer all your questions.
The equity of your investment ensures a better return on investment.
One month is not profitable? We disconnect the machines, so they don't run at a loss.
Although mutualized mining reduces certain risks, crypto-currency mining remains risky due to the volatility of crypto-currency prices and mining equipment. We encourage everyone to fully understand these risks and to consult a financial advisor before investing. Only invest an amount you can afford to lose without compromising your financial situation.
"Risk reduction, made possible by mutualization, is the most important thing for us."
One of our mining farms.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Total
Average
2024
1.77%
2.13%
4.26%
3.01%
0.24%
0.10%
0.10%
11.51%
0.96%
2023
0.04%
0.20%
0.29%
0.45%
0.58%
0.20%
0.60%
0.38%
0.27%
0.70%
1.45%
2.86%
8.02%
0.67%
2022
2.09%
1.95%
2.32%
1.92%
0.91%
0.39%
0.40%
0.34%
0.15%
0.08%
0.00%
0.00%
10.54%
0.88%
2021
12.51%
12.43%
13.70%
12.75%
7.85%
3.12%
4.24%
5.25%
4.05%
6.14%
4.98%
3.66%
90.68%
7.56%
2020
4.41%
3.48%
1.73%
3.26%
3.42%
3.31%
4.70%
6.62%
4.13%
2.62%
6.20%
8.86%
52.74%
4.40%
2019
9.18%
10.72%
22.81%
19.39%
35.44%
38.19%
14.54%
9.59%
3.41%
3.28%
1.28%
1.53%
167.79%
13.98%
*Past performance is not indicative of future performance
We only invest once a month.
Don't miss our next investment round!
Summit Mining isn't just about making money. It's also about joining an incredible, caring community guided by the same goal of improving your knowledge of cryptocurrencies.
When you join our Discord group, and you can ask any questions you want.
No pressure on your level of knowledge. We have all started at some point, and we are here to help you.
Once you become an investor, you will have access on the same group to a private area 💎
Every Wednesday at 7:00 pm (Central European Time), we do a 30-minute private live where we answer all your questions. A replay is also available!
Account opening fees
Free
Accepted currencies
EUR
Accepted crypto-assets
BTC, ETH, LTC,
USDT (ERC-20, TRC-20), DAI, USDC (ERC-20), BUSD (BEP-20).
Minimum initial deposit
€2,000
Minimum additional deposit
€1
Processing fees
15% to 26%*
*These costs cover the expenses prior to the installation of the Equipment: transport, insurance for logistics, customs, VAT, legal costs, installation and configuration of the Equipment, Costs of configuration of the Equipment, costs and customs duties, legal fees, application fees, various taxes, deposit for electricity, purchase of equipment (container, turbine, cables, connectors, routers, etc.) and others.
Performance fees
20%*
*Not including promotional offers
Minimum reinvestment
€100
Accepted currencies
EUR
Accepted crypto-assets
BTC, ETH, LTC, USDT
Post-Maturity Withdrawal Fee
None
Additional fees for recurring purchases
None
Intervention fees
None
Outgoing transaction fee
€0
Rapid withdrawal of capital from the Marketplace
Within 15 days
25% discount of the SMK value
Classic withdrawal of Capital outside the Marketplace
Within 30 days
Actual SMK value
Obsolescence
Obsolescence fees are used to renew the mining park. The fees are variable and depend on the monthly return on investment.
Note: Fees will be applicable as of September 1, 2022.
Tier
Gross Client Return (% monthly)
Percentage Contribution to the Renewal of the Mining Park
1
0.00% – 0.80%
0%
2
0.81% – 1.53%
3%
3
1.54% – 2.21%
6%
4
2.22% – 2.84%
9%
5
2.85% – 3.44%
12%
6
3.45% – 3.99%
15%
7
4.00% – 4.52%
18%
8
4.53% – 5.02%
21%
9
5.03% and more
24%
* VIP levels 1-9 can be achieved either by holding Summit Tokens or by the number of referrals made in the Summit ecosystem.
If the level is acquired by holding Summit Tokens, they must be held for a minimum period of six months.
During the lock-in period, the Summit Token holder can upgrade to a higher VIP level at any time if the value of his or her Summit Tokens increases and the new value allows him or her to change levels. In this case, a new six-month lock-in period begins.
At the end of the lock-in period, the VIP level is retained by default, unless the Summit Tokens holder disposes of their tokens.
Ex: You have €5,000 in Summit Tokens. You are therefore eligible for VIP level 3. If during the blocking period (6 months) the value of the Summit Token is multiplied by 3, you now hold €15,000 of Summit Tokens, which allows you to become VIP 4 if you wish. In this case, the Summit Tokens are locked again for 6 months. At the end of this period, your VIP 4 status is retained, even if the price drops. However, if you sell €6,000 worth of Summit Tokens, (€15,000 - €6,000 = €9,000), then you will lose your VIP 4 status because your holdings will be less than the minimum required amount, and this is due to an action you took (a sale of your Summit Tokens) and not to adverse market conditions.
VIP level
Regular payment of a portion of the revenues generated by the Summit Group
Invitation to Summit Group events
Priority customer support by email
Dedicated customer advisor by phone
Annual "relaxation" trips
0
1
2
3
4
5
6
7
8
9
VIP level
Summit Mining performance fee*
*Not including promotional offers
0
20,0%
1
19,5%
2
19,0%
3
18,5%
4
18,0%
5
17,5%
6
17,0%
7
16,5%
8
16,0%
9
15,0%
Special offers
Those who invested before midnight on March 25, 2022 receive a 15% lifetime performance fee.
These special offers do not automatically qualify for VIP levels 1-9. However, these special offers are cumulative with VIP levels 1-9 if the person is eligible for VIP levels 1-9.
Referrals
For each validated referral:
- the referrer receives €25 in SMKs
- the referee can choose to receive €25 in SMKs or to have a 30% discount for 3 months on his performance fees.
First, we recommend that you read all the F.A.Q. questions and answers to familiarize yourself with our service. Then, to deepen your knowledge in the field of cryptocurrency, you can read our blog. The link is 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 clients with the best legal protection, we have registered our company in Europe, specifically in Dublin, Ireland. Our offices are also located there.
The machines we buy every month are shipped to several locations where the price of electricity is low. Currently, they are spread over 12 locations in four countries: Russia, Canada, the United States and Iceland. This allows us to reduce risk and get better prices for everyone.
Nous ne sommes pas conseillers fiscaux et nous ne pouvons fournir aucun conseil concernant la fiscalité. En général, vous devez payer un impôt sur les profits et les revenus là où vous vivez. Si vous n’êtes pas complètement sûr, nous vous invitons à prendre contact avec un comptable ou un fiscaliste.
Yes, as a referrer you receive €25. As a referral, you can choose to receive €25 or have 3 months of management fees reduced by 30%. If you choose to receive €25, it is converted to SMK at the time of your initial investment.
We are experts in trading, management and logistics, but Summit Mining is not a fund management service. Therefore, we do not invest your funds in the financial markets and we are not able to advise you on price trends, forecasts, etc.
We buy materials with your funds and take care of them for you. Then we send you the profits you make. It's as simple as that.
With any investment there are risks, and these are even greater as we move into the cryptocurrency sector. We therefore recommend that you only invest money that you don't need to live on.
That said, we have a long history of working with our suppliers and partners. We've made sure that our business partners have valid corporate data and are operating legally. We have also visited the facilities ourselves, so we know they are legitimate. We've also installed our own machines there, so security is a priority!"With Summit Mining, there is also a risk associated with the changing cryptocurrency market, as the machines we purchase have a price correlated to it. This means, at the risk of simplifying the thought process, that if the price of crypto-currencies drops, then the price of the mining machines drops as well, and therefore so does the residual value of your investment.
There is also a risk associated with the obsolescence of mining machines. Since mining machines are hardware and technology changes, the value of the hardware naturally decreases over time, although on occasion it is possible to sell the hardware for more than it was purchased. However, overall, the natural obsolescence of mining equipment tends to lower the residual value of your investment.
You can create an account yourself via this link.
We will then ask you to accept our Terms and Conditions and to verify your identity (KYC). This is a mandatory regulatory feature that helps protect you, among other things. 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.
And 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!
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 electricity prices, as the machines consume a lot of energy.
Secondly, you need to get a good price on the machines, otherwise 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 additional 30% to 40% to pay for customs duties, VAT, shipping costs, insurance, etc. In addition, mining machines are sometimes considered to be encryption computers. Thus, in some countries, these machines are simply prohibited unless you have special permits.
Knowing this, the return is also conditioned by external factors, such as the total computing power available on the network (the hashrate), the price of cryptocurrencies, etc. This means that sometimes mining is extremely profitable, and sometimes it is less profitable or not profitable at all for a certain period. So just like any legitimate investment, mining is not a miracle product.
The return on investment varies every month, depending mainly on the price of the cryptocurrencies 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 do not (unfortunately!) control the price of cryptocurrencies (yet 😀).
We are currently mining Bitcoin (BTC), and until the Ethereum (ETH) event known as "The Merge", we have started mining 4 new cryptocurrencies: ETHW, FLUX, ZIL and KAS.
The choice of the latter is bound to evolve according to the evolution of the profitability of mining these cryptocurrencies. We are therefore actively monitoring the behavior of the market and the machines to see if any cryptocurrencies stand out in terms of profitability.
Community mining is a concept we invented in the mining world. Normally, in traditional mining, when you mine, you buy machines, install them somewhere and (hopefully) they make you money. The problem is that when a machine breaks down, you are the one who pays for the repair. And in the meantime, you are not mining anymore. Also, 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 funds at our disposal, and we only place orders once a month, we have much better prices than anyone else, especially individuals. For this reason, we can buy more machines and this benefits you directly.
The group effect makes it possible to generate 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 become 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 will logically sell for less on the market. 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, we need 2 BTC at 10,000 euros each to pay the electricity bill of 20,000 euros.
So we have 1 net BTC left in our pocket, which is 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. It is still 20,000 euros.
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 run them 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 mining machines are not always profitable. The previous question in this F.A.Q. answers this question. 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 it happens about every 4 years in Bitcoin.
Using the example from the previous question, this translates into the following: instead of mining 3 BTC, we suddenly only mine 1.5 BTC. 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 anything but easy! Many sites scam users and legitimate sites often charge customers a fortune for the machines. So it's not easy to find trusted partners.
Then the machines have to be shipped. Somewhere. So you'll have to pay additional shipping costs, and they're not particularly low.
Secondly, the machines should be installed, preferably where the cost of electricity is low, which is usually not in your home or even in the country you live in. And where the 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.
Then they need to be configured. If you have survived until now, your machines may be defective 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 S19. In February 2021, we were buying it for about $3,560 USD, including shipping + power supply. On www.asicminervalue.com, which calculates miner profitability and compares prices from online stores, this model was priced between $5,455 and $9,689 at the time.
Due to the fact that we have been in the market for several years now working in the mining business and growing our network, we have access to lower prices than what you can find on resale sites. In addition, we order machines once a month by pooling the funds deposited by our investors and since we order in large quantities, we have access to discounted prices.
No. You mine all the cryptos that our mining park mines 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. Also, the launch can be delayed.
Thus, our expertise and our network of suppliers are a great source of reliable information to help us decide which models to buy and when.
Summit Mining is not a mining machine sales service, but a turnkey mining investment service.
If you want to buy mining machines, you can turn to another of our services whose main activity is mining: Summit Market.
And if you want to host your own mining machines in a secure facility while taking advantage of low power rates, you can also turn to another of our core services: Summit Hosting.
Our machines are located in Russia, USA, Canada and Iceland. 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 allows us to reduce the risk of concentrating the machines in one place.
The machines are located where electricity is cheapest in the world, because it is so-called fatal electricity, meaning it would be wasted if it could not be used immediately. Specifically, the electricity that powers Summit Mining's mining machines comes from hydroelectric plants and gas flares.
This brings several benefits:
- we use renewable energy, which is a priority for us,
- we have access to a huge source of energy,
- the price of electricity is low,
- the environmental impact is reduced by converting the gas from oil extraction into electricity; previously, this gas was flared, hence the existence of flares where oil is extracted.
Currently, only bank transfers and cryptocurrency payments are accepted.
We make payments on the 5th of each month, after sending you a monthly report that contains all the information related to your investment. We pay you according to the payment option chosen.
It is then up to you to decide whether you prefer to reinvest these funds in the next mining machine 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 Bitcoin, we will send you Bitcoin. Then you are free to transfer your funds to your bank account, exchange them for another cryptocurrency, sell them, etc. It's up to you.
A SMK (Summit Mining Distribution Key) is the equivalent of a "share". It is mainly used for two things:
- It is used as a distribution key for earnings. The more SMKs you have, the larger your share of the mining pool and therefore the more mining winnings you get.
- It represents each client's share of the total assets that Summit Mining manages on behalf of its clients (the mining machines). The more SMKs you hold, the more you are entitled to the fruits of the resale of the assets under management.
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 1 euro.
Available funds are funds that you can reinvest exclusively in Summit Mining for the purchase of new SMK. These funds can come from a variety of sources:
- of the deposits you have made via the Marketplace,
- exceptional refunds or bonuses.
Generally, available funds can be used for the purchase of SMKs during the opening of the Marketplace purchase phase. However, if there are no SMKs available for sale in the Marketplace, you can use your available funds for a traditional purchase via the "Invest" page.
Available funds are not transferable between Summit departments.
To withdraw funds, you must resell your SMKs, as this is what you initially receive for your investment with Summit Mining.
To sell SMKs, there are two options:
- Marketplace sales based on supply and demand: you sell your SMKs to other Summit Mining customers.
- Delegated sale: this is a physical sale of machines (see the terms and conditions on our "Pricing" section).
Withdrawals made before the end of the 6-month minimum commitment period are subject to an early withdrawal fee.
The Marketplace is a tool accessible through your dashboard. As a seller, this tool allows you to easily resell all or part of your SMKs to other Summit Mining customers who may be interested in buying them back from you. As a buyer, you can buy back SMKs from sellers.
The Marketplace was designed so that an investor can easily attempt to resell their SMKs to other Summit Mining customers. This allows for the potential resale of SMKs directly to other customers in the community, without any machines being moved or disconnected.
The marketplace is open for sellers between the 16th day of the month and the last day of the month. Its use is possible for all customers who have an approved account, i.e. with an up-to-date KYC or KYB. The sale on the Marketplace is conditioned by the fact that it is necessary to have SMK acquired with a first investment through a classic purchase.
If you sell SMKs through the Marketplace, the fruits of the sale will be credited directly to your dashboard, and they will be visible in the "Available Funds" section.
Please note that there is no guarantee of results when selling your SMK on the Marketplace. Indeed, it is a marketplace governed by the laws of supply and demand. Therefore, you cannot be sure that you will be able to sell your SMK if, for example, nobody wants to buy them.
If a seller does not manage to sell all his SMKs, he will be offered to sell them through the delegated sale (physical sale of the machines). The SMKs can also remain on the Marketplace for the next month, although a sale of your SMKs on the Marketplace can be much faster than with the delegated sale (the other way to sell your SMKs).
If the sale of SMK is successful, the proceeds of the sale are credited within 48 hours. The funds are then visible in the "Available Funds" section of your dashboard. At this point, you can choose to reinvest or withdraw the funds.
The Marketplace is designed for buyers to buy SMKs directly from other customers in the community who wish to sell theirs.
Purchasing in the Marketplace allows buyers to obtain SMKs that will be activated immediately. As a result, the buyer will be able to start generating mining gains from the purchase of these SMKs much faster, as the mining machines are already connected. In fact, these SMKs start to produce earnings within 48 hours, unlike a traditional purchase where earnings are produced 30 days after the end of an investment round.
For buyers, the Marketplace is open from the 2nd of the month (20:00 CET) until the 15th of the month (23:59:59 UTC).
Buying and selling on the Marketplace is conditioned by the fact that you must first have SMK acquired with an initial investment via a classic purchase.
In order to place buy orders and thus obtain SMK on the Marketplace, you must have sufficient Available Funds in your account.
You can increase your Available Funds by depositing euros or cryptocurrencies directly via the Marketplace.
Another way to get Available Funds is to choose to automatically convert your mining winnings into Available Funds. There is an option for this on your dashboard.
Please note that there is no guarantee that there will be enough SMK to buy. Indeed, this is a marketplace governed by the laws of supply and demand. Therefore, you cannot be sure that you will be able to buy SMK if, for example, nobody wants to sell SMK or if other buyers have already bought all the available SMK.
If a buyer cannot buy SMK on the marketplace, he can go through the classic purchase.
Nevertheless, a purchase of SMK on the Marketplace can be much faster than a traditional purchase.
There are two types of sell orders on the Marketplace:
1) The fixed price sell order allows you to manually choose at what price you want to sell your SMKs.
2) The market sale order with limit price. Unlike the fixed price sell order, the selling price of your SMKs automatically adjusts to the market price of the SMK, while imposing a limit price below which you do not want to sell your SMKs.
Important to know:
- It is not possible to place your sell order above the market price of the SMK.
- A sell order may only be partially executed.
- It is possible to create several sale orders.
Orders can be cancelled at any time, except on the first day of the month, when the Marketplace is reserved for automatic reinvestments.
For buyers, they can only place "market" orders. This means that buyers cannot indicate the price at which they would like to buy (as with a "limit" order). They can only buy directly the SMKs that are offered for sale, at the price desired by the seller.
If there are no SMKs for sale or the SMKs offered for sale have been sold just before the execution of the order, the purchase request (order) is automatically cancelled.
Buy orders can be placed at any time during the period that the Marketplace is open to buyers. SMK allocations will be made on a first-come, first-served basis, i.e. the lowest-priced SMKs will be sold to the first submitted buy orders.
The delegated sale corresponds to the physical sale of the machines by the Summit Mining team.
The advantage of using the Marketplace as a seller is that you can try to resell your SMKs faster than the traditional way with the delegated sale. The repayment of your funds is therefore potentially accelerated in case of success. Moreover, on the marketplace, the seller does not have to pay any fees, contrary to the delegated sale (see the terms and conditions on our "Pricing" section). However, there is no guarantee of liquidity on the marketplace.
The advantage as a buyer is the quick activation of SMKs, unlike SMKs purchased in the traditional way during investment rounds.
No. Whether you use the marketplace or not, you cannot resell your SMKs to anyone who is not already a Summit Mining customer.
The Summit Token is the cryptocurrency of the Summit Group. By holding Summit Tokens, you will be able to take advantage of many benefits in all Summit Group services (Summit Mining, Summit Gravity, Summit Quantum, etc.).
In addition, a significant portion of the Summit Group's revenue will be redistributed to you, allowing you to receive additional passive income.
Detailed information about the Summit Token can be found on the Summit Group website.
At this time, the Summit Token is in the process of an ICO (Initial Coin Offering). Therefore, the Summit Token is not yet listed and is not publicly tradable.
The ICO includes several private purchase phases. The next phases will be available from the Super Dashboard accessible by clicking here. You will also find detailed information about the Summit Token.
1. We find the best deal with your investment and that of other investors. A good deal is a combination of low cost machines, fast delivery times, availability, etc.
2. We manage the shipping of the equipment to the "mining farm".
3. We install and configure the machines in a temperature-controlled room.
4. We monitor the machines to make sure they mine as much as possible.
5. We make sure that the machines stay in good condition (dust cleaning, reboot, software update and optimization, etc.).
6. We pay all the bills for you.
7. We help you create a portfolio if you don't have one or don't know how to get one.
8. We transfer the net balance to your wallet. Simply put, we manage the entire mining process for you, from A to Z.
Every Wednesday, our founder holds private remote meetings through the Zoom software. This is an opportunity to discuss the progress of the service, upcoming projects, and answer client questions.
Participation is of course optional. A replay and a written transcript are available if you cannot participate. Questions can be asked before the meeting and will be answered during the live session.
The meetings are private and confidential, and each one lasts a maximum of 30 minutes. They start at 7:00 p.m. (Central European Time).
Monthly operating reports are sent on the first day of each month in the evening. They contain a detailed summary of your investment. You will also be able to see the current value and distribution of your investment as of the last day of the month.
Also, if you have access to an up-to-date monthly analysis of the cryptocurrency market.
Monthly operating reports are currently available in English and French.
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 that are not yet on the market, that we will buy when they are released and that you would not have had access to unless you reinvested.
This is a community investment and we are the only ones doing it.
Almost all of the fees we charge are performance fees. It depends 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 have you generate as much as possible!
There are also processing fees. These costs cover the expenses prior to the installation of the mining equipment: transportation, insurance for logistics, customs, VAT, legal fees, installation and configuration of the machines, customs fees and duties, legal fees, various taxes, deposit for electricity, purchase of equipment (container, turbine, cables, connectors, routers, etc.) and others.
All fees are visible on the Pricing section of our site.
To answer this question, it is important to understand how resource sharing works in general, and then more specifically, how it works with Summit Mining.
If you read the answer to the question "What is a Summit Mining distribution Key?" above, you know that in exchange for your investment, you will receive Summit Mining distribution Keys (SMKs) and that one SMK represents the current market value of the mining machines (visible on your dashboard).
When we order mining machines, a part of the initial investment goes into costs (called processing costs) such as transportation, transportation insurance costs, customs costs, machine testing costs, installation costs. You also bear these costs if you invest in mining without us.
Let's take a simplified but realistic 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. It could eventually cost you 11,000 euros or 12,000 euros. Or even more (we have already seen this!).
Keeping in mind the previous principle, we cannot buy machines for exactly 10,000 euros. For example, there are 7,500 euros of machines (2 machines at 3,750 euros each) and 2,500 euros of costs.
Therefore, in reality, we only bought 7,500 euros worth of machines, and the remaining 2,500 euros are "sunk" costs. That said, since you invested 10,000 euros, you get SMKs back, the number of which depends on the price of the SMK on the day you invested.
On the day you wish to withdraw funds, in whole or in part, we will need to re-assess the value of your SMKs. The value of your SMKs 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 about the variation in the profitability of machines in the section that answers the question "Why is the profitability of mining machines not always the same?"
Understanding the basic principle of supply and demand, it therefore makes more sense 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 SMKs is as high as possible. You also understand that the funds initially invested are not guaranteed.
When you have finally made your decision, your SMKs 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 SMKs are then destroyed and removed from the fleet.
Your SMKs are activated as the ordered mining machines are installed (on a pro-rata basis).
At the latest, 100% of your SMKs become active and start mining one calendar month after the deadline of the investment you participated in. For example, if you participate in the October investment round, the round ends on October 31 (end of calendar month), and your SMKs are activated one calendar month later, i.e. on December 1.
You can follow the weekly Wednesday live (on Discord) for updates on the progress of the installation of the machines.
Since the reopening of Summit Mining in March 2022, the contracts have been replaced by General Conditions. These are available here: https://www.summit.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.
For anti-money laundering and anti-tax evasion reasons, it is not possible to make internal transfers.
Thus, to transfer SMK (or funds) from your Summit Mining account to another Summit Mining account, in this case we need to make a refund of the funds to your bank account or crypto wallet depending on the type of payment originally received. This can only be done once the 6-month blocking period of the funds has passed.
Then you can send us funds again from your bank account or crypto wallet. Please note, however, that the funds you send back to Summit Mining will be considered a new investment. And if applicable, you will be responsible for the fees on this transfer.
Exemple : You have 2,000 SMK as an individual and have a company that holds 8,000 SMK. You want to transfer all your SMK to your company account. We cannot credit the 2,000 SMK directly from your account to your company's account. We will first make a refund of your 2,000 SMK to your personal bank account at market value (which may be €2,000 or €1,500 at this time, for example). Then, you will have to send back funds from your company's bank account (and only from your company's bank account) to be credited to the Summit Mining pro account. At this point you will have to pay the processing fee again, as this will be a new investment from a new account.