In "verified mining," customers who participate in the program would earn more than the standard amount paid to unverified miners. If the program were to be adopted, it would be optional, and customers would still be able to continue mining with no penalty if they chose not to participate.
To become verified, customers would be expected to do the following:
- Earn more than a minimal amount to be eligible, probably something like $10/month.
- Participate in a basic identify verification process, which would take about 60 seconds and require a driver's license or passport. The information would be stored offline so that it is protected from hackers. To succeed with the verification, customers would have to prove their identities and not have criminal records.
- Agree to either not use cloud mining services, or to accept liability if you end up renting low luck miners from cloud mining services.
- Agree to not download firmware from untrusted forums and links on the Internet. The manufacturer default firmware and whitelisted firmware, and overclocking and underclocking would all be allowed.
Instead, verified mining would be fully independent of whatever tax or other regulations we need to adhere to. None of the verification data would be shared with any governments or other companies under any circumstances. Verification data would not be cross-referenced with data from other sources. Verified customers would still be subject to, or not be subject to, the same IRS paperwork requirements as exist currently, and customers could be verified miners without passing the $600 threshold, or they could remain unverified after passing the $600 threshold.
In exchange for becoming verified, verified customers would receive a 6-10% earnings bonus. The exceptions are that solo mining would be excluded from the earnings bonus, and the bonus would not apply to referral revenue. We'll calculate the exact bonus if the program receives positive feedback.
Please offer your thoughts on the proposal here, and be sure to vote in the poll to state whether you would participate or not if we decided to move forward!