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How Kryptex Works?

March 24, 2019, 10:32 p.m.

Kryptex is a robust cryptocurrency mining service and mining pool operator that enables users to earn Bitcoins by mining on their computers.

Computers cannot mine Bitcoins directly; specialized Bitcoin ASICs handle that task. With the Kryptex app, you mine altcoins like Iron Fish, Nexa, Zephyr, etc. These altcoins are automatically converted into Bitcoins and added to your balance.

Kryptex mines Altcoins and automatically converts them into Bitcoins.

An Altcoin (short for "alternative coin") refers to any cryptocurrency developed after Bitcoin. According to CoinMarketCap, as of early 2024, there are over 25,000 cryptocurrencies worldwide. All of these currencies, except Bitcoin, fall under Altcoins.

How Exchange Works

Kryptex stores and displays all your earnings in Bitcoins.

1.In the "Summary" section, you can see your "Total Balance" in bitcoins along with a graph showing the satoshis (Bitcoin "cents") you have earned.

The Dashboard section in your Kryptex account

2.The "Total Balance" consists of Bitcoins that are already "Available For Withdrawal" and altcoins that are in "Pending Balance."

Total Balance = Pending Balance + Available For Withdrawal

3."Pending Balance" refers to altcoins awaiting verification and exchange into bitcoins.

Altcoins in this status are subject to value fluctuations until they are exchanged for Bitcoin, even if you are not actively mining.

  • Verification and exchange of altcoins typically take between 1 to 8 hours. In rare cases, it may take several days.
  • Kryptex automatically exchanges altcoins for Bitcoin when they reach a threshold of 0.00002 BTC or as soon as possible. After the exchange, the altcoins move to "Available for Withdrawal."
  • Each type of altcoin you mine is exchanged separately. For example, ZEPH, IRON, PYI will remain in the "Pending Balance" status until each reaches the equivalent of 0.00002 BTC.

At times of market instability, Kryptex may pause exchanges to optimize profit during a crisis. Typically, such pauses last up to a day.

4."Available for Withdrawal" denotes the Bitcoins that are ready for withdrawal. This amount will not decrease until you initiate a payout.

You can withdraw these earnings to USDT, bank cards, or Bitcoin wallets.

For more details about payout options, refer to the article "Withdrawing Money from Kryptex."

Questions and Answers

How Can I Confirm if Bitcoins Were Credited?

You can check if your Bitcoins have been credited by reviewing the "Balance" section, specifically the "Bitcoin Movement" table. This table displays the bitcoins successfully exchanged and credited to your balance in the "Available for Withdrawal" section.

The Bitcoin Movement table in the Balance section

How Are Altcoins Verified?

When you mine through the Kryptex application or using your Kryptex email, you join other miners on the pool to collectively mine a cryptocurrency block and earn altcoins.

Each block contains a record of transactions on the blockchain. Miners are rewarded based on their contribution to finding these blocks.

The verification process for altcoins typically takes 1 to 8 hours but can occasionally extend to several days.

The verification speed depends on block confirmations within the blockchain and the time required to discover new blocks. A higher pool hash rate leads to faster block discovery.

Altcoins that remain unverified for more than seven days result from an orphan block, which occurs rarely— about once every 2-3 months. Orphan blocks are automatically resolved monthly.

What is an Orphan Block?

An orphan block refers to a situation in which miners do not receive a reward for mining, typically because the block is not included in the main blockchain.

Miners constantly create new blocks; occasionally, two new blocks from different miners may appear on the network simultaneously. This can lead to a situation where one group of nodes in the distributed network accepts one block while another group accepts a different block. Miners continue their work, and ultimately, the block that becomes the basis for subsequent blocks is recorded in the main chain, while the other block is discarded, becoming an "orphan."

Preventing orphan blocks is impossible, but they rarely occur in practice.

How much do Altcoins cost?

The value of different altcoins varies and is subject to constant change based on market conditions. For example, 10 coins of Iron Fish might be worth $5, while 10 coins of NEXA might be worth $2.

To check the current value of altcoins, you can use websites like CoinMarketCap or CoinGecko.

Kryptex exchanges altcoins for Bitcoin once they reach a threshold of 0.00002 BTC or when it becomes possible to trade them.

I have 0.00002 BTC, but they are not exchanged.

The exchange process occurs individually for each altcoin.

If you mine Iron Fish worth 10 cents and then mine NEXA worth 5 cents, the exchange will not occur, and the altcoins will remain in the "Pending Balance" column until you accumulate the exchange threshold of 0.00002 BTC for each coin.

For example, suppose you mine Iron Fish for about 30 minutes, and the application automatically switches to mining a more profitable coin like NEXA. In that case, the Iron Fish coins will stay in the "Pending Balance" column because their value is too low. They have yet to reach the exchange threshold of 0.00002 BTC. Meanwhile, NEXA coins will start accumulating.

Why can't you exchange less than 0.00002 BTC?

This limitation is related to currency exchange practices. Exchanges typically do not facilitate the exchange of minimal amounts.

To illustrate, consider exchanging 20 cents into your local currency. Most banks or exchange offices would decline such transactions because handling small amounts is inconvenient and unprofitable. The same principle applies to cryptocurrency exchanges.

In fact, even 0.00002 BTC is a small amount that may not be directly exchangeable on most platforms. However, Kryptex consolidates these small amounts (or "pennies") over time, exchanges them collectively, and then credits Bitcoins to users' balances. This approach makes it feasible to convert smaller altcoin earnings into Bitcoin.

At what rate are Altcoins exchanged?

Once your altcoins reach the value of 0.00002 BTC, Kryptex exchanges them at the most favorable rate available at the time of exchange.

These exchanges happen automatically and occur on different exchanges at various times and for other users. The sheer volume of data involved in these transactions is vast, making it challenging to store and display all details in the interface.

As miners, we use our product and aim to maximize your profit from each transaction!

Why does my currency balance decrease?

Kryptex stores your earnings in bitcoins, but seeing your balance in familiar currencies like dollars or euros is more convenient. To show your balance in these currencies, multiply the bitcoins you've earned by the current exchange rate.

Because bitcoins' value can fluctuate, the balance shown in your currency may decrease or increase over time. However, the amount you earn in bitcoins will always stay the same.

You can always check our website's current Bitcoin exchange rate in the "Balance" section.

Can I deposit funds into my Kryptex account?

No, Kryptex accounts do not have a linked Bitcoin wallet, so it's not possible to deposit funds into your account.

Why are Bitcoins decreasing?

Bitcoins "Available for withdrawal" cannot decrease, but the "Total balance" or "Pending balance" can change.

It can happen if you do not mine enough altcoins to reach the exchange threshold of 0.00002 BTC, and the value of this coin drops. Unfortunately, nobody is immune from this.

For example, you mined NEXA, and the amount in the "Pending balance" field was 0.0000185 BTC. But then you refreshed the page, and the amount decreased to 0.000017 BTC.

The value of the NEXA coin sharply dropped, or, conversely, the BTC rate increased significantly, while the value of NEXA did not have time to rise. As a result, the estimated value of your coins decreased. The exact amount of altcoins is now worth less in bitcoins.

There is a positive side, too! If the opposite happens, and altcoin prices rise, your altcoins will be worth more when exchanged earlier, and you will receive more bitcoins!

Why exchange everything for Bitcoins?

Altcoins exhibit higher volatility. This is not merely an opinion but an objectively measurable economic parameter. Kryptex shields you from sharp declines in Nexa, Monero, Ravencoin, and other altcoins by exchanging altcoins for bitcoins.

Which is more profitable to mine, through the app or on the pool?

This question is one we ponder daily, which is why we've conducted an in-depth study.

Curious about the results? We're confident the answer will surprise you. Read our article: Which Mining is More Profitable? Kryptex App, PPS+ Pools of Kryptex, Mining with Auto Exchange.

I want to store it in something other than Bitcoin!

We respect our users' desire to have complete control over every aspect of their transactions. We understand if you're an experienced miner who prefers to manage your altcoins independently.

Mine on pools at https://pool.kryptex.com/.

Kryptex offers flexibility and choice to miners of every stripe! Mine on pools and receive payouts in the coin you mine directly to your personal wallet address. You can then handle the exchanges and track your profits yourself!

Plus, we will cover the transaction fees on the pool, so you receive 100% of the profit!

Still have questions. Help! 🚑

Don't worry! Ask questions in our communities Telegram / Discord — experienced Kryptex users are always ready to help with advice!

Or contact Kryptex support directly 💪

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Kryptex is a desktop application. Download the app to your PC after signing up.