Bitmain promoting BitDeer is it scam or not?

[BitMaxz]

When checking and scanning the bitmain website for malware I saw the front page of bitmain with bitdeer on the slider.
I'm curious about the image because it shows Free Mining Day from December 13 to December 16 now I tried to click the image and redirect me to a bitdeer website I tried to sign in and redirect me again to bitmain to log in. Now when checking the Dashboard I thought that they are giving free hash rate but it doesn't.

I checked their pricing and I'm surprised about the price because it's too cheap with less maintenance fee.
Here is my own computation, you can earn $163.19 per month with $21 plan and you can only pay 3.9 maintenance fee for 30 days? (correct me if I'm wrong)

I'm planning to buy but I need to know first to other experienced users if this is safe to invest or scam?

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[bL4nkcode]

That's hell out of profit, and almost 800% ROI just in one month, way too good to be true. But investing such companies seems nothing to worry, cloud mining is still cloud mining though.

[Potato Chips]

Nop. Its actually $.13 per TH so if you multiplied it by 30 ('cause the plan was 30 th/s) you'll get 3.9, and that will now be the maintenance fee for a single day. As you can see at the image below 30 days multiplied by 3.9 is equals to $117 which is the fee for entire month.



I say, don't bother 乁( ͡° ͜ʖ ͡ °)ㄏ

[zupdawg]

I made a quick computation and the amount you will need to invest is almost equal to the amount(average) you will be earning the entire duration of the contract. I would say this is just a waste of time unless you think mining difficulty will decrease over the month time

[jackg]

I put a small amount in (the minimum). If it’s a scam, I will update the thread with that information. Otherwise, I’d still suggest caution. I think the mining calculator I used said a 0.039 investment should return 0.04... not great profits but interesting if the difficulty goes up or down. I think bit,Ian are trying to save themselves, a lot of the contracts appear to have sold out too.

It only updates earnings every 24 hours...

[shield132]

Didn't know if they had another service named bitdeer. If anyone surely knows, no other 3rd party can use passport.bitmain.com yeah? So this means bitdeer is owned by bitmain. For me this means they aren't scam.
Is this website new? Because pricey contracts are sold. If anyone can check, do they offer better profitability on BCH contracts? Can't login now.

[khufuking]

If it is connected to Bitmain I don't think it will be a scam, but mining contract is not profitable at all, and if you make correct calculations you will see that the smallest plan will cost you $23 for 30 days mining and now at the current price of Bitcoin after a nice pump 5 TH/s will give you $0.95 daily which is
$28.5 so the profit is there but it is small especially that this profit is calculated after Bitcoin got pumped a little.

[jackg]

Didn't know if they had another service named bitdeer. If anyone surely knows, no other 3rd party can use passport.bitmain.com yeah? So this means bitdeer is owned by bitmain. For me this means they aren't scam.
Is this website new? Because pricey contracts are sold. If anyone can check, do they offer better profitability on BCH contracts? Can't login now.

The bch contacts are on offer at 99% off. You can check it yourself on the main page.

And yes, they must clearly be owned by bitmain. If you believe bitmain are legit you can trust these...

[BitMaxz]

Potato Chips is right my calculation is wrong it should be 0.13xHashratexDay since I choose $21 which is 30Th/s the calculation must be this 0.13x30=3.9 and then 3.9x30=117+$21=$138 in total.

It means that the maintenance fee will cost you more than the price of hashrate or plan. However, they already sold almost all plan and only remaining plan right now is $7 10th/s per 30days and $3.50 for 10Th/s in 30days and they also offer $1(BCH mining) for 100TH/s in 30 days which you can think that  this is too cheap but if you try to start buying the plan you will see in total maintenance fee as the additional fee when you buy the hash power and you will say it's too expensive.

Well, I don't have too much savings to invest more in other plan but let me take the $7 plan and only pay 10 days maintenance fee because they offer that the remaining days can be paid later. So in total of $20 let's hope that they are not scam and give us a good profit after a month.

[Steamtyme]

I would say they are not a scam.

This is of course barring Bitmain going out of business. This had been discussed a bit in the mining section. The assumption was that they just needed cash now, and this was a good way to do it.

- They may be running the S15's and making cash on the improved efficiencies in regards to the .13$/TH
- They just needed cash infusion at that moment, hence the 30 day offerings and no longer term plans.


Looks like they've added more options to the service originally they were only 50 and 100 TH offerings IIRC.

I put a small amount in (the minimum).

One thing I wondered about it was do they allow you to point to a pool of your choosing? If not do you also have to pay the pool fees depending on which one you choose between their options?

[leowonderful]

Seems like Bitmain's trying to push this as the successor to their former cloudmining operation, Hashnest, which hasn't had any new miners listed in a very long time and is likely going to be discontinued soon or left inactive, with the main difference being these contracts last a maximum of 30 days compared to Hashnest that allowed contracts to run as long as they were profitable at Hashnest quoted maintenance rates. Maintenance is pretty darn high for these contracts, which means you're vulnerable to difficulty adjustments and BTC price drops should any happen, but it seems legitimate to me at this point in time.

Also seems like the 99% off 100TH/s contracts are now all sold out, which leaves just the 5 and 10TH/s contracts left which aren't too profitable at this time left.

[BitMaxz]

One thing I wondered about it was do they allow you to point to a pool of your choosing? If not do you also have to pay the pool fees depending on which one you choose between their options?

They only have 2 option to choose antpool and btc.com so I think you can't modify or put which pool you want to connect, unlike Nicehash that you can mine on other pool and which coin you want it to mine.

[jackg]

One thing I wondered about it was do they allow you to point to a pool of your choosing? If not do you also have to pay the pool fees depending on which one you choose between their options?

They only have 2 option to choose antpool and btc.com so I think you can't modify or put which pool you want to connect, unlike Nicehash that you can mine on other pool and which coin you want it to mine.

I could never do that with nocehash...

What pools are compatible? I tried slush and ant pool and both were rejected...

[Steamtyme]

I'm surprised antpool was rejected, it's one of the 2 that they promote.

If they were actually providing you control over the Hash, you should be able to connect to any BTC or I guess BCH mining pool. The reason I say that is some pools are just overall better, in regards to fees and miner rewards (transaction fees) being shared.

Such a pool would be slush, or Kano.


Overall it is the same skeezy cloudmining type operation. Give us cash upfront, then continue to pay for maintenance, but wait if it becomes unprofitable we will end the contract to save you without giving you the choice to mine through at a loss. Now to their credit on that note they are not currently offering lifetime contracts which are most susceptible to this practice. I am surprised though that they weren't accepting cash payments in some way or another.

The 1$ 100TH contract did pop up for me, that's how I was able to check the options. I'm sure they didn't make many of them available, but they do recover nearly half of the savings by increasing the maintenance fee to .014$

They make it sound like you have a lot of pool support but those are just their Datacenters. I actually went through to place an order just to see what options they give you, and they are working on adding a 3rd pool hyuobi, but it will be just these 3 pools.

In the end it's a shiny attempt to lure in newbies and get them hooked on the cloudmining early, because if it's all you know it's harder to leave. They did launch with attractive rates, but again that was due to being cash strapped IMO. I would not expect those rates to last much longer especially if BTC maintains this price or continues to rally.

[jackg]

I did prefer the hashnest redemption idea and miner owning a lot better.

Now it’s a great profitability exercise for them... guaranteed payments!
A bit like what genesis mining do and I hate them for it.

I made 0.0013 in 24 hours, probably expected (I’m not advocating anything, you can all, work out for yourself if it’s worth it and hopefully decide it isnt)

@steamy, I expected $0.26 for electricity... And nicehash wanted an odd number for something, slush pool was the first and thrrefkre the best, they also don’t seem to be very politically motivated in making bitcoin into anything and just mine it to help the network.

[mercedes321]

I did prefer the hashnest redemption idea and miner owning a lot better.

Now it’s a great profitability exercise for them... guaranteed payments!
A bit like what genesis mining do and I hate them for it.

I made 0.0013 in 24 hours, probably expected (I’m not advocating anything, you can all, work out for yourself if it’s worth it and hopefully decide it isnt)

@steamy, I expected $0.26 for electricity... And nicehash wanted an odd number for something, slush pool was the first and thrrefkre the best, they also don’t seem to be very politically motivated in making bitcoin into anything and just mine it to help the network.

+1, i like hashnest a lot better, u could trade hash, u could mine untill its not profitable, here u cant trade, and u cant mine after the period is over, and especially u cant sell the hash,....ppl should stop investing in bitdeer, any maybe they will come back to hashnest to offer new miners, site is working normal

[jackg]

Yes this is the hope.



As an update, I've earnt about 0.03 from my contract with them so far.

You can't withdraw less than 0.01 afaik unless they batch the last one or something so maybe that's a new scammy idea of theirs. We'll make sure they keep 0.008 each contract they buy so they have to buy 5 more to get everything out...

[TCW003]

Yes this is the hope.



As an update, I've earnt about 0.03 from my contract with them so far.

You can't withdraw less than 0.01 afaik unless they batch the last one or something so maybe that's a new scammy idea of theirs. We'll make sure they keep 0.008 each contract they buy so they have to buy 5 more to get everything out...

7 days passed, how much have you earned? good result?

[jackg]

Yes this is the hope.



As an update, I've earnt about 0.03 from my contract with them so far.

You can't withdraw less than 0.01 afaik unless they batch the last one or something so maybe that's a new scammy idea of theirs. We'll make sure they keep 0.008 each contract they buy so they have to buy 5 more to get everything out...

7 days passed, how much have you earned? good result?

I bought it just after the announcements.
I came to the end of a 30 day contract.

They create a pool account specifically, in hindsight, go with btc.com as the pool.

I got an average earning of about 0.0015btc/day in revenue. Having paid 0.038 about for a contract, after the 30 days it came to 0.0399 in revenue. I made a 0.008 loss because antpool only allow withdrawals per 0.01 btc. I'm going to try to use my workaround to getting the rest out but I'll see how it goes.

[Steamtyme]

Thanks for the updates and actually testing out the system.

Shows how cloudmining really only works if you get in at a discount, or early which usually go hand in hand.

As for your loss- or just coins below min withdrawal. Are they stuck because you previously withdrew some or did you never get over the threshold because of maintenance fees?

Im just wondering if you could have paid the fees another way or from another wallet so that your coins werent stuck.