Opinions on bitdeer please

[W1ldcard]

Hi all,

I’ve seen new packages coming out from bitdeer that look like they may offer some decent value, however

I’m not familiar with bitdeer as a company. The searches i’ve done so far suggest it’s based out of Singapore, and could be of Chinese origin, potentially raising questions about safety and security of submitting payment details (bank card etc) when subscribing to their packages and so o .

Would welcome opinions from anyone who has more info on bitdeer, people who have used their services in the past, what the payouts are like - is it really good value ?

Eg, 180 day package, $111, 10 th/s power, $0.10 per th, per day maintenance fee

Thanks

[1714858205]

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[1714858205]

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[1714858205]

1714858205

[rifleman74]

It is Bitmain.


Stay far far away.

[philipma1957]

It is Bitmain.


Stay far far away.

At op please follow this mans advice.

Here is some math  10 x .10 =  1 dollar x 180 = 180  + 111 = 291 out of pocket.

and 10th will earn 59.25  a month  if all stays flatline

6 x 59.25 = 355.50

   355.50
  -291.00

a 64.50  profit only achievable with flat price flat growth.

they can void you out if 2 weeks in a row are - profit

you pay 111 upfront  they get it instantly

they charge 10 cents a th.

 the s15  burns 50 watts a th  or 1.2 kwatts a day at 3 cent power  that is 3.6 cents  they collect 10 cents  big mark up


the deck is stacked in their favor.

If I were your financial advisor I would tell you  don't do it.

[leowonderful]

Absolutely wouldn't do it, Philip provides the relevant math to discourage you from investing in the site if you don't believe us. Cloudmining does look attractive, but you do have to remember that we're in a bear market and a difficulty rise or coin price drop can easily make the contract you're buying into no longer profitable as you pay for maintenance fees upfront, which means the risk in the contracts is completely offset to you and Bitdeer gets essentially free money. I have used Hashnest in the past (with relatively few issues), which seems like the predecessor to Bitdeer the way Bitmain is advertising Bitdeer, and their way of cloud mining was less risky (albeit still risky) compared to Bitdeer, but this is completely different.

[W1ldcard]

Thanks for the info everyone..

I’ll keep my distance


W

[magneto]

Hi all,

I’ve seen new packages coming out from bitdeer that look like they may offer some decent value, however

I’m not familiar with bitdeer as a company. The searches i’ve done so far suggest it’s based out of Singapore, and could be of Chinese origin, potentially raising questions about safety and security of submitting payment details (bank card etc) when subscribing to their packages and so o .

Would welcome opinions from anyone who has more info on bitdeer, people who have used their services in the past, what the payouts are like - is it really good value ?

Eg, 180 day package, $111, 10 th/s power, $0.10 per th, per day maintenance fee

Thanks

There are two types of cloud mining services out there. Either the company is a scam, or the investment packages that they offer are completely unprofitable.

By investing in Bitdeer, you're not only taking on the risk that they won't actually pay out, even if they do, you will only be profitable for a short while before your contract gets terminated because of the fact that the profits you are making from your contract is less than the maintenance fees you pay.

There is a reason why companies offer these cloud mining plans in the first place. It's because they know that they can make a profit out of the maintenance fees, which means that you're most likely not going to make anything (unless bitcoin prices go up big time, and even then, it's much better to just hold BTC).

It's a good thing that you're willing to keep away from these types of companies now. There are a ton of misled newbies that are still investing in them and losing money, despite the tons of evidence out there that these services shouldn't even logically exist based on their historical profits.

[michellee]

I got a story from my friend about bitdeer in a few days ago. He said that the mining process would only run for 10 days and the fee is free because it's included on the first payment. But after 10 days, we need to pay more for the maintenance fee and the next 10 days, and we need to spend at least $0.13/T/Day × 10T × 10Day which equal with $ 13.00.

He tries to buy 30TH, and the price is equal with 60.00 USD, but in the 10 days, bitdeer only pays 0,01090691 BTC. He has run the hash power for 10 days only, and he doesn't want to pay more so he still has 20 days for free of the hash power, and if he wants to continue, he only need to pay $13 for next 10 days.

I think it's not worth it because you never get a profit from renting the hardware like that and it's better to search another way which can give you a profit. Maybe you can create your own rigs and mining at your home. It's better to rent the hash power on genesis mining than on bitdeer

[tmfp]

Next one...


First off all Bitdeer doesnt pay you. The mining pool pays you every time u reach withdraw amount.

When and how do they deduct the maintenance charge? Every day or what?

[1Referee]

Maybe you can create your own rigs and mining at your home. It's better to rent the hash power on genesis mining than on bitdeer

Maybe people have to stop pretending that mining in general is so interesting because it allows them to generate passive income. 

The market has taken such a dip, that it makes way more sense to buy into Bitcoin than having to wait for your payments through cloud mining that may or may not come because scam sites pretend that they aren't profitable. It also doesn't make sense to build your own mining rig. Buy Bitcoin directly. That makes sense. Buying Bitcoin directly has always outperformed mining, and that by orders of magnitude.

By the time the price has gone up a lot all people mining are still in process of breaking even, lol.

[eternalgloom]

@1Referee

In general, I completely agree with you, for most people it's not at all interesting to start mining.

That said, it could just be a fun hobby for some people.
It's nice to have a couple of miners laying around, just so you can test out mining for new coins for example.

Setting them up and earning a couple of coins is pretty fun, even if you're not getting any profit from it.
Especially when you're not paying too much for electricity, I have solar in my home and run two rigs I've built myself.

I have made some profit with it, but nothing to write home about. I just do it because it's fun.

[leowonderful]

You could always try to use slightly quieter miners for heating like the Avalon 741 that aren’t profitable for most people but still make heat and are very affordable right now, but I would generally agree that it’s much more effective to buy coins outright. You won’t have to deal with the heat and noise from the miners you’re running and any possible new 220V circuits you may need to install for higher-powered miners. Not a bad time to buy in right now, but make sure you dollar cost average if you plan on purchasing BTC.

[mercedes321]

if they would offer miners at hashnest, i would buy them, bcs u can trade them, and they are for lifetime, so u can sell them. But they dont want to do that. I think the S15 will be profitable for 2 years, then it wont be. but even at hashnest mining profits were mising, costs were there, profits evry 10s was not credited, costs were deducted. they can do that, and u cant do anything about it. hashnest and bitdeer is the same thing i think, same owner bitman. Am hesitating what is better, and came to conlcusion, if btc rebounds, some alts will do more then mining at them, so currentlyx i will stay away. Only if i could trade hash, i will go in.

[michellee]

Maybe you can create your own rigs and mining at your home. It's better to rent the hash power on genesis mining than on bitdeer

Maybe people have to stop pretending that mining in general is so interesting because it allows them to generate passive income. 

The market has taken such a dip, that it makes way more sense to buy into Bitcoin than having to wait for your payments through cloud mining that may or may not come because scam sites pretend that they aren't profitable. It also doesn't make sense to build your own mining rig. Buy Bitcoin directly. That makes sense. Buying Bitcoin directly has always outperformed mining, and that by orders of magnitude.

By the time the price has gone up a lot all people mining are still in process of breaking even, lol.

Mmm, somehow I agree with you because it not relevant to the situations and conditions today. Maybe if you have a very cheap electricity fee, and you don't mind to mining for let say one or two years, and you only hold the coin then you can go with mining but don't choose bitcoin because it's not worth if you have small hashrate.
But hey today the mining rigs is not too expensive, I heard from some of my friends, he got one rig of 12x RX580 in less than $1k, but I don't know, I don't interest with mining rig.

[1Referee]

That said, it could just be a fun hobby for some people.
It's nice to have a couple of miners laying around, just so you can test out mining for new coins for example.

Setting them up and earning a couple of coins is pretty fun, even if you're not getting any profit from it.
Especially when you're not paying too much for electricity, I have solar in my home and run two rigs I've built myself.

I have made some profit with it, but nothing to write home about. I just do it because it's fun.

If it's purely a hobby and you are aware of the fact that it will likely only cost money, then it's perfectly fine of course. I can imagine that there is some fun to it to mess around with a mini rig and hop from coin to coin for the experience on its own. We are geeks with passion for crypto at the end of the day.

Maybe if you have a very cheap electricity fee, and you don't mind to mining for let say one or two years, and you only hold the coin then you can go with mining but don't choose bitcoin because it's not worth if you have small hashrate.

I think that applies only to a select few hardcore believers of a certain coin (and even then, one or two years without making money is a no go for even the most hardcore believers), because your bills, regardless of how cheap your electricity rate is, keep coming month after month, and you may have to replace hardware from time to time as well.

It's pretty much a gamble either way, because you don't know if it will ever pump, and that while you expect/hope to profit later on.

[michellee]

Maybe if you have a very cheap electricity fee, and you don't mind to mining for let say one or two years, and you only hold the coin then you can go with mining but don't choose bitcoin because it's not worth if you have small hashrate.

I think that applies only to a select few hardcore believers of a certain coin (and even then, one or two years without making money is a no go for even the most hardcore believers), because your bills, regardless of how cheap your electricity rate is, keep coming month after month, and you may have to replace hardware from time to time as well.

It's pretty much a gamble either way, because you don't know if it will ever pump, and that while you expect/hope to profit later on.

Okay, I agree with you, so we don't have to mine
I am sure it will be more profitable if he can use his money to another thing like for example, doing trading and choose one or two or three coins, make a buy and sell, earn the profit. But I don't recommend to use that money for gamble because we know that it will not make a profit, but it makes a loss for us

[TCW003]

Today they launched some discount activities.
1000 free mining plans
Discount flash activity ( i don't know exactly, but it seems for bulk orders)

I recommend the free mining plan to my friends to make him understand the investment procedure.

[leowonderful]

Do note if you're going with the free mining plans that Bitdeer's offering right now that you're only able to withdraw 0.01BTC at a time according to this post I found (click here) in this section a day or two ago, so you won't be able to withdraw your earnings from this free contract unless you put more money into Bitdeer (which I assume is the entire point of this promotion).

[milewilda]

Seeing on the current market condition,I wont really bother to jump up with this thing or even to think about it. I dont know whats the good thing about the deal or on to the prices being mentioned.
If we do try to calculate up its much better to buy directly rather than considering this option.

[TCW003]

Do note if you're going with the free mining plans that Bitdeer's offering right now that you're only able to withdraw 0.01BTC at a time according to this post I found (click here) in this section a day or two ago, so you won't be able to withdraw your earnings from this free contract unless you put more money into Bitdeer (which I assume is the entire point of this promotion).

Yes it's the problem. So btc.com is first option. The minimum withdraw limitation is 0.001btc.

[TCW003]

Here are some reviews about BitDeer

http://lazyazian.com/2019/01/26/cloud-mining-bitcoin-with-bitdeer/

http://lazyazian.com/2019/01/26/cloud-mining-bitcoin-with-bitdeer/