Compass Mining

[malcsimm]

Does anyone have views on Compass Mining, who host your miners and do all the work? You just pay a monthly hosting fee.

Cheers

Malc

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[BitMaxz]

I never heard of this compassmining I tried to search and pointed me to compassmining.io is this the site you talking to?

If yes then I never heard of this website before some old posts mention this site but almost all posts are made by newbies. So I can't give any insight if they are legit or not.

And I checked their website and some guides but it looks like they are not offering a hosting service but selling mining units and hosting it to their hosting partners. We do not know if they have these units physically and it seems a cloud mining.

It's too risky to deal with them without the units physically and look at this below just copy and paste it to your browser I just want to link them here. According to the link, you can't send your own miner to their facility unless you buy from them which we don't know if they have these units on hand.

Code:

https://support.compassmining.io/hc/en-us/articles/4406948457489-Can-I-send-my-personal-miners-directly-to-a-Compass-hosting-facility-

[stompix]

So I can't give any insight if they are legit or not.

They are legit, probably the only big one of its kind that is still running after so much trouble.
They made the headlines two years ago when offering their plans to everyone through their IRA
https://www.bloomberg.com/news/articles/2021-07-29/new-ira-product-allows-for-tax-free-bitcoin-mining#xj4y7vzkg
and one year later for a complete **** with their Russian datacenter
https://bitcointalk.org/index.php?topic=5396462.0
Then issues with Prime Trust, a SEC investigation, legit but always in trouble for something.

That being said, legit doesn't mean profitable.
https://compassmining.io/hardware/antminer-s19j-pro-104?type=certified

You make $225 a month, pay at best $175 in monthly fees, so that's $50 a month profit but for an upfront cost of $1300.
So 26 months to ROI.

[mikeywith]

I never heard of this compassmining I tried to search and pointed me to compassmining.io is this the site you talking to?

You missed my thread last year? Link is in the above post.

OP, hosting your miners elsewhere comes with a greate risk, way overprices and you don't actually own the gears, reading any random hosting comtract twice will probably keep you away.

[DaveF]

A bit late to reply to this, but depending on the number of miners and the power you need if you can't host them yourself you are probably better off finding a local data center and reaching out to them to see if they have anyone who has spare cabinet space who is willing to sublet to you.

More and more DCs seem to be looking for the 4 or 5 cabinet and up people who then sublet them out.

It's kind of a win - win they deal with fewer but larger users, and people who only need a little rackspace in a DC can get it without having to overpay.

-Dave