Topic: Bitmain promoting BitDeer is it scam or not? (Read 808 times)

S17 mining package is on BitDeer.com now! It's really as fast as Bitmain.

https://twitter.com/BitDeerOfficial/status/1112186501884829696?s=20

I'm with this. Use your earnings to buy bch if you want and then you'll get more. Laziness isn't often rewarded...

Definitely, the possibility of the Bitcoin Cash to rise in the nearest future is high although the current market price seem not positive about this. Absolutely good contract but am a noobs when it come o the technical side of the technology, if not i would have affiliate with you if possible. Just rise my hope on BCH.

I've got a small contract going at Bitdeer and I'm mining BTC. It's currently more profitable so I'm mining on that chain, and there's no guarantee that BCH will rise in the future even though you might think it will. There's already enough variables in mining, adding more does not help. If you really think the price of BCH is going to rise you can just buy BCH, hold and sell when it rises as well.

Which coin are you mining, BTC or BCH? I tried the calculation, BCH got more days to get its ROI. But I think BCH has more potential? How do you think?

https://i.loli.net/2019/03/28/5c9c4cfa7c06a.png
https://i.loli.net/2019/03/28/5c9c4cfa805ef.png

You don't need to change to btc.com to withdraw. The mininum payout from antpool is also 0.001btc.
You can check their FAQ: https://bitdeersupport.zendesk.com/hc/en-us/articles/360023375292-How-to-Change-the-Mining-Pool-%E5%A6%82%E4%BD%95%E6%9B%B4%E6%8D%A2%E7%9F%BF%E6%B1%A0-

When PPS payout is lower than maintenance fee for a period of ten continuous days, the contract is terminated.

Now Second batch of S15 miners are available at our website, our S15 miners will be able to switch to mine BCH(Bitcoin cash) in a few weeks.

There are no good LTC miners at the market now, L3 is high risk to invest. Once we have good miners, we will start mine LTC again at Hashnest.com

This is not advice and I am not an affiliate of bitdeer or bitmain.

---

I bought a 60 day 200ths contract with them and it made 0.00820507 btc profit and 1. 7918637% profit so I wasn't too bad. I mean that would equate to about 10.7% APR.

I think there'd be quite an issue if the exchange rate went up significantly but I was   quite happy with it as is atm.

Because you were only mining for the first 10D and after that, you need to pay electricity fee for another 10D or more. It's not recommended because even if you 100TH, you still need to pay the electricity day by day to them. I think it's not worth it because I think they are not transparent to explain to the customer.

If you want to withdraw for 0.001 btc, you need to change the pool into btc.com so you can be able to withdraw 0.001 btc and not 0.01 btc.
That is what I can understand. Still, they are not worth.

I contacted support about this long before the related contract was due. I had one of those 2TH/30D plans they gave for free, but it only made around BTC0.004 on Antpool if I'm not mistaken.

They said that the funds, even below the threshold, would be sent after the plan was completed. Lo and behold, the coins were in my wallet 2 days after the plan was done.

I reckon this would only happen if the amount is significant enough. I won't really count on 5000 satoshis making it into my wallet.

LTC,BCH mining plans are online on bitdeer.com, and i'm doing the calculation.

The gift card can be used to pay for maintenance fee which is not bad.
https://bitcointalksearch.org/topic/m.49754759

no, i want to trade hash, otherwise im out from mining, and its at 82% right now maintance vs profitability for L3....S9 is at 120% so,...never mind...

Nah. There's probably a lot of money on there for people to need to take out.
They've closed down all of the marketplaces, this might be a time where you'll just have to accept it and let it go...

I'm guessing you hold some ltc, why not see if someone will give you a miner hosting contract or something?

see today, its better to be in LTC then mine BTC, perfect reason guys to not support their mining S15, if no L3 (later when LTC is even more price then now) or L4. It can happen that L3 will be profitable, and they will not offer them at hashnest, why they dont shut down hashnest,...i dont get it, will they restart or not...if not then close it....

It'll be good to get ltc on. It deer at least. I have quite a lot of ltc reserves to splash into their market...

yeah the gloorz days of hashnest, S15 for 1.5K buks, sold in 2H 1K units, then at their market its at 3K+, but i dont mind the S15, i want L4, i know they have it, i just know it,...just put it in the hashnest, and the ltc will skyrocket haha

I'm guessing he wants hashnest back for the market manipulation...

As it went it was quite a dodgy system. Hashnest sold minders at a standard rate and then they'd get listed on the market for a lot higher. People would buy them because they had no better choice if the miners were no longer in the shop or they couldn't afford them...

Such a loyal fan of hashnest! Are you pushing bitdeer to provide same service like hashnest?

i was at hashnest, and i still wait they start offering miners, i can wait whole life not a problem,...haha

I think they're trying to get a hedge in case the currency goes downwards. I wouldn't be surprised if they've started selling their stake since the second fall in order to recoup profits or at least selling the stuff they're getting now to pay off debts.

Was just chatting about this whole thing with JackG, and while this doesn't look like a scam as they are paying out -- the returns that their providing do show how badly Bitmain needs cash to prop themselves up.

There's no reason for Bitmain to give out returns of 24 percent per year, as they could (if they were a company without financial issues) obtain a commercial loan for something that is much less than that. I'd say this is a combination of bitmain wanting/needing cash, and them wanting to build an alternate reputation in the cloud mining space. As we all do know that their current reputation in the mining space is not too good. (That's a nice way of putting it, I guess)

We'll see where this goes I guess, I just don't see a company like bitmain shutting this down and running off with money.

If you get the right altcoin then yes...

Cloud mining is good while finding that altcoin though.

Buying altcoins can rich fast?

You will never rich fast in cloud mining we are just testing it about their offer (they have a cheap plan last month) since Bitdeer is promoted by Bitmain I feel it's worth it to try.
Since it's paying I consider it as legit but I don't recommend to stay longer on this cloud mining.

Buying altcoin can be a good idea than this but the problem it's hard to know which altcoin can give you a big profit in the future. Let's see for both Beam and Grin coin which is trending nowadays.

its just not worth it, its better buying probably any alt and hold it, this is how it sucks miningg at bitdeer.

Yeah so it's quite good 25% APR.

so that is 2.4% profit ratio

Accurate figures:
30 day miner rental + 30 day maintenance fees: 0.03898437
30 day revenue: 0.03993997

Profit is about 0.00095. Its alright I guess...

Hi jackg,

Sorry if I wasn't clear.


I guess I'm wondering if they removed your daily operating cost from this revenue, or if you had the option to pay for daily operating fee another way.


Looking at this .038 was the upfront for the contract - take that from revenue of .0399 leaves = .0019 BTC profit or does this not include the daily fee is that how you got to the number .008 BTC that was unable to be withdrawn?

I was just trying to clear up whether or not over the 30 days you had withdrawn any BTC?

If not did it work out daily that they showed Approximately you earned .0015 BTC but paid .001425 (just a guess figure) BTC daily fee, leaving you with a .00075 profit for the day?

I already got the money back its all good. I Dont like the wallet idea.

I just gave them a suggestion to get their own wallet, then we can leave our balance in the wallet like hashnest.

check the hashnest discussion and support thread...

They didn't seem too interested. I'll just have to switch to btc.com when my next payout comes...

"

---

Live chat said it takes 5-7 working days. Let's hope it's not like hashnests working days...

well it seems profitable except the min withdrawal problem. Did you check with their support how to resolve this kind of case? Because I think it should be a common case and they should have a solution there.

The coins are stuck because they are below the minimum threshold.

I need 0.001 extra, I'll have a see if any miners will take it on for a small amount. I might message sidehackand ask if he can do it. I was going to use an exchange like mrr (mining rig rentals) but I can't work out how it works.

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.

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.

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

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...

+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

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.

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.

I could never do that with nocehash...

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

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.

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.

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.


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?

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.

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...

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.

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.

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...

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

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

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.

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?