Bitdeer Review: Legit and Reliable mining for Everyone
Updated: Oct 15
Today we will analyze the BitDeer bitcoin cloud mining contracts, see how reliable they are and how the cloud mining service works: registering, buying and making a profit.
About the company
I have no doubts that BitDeer is an absolutely legal company that will supply hashrate to users for years. The "News" page contains a huge number of links to articles from such sources as: CNN, Bitcoin.com, Yahoo Finance, Nasdaq, Forbes and Bloomberg.
In an article from January 26, which I found on a Russian-language cryptocurrency portal, it says that:
Jihan Wu stepped down as CEO and chairman of the board of directors of Bitmain. As part of the agreement, the Bitdeer cloud mining platform has spun off from Bitmain, along with mining farms in Norway and the US, which will be run by Jihan Wu.
Jihan Wu will become the president of Bitdeer, Matt Kong will take over as CEO, and Zhang will lead the Antpool mining pool, which will also operate independently of the company. This separation is carried out in order to optimize Bitmain's business model in order to simplify the initial public offering (IPO).
There are no complaints about the website either - it was created in 2013, and the data is public.
Bitdeer in social networks
The social activity of Bitdeer is at a good level. They have been on Twitter (@BitdeerOfficial) since July 2018 and have already published 760 posts and have over 8,000 followers.
Additionally, CEO Bitdeer has also been on Twitter (@JihanWu) since February 2015 and has 115,000 followers and has posted 991 tweets as of October 14th.
Also, Bitdeer also has its own Facebook page (@bitdeerplatform), created in December 2018.
Reliability conclusion: Scam or Legit?
As we can see, the company is very public:
news on large sites
regular updates on social networks
CEO is a well-known personality in the mining world, co-founder of BitMain, MatrixPort.
the website was created a long time ago
All this leads us to the conclusion that our investment in such a service will be reliable and there will be no problems with making a profit.
Support team and Telegram channel
The easiest way to get answers to questions about the service and help from Bitdeer Administrators is to subscribe to their official telegram channel (Bitdeer_Official), which as of October 2021 has 1,900 users.
In addition to regular Bitdeer customers, you can write a personal message to the Social Administrator Cindy F (@CindyFeng), who will solve any of your problems and answer your questions.
Registration on the Bitdeer website
To take the first step towards Real Cloud Mining, you need to go to the registration page.
After you get to the registration page, you need to create your account using your email or your mobile phone.
How does Bitdeer work?
Bitdeer acts as an intermediary between you and the Mining Farms. They agree in advance for what price real Mining Farms will lease you a miner (in the case of cloud mining), or for what price they will host your miner (in the case of cloud hosting)
In addition, after the purchase, you do not receive BTC or other cryptocurrencies that you mine on the "internal" wallet of the Bitdeer website. It just doesn't exist.
Your mining is carried out on the site of a third-party pool, which you can monitor, and payments are made directly to YOUR wallet address, which you indicate when you purchase a Mining Plan.
Mining pool acts as a third party
You can visit one of my plans for 30-day mining on the website of the ViaBTC mining pool and see the statistics and how your plan will look after purchase:
For example, on ViaBTC pool we will have 3 tabs: Home, Earnings, Payments.
On the home tab, you can see general information about the miner and make sure that it works.
Miner outages sometimes happen, but every hour of downtime of the mining plan is automatically compensated in a ratio of 1 to 1.
Example: if the Plan should finish work on January 1 at 10 am at the time of purchase, but it was recorded, for example, 25 hours of downtime for the entire time of the plan's operation, then he will finish work on January 2 at 11 am.
In this tab, you can monitor the statistics of work and charges on a daily basis.
And on the payout tab, you can see when and how much BTC was transferred to your personal wallet.
In the ViaBTC pool, payment occurs when the threshold of 0.001 BTC is reached. But if your plan has finished working and there is less than 0.001 BTC left on the balance, they will still be paid to you, but within 48 hours from the end of the mining plan.
Conclusion: as you can see, Bitdeer itself acts as an intermediary, and payments go to the client directly from the mining pool where the user's miner works.
In addition, with such a system, the client can have no doubt that mining is really being done. Many scam-"cloud mining services" are based on a pyramid scheme, and cannot boast of such transparency, proving the reality of mining.
Article is under construction (15th of October).
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I wish you a profitable investment and the right decisions!