BitDeer Mining Service Provider Provides 90% Profitability

Bitcoin [BTC], the very first market cryptocurrency, has paved the way for a decentralized space in which people have the freedom to control their own money and no longer depend on any intermediary. The digital currency was created by Satoshi Nakamoto, whose identity remains the biggest mystery of space.

The creation of Nakamoto is hailed as one of the greatest inventions of all time. This is credited to its three characteristics; immutability, decentralized and without trust. In addition, Bitcoin's proof of concept consensus algorithm is also one of the main contributors. This consensus algorithm is used to confirm transactions and generate new blocks. The PoW algorithm implemented in the largest cryptocurrency is SHA-256.

This algorithm creates an ecosystem in which miners compete for network transactions against each other, commonly referred to as mining. Minors must solve complex mathematical problems to confirm their transactions and introduce more coins into circulation.

These have been designed to be difficult to ensure that blocks produced daily are under control and have a stable and controlled money supply. The consensus mechanism secures the network and protects the room against double spending, which makes it immutable.

Nakamoto has also ensured that minors are rewarded for the safety of their network. They are rewarded with transaction fees and also receive bulk rewards for hitting new coins. Currently, the block reward is set at 12.5 BTC and this number is halved after each extraction of 210,000 blocks.

Over the years, several types of Bitcoin exploitation have been introduced. This includes CPU resource extraction, GPU extraction, FPGA extraction, ASIC extraction, and cloud extraction.

Cloud mining allows exploitation via a mining contract. Here, miners and mining services rent out their mining capabilities to others, who may or may not have technical knowledge, for a period of time.

This practice exploded towards the end of 2017, when Bitcoin and other crypto-currencies were at their peak in terms of value. However, at their current valuation, Bitcoin miners seem skeptical about their intention to enter the mining industry for fear of losing, knowing that even the major players in the industry have succumbed to this bear market.

There are still some mining service providers that have managed to escape the pressure of the bear. BitDeer, a data mining platform that provides computing power to users around the world, is at the top of the list. The platform is well known in space for its partnership with BTC.com, Antpool and DPool and for its badociation with Bitmain, the world's largest producer of ASIC chips.

With Antpool, DPool and BTC.com, BitDeer has access to more than 30% of all bitcoin hashrate, an added benefit for its users. In addition, BitDeer allows users to choose the mining extraction pool they consider best suited to their needs among the top three mining pools.

Bitcoin hashrate distribution | Source: Blockchain.com

Apart from this, the platform is well known for its mining plans created in the interest of users. Currently, the platform's Bitcoin mining plans are booming in the market because they are considered the best hosting service for mining in space.

Compared to major mining equipment hosting services, including Antminer T15, Antminer S11, Whatsminer M10, Innosilicon T3, BitDeer has a head start over them in terms of price and profitability. The price per T of BitDeer, the value obtained by multiplying the price and the calculation power, is much lower than that of all the best performing mining equipment.

The most wanted miner on the platform is Antminer S15. This was created by Bitmain and is considered the most powerful bitcoin miner in space.

In terms of profitability, the platform claims to have a rate of return of 92.5%, which is promised for 187 days. This is one of the major aspects of the platforms, as the majority of major hardware extraction services have not been able to generate profits for an annual period.

This calculation takes into account the days of extraction – days of recovery / days of recovery [(360 – 187)/ 187 = 92.5%]. This number only increases if the client decides to reinvest the profits made. In this case, a user will get 185% of an estimated annual yield because he will have more computing power. More so, the daily profits on the platform are also much higher than all the minor hardware hosting services.

In addition to uncontrollable factors such as price and fluctuations in computing power, BitDeer has managed to find a place in the ecosystem.