Everminer: A New Way to Mine Bitcoin?
Everminer, a new service launched by Cyberian Mine, promises “zero-watt terahash Bitcoin mining” for those looking to dip their toes into the world of Bitcoin mining. It offers a contract for 1 TH/s of hash power on F2Pool for a one-time fee of $89 USD. Everminer handles all the hassles of mining, including hosting, electricity costs, hardware maintenance, and even upgrades. Sounds too good to be true, right?
What is Everminer?
Everminer operates on a simple concept. For $89, you purchase an “Everhash” which grants you a contract guaranteeing 1 TH/s of hash power on F2Pool. The payouts are sent directly to your F2Pool subaccount, and there are no ongoing costs for hosting or electricity. The service also handles hardware maintenance and upgrades, so you don’t have to worry about any of that.
You can scale up your mining operation by purchasing more Everhashes in increments of 1 TH/s. And if you decide to stop mining, you can sell your Everhashes back to Everminer for $81 each.
Potential Downsides
While Everminer offers a convenient and cost-effective way to get involved in Bitcoin mining, there are some potential downsides to consider:
* **Small Payouts:** The payouts for 1 TH/s might be very small, making it difficult to make on-chain transactions.
* **F2Pool Dependence:** Everminer’s reliance on F2Pool could pose a problem if the relationship between the two companies changes.
* **Location Risk:** Cyberian Mine’s mining facilities are located in Siberia, which carries geopolitical risks.
Is Everminer a Rip-off?
While Everminer may sound too good to be true, it’s not necessarily a rip-off. It’s essentially a clever way to package a bundle of services that beginning miners typically need, like hardware purchase, hosting, and maintenance.
A Closer Look at the Numbers
To understand Everminer’s value proposition, it’s helpful to compare it to other Bitcoin mining options. One option is to purchase an ASIC miner, like an Antminer S21 Pro, and host it with a managed hosting provider. This option is more expensive upfront, but it gives you more control over your mining operation.
Everminer’s business model relies on its ability to buy electricity at a lower rate and sell it to miners at a higher rate. Whether this is sustainable depends on the company’s future costs.
Is Everminer a Good Way to Learn About Bitcoin Mining?
Everminer can be a good way to learn about Bitcoin mining, but there are also other ways to gain experience.
* **Buying a Bitaxe:** For a slightly higher cost, you can buy a Bitaxe, a small ASIC miner that you can use at home. This gives you more hands-on experience with mining hardware and software.
Final Thoughts
Everminer offers a convenient and potentially cost-effective way to dip your toes into Bitcoin mining. It’s important to consider both the potential benefits and risks before making any decisions.
