Beginner Tutorial Mar 19, 2019 00:00

Welcome to Bitdeer, the shared mining platform! On Bitdeer you can buy time on high-performance mining machines to mine for BTC, BCH, ETH, LTC, DCR, ZEC, and other cryptocurrencies. You can purchase both long- and short-term plans, from 60-1080 days, and in the future, you will even be able to secure permanent plans. But the choice is yours: you select the plan that best fits your needs.

There are just two types of fees you pay with Bitdeer mining plans, hashrate fee, and electricity fee. The hashrate  fee is a one-time fee that depends on the type of mining machine you want to use and the duration of your plan. The electricity fee covers the cost of the power required to run the mining equipment and can be paid once every 10 days. If you were renting a car, then the hashrate fee would be the one-time rental fee, while the electricity fee would be like the fuel cost. The electricity fee you can pay as you go, but if you decide to stop buying electricity, the hashrate fee is not returnable, so be sure to track your electricity usage.

How do you buy a plan? Here’s an example using bitcoin

1. Select a plan and click "BUY NOW"

2. Choose the currency and click Buy Now

3.Confirm Order:

3.1 Choose a Mining Pool

3.2 Enter a valid receiving wallet address

Note:A valid wallet address is necessary, otherwise the order can’t be submitted.

3.3 Fill in the "First Payment days"

Note: The Electricity Usage fee is calculated on a daily basis, Users may set the Days of Electricity Usage when first place an order, pay the electricity fee once and for all or just pay any preferred mining days (less or equal to the duration of the order,10 days minimum as default), and the remaining days under the plan duration can be paid later. Users can adjust the mining days when placing the order, and “Pay for electricity” later in the Dashboard.

3.4 Choose the "Subsequent payment method"

3.5 Please read and accept BitDeer Agreement before you submit your order.

3.6 Confirm the order information and payment amount, submit order. 

Note: Please kindly check the order details especially the wallet address before click “Submit Order” to avoid any mistakes that may influence the future mining plan.

4. Choose a payment method and click “PAY”. 

Note: Please kindly complete the payment within the required time frame (12 hours), Otherwise, the order will be canceled automatically.

5. Send the due amount to the address displayed on the page. After the payment arranged, click "PAID".

6. Once Bitdeer receives the amount, the plan will be active and start mining. Your order status will not be changed immediately after the payment transfer is made, you need to wait for network confirmations (1-2 hours) 

Electricity Fee Payment Tips:

Electricity usage in mining is practically its own field of study, and there are different approaches to how to pay for electricity. Your choice here will affect your returns, so we recommend abiding by the following principles:

When the value of the cryptocurrency you’re mining is rising, it makes sense to pay electricity fees out of your mining returns. And when the value of a cryptocurrency is high, it makes sense to buy more days of electricity usage to lock in your returns, but we don’t recommend exceeding three difficulty cycles.

When the value of the cryptocurrency you’re mining is declining or low, it makes sense to buy fewer days of electricity usage. If the currency value is especially low, then it makes sense to pay for the electricity fee using a fiat currency and to wait for the cryptocurrency price to recover before converting it to fiat currency.

In the future, we will release a course on how electricity fees are calculated, and we welcome you to follow us at one of our official social media accounts to keep informed.

With Bitdeer, you never need to buy, install, or maintain your own mining equipment. It’s one-click mining, saving you time and stress, so give it a try!

For more FAQ, kindly refer to help center