BitDeer: Time-sharing and sharing - it’s time to innovate in mining | Exclusive interview with Golden Finance

While the blockchain industry is seeking breakthroughs as a whole, the mining field, which seems to be the most important field, is quietly at the forefront of change. More flexibility, more reliability, and more efficiency are the goals that the mining industry has been seeking to change. Recently, the time-sharing shared mining machine platform BitDeer (www.bitdeer.com) has brought a breath of fresh air to the mining industry. The proposal and practice of the innovative concept of "time-sharing shared mining machine" is the first of BitDeer, and its emergence may promote the upgrading of the entire cryptocurrency mining industry. The cooperation with BTC.com, Ant Pool and the top domestic mining farms has made Bitdeer's innovation faster.

Mining machine sharing makes mining more flexible

In general, time-sharing is the use of real-time shared access technology for mining machines. BitDeer connects the mining machines to the mining pool in real time to start cryptocurrency mining based on the shared usage time of the mining machines purchased by users on the platform. At the same time, the cryptocurrency mined by the mining machine during the shared time will be directly transferred from the mining pool to the user's wallet. The whole process is transparent, authentic and reliable.

When talking about this unique model, Celine Lu, CEO of BitDeer, said that, like the logic of other sharing economies, this "time-sharing" mining does not require users to pay for mining machines themselves. Users only need to pay for the mining machine sharing service fee during the time they want to use the mining machine for mining. "This model actually has the same effect as users buying mining machines, but users do not need to worry about a series of complicated processes such as configuration and hosting after purchasing mining machines."

Some people may compare Bitdeer with various previous "cloud computing powers", but this is not the case.

The first thing about time-sharing mining machines is that they are “visible”. With the strength of the team and rich resource integration capabilities, Bitdeer has selected nearly a large number of mining machines distributed in North America and Europe, providing users with a real and reliable choice.

Celine said, "Users can freely choose when to mine, what currency to mine, and which mining pool to mine in, and can switch at any time." The mining income can be checked and reconciled in the mining pool one by one, and the freedom to choose the mining pool that the platform has connected to access this form is exclusive to BitDeer users.

This series of features, such as operation and management through the Bitdeer platform, free selection, and switching of mining pools, were not possible before the "time-sharing shared mining machine". The product function of "flexible purchase of mining time" enables users to fully refer to the currency price and mining difficulty before purchasing, independently judge the best time for mining, and make flexible decisions at any time.

You can join and exit at any time without worrying about whether the mining machine is idle or service fees.

Change and innovation, stability and reliability first

Celine also mentioned that BitDeer's innovation is also reflected in providing a "hub" to try to provide new options for mining. "Miners previously had to spend a lot of time and money to mine, and they needed to integrate with all links in the industrial chain. BitDeer integrates this time-consuming and laborious process of purchasing mining machines, hosting, operation and maintenance, and finding mining pools into a service for users."

In order to support this innovation, BitDeer sought a path to ensure reliable innovative practices and successfully launched the platform on "Double 12". The cooperation with BTC.com and AntPool and the access to the mining farms designated by the two major mining pools fully ensured the compliance and stability of the BitDeer platform. "The two major mining pools themselves have high requirements for partner selection. After BTC.com and AntPool are connected to the system, BitDeer can connect the mining machines purchased by platform users to the mining pools designated by users in real time. Users can directly view their income in the mining pool and accept the mining income from the mining pool. We are also very happy to reach this cooperation with BTC.com and AntPool. We believe that this cooperation can provide stable mining pool services for platform users." Celine emphasized.

On the other hand, in terms of risk control, BitDeer's total mining capacity is very large, but only a portion of it will be sold to prevent some sudden fluctuations. When force majeure occurs, BitDeer will mobilize "inventory" to deal with risk events.

High cost-effectiveness and active industrial ecology

To turn advantages into benefits, we need not only innovative ideas and reliable corporate support, but also platform management capabilities and business model guarantees. BitDeer is well prepared in both aspects.

In terms of platform management, BitDeer focuses on building a mining machine sharing package with high cost-effectiveness due to the refined management of the mining farm and the bargaining power of scale. Comparing the mining machine sharing time usage fee and the mining machine purchase cost, you will find that the platform package usage fee is more cost-effective than the user buying a mining machine individually. After purchasing the package, the maintenance fee (most of which is electricity fee) paid by the user after starting cryptocurrency mining is also better than the industry average.

In terms of business model, BitDeer is transparent to users throughout the entire process. Within 24 hours after users purchase a mining machine time-sharing package, the platform will connect the mining machine to the mining pool to start mining. Users can see in the third-party mining pool whether their mining machine has been connected and started mining, and the mining income of users is directly paid to users by the third-party mining pool.

Celine specifically mentioned that it not only effectively increased user benefits, but also promoted the entire mining ecosystem. "For industry partners, users who purchase shared time on the BitDeer platform actually provide new computing power growth for cooperative mining pools. For example, on the day of the "Double 12" launch, our BitDeer had already exploded blocks on BTC.com."

On the first day of launch, Bitdeer.com platform successfully exploded a block on December 12, with a block height of 553557. Within 10 minutes, the number of users who purchased shared mining machines exceeded 10,000, and the cumulative user growth in three days was 1350%, opening up a new model of mining machine sharing service in the industry.

Celine said, "Lowering the threshold for users to participate in mining will continue to promote the entire ecosystem." There are also many large miners among BitDeer's users, and BitDeer has also become a connector between large miners and mining farm hosting services. In the future, BitDeer hopes to have certain financial strength, standardized and scaled mining pools and mining farms to join as partners, and continuously enrich the mining ecosystem.

Polish products and reserve new potential

As a new player in the mining industry, how does the recently launched BitDeer time-sharing shared mining platform judge the industry? "The bull market has indeed created many giants, but the current bear market has a greater impact on the industry as a whole. Small mining farms have been hit hard, and large companies that have accumulated resources may survive the bear market," said Celine, CEO of BitDeer. "The key lies in management efficiency, whether there is sufficient cash flow, competitive management model, electricity price advantages, etc." She believes that the current market situation is similar to that of 2014, and believes that the industry will pick up in the spring of 2019.

Currently, the cryptocurrency mining industry has created many industry giants, among which some mining machine research and development companies have been valued at tens of billions of dollars, and HIVE Blockchain, a foreign mining company, has also been listed in Canada. Of course, the fluctuation of the currency price will also have an impact on the mining industry. It can be observed that the current Bitcoin network computing power has dropped by 15.13% compared to the peak period, which means that more cryptocurrency can be mined in the same mining machine sharing time.

In BitDeer's judgment of the industry as a whole, the future trend of the cryptocurrency mining industry is that large mining farms will rely on their large-scale electricity bargaining power and refined management to reduce their operating costs and win in the competition, while individual miners can participate in it with the help of the mining machine time-sharing sharing service platform. The BitDeer team platform is also based on this judgment and launched the platform, allowing mining farms to focus on refined mining farm management and large-scale electricity bargaining power to reduce costs, mining pools focus on providing stable mining pool services, and individual users can purchase mining machines in mining farms through the platform to share usage time and connect to the mining pool to start one-click mining conveniently and quickly.

Currently, due to the strong volatility of the coin price and the previous sharp drop, the confidence of mining participants has been frustrated, and the number of incremental users has gradually decreased. Celine believes that the focus now is not on boosting confidence, but on discovering new tracks to generate new potential. In a bear market, a product should be polished and launched to the market, and then it will continue to explode in the bear market. "At present, we pay more attention to the potential of the small and scattered market. At present, this market is also relatively enthusiastic. We should continue to lower the threshold and integrate high-quality services. Providing lightweight products will be one of the trends in future mining."