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BeMine is a cloud mining service that lets you buy fractional mining equipment to take advantage of low electricity prices. However, high hardware prices and expensive withdrawal fees hamper the platform.
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TABLE OF CONTENTS
Finding a trustworthy and good cloud mining platform can be challenging. However, BeMine has attracted users due to its cheap electric and fractional ownership system. Throughout this BeMine review, we'll explore fees, features, and performance so our readers can determine whether BeMine is right for them.
BeMine is a unique platform that drastically lowers the barrier to entry into crypto mining through fractional ownership. While the platform lets your miners operate indefinitely, high hardware and withdrawal fees make it difficult to recoup your investment.
3% to 7%
None available at this time
- Ownership of Mining Hardware. Unlike platforms we've reviewed like NiceHash, which charges you daily for computing power, BeMine offers ownership of mining hardware that works indefinitely, which is good for long-term investments.
- Lower Electricity Prices. As BeMine is based in Russia, you can benefit from significantly lower electricity prices to boost profits.
- Fractional Mining Equipment. To make cryptocurrency mining more accessible to the average person, BeMine lets you buy a portion of a miner, reducing initial setup costs, which is ideal for those without large budgets.
- Long Contracts. Because BeMine requires you to purchase a non-refundable or sellable share of a miner, you're effectively tied into the service for a significant period as you'll need more time to recover your initial investment, meaning the platform isn't ideal for people looking for flexibility.
- High Withdrawal Fees. Unfortunately, BeMine charges prohibitively high withdrawal fees, particularly for smaller sums. With charges ranging from 3% to 7%, any of your profits can be quickly eaten into when withdrawing your mining rewards.
BeMine at a Glance
Founded in 2018, BeMine is a cloud mining and hardware custodial service operating out of Russia. The unregulated platform offers the ability to buy fractional shares of miners, making the industry more accessible to new investors.
|Free Cloud Mining, Fractional Ownership, Mining Hotel, Profitability Calculator
|Accepted Fiat Currencies
|Crypto, e-Wallet, Bank Card
|Bitcoin, Litecoin, Nervos, Ethereum, Ethereum Classic, Dashcoin, zCash
|3% to 7%
|Ticket System, Telegram, Whatsapp
|2FA, SSL Encryption
BeMine Features Reviewed
Fractional Miner Ownership
Purchasing cryptocurrency mining equipment can be extremely expensive, especially if you want to acquire the best Bitcoin mining hardware. Combined with high electricity costs, it's easy to see why so many people think mining cryptocurrencies is out of the realm of possibility. However, BeMine offers fractional ownership of Bitcoin mining hardware that drastically lowers the barrier to entry.
You can purchase a minimum of 5% of an altcoin miner, while Bitcoin miners have a minimum purchase amount of 1% due to higher prices. When browsing through miners, BeMine highlights each device's algorithm, 24-hour income, hash rate, and power requirements, making it easy to quickly compare packages and find the one best suited to you.
On BeMine, the cheapest miner costs $2,492 for a complete share, rising to almost $26,000 for the most expensive option. Therefore, the ability to purchase a fractional ownership stake in a miner vastly improves accessibility and is a great way for beginners to determine whether they want to mine Bitcoins or altcoins and determine what tier of a miner would be optimal for their budget.
Free Cloud Mining
BeMine has a very attractive offer for people new to the cloud-based cryptocurrency mining industry. The platform offers five days of free mining with an industry-leading Antminer S19, which produces a hash rate of around 110 Terrahashes per second (Th/s) of computing power.
To claim this bonus, you must create an account with BeMine; no purchase is necessary. Five days of free mining can help you to recoup some costs. Furthermore, by taking advantage of this offer, you can understand how different miners compare, which is valuable for beginners wondering where to begin.
A unique feature BeMine offers is its Mining Hotel – a custody service that lets you boost your profits by hosting your equipment in a country with the lowest-priced electricity. The service involves sending your built ASIC miners or GPU farms to BeMine's Moscow offices. The company will then set up the devices on your behalf so you can begin mining with better returns and no worries about upkeep and maintenance.
With electricity fees being the most costly of a mining operation, BeMine's Mining Hotel is a valuable tool for professional miners wishing to boost their profits while reducing labor requirements. BeMine offers free mining equipment transport to one of its data centers, further streamlining the process and making it worthy of consideration for any serious cryptocurrency miner.
Another tool useful for beginners needing assistance determining how much to invest or those wondering which miner's best is BeMine's profitability calculator. The handy tool lets you select a miner while showing which devices are currently at max capability and must be pre-ordered, which is helpful when deciding which device to use. However, that's not all.
When you use BeMine's profitability calculator, the platform shows the current price of BTC and lets you input how much you want to invest. Then, the calculator displays your total investment, how many shares of the miner you'd own, the daily service cost, monthly income, and yearly income. With profitability data crucial to miners, BeMine's tool massively benefits anyone wishing to mine crypto.
Supported Mining Assets
Many people wanting to mine cryptocurrencies will have particular assets in mine. To cater to a wide audience of investors and traders, BeMine offers several different miners that use various algorithms, including Bitcoin's SHA-256, Nervos's Eaglesong, and Litecoin's Scrypt. After conducting research for our BeMine review, we worked out BeMine supports mining assets using seven algorithms.
BeMine Fees and Pricing
Thankfully, BeMine doesn't charge any fees for deposits. However, the platform utilizes a tier-based fee structure for withdrawals that could put users off from using the platform. For withdrawals under 0.01 BTC, you must pay a 7% commission; for withdrawing between 0.01 BTC and 0.05 BTC, you'll be charged 5%, and withdrawals over 0.05 BTC cost 3%.
Outside of withdrawal fees, BeMine charges a daily maintenance fee that varies based on which miner you purchase and how many shares you own. The maintenance fee accounts for electricity, servicing the devices, and hosting. While costs vary, the lowest price we found while testing for our BeMine review was $0.07 daily. However, there is no upper limit, as costs depend on how many miner shares you buy.
The main cost of using BeMine's services is purchasing shares in a miner. Prices range from $50.13 for one share of an AntiMiner T19 to $260.65 for a single share of an AntMiner L7. Prices The price per share ranges based on the device, so it's important to look through the available miners, consider all the fees, and calculate your potential profits before using the service.
Getting Started With BeMine
Creating an account with BeMine is free, with no verification required, making it one of the better cloud mining platforms for those preferring anonymity. However, it's important to note that while you only need an email address to create an account with BeMine, you must complete Know-Your-Customer (KYC) verification to purchase miner shares using fiat currency. Verification is confused by Coingate or one of its payment processors like Simplex. The verification process involves providing a photo ID (passport) and proof of address (bank statement).
Supported Fiat Currencies and Deposit Methods
To ensure that anyone can access BeMine's crypto-mining services, the company supports many payment methods, including fait and crypto options.
If you want to acquire ASIC miner shares, the platform supports purchases using major fiat currencies via VISA or Mastercard, AdvCash, e-wallets, Bitcoin, and altcoins. However, you must complete Know-Your-Customer (KYC) verification to use fiat payment methods. However, a third party called Coingate takes fiat payments, not the BeMine company.
BeMine Ease of Use
We performed thorough ease-of-use testing to ensure our BeMine review is as helpful as possible. The platform was accessible and appealing to beginners due to its simplistic interface and focus on utility rather than gimmicks.
To use BeMine's cloud mining service, you must choose a miner to purchase, which is the most complicated part of the service. Thankfully, BeMine displays only relevant machines at the top of the shop, while pre-order-only miners can be found toward the bottom of the page. The platform displays the mining power, machine wattage, algorithm, and 24-hour income so you can select the best option.
After purchasing shares of a miner, you can head to the ‘My Farm' section to view your equipment, mining power, 24-hour electricity rate, 24-hour income, and 24-hour profit. Additionally, your power usage, the number of miners, and overall hash rate are displayed, making it easy to see how your rigs perform. Furthermore, BeMine displayed your overall profit and payout time for planning purposes.
Overall, BeMine focuses on its main cloud mining service rather than attempting to over-encumber the platform with features, making it straightforward and suitable for beginners. Unlike other cloud mining platforms for crypto such as NiceHash, BeMine offers ownership of mining equipment which can afford the platform a better long-term value proposition. However, conversely, it means that users are locked in for longer terms.
BeMine Mobile App
To cater to customers that frequently travel or do not own a desktop computer, BeMine has built a mobile app available on Android devices. While iOS support is slated to be in development, iPhone users will have to find a different way to mine small amounts of Bitcoin using a phone, like NashHash's app. The BeMine app has been downloaded around 5,000 times but lacks customer reviews.
Rather than a true mobile app, BeMine's app directs the user to a mobile-friendly version of the web platform. Thankfully, however, the mobile app offers all the features of the desktop platform, including rig management and miner purchasing, making it one of the best cloud mining services for mobile.
Purchasing mining hardware works the same on mobile as it does on desktop. You browse through hardware stats then you can instantly buy miners using Bitcoin. The story is similar when managing a rig; you head to the ‘My Farm' section, and all key performance metrics are available, which is great for people needing to manage several miners on a single platform.
Despite not being a true app, BeMine's mobile platform is great for buying and managing hardware to mine Bitcoins, as BeMine makes power costs lower. However, although miners work indefinitely, eventually, you could have an issue with faulty miners that require you to outlay money for new hardware, hurting your profits.
Unlike most cryptocurrency exchanges or mining platforms, BeMine does not feature an expansive help center. Instead, it has a FAQ section with brief explanations. However, you can contact support via Telegram, WhatsApp, or email. That said, phone support or live chat is unavailable, which could negatively impact your ability to get a timely response from the team.
Unfortunately, BeMine is not transparent with its security measures and does not disclose how it protects users. However, the platform is SSL encrypted, offers two-factor authentication (2FA), and requires a strong password when signing up. Despite its lack of transparency, we couldn't find any evidence the site had been hacked while researching for our BeMine review.
Frequently Asked Questions
Is BeMine Cloud Mining Legit?
BeMine is a legitimate cloud mining operation that lets crypto enthusiasts mine Bitcoin at a reasonable price to earn consistent daily profits. Most comments on TrustPilot are positive, but many reviews come from accounts that need more history, so it's important to do your own research when deciding whether to use the service.
Does BeMine Require KYC Verification?
BeMine does not require customers to complete KYC verification before using the platform. You can buy shares of a miner using Bitcoin or altcoins anonymously. However, you must provide a photo ID and proof of address if you want to use a bank card or fiat currency to purchase shares of a mining service.
Final Verdict and Scores
Throughout our BeMine review, we found the site to be an innovative cloud mining platform that allows people to purchase fractional shares of mining hardware, making the industry more accessible to those without large amounts of capital. However, high withdrawal fees and a lack of transparency surrounding security and fees mean the platform should be cautiously approached.
|4.3 / 5
|Supported Fiat Currencies and Payment Methods
|4 / 5
|4.25 / 5
|Pricing and Fees
|3.2 / 5
|Ease of Use
|4.4 / 5
|3.1 / 5
|3 / 5
|3.75 / 5