Unfortunately, scams are still fairly common in the digital currency space, as those with a little bit of knowledge, armed with fancy terminology, can take advantage of those just looking to get rich quick. The most recent example comes from BitHull, who promise that anyone can run a profitable transaction processing operation from home with their specialized mining hardware.
In a press release dated April 17, BitHull advertises their BH Miner and BH Miners Box. Using technology called Field Programmable Gate Array (FPGA), they promise their machines require lower power consumption, and produce high hash rates.
Advertised as offering 2160 terahash per second (TH/S) when mining BTC, they note that the BG Miners Box can bring in $7951.95 profit per month. If used on Monero, that can be as much as “$29.06k profit per month,” they state.
With numbers like that, they promise profits that seem too good to be true. “Assuming power cost of $0.12/kWh, the monthly power expense for BH Miners Box comes to $285 only,” they note. “Based on figures shared above, BH Miners Box users can break-even and start making profits within a month. To further enhance the profitability of its customers, BitHull S.A. covers the delivery and custom fees for them.”
Vice President Matias Millet concludes that potential customers can do all of this from home, giving the company the widest potential customer base.
Problem is, when an offer like this seems to be too good to be true, it almost always is. Experienced mining experts in the digital currency space have already started to call out this alleged scam.
I don’t know who needs to hear this, but: you can’t *profitably* mine Bitcoin with an FPGA. Ever. Period.
Disclaimer: You can technically mine Bitcoin with an FPGA, but why the fuck would you.
— Kristy-Leigh Minehan (@OhGodAGirl) April 19, 2020
The simple truth is that if this hardware was able to produce the results BitHull claims, everyone and their cousin would use…