BitFerry is advertising itself as an investment opportunity in one of the biggest industrial cryptocurrency mining farms in Europe. Find out how it works today in our review.
What is BitFerry?
BitFerry is an investment opportunity based on the idea of cryptocurrency mining. You purchase tokens, BitFerry uses that money to purchase mining equipment, then you gain a cut of all mining profits generated by the company.
Obviously, we’ve seen a number of companies offer similar investment programs online. These companies are seeking to build a large-scale mining farm, and the more money they can make from an ICO, the more miners they can buy.
Let’s take a closer look at how BitFerry claims to work – and what makes it different from other mining companies.
How Does BitFerry Work?
BitFerry already has active mining farms. Over the past four years, BitFerry’s team has built two air-cooled mining farms. They have also partnered with AMD, Nvidia, and Bitmain (the top mining hardware companies in the world) to access the lowest costs on equipment.
BitFerry’s industrial-scale mining operation are based in the Karelian Republic, the Irkutsk region, and Moscow. They claim to pay 2 to 5 cents per kWh for electricity at each of these mining farms.
You buy tokens from BitFerry today, and then they put the money towards large-scale mining operations. Investors gain 80% profits from cryptocurrency mined using their devices.
BitFerry plans to mine cryptocurrencies based on the Equihash, Dagger-Hashimoto, EtHash, CryptoNight, SHA-256, X11, and Scrypt algorithms, which pretty much covers every major currency on the market today. You’ll receive mining income deposited into your BitFerry account every week.
The whitepaper claims that you can start making a positive ROI within just 6 months of buying BitFerry tokens.
How Do BitFerry Tokens Work?
BitFerry tokens, or BF tokens, allow the owner to purchase services from the BitFerry platform. Tokens are also used for:
- To participate in cryptocurrency mining operations
- To upgrade equipment used for cryptocurrency mining
- To buy side products and services from BitFerry
- To pay commissions on the BitFerry platform
- To pay commissions to brokers and exchanges that will be listed in the BitFerry ecosystem
It’s not totally clear how brokers and exchanges will be integrated into the BitFerry platform in the future. It isn’t discussed in great detail in the whitepaper. However, BitFerry obviously plans to be more than just a mining operation.
The BitFerry Token Sale
The BitFerry token sale began on November 1 to November 15 with a pre-sale. The token sale continues in three more phases:
- Phase 1 (November 15 to November 22): 30% discount
- Phase 2 (November 22 to November 29): 20% discount
- Phase 3 (November 29 to December 6): 10% discount
The goal is to raise $10 million USD during the ICO. The token sale will be available to anyone in the world. BitFerry is selling 30 million BF tokens at a base rate of $0.10 per token. If you invest $100,000 or less in the company, then you’ll earn 80% profits from your mining operations. If you invest over $100,000, then you’ll be subject to “special conditions”, which I assume means you’re making a higher level of profit.
The whitepaper mentioned an average payback period of 6 months. However, the official website claims that more than 1,000 clients who have invested with the company have received a payback of their funds within about 3 months, on average.
The minimum cost of investment is $0.10.
BitFerry emphasizes all of the following features:
“Your rate of return may be higher than 300% per annum,” explains the website, and the company claims that investors have been paid back in as little as 3 months, on average.
Low Entry Threshold:
By investing $0.10 today, you can gain income from equipment that costs several thousand dollars. Even small investors can access enormous mining profits.
Mine a diverse range of tokens to diversify your portfolio.
BitFerry claims to pay 2 to 5 cents per kWh for its electricity, making it some of the cheapest sources of electricity in the world.
BitFerry launched its first mining platform in Russia in May 2017, rolling out two platforms in the Moscow area. Up above, we mentioned that the company claims to have four years of experience in mining, although it’s not totally clear when their first mining operation launched (this “4 years” claim may refer to the combined experience of the team).
BitFerry was co-founded by Denis Smirnov (other co-founders are not listed). Other key members of the team include Pavel Filimonchuk (CTO), Ahmed Saidul (Development Director), and Vyacheslav Charochkin (Lead Engineer).
BitFerry claims that investors are already making money through their crypto mining operations. However, all English-language news for BitFerry appears to have come online in November 2017. The company’s Bitcointalk announcement page, for example, appeared in November, along with a flurry of press releases announcing the ICO.
We can find some videos dating back to October on YouTube. Overall, we would have liked to have seen more transparency regarding the company’s ongoing mining operation.
BitFerry is advertising itself as a stable investment opportunity where you can expect to earn 300% ROI per year. That seems a little ambitious based on what we know about cryptocurrency mining. Nevertheless, BitFerry claims investors can recapture their initial investment within 3 to 6 months of the ICO.
To learn more about the Russia-based mining operation, or to contribute to the ongoing ICO, visit online today at BitFerry.pro.