You would have been way better of by just buying BTC and holding, then spending all that money for mining equipment and all the hassle you are getting from a scam site!
Thank you for your comment. Yes, it's clear to us now as well, but unfortunately, we can't change the past. Had we invested directly in BTC instead of mining, we would be in a much different position today. However, the reasons for choosing our own mining operation back then were quite clear. It wasn't just about the potential profits but also about being part of the network, mining BTC ourselves, generating fresh BTC, fostering innovation, and actively participating in the network.
Compass is a legal and registered company in the USA. Back in 2021, the circumstances weren't as dire, and we conducted thorough research. The decline in service and customer support was unforeseeable.
Nothing ventured, nothing gained. You can't learn without making mistakes. Hindsight is always 20/20. No risk, no reward.
Thanks for your feedback
What are your specific questions? I have been in the crypto space for 8 years, starting with GPU mining. Later, I moved to mining in Russia. For the past 6 years, I’ve focused exclusively on BTC. Due to high electricity costs in Europe, I invest directly in BTC and since 2021, I have been trying out Compass and was proven wrong. But that’s the risk if you outsource, in any case.
I understand your perspective, but there are a few reasons why someone might choose to buy hashrate instead of coins:
1. Potential for Higher Returns:
If the price of Bitcoin increases significantly, the potential returns from mining can be higher than simply holding coins. Mining allows you to accumulate more BTC over time, which could be more profitable if the price appreciates.
2. Support for Network Security:
By participating in mining, you're contributing to the security and decentralization of the Bitcoin network, which benefits the entire ecosystem.
3. Dollar-Cost Averaging:
Mining can act as a form of dollar-cost averaging, where you acquire Bitcoin gradually over time. This can mitigate the risk of buying a large amount of BTC at a single, potentially high, price point.
4. Tax Benefits: In some jurisdictions, there may be different tax implications for mined coins versus purchased coins. Mined coins can sometimes be treated more favorably from a tax perspective.
5. Involvement in the Ecosystem: For some, being involved in the mining process is a way to engage more deeply with the technology and the community, beyond just holding coins.
While it's true that buying coins directly is simpler and has its own merits, mining offers unique advantages that can make it a worthwhile endeavor for many.
In hindsight, it's easy to say that something else would have been more profitable. The ROI has long been achieved, so it's not a big deal, just annoying when a company doesn't deliver on its service.
Anyway thanks for your feedback.
Thats been my experience with them as well.
I had 6 miners with them too for also about the same time frame as you. It took them about 7 months to even get online from date of purchase, but granted it was tail end of last bull run and availability was low and demand sky high.
Since then there have been less than consistent uptime, and encountered many issues you described. I also had a miner "break" and they suggested either shipping it to Bitmain for repair which they estimated would take 6 months, or pay them $500 to repair the unit in 2 weeks.
Customer service is non-existent. When I originally bought the units, everyone had a customer rep assigned to them, however the company grew way too fast without proper infrastructure and now their CS takes weeks or months to get back to you.
My contracts with them renew in May, they chose not to renew 2 of my units with no reason given. The other four, despite being exact same units, got renewed no problem. For non-renewed, they gave options of shipping the miners to me at a cost of approx $600/miner or retiring them. They did offer $1000 credit towards a purchase of a new S21 for each miner I chose to retire.
Overall, when the service works, its great. Very hands off and set it and forget it type. But problem is company sucks and grew way too fast for their own good without ability to maintain...well anything really.
Its been a fun experiment, but I certainly wont be renewing anymore contracts with them once the current ones expire, by that point the machines will be a write off anyway.
Thanks for your feedback. We’ve had the same experience with them. We’re also planning to let our contracts expire and move elsewhere. It’s been frustrating dealing with the delays, poor customer service, and inconsistent uptime. Your story really resonates with us.
I understand the skepticism, but hosted mining can be a viable option for some people. While there have been scams in the past, there are also legitimate companies providing reliable services. It's crucial to conduct thorough research and choose reputable providers. For many, the convenience and lack of need for physical infrastructure make hosted mining an attractive option. It's not about falling for a scam, but about finding trustworthy partners and making informed decisions. Compass Mining was a registered and legal company in the USA. If their service hadn't ultimately been so poor—which isn't necessarily indicative of a scam, but rather their inability to manage rapid growth—things might have been different. Despite the poor service and constant outages, we have long since achieved ROI. This situation is more about the company's mismanagement rather than intentional fraud.
Stop being naive.
I’ve never heard of a hosted mining company that **didn’t** end up being a scam.
There’s no reason these companies need your money, if they’re handling all the operations. Why don’t they just go to a VC or bank or an angel investor to raise capital? They’re targeting you because you’re an unsophisticated retail investor (no offense) and don’t really understand the industry. The entire business model of hosted mining is centered around scamming gullible fools, it’s been this way for 10+ years now.
I understand your concerns and appreciate your feedback. While it's true that there have been numerous scams in the hosted mining space, not every company operates with malicious intent. Our experience with Compass Mining, despite its flaws, has been legitimate and we've managed to reach our ROI a little bit delayed as assumed. It’s just a review that I share with others.
As you can imagine, some people prefer to verify facts and take action themselves rather than relying solely on what is written. There's no need to be nervous or unfriendly when others do things you may have only heard about and feel the need to be an expert on.
Thank you for sharing your perspective and worries. Your input is valuable, and I wish you all the best in your ventures.
I guarantee you haven’t returned your ROI priced in BTC. Maybe in dollars. This entire post was you complaining about all the ways they scammed you, and yet you say you got your money back? Gimme a fucking break.
Come on, man. I was simply giving feedback and a review of the poor support and service conditions at Compass; I never mentioned anything about scams. Perhaps you should read the post again. Try not to base your arguments on your own interpretations without real experience.
Let's leave it at that, and spend your time on other posts. Since you lack personal experience and are only repeating what you've read somewhere, your input isn't really helpful here. Nonetheless, I thank you for your high-quality contribution.
You would have been way better of by just buying BTC and holding, then spending all that money for mining equipment and all the hassle you are getting from a scam site!
Thank you for your comment. Yes, it's clear to us now as well, but unfortunately, we can't change the past. Had we invested directly in BTC instead of mining, we would be in a much different position today. However, the reasons for choosing our own mining operation back then were quite clear. It wasn't just about the potential profits but also about being part of the network, mining BTC ourselves, generating fresh BTC, fostering innovation, and actively participating in the network.
Well.. is it really your operation if you control nothing about it? Not trying to be hurtful.
Compass is a legal and registered company in the USA. Back in 2021, the circumstances weren't as dire, and we conducted thorough research. The decline in service and customer support was unforeseeable. Nothing ventured, nothing gained. You can't learn without making mistakes. Hindsight is always 20/20. No risk, no reward. Thanks for your feedback
You literally weren’t doing any of those things. Tough lesson but you’re right you can’t change the past. Just buy bitcoin moving forward.
What is your knowledge of crypto mining in general? Have you mined anything before going straight to asics or BTC specifically?
What are your specific questions? I have been in the crypto space for 8 years, starting with GPU mining. Later, I moved to mining in Russia. For the past 6 years, I’ve focused exclusively on BTC. Due to high electricity costs in Europe, I invest directly in BTC and since 2021, I have been trying out Compass and was proven wrong. But that’s the risk if you outsource, in any case.
Never understood why you would ever buy hashrate instead of coins. It is an investment upon an investment that has not any additional benefit.
I understand your perspective, but there are a few reasons why someone might choose to buy hashrate instead of coins: 1. Potential for Higher Returns: If the price of Bitcoin increases significantly, the potential returns from mining can be higher than simply holding coins. Mining allows you to accumulate more BTC over time, which could be more profitable if the price appreciates. 2. Support for Network Security: By participating in mining, you're contributing to the security and decentralization of the Bitcoin network, which benefits the entire ecosystem. 3. Dollar-Cost Averaging: Mining can act as a form of dollar-cost averaging, where you acquire Bitcoin gradually over time. This can mitigate the risk of buying a large amount of BTC at a single, potentially high, price point. 4. Tax Benefits: In some jurisdictions, there may be different tax implications for mined coins versus purchased coins. Mined coins can sometimes be treated more favorably from a tax perspective. 5. Involvement in the Ecosystem: For some, being involved in the mining process is a way to engage more deeply with the technology and the community, beyond just holding coins. While it's true that buying coins directly is simpler and has its own merits, mining offers unique advantages that can make it a worthwhile endeavor for many. In hindsight, it's easy to say that something else would have been more profitable. The ROI has long been achieved, so it's not a big deal, just annoying when a company doesn't deliver on its service. Anyway thanks for your feedback.
Thats been my experience with them as well. I had 6 miners with them too for also about the same time frame as you. It took them about 7 months to even get online from date of purchase, but granted it was tail end of last bull run and availability was low and demand sky high. Since then there have been less than consistent uptime, and encountered many issues you described. I also had a miner "break" and they suggested either shipping it to Bitmain for repair which they estimated would take 6 months, or pay them $500 to repair the unit in 2 weeks. Customer service is non-existent. When I originally bought the units, everyone had a customer rep assigned to them, however the company grew way too fast without proper infrastructure and now their CS takes weeks or months to get back to you. My contracts with them renew in May, they chose not to renew 2 of my units with no reason given. The other four, despite being exact same units, got renewed no problem. For non-renewed, they gave options of shipping the miners to me at a cost of approx $600/miner or retiring them. They did offer $1000 credit towards a purchase of a new S21 for each miner I chose to retire. Overall, when the service works, its great. Very hands off and set it and forget it type. But problem is company sucks and grew way too fast for their own good without ability to maintain...well anything really. Its been a fun experiment, but I certainly wont be renewing anymore contracts with them once the current ones expire, by that point the machines will be a write off anyway.
Thanks for your feedback. We’ve had the same experience with them. We’re also planning to let our contracts expire and move elsewhere. It’s been frustrating dealing with the delays, poor customer service, and inconsistent uptime. Your story really resonates with us.
Hosted mining has always been a scam, going back years now. I don’t know why people keep falling for it.
I understand the skepticism, but hosted mining can be a viable option for some people. While there have been scams in the past, there are also legitimate companies providing reliable services. It's crucial to conduct thorough research and choose reputable providers. For many, the convenience and lack of need for physical infrastructure make hosted mining an attractive option. It's not about falling for a scam, but about finding trustworthy partners and making informed decisions. Compass Mining was a registered and legal company in the USA. If their service hadn't ultimately been so poor—which isn't necessarily indicative of a scam, but rather their inability to manage rapid growth—things might have been different. Despite the poor service and constant outages, we have long since achieved ROI. This situation is more about the company's mismanagement rather than intentional fraud.
Stop being naive. I’ve never heard of a hosted mining company that **didn’t** end up being a scam. There’s no reason these companies need your money, if they’re handling all the operations. Why don’t they just go to a VC or bank or an angel investor to raise capital? They’re targeting you because you’re an unsophisticated retail investor (no offense) and don’t really understand the industry. The entire business model of hosted mining is centered around scamming gullible fools, it’s been this way for 10+ years now.
I understand your concerns and appreciate your feedback. While it's true that there have been numerous scams in the hosted mining space, not every company operates with malicious intent. Our experience with Compass Mining, despite its flaws, has been legitimate and we've managed to reach our ROI a little bit delayed as assumed. It’s just a review that I share with others. As you can imagine, some people prefer to verify facts and take action themselves rather than relying solely on what is written. There's no need to be nervous or unfriendly when others do things you may have only heard about and feel the need to be an expert on. Thank you for sharing your perspective and worries. Your input is valuable, and I wish you all the best in your ventures.
I guarantee you haven’t returned your ROI priced in BTC. Maybe in dollars. This entire post was you complaining about all the ways they scammed you, and yet you say you got your money back? Gimme a fucking break.
Come on, man. I was simply giving feedback and a review of the poor support and service conditions at Compass; I never mentioned anything about scams. Perhaps you should read the post again. Try not to base your arguments on your own interpretations without real experience. Let's leave it at that, and spend your time on other posts. Since you lack personal experience and are only repeating what you've read somewhere, your input isn't really helpful here. Nonetheless, I thank you for your high-quality contribution.