With this blog post, I share my recent experience investing in crypto miners, such as Baked Beans, BNBSeed, or BNB Miner.
Let’s be frank. I had a perfect time with crypto miners. Especially the end of last year and the first quarter of this year were terrific.
Initially, I started with BNB Miner many months ago. From today’s perspective, I can say that this was an excellent decision since the return has been fantastic. Actually, BNB Miner is the only miner that hasn’t disappointed me yet. On the contrary, it seems that BNB Miner is the only legit (if this word is suitable for a miner) out there.
But let us move forward. Besides BNB Miner, I also started investing in Baked Beans. Although I also generated fantastic returns with Baked Beans, it is hard to see that the contract is draining — and the daily rewards simultaneously.
However, I’m okay with Baked Beans. You have been a good companion, and I’m taking as much as I can on our road down to zero.
Summarized, both of my early investment miners have been tremendous success stories for me. And I mean really huge.
It must have been around May when more and more new miners came up. Miners that —most often— promised even higher daily returns: Solar Farm, Baked Cats, or Board Ape Fun Club are just a few examples. Some of them promised daily returns up to 45% (!!!). Sure, it was obvious that these miners couldn’t be sustainable and that they only aimed for one target → Rug pull.
However, I selected several miners I wanted to try: Solar Farm, Baked Cats, StableBNB, BNBSeed, and Board Ape Fun Club. From today’s perspective, I ask myself why I did do this. Maybe I was too euphoric due to the recent success with BNB Miner and Baked Beans? Or perhaps I simply became too greedy — like, if it works with a 3% daily return, why shouldn’t it work with 15%.
Now, here’s the devastating result I achieved in June:
StableBNB: Rug pull (I think it was even the end of May). Thankfully, I have had no significant losses since I started investing at the end of April.
Board Ape Fun Club: Rug Pull after two weeks. In this case, I lost my entire investment. However, I only invested a small amount of 2 BNB.
Baked Cats: Rug Pull. Actually, one of the maddest I’ve experienced so far. I lost around 90% of my initial investment of $500.
BNBSeed: Rug Pull just after two weeks. Thankfully, I didn’t invest much and didn’t lose much in this case.
Solar Farm: No hard pug pull here. However, the daily rewards have been falling almost down to zero. Therefore, I’m still trying to get my initial investment back.
Why do I write all that? Besides all euphoric posts about high APY and promising projects, it is also essential to show these projects’ enormous risks. Although I’m pissed about the rug pulls, I’m fine with my losses. Therefore, it is always essential to follow rule number 1: Only invest what you are willing to lose!
What are my lessons learned? As mentioned in one of my last posts. I will stop investing in any new miner on the Binance Smart Chain. From my perspective, the amount of scams on this network has grown exponentially. I will continue using BNB Miner and Baked Beans for sure—as mentioned, I’m still happy with both, although the rewards of Baked Beans are declining.
Besides that, I will continue exploring new projects on the Cronos chain as it seems that the amount of scam is still lower on this network (at least for the moment). Mainly I’m watching these three projects:
Wizardly — Seems to be the biggest CRONOS miner with more than 170,000 CRO locked. With 8% daily and 5% fee, it looks similar to Baked Beans. Link to Wizardly
MineCroft — A smaller yet exciting project. Currently, only 30,000 CRO are locked and paying 9% daily returns. Link to MineCroft
Crocodile Nest — Actually, my favorite one: 8% daily return, 4% fee, and currently almost 90,000 CRO locked. Link to Crocodile Nest