Last week, BTCManager reported that a new mining rig from BitHarp was set to revolutionize mining with an efficiency that is an order of magnitude above anything else in the market. It has come to our attention that this is indeed a fraudulent product offering with vastly deceiving specs and information, October 2, 2019. With sincerity, BTCManager apologizes for failing to spot the scam at the time.
Enticing Customers with Cost-Effective Rigs
In their offer document, BitHarp claims to have two products, the Lyre, and Harp miners, with a hash rate of 335 TH/s and 2000 TH/s respectively. Bitmain’s most efficient miner, the S17e, can only muster 64 TH/s of computing power. This was the first red flag which unfortunately was picked up on after the initial report.
BitHarp claims that their miners can seamlessly switch between Bitcoin, Ethereum, Litecoin, and DASH. This would mean the device can shuffle between encryption functions of SHA256, Ethash, Scrypt, and X11. As pointed out a detailed thread on BitcoinTalk, there is no mining rig in the market capable of doing this.
The company lists two corporate addresses: one in New Zealand and one in Canada. A user from BitcoinTalk went as far as visiting the address the company had listed for New Zealand, and it was a residential property. Another source on the forum claims that the address listed as their Canadian quarters is an office rental service. Additionally, the company is not incorporated in either of the two countries.
Despite the false corporate information, a little bit of research alone indicates that product specs are close to impossible to achieve at this point. While there definitely could be a small company, somewhere out there, that has found a more efficient way to mine cryptocurrency, it is unlikely that said company would run their business in such an opaque manner.
A number of video reviews and independent blogs have also called out BitHarp for their misleading marketing.
Staying Safe in Cryptocurrency
The number of scams that exist in this space is quite frightening. People who are new to the space can be easily misled into investing in projects or products that cannot/will not live up to their promise.
BitHarp’s swarm of press releases and media campaigns through crypto publications is proving to be a detriment to general awareness in this space. Every business involved in this space must actively make it their duty to stop the misinformation and call it out no matter what.