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Investment Fraud? Bitmain sells KASPA Miner KS3 despite network takeover

As a professional provider of mining hardware, we observe the market very closely and would like to offer our customers comprehensive advice. Recently, we have received a lot of customer inquiries about the Bitmain Antminer KS3. An ASIC miner for the cryptocurrency KASPA (KAS).

We advise our customers not to purchase this device at this time. For this reason, we will not be offering KS3 miners for sale in the near future.

Why we do not offer Antminer KAS Miner KS3

Currently, the KAS3 miner is offered by Bitmain for 49,800 USD as a pre-order:

If we take a closer look at the network hashrate of the Kaspa network we notice that the mining performance in the network skyrocketed:

The current hashrate of the entire network is thus around 1210 TH/s. From the graph above, we can see that Bitmain probably started mining in March 2023 with numerous antminers. The further increase of about 66% suggests that Bitmain currently has about 95 KS3 miners – with 8.3 TH/s each and thus a total of 800 TS/hs (rounded) – in use.

KASPA network may no longer be decentralized

We must therefore assume in the worst case that the KASPA network is no longer decentralized, if Bitmain actually provides and thus controls 800 TH/s of the total network performance of 1200 TH/s.

In this case, a 51% attack and takeover of the network would also be conceivable.

So why no buy recommendation?

The current profitability for KS3 Miners is remarkable (according to asicminervalue):

Thus, a profit of 2300 USD per day and about 70,000 USD per month is reported.

However, if the network is indeed currently mostly controlled by Bitmain, the actual value of KAS should go towards 0.00 USD.

However, in the event that the price value is assumed despite the takeover of the network, the question arises whether the price will not collapse shortly after delivery. As a reminder, 95 miners already correspond to a performance of about 800 TH/s, thus the entire current network performance of 1200 TH/s can be provided by 145 miners.

Assuming Bitmain were to ship only 1,450 more units to customers (which would be roughly 10 times the current global hashrate), profitability would drop by a factor of 10. However, it is likely that Bitmain will ship more than 1,450 miners.

If we deviate and assume that Bitmain would ship 5,000 devices, profitability would have to drop by a factor of 34. At the current monthly profit of about $60,000, profits would suddenly drop to just $2,000 per month.

Bitmain walks the line

It could therefore be that Bitmain is currently intentionally using very few miners to mine itself in order to keep profitability artificially high. The price of 49,800 USD, which is too high in our opinion, would otherwise hardly be demanded.

Bitmain thus consciously accepts that all those who pre-order this miner are exposed to a risk of extremely high losses. Since the topic is extremely complex and influenced by many factors, this is hardly apparent beforehand, especially for new investors, and the supposedly high profitability motivates many to place a pre-order. This inexperience could possibly be shamelessly exploited by Bitmain. Of course, we cannot accuse Bitmain of fraud, since experienced miners certainly know how profitability is calculated and would refrain. However, the very high pre-order price of 49,800 USD shows that Bitmain is definitely only targeting inexperienced new investors here (who could possibly lose a lot of money).

Therefore, we strongly recommend that you get a free consultation from us before investing in crypto mining. In retrospect, bitcoin mining (including ASIC MINER HOSTING) has always been the best decision and should be for the future.

The assumptions made here are derived from publicly available data. We would like to emphasize that we cannot accuse Bitmain of any illicit behavior and that it is merely a possibility why the hashrate on the network has increased so much. It is also possible that the increase in the hashrate on the Kaspa network occurred due to other circumstances and that our assumptions are incorrect.


THE alternative to buying anonymous Bitcoins (and other cryptocurrencies)

There are several ways to obtain anonymous Bitcoins and other coins, which also have several vulnerabilities. We would like to briefly explain these ways and the associated risks here.

Basically, there are 3 methods to buy Bitcoins anonymously:

  • Using a mixer
  • Buying at a Bitcoin/Crypto ATM
  • Mining coins yourself

Bitcoin and other currencies, as everyone knows, are based on a blockchain – meaning all previous transactions are publicly viewable

This becomes a problem especially when using mixers, as the amount deposited and paid out can also be tracked across multiple (and even different) wallets. Better mixers therefore rely on time delay and splitting into multiple transactions. But even these transactions could be tracked with enough computing power and know-how one day.

The alternative is to buy from a vending machine. Unfortunately, however, there have been many changes in this area recently as well, and for higher amounts, deposits are no longer possible without proper proof of identity.

Crypto ATM


In addition, there is always the risk of a logged IP address when signing a transaction on the network

So what is the safest solution to obtain anonymous Bitcoins and other cryptos?

The solution is relatively simple: simply mine the coins yourself!

This creates almost new coins, so to speak, “almost” because the mining pool receives the coins first, of course, which are then paid out to the miners.

How is the problem with the IP address solved?

Here the use of a VPN is a good solution. Miners (of all manufacturers) also work with the appropriate router via a VPN (we also have a separate article on this). In addition, the popular Electrum can also be used as a wallet, e.g. for Bitcoin. The advantage of Electrum as a wallet is the availability of the TOR network, i.e. a connection is never established directly to the BTC network

All that is required is to download and launch the TOR browser. In Electrum, the proxy is then activated under the settings.

Electrum Tor Proxy

Electrum Proxy Settings

A logging of your real IP is thus excluded both when mining and when paying (with Electrum at BTC).

The only remaining risk is with your VPN provider – which can of course be reduced by a good choice.

How can I get a miner at a reasonable price?

The newer models with high efficiency are of course more expensive, but if the goal is anonymity, profitable efficiency doesn’t even need to be there. Purely logically, it is enough if the cost of electricity can be converted into anonymous BTC, ETH, etc.

Of course, older and used models from Bitmain and Innosilicon are perfect for this. Therefore, we at Millionminer not only offer new goods, but also used miners (to the store – click here). Of course, our miners are tested again for function before shipping and the test is documented by video.


Bitcoin Mining & Co: How to mine Cryptocurrencies over a VPN

For some users, it may be necessary to conduct Bitcoin mining via a VPN in order to bypass network blocks or simply to “divert” attention from the real connection.

Basically, mining Bitcoin, Ethereum and other cryptocurrencies does not generate a lot of data traffic. This means that it is possible to handle the data traffic via a VPN without any problems.

The problem to be solved is much more due to the fact that miners such as the Bitmain antminer and all other models cannot establish a VPN connection by themselves.

To solve this problem two things are needed:

  1. A VPN server
  2. A router that can act as a VPN client

There are numerous ready-made solutions for a VPN server, such as from NordVPN. Setting up your own VPN server on a rented VPS with e.g. Wireguard should normally not be a problem either.

It gets a bit more difficult when choosing a suitable router. Most routers offer VPN server functionality for IPSec VPNs, but most routers do not offer VPN client functionality.

At this point, we can recommend the inexpensive travel routers of the GLiNet brand. These routers are already available from about 30 USD and of course they can work as OpenVPN and Wireguard VPN clients. VPN rules can also be used to determine which clients on the network should be tunneled through the VPN (and which should not). It is also possible to cut the Internet connection if the VPN connection cannot be established or is disturbed (kill switch).

The simplest solution would be to buy a cheap VPN router. This can then be connected to the existing router and the VPN set up on the router. After this, the ASIC miner is connected to the VPN router and all miner traffic is routed through the VPN.


Sample settings for a Bitmain Antminer