Estimated reading time: 6 minutes
Tera Box (Terabox.me) sells hashpower like any other Bitcoin mining website. The website claims that they can sell you hashpower for a very low price, thus helping you maximize your profits. The company also claims that they are a cloud mining website using a network of powerful computers following the ASIC protocol to mine Bitcoin efficiently and cost-effectively.
They now want to sell you some hashpower if you will only deposit some Bitcoin in their bank accounts.
Truth be told. This website is not know at all. We checked their who.is data and came across the usual thing. The owner claims that this business is registered in Toronto. But their identities have remained hidden. That means we do not know the owner of this website. We know nothing about their success records as well.
Generally, lack of information is the biggest challenge here followed by clients not being able to select mining pools.
So, is Tera Box for real or just another hashpower scam? Well, that question is difficult to answer in one statement. We will try our best to bring the facts as they are, then you can make your own decisions afterwards.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
This company claims that they are selling hashpower in GH/s at the most competitive rates. To answer critics who say that it is not possible to sell hashpower at those competitive rates, this website claims that they have been able to mine Bitcoin while keeping costs down, thanks to cheap electricity and custom made mining software which is alleged to be very efficient.
Of course these things sound great. Remember that it is often easier to say than to implement what you’re saying. Moreover, there are lots of sites coming up on the web right now, and they are all speaking the same language, i.e. they all want to sell you hashpower at competitive rates so you can make some coins easily.
It may sound that simple to make money through Bitcoin mining. But the truth of the matter is that the reality is quite different.
The cost of Bitcoin mining keeps rising, and this causes mining difficulty to rise as well. Even if you say that you will keep these costs low by working with a cloud mining company, the truth of the matter is that these companies still face the same challenges which you would have faced if you decided to mine on your own.
Also, let’s factor this: it is not a walk in the park making easy money with Bitcoin mining. If it was that simple like it sounds, everyone would have just deposited Bitcoin with companies like Tera Box to make millions in a fortnight.
Since people are still broker, and are always looking for ways to multiply their money, we can comfortably say that websites like Tera Box are here to mislead with a potential to steal your coins if you’re not careful.
Before you put your money into their bank accounts, ask yourself who the owner is. Are they experienced in the field of crypto-currency investments. What exactly is their track record?
You see, anyone can come up with a Bitcoin mining website even if they don’t truly own a mining rig. It’s as easy as setting up a website in the afternoon and having some writings published here and there. The website will then start to rank if it has a blog section which is updated on a frequent basis.
Before long, you will start receiving customer deposits while promising them profits at the end of your operation. You can even lie to your audience that you have mining rigs all over Germany, and that you can sell them hashpower for a certain amount of Bitcoin. Once they get into your trap, you can steal their coins. End of the story.
In the case of Tera Box, we are a little bit skeptic to invest in them. This is because the owner doesn’t have their track record intact. They don’t even have an identity in the first place. That is the first reason why we have decided to disqualify Tera Box website for better alternatives.
We are still wondering how Tera Box is able to mine Bitcoin for its members without charging for electricity or maintenance.
It does not make sense to say that you will mine Bitcoin in the cloud while not charging additional fees since this is not realistic.
It’s one red flag that you should take note of since scams often do all they can to make Bitcoin investment look like it’s really profitable.
You must avoid sites that don’t charge fees for maintenance or electricity because they will cheat you and steal your Bitcoin in the process. We see these signs on Tera Box. So we think that they are not an exception from majority of the sites out there.
Most legitimate sites out there will let you choose your mining pool. This is more of a disadvantage than a sign that Tera Box is a scam.
Even if this is not a bad sign, it should make sense if you find an alternative website that lets you choose your mining pool.
Apart from not convincing us that they truly mine Bitcoin, Tera Box still has this setback to suffer.
There must be multiple ways of funding your account to secure your funds. We have never accepted the idea of funding accounts in Bitcoin. It scares us. It gives much leeway to scammers who are stealing Bitcoin and disappear.
How do we know that Tera Box is one of them? Well, if you make a test deposit and they go under with your money, then it will confirm your worst fears. However, there is no need to go all the way into giving them your money to prove a point. Just use the tell tale signs on the site and you can make a wise decision. We don’t advocate for rush decisions by the way.
Bitcoin mining is risky in the sense that there are several companies out there which are promising hashpower but will never deliver what they promise.
We’ve got statistics on the Tera Box website too. These statistics have not been verified. It’s difficult to believe that this website is publishing real numbers.
We wish there was a way to verify liquidity and amount of GH/s available on this site. Life would have been much easier.
The point is, this website still leaves us with many questions to ponder about. Their lack of transparency is a big concern.
One way of solving this would be through customer testimonials which can be independently verified to find out whether or not they are delivering.
But so far, we have not seen any customer testimonials. If this website was so successful in mining Bitcoin, you would have probably come across a few user testimonials on the same.
It seems a little bit suspicious that Tera Box can sell hashpower without any fees involved in the process. Even if it isn’t a scam, we feel that your investments will be jeopardized in one way or the other. Your investments will suffer in their hands. Currently, we are recommending sites in this list.
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