Estimated reading time: 5 minutes
Extractmining.com claims to provide cloud mining services to individuals, small business entities and ”landlords”. They also claim that every hour of their practice is spent on a client of Extract Mining. These assertions are meant to attract new clients who will then end up getting scammed because their mining packages are already spelling doom.
Extract Mining is a copycat to Genesis mining. The website is designed like that of Genesis Mining in the sense that they have copied the logo and colors as well. If you are not careful, you might think that you’re browsing one of the most popular cloud mining platforms on the internet.
Extract Mining is claiming to be transparent with its investors, yet not a single person was behind their operation was introduced. Equally, the owner of the domain where their operations are being hosted at made sure that the domain was privately registered.
The fact of the matter remains that Extract Mining will extract your hard earn money because no legit mining operations can be detected.
The professional presentation is a good idea because it will probably bring them more business. But since they have copied one of the most popular cloud mining platforms, we can’t give them any trust whatsoever. We have to investigate further to understand why Extract Mining is copying an existing cloud mining company and even claiming that their platform was launched in 2013.
They also boast that their platform provides clients with a simple user interface and that they are mining various altcoins to solve the challenge of mining difficulty. The question is: does mining multiple coins result in significant boost of revenue as far as mining difficulty is concerned? We are not quite sure about this. But the fact that you are mining Litecoin, Dash or Ethereum does not mean that your efforts to mine Bitcoins will yield significant profits in a short time. It’s all the same.
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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.
There are also claims that Extract Mining uses the latest equipment to mine altcoins. You will allegedly make money regardless of the cloud mining package chosen.
One thing that caught our attention is that Extract Mining was even claiming that they are transparent and have nothing to hide, unlike many similar companies that claim to mine altcoins for their customers.
You can think of it as a devil pretending to be an angel by telling you all the reasons why you should never invest with company A or B and that they are the only ones who provide legit cloud mining opportunities. That’s not true because even though Extract Mining is claiming that they are transparent, they are completely anonymous and untraceable.
To drive their point ”home”, Extract Mining has gone to an extent of publishing 3 pictures which they claim represent their Managing Director, Senior Consultant and business partner.
There is no need to mention the names of these people. One thing we just realized is that the pictures that were used in this case are mere stock photos and do not represent people who actually own this website. Of course their names are also fabricated as we were not able to find them on any search engine.
Usually, when we want to learn more about such people, we often go to their LinkedIn profile where most professionals have profiles. We shouldn’t be searching for their profiles. The website should provide their individual LinkedIn profiles for purposes of verification. If this isn’t available, then it can only mean that these people don’t have their professional background in order, and may not even be real persons.
From the look of things, it appears that these 3 people are stock photos. It is impossible to search them on Google using their alleged names. That proves that Extract Mining is lying to its audience.
The other concern is that this domain is privately registered. The owner is also anonymous. The question is: why are they willing to expose their ”employees” in the first place? Such an anonymous cloud mining service would be a scam service in the worst case scenario.
Clearly Extract Mining has failed the credibility and transparency test. We are moving to another red flag which should make you see the hidden truth. This has to do with the pricing of their packages and what you are intended to earn every day.
Extract Mining is asking for a minimum deposit of $1000 and a maximum of $100,000. Any sane investor would think twice before trying Extract Mining with that amount of money.
However, when you continue to peruse their site further, you will find out that they are persuading visitors to try them even with $100. You have to spend some time on the site to find out that these guys are accepting any amount.
The pricing page is easily accessible. But you won’t see the minimum investment starting with $100. Instead, they have stated that the minimum you spend on the basic plan is $1000.
What does this suggest? It means that these scammers are willing to take anything out of your pocket. If they restrict it to clients who can afford to gamble with $1000 or more, they will lose business. They have to collect every penny regardless of the amount. So don’t be shocked if they accept $50.
Of course their profit calculator doesn’t’ make any financial sense because it is promising more Bitcoins for very minimum hashing power. It almost seems to be too good to be true. These elements cannot be ignored when coupled with the rest of the findings that we made earlier.
They’ve also mislead us about their start date. Who.is says the website was registered in 2017. But according to Extract Mining, they came online in 2013. It’s a question of who is fooling who.
Extract Mining is an anonymous cloud mining service, which is why you must avoid them. Extract Mining is a high risk investing platform and every investor should avoid them like the plague. They lie and spread falsehood. Nothing good can come out of this. Please click here if you want to find out about legit cloud mining companies on the web.
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