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Insmining Review Update 2023: The domain is up for sale an indication things didn’t go as planned.
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If you are searching for mining at insmining.com, you are in the wrong place. Insmining can prove that they are a ponzi scheme. But they will never produce any proof suggesting that they mine Cryptocurrencies. This might come as a shock to you because the website looks professionals. Thankfully, the reason we can make this assertion is because we have done a thorough investigation and analyzed the site from inside out. We have no doubt that Insmining is yet another Cryptocurrency ponzi scheme.
The company Instant Mining Technology was incorporated in the UK on the 18th of April 2018. It does not have a track record of ever mining Cryptocurrencies since it is a brand-new company.
Also, registering a company in the UK is dirt cheap. It does not cost much. That is why scammers prefer registering their companies in the UK because it’s cheap and for the most part, unregulated. Authorities have chosen to look the other way as scam companies are gaining foot in the country.
Therefore, even though Insmining is a company in the UK, the registration was done to make Insmining website attain credibility. It seems that scammers think that when they have a company behind their name, people will trust them.
According to the website, their physical address is 43 Belvoir Road, London, United Kingdom. Again, this is a rented address. The business is not operating from this location.
There are many red flags all over the Insmining website. We will mention some of the most commonly found and the obvious ones.
Please note: You can only trade Bitcoins genuinely with these sites.
On the sales page, the site writes ”Bitcoin Mining Immediately” and ”Instant Mining Project”. The site claims that they are giving investors a chance to reap early profits from the blockchain mining industry. But there is no more early profits in Bitcoin mining. Everyone is mining Bitcoins today and it is due to this fact that mining difficulty has greatly increased in the last 3 years. So making early and quick profits is something that obviously sounds too good to be true.
And of course the other sales pitch is promising that we can start mining Bitcoins with this site immediately, and we do not have to invest in any hardware. Nothing can be further from the truth. This site is not owning any mining hardware. This is the language of a ponzi scheme that uses mining of Bitcoin as an excuse for collecting funds from members of the public.
The site also claims that they are involved in large scale mining of Bitcoin. Well, there is no large scale mining at all. Just look around and see for yourself. The admin of this site is really canning. They have not presented any proof to suggest that they have invested in any mining rigs. And yet they keep insisting that we should trust them when they say they’ll mine Bitcoins for us. Clearly this site is trying to appeal to the financially naive. You can see it from the presentation which is not informative but quite misleading.
There are 3 investment packages at Insmining namely Beginner, Professional and VIP packages respectively. Beginner package promises a daily ROI of 0.62%. This is a one year contract. Minimum investment is 0.002 BTC. Total profit is 226%.
This is clearly something else and not mining. A 1 year contract cannot double your investment. This is because mining difficulty has been increasing and making it impossible for people to double their profits in one year. Also, if you do the math, you will find that 0.62% daily roi is an equivalent of 18% monthly return on investment. In mining of Cryptocurrencies, this will never happen at least for now. 18% monthly ROI is a made up figure and an impossible to earn return on investment.
The same case applies to the second and third packages respectively. These plans are promising increased ROIs even when we have seen that an 18% monthly return in Crypto mining is not possible. That means the other plans are not real but far fetched.
Use the profit calculator to see it for yourself. The site is simply promising huge returns and not giving us any credible reasons to believe that they have paid these returns before. It only causes more suspicion. Let’s see what else is making this site look like a ponzi scheme.
Insmining claims that initial investment will be returned. We think that this is a funny game. Genuine Cryptocurrency trading sites will never return your deposit because the money was spent to buy the contract. There is no returning the money other than the profits you will earn from the contract.
This site is therefore not honest with their promises. And they are also unreasonable as far as their mining contracts are concerned.
In addition to this, Insmining claims that there are no fees in mining contracts. Is that really true? With the ever increasing cost of mining, no one can mine for you without charging maintenance fees. So this site is clearly misleading visitors. It is not being honest with them in this case.
If you come across a site that claims to mine Bitcoins and its admin is hiding, you should think twice. If they truly mine Bitcoin, they should be open with their identity. They should never see the need to hide or maintain an anonymous profile.
The site is associated with one Williams Sara on the Companies House platform. This is not mentioned on the Insmining official website for the obvious reasons. It is how scammers operate these days. Insmining is one of them.
Insmining is using a picture from a site known as dinotutors.com. This picture belongs to a tutor on that site. This tutor has nothing to do with Cryptocurrency mining, and they have never mined Bitcoins through this site. They have no idea of the fact that their picture is being misused by scammers.
Insmining is a ponzi scheme. Our advice is that you should avoid it at all cost.
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