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VIP Mining Review: Scam Mining Platform for Cryptocurrencies

VIP Mining Review: Scam Mining Platform for Cryptocurrencies

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VIP Mining is a supposed cloud mining operation for Crypto currencies. On the sales page of VIP Mining, someone named Luis Ortega is cited as the founder of the company. This guy is also the owner of Now Mining. When we loo at the history of Now Mining, we realize that Now Mining was offering unregistered securities contracts and pretending to be in partnership with Genesis mining. Don’t get us wrong. Genesis Mining is a legit cloud mining operation, and we have been recommending them for a long time to our readers. What we are saying is that Now Mining has been claiming associations with the company Genesis Mining, something that is hard to verify.

We were able to investigate Now Mining on Alexa which shows that the scheme collapsed as soon as it was launched. The scam was promising investors a return after 280 days. It appears this never materialized, and those investors ended up losing their funds to the scam. However, despite his scam falling down and collapsing with investor funds, Luis Ortega went ahead to announce that he is a though leader, a technology visionary and a pioneer in the field of Crypto currencies.

What we can say is that VIP Mining appears to be the same thing as Now Mining. They are only switching names but the idea remains the same. If you want to learn more about this shady website which seemingly looks legit, read this exposing review as we will discuss and analyze things that you probably never knew about the shady operation that VIP Mining is running on their site.

VIP Mining

VIP Mining review

Mining contracts for the VIP Mining website are promising return on investments for each day that their operations run. To purchase 1/8 of the contract, investors are supposed to pay $625. 1/4 of the contract will require investors to part with $1250. 1/2 of the contract will cost investors $2500. And finally, a whole contract is supposed to cost investors $5000. $50,000 to $500,000 contracts are also offered by this scheme on a ”case by case basis”. However, these contracts do not promise specific ROIs though. That is left to the imagination of the investor.

As for the mining contacts and fees, VIP Mining takes 3.5% of each new mining contract so they can place it in a mining pool. This pool is then split into 5 smaller pools and returns paid on a month basis. The VIP manager is supposed to convince people to invest at least 200K. They will make 1% of pool. Director convinces others to invest at least $500,000. This will make 0.5% of pool. VIP director is supposed to convince others to invest at least $2 million. This will make 0.5% of pool. Finally, the president is supposed to convince others to invest at least 3 million. This too will make 0.5% of pool.

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

Residual pool

VIP mining is also taking 3% of total pool earnings so they can place it in the residual pool. This figure is split into 3 smaller pools and investors paid based on their rank in the pool. This of course depends on what an investor has put in. To join VIP Mining, one needs to secure their membership for $50.

Trading bot

In addition to mining of Crypto currencies, VIP Mining is claiming that they have a trading bot that can help investors make even more money on their platform. We are suspicious of this trading bot because we don’t know who the developer is, and we have not yet seen its trading results. So we can’t believe that a trading bot really exists here. And if it does, it is definitely a scam just like Cryptohopper and others.

Furthermore, there is zero information concerning the alleged trading bot which these scheme is touting so as to generate returns from their investors. The robot’s description is quite vague, and we can’t really trust what they are saying regarding the availability of the so called trading bot.

What you should know about these scammers

It has already been established that VIP Mining is associated with the fallen Now Mining. Now mining used to say that they have mining contracts, thanks to Genesis mining. On the other hand, VIP mining is not really discussing this topic in a clear and concise way, and so we do not know who their supplier is or even if a supplier exists in the first place.

This company is claiming that all return on investment is generated through mining of Bitcoin because the company has mining hardware which can be used to create revenue for their members. However, currently the site is only providing us with pictures of their supposed mining hardware. No hard evidence has been given to prove that VIP mining is truly generating revenue through mining of Crypto currencies.

It is quite important to take note of this because even in the case of Now Mining, Luis Ortega made the same claims. You see, if Now Mining was legit about their mining operations and how they generated revenue from these activities, then why exactly was it forced out of business?

The reason is that Now Mining collapsed because it was operating a ponzi scheme type of business. When the number of affiliates went down, the scam had to call it quits because there was no additional revenue.

Also, we currently don’t have evidence in form of audits by third parties to confirm that VIP Mining is really mining Crypto currencies. The thing is that this site is probably using the existing payment by new affiliates to pay new investors. You can be sure that the revenue is not coming from mining at all.

It is quite weird that VIP Mining is lying about their mining and trading operation as well. The two elements don’t really exist in this business.

Our best advice for you

If you want to trade Cryptos, our advice is that you should find a reliable trading bot for the same. This link has them all. Otherwise, forget using a scam like VIP Mining because it will lead to a big loss in your wallet.

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