Btcsweet.com, a self proclaimed Crypto currency cloud mining service is allegedly giving 5 GH/s of free hash power for sign ups. The site charges zero maintenance fees, and promises that contracts speed start at 1 GH/s. In addition to this, BTC Sweet claims that their contracts are for a lifetime, meaning that there is no specific duration in which these contracts are supposed to end.
Well, the way BTC Sweet is advertising their service is quite interesting. If you have been mining Bitcoin for some time, you know what we mean. But if this is the first time you are trying this business, then rest assured that BTC Sweet will look like something that is worth your time. Having been created in January 2017 and registered to Jordan Koithlar of BTC Sweet Bitcoin Mining Ltd, BTC Sweet believes that it has what it takes to mine Crypto currencies on behalf of their investors. The company behind this website was allegedly incorporated in March 2017. However, there are no details of this company anywhere on the internet. If it’s a registered company in the UK as claimed on the official documents supplied by BTC Sweet, we should be able to find company information on the companies house website. But this is not the case. It could suggest that there was no actual incorporation that took place.
BTC Sweet accepts payments through a variety of ways. These include PAYPAL, BITCOIN, PERFECT MONEY AND PAYEER. This gives investors a number of ways to pay for their plans. However, this can only be a good if BTC Sweet is a legit mining service. However, as it currently stands, the service does not like a legit Crypto mining service. Going by the red flags and the cheap template which the site has used, we do not believe that the site is in it for serious business. In addition to this, investors can purchase unlimited number of GH/s for mining. The question is whether there is proof that BTC Sweet is mining Crypto currencies as claimed on their website. As far as we are concerned, there is no evidence of income being generated from mining activities. In fact, the website has not stated whether or not they have data centers. They have not even stated their location, and yet this information should have been provided upfront to boost their credibility.
Also, miners can chat with them directly on their site. However, they are providing a UK phone number but other digits are hidden for reasons best know to them. This looks like a shady investment scheme going by its awkward presentation which suggests that BTC Sweet is nothing more than a ponzi scheme. If you want to mine real Crypto currencies, you should make use of serious cloud mining operations which can be found in this list. As for BTC sweet, we believe that this is a ponzi scheme and here’s why:
If this website is authentic enough, their company ought to be found online. Specific details such as company directors and dates for paying taxes should be easy to retreat. Unfortunately, the company which is allegedly registered to its name is a non existent entity. Probably it was never registered or it got registered and then the owner dissolved it. It is hard to know the truth due to the shady nature of their operation.
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Also, when the site promises lifetime contracts and zero maintenance fees, one wonders how exactly the operator is able to make a profit from this business. In a real Crypto currency mining set up, these costs must be incurred. Costs involve maintenance of hardware and electricity costs as well. And there is also the rising difficulty of mining which means that with every day of mining Bitcoin, the potential income that we can generate reduces. Based on these factors, one cannot offer mining of Crypto currencies without maintenance fees. It is just too good to be true. Also, in the early days, some genuine sites could easily promise lifetime contracts because mining difficulty was low. These sites switched their lifetime contracts to time-bound contracts. Today most mining contracts run for 2 years at most. If someone claims that they are offering lifetime contracts, you need to avoid them as much as possible because they are possibly scammers.
Aside from the fact that BTC sweet decided to use cheap ponzi scheme template to do its business, they also ensured that there was no proof of mining activities on their website, which is evidence enough that the site operators are too lazy to convince even the newest person in Crypto currency mining. What they have listed as proof of payment is pathetic. It is not proof at all. Instead, the list contains random names of people who they claim to have issued payments to on various dates.
In short, there’s zero proof of mining on this site. The site does not talk about their data centers and yet they are selling data centers. How exactly is this possible? The fact of the matter is that this is a potential scam and a fraudulent site which is making use of the popular Bitcoin cloud mining theme to cheat users of their hard earned money.
BTC Sweet is definitely one hell of a scam because all evidence point so. The red flags are too obvious. You can’t miss the fact that this site cannot prove their mining activities. Their alleged income is clearly an empty promise and the hash rate which they are giving for free is practically non existent. In short, this is a ponzi scheme and a scam wanting to make the most from an ignorant person’s pockets.
We wouldn’t advice anyone to ”mine” with BTC Sweet because it is not worth it. Unless you plan joining a ponzi scheme, there is generally no reason why you should participate in cheap projects that will steal money from you. Mine with these platforms.
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