The only fire that is going to burn you is the anger that comes with receiving nothing in return for the Bitcoin which you sent to BitFire Mining. There is no ”easiest” way to mine Bitcoin. That is just a cliche and a marketing gimmick meant to mislead you from the truth. If BifFire Mining offers the easiest way to mine Bitcoin, what do you think Hashflare or Genesis will do?
And why do you think someone should reward you with 100 GH/s of free hashing power? Even if it is possible, there is a catch. And that catch will see you losing all your deposit if you’re not very careful.
We’ve been suspecting BitFire Mining for some time now. So today we found an opportunity to review them and let you know whether this is a good or bad place to mine from.
BitFire Mining seems to be legitimate. But we still don’t have confidence that they will actually mine any altcoin for you.
That is something you shouldn’t take lightly because evidence suggests that BitFire Mining is actually not a trustworthy website.
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They tout some of the benefits of working with them on their site. These include instant setup, 100% uptime, and access to real time stats.
It’s expected. Even scammers mention these benefits in their sales pitch to fool you.
The issue is not with the alleged benefits that investors can get if they mine altcoins with the site.
The issue is mainly with the popularity of the site and lack of sufficient evidence to showing that these guys are actually paying their investors (if at all there are any).
The first thing you should notice is that unlike popular cloud mining websites on the internet, BitFire Mining does not have enough social recognition on the internet.
There is no talk about this website on Reddit or Bitcoin Talk forums either.
That means it hasn’t attracted the attention of the masses yet. It could also mean that the website is very new. The problem with trusting new sites in this space is that people tend to lose money in the end. New sites aren’t as reliable as those older sites that entered the playing field 3 years ago.
The prospects of getting scammed are really high. Although BitFire Mining seems to have been registered on February 2017, there is no sign that the site is popular or that it will ever be popular from this point onward.
The other problem that plagues this site is lack of transparency. Ownership details have not been disclosed. That makes it impossible to find out who the owner is.
The site does not disclose the name of the operator. They are mysterious and really secret about their identity and whereabouts.
The real motive is not clear. But we suspect that this is something which they are intentionally doing to avoid problems later on (if they’ll arise).
But most importantly, this pattern is usually followed by crooks and scammers who don’t want to find themselves in trouble.
BitFire Mining has just followed a common pattern which is a hallmark of crooks who run ponzi schemes and hide behind Cryptocurrencies.
We would never go an extra mile of making a deposit to a site whose domain is privately registered. Lack of transparency is the main issue here. No sane investor should trust a site whose owner prefers anonymity.
The plans are quite affordable as one can purchase hashing power worth $0.299. This contract is supposed to run for a year and issue daily payouts. No estimated return on investment was given. Likewise, there is no calculator to help us estimate what we could earn with the site in the next 12 months.
While BitFire Mining claims to mine Bitcoin, Ethereum and ZCash, they don’t mention anything to do with mining hardware.
As it currently stands, we don’t know whether this site owns its mining hardware or rents them for purposes of running their business.
We find ourselves in a constant state of doubt when it comes to this issue. Unless there is some clarity on whether they own or rent their mining rigs, we will always doubt them because the site has already given us enough reasons to doubt them. Red flags and mystery don’t end here though.
Most legitimate cloud mining sites have physical locations. You will find their physical addresses listed on the footer of the site.
But with BitFire Mining, no such information is availed. That makes us doubt their operations because the owner is anonymous, and they are also not showing any willingness to disclose their exact physical location. They couldn’t even afford to use a fake one just to add an extra mile of credibility to their site.
Generally, sites that don’t list the physical address of their businesses are less trusted than those which are open on this matter.
Again, this is a second instant where we are proving that BitFire Mining lacks transparency.
Before fire can burn the forest, there must be smoke first. The tale tell signs which we are seeing in this site are not to be taken lightly because they communicate a very important message.
If these red flags are ignored, it could result in massive losses where people send Cryptocurrencies and never get to withdraw any money afterwards.
The anonymous owner of BitFire Mining has an ill motive as we do not see why they should hide themselves from people who they allegedly serve.
Crooks follow this line because it is convenient for the nature of business which they do.
On the other hand, legitimate Cryptocurrency cloud mining sites don’t have anything to hide since their business is always transparent.
The other issue that this site is suffering from is that despite existing for close to a year now, it does not have any social recognition out there.
Feedback is very poor. Of course there are a few posts from blogs that recommend it. But you can’t make decisions based on those reviews because most of them are personal opinions that don’t come from experts or those who have truly done their research well.
The point is, there is no sense of security in this site. The owner stands to gain if you send them your coins. How about you?
How do you defend a site that fits some or all of the description of a ponzi scheme?
We are afraid that even if there is a reason to believe that BitFire Mining is genuine, the strong cons will quickly outweigh the positive points and even ward off those who intended to sign up.
With so many tell tale signs to be worried about, one cannot be fully confident that these guys truly mine altcoins.
Unless they tell us why they are anonymous and why not so many people are endorsing them, there is no reason we will go ahead and include them in our list of recommended altcoins mining websites.
The best thing you can do for yourself at this point in time is to avoid BitFire Mining website at all cost.
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