Bit miner Review: Is Just Another Filthy Scam?

Bit miner Review: Is Just Another Filthy Scam?

Share This! claims to offer Bitcoin/altcoins cloud mining services to the general members of the public as long as they have a small amount of money to invest.

According to Bit Miner, there are over 37k registered investors on their site who have since purchased 1.3 mln GH/s of hashpower in the past 1 year. Bit Miner also claims that they’ve paid out over 240 Bitcoins to participating investors.

But looking at these statistics, one would want to verify them before investing their money here. After all, if these numbers can be verified, we can built a great deal of faith towards this cloud mining service, right?

Note: The best Bitcoin cloud mining sites can be found on this list.. Review

Bit Miner has been operating shop since 2015. They are a London-based cloud mining company with a UK Ltd registration status. This means that it’s very easy to search their background for any useful or suspicious information which would lead us to making an informed decision.

Also, when we look at their website, we don’t see an about us section where we can learn what the company is all about, including their offering.

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This is so unfortunate because we expected a company that purports to be so professional to have these pages intact, just in case a visitor lands on their homepage and is in need of more information.

According to our research, this website belongs to Bitminer Cloud EU Ltd. The address is stated as England and Wales Company Court.

Bit Miner is associated with another entity called 1 GBP share capital electronically. This company is owned by someone called Giacomo Bugini who is also listed as the sole owner of the website Bit Miner.

When we look at his professional profiles on the internet, we don’t find him mentioning anywhere that he is the owner of Bit miner.

The problem with this guy is that he’s previously been associated with many scams of this nature on the internet. These include, and many more which have since disappeared.

We scouted for his details on popular Bitcoin investment forums and realized that someone was implicating him for a mistake which he supposedly did with one of his many sites. This person was accusing this Italian gentleman for being a scammer.

This is definitely painting his name in a negative light. We are sure that he cannot be proud of this — if he ever comes across that thread.

When we checked them out on their Facebook page, we discovered that Bit Miner only had 600 followers on their Facebook page. This left us wondering whether the 37k users on their site was just an imaginary figure.

If these numbers cannot be reflected in their following, then it means that they don’t have actual numbers yet. We expected their social media profile to buzz with activities. But this was not the case.

They also claim that Bit Miner is situated at Wenlock Road, in London. This is a big shopping complex. We were not able to confirm if it was true that indeed they were based here. We did not want to get into details because the signs we were recognizing on their site were sufficient enough for us to figure out whether this website is scam or not.

Data centers

Bit Miner claims that they own data centers in China. Again, there is no evidence that Bit Miner actually has mining centers in China.

bitminer datacenters

You cannot just fall for someone who claims that they have data centers in China if you don’t have evidence yet. China is currently one of the best places to mine Bitcoin at because of the low cost of electricity. Apparently, this is the reason why scammers are also trying to associate themselves with China to create the impression that they are mining efficiently and affordably, which may not be the case at all.

There is also reference to green energy on this site. They claim that they use solar energy for their mining activities. Besides this, they claim that they’ll soon acquire a 16nm ASIC miner equipment to make their mining operations more efficient.

What are the services offered by Bit Miner?

Cloud mining contracts run for 1 year on this site. You can mine a variety of coins here as opposed to just Bitcoin. They also claim to offer X11 algorithm for mining Cryptos in the cloud.

bit miner contracts

Bit Miner also claims that payouts are processed on a daily basis at midnight EST time. According to this site, they use a special payment process called Pay Per Share. This means that each client is supposed to receive payouts based on their contribution in the mining pool.

How is the registration process at Bit Miner?

It’s quick and easy since individuals only need a working email address to sign up. Once the sign up process is complete, one can fund their account using Bitcoin or in any other digital coin through the various Cryptos exchanges on the internet.

In addition to this, the site lists other payment platforms such as  Skrill, OKPay, Perfect Money and Payeer as their alternative payment methods. However, MasterCard and wire transfer is not listed on the site.

Apparently, Bit Miner doesn’t just mine Bitcoin only. Instead, they’ve incorporated a trading ecosystem in the website where the mined coins can be traded for a small fee of 0.2% per transaction.

In addition to this, Bit Miner claims that they have a special feature called a Vault where their investors can earn up to 0.25% in weekly interest depending on the amount of Bitcoin that is in their account.

The promised interest in one month’s time is 1%, which is a very realistic value. Even though we don’t object to this, we still ask you to exercise caution when dealing with Bit Miner because you never know what might happen to your investments. Even if they are paying at the moment, there is no guarantee that this will be the case tomorrow or the day after tomorrow.

User experience

We find the website quite intuitive and simple to navigate. However, this website is very economical with information concerning their mining activities, equipment and farms.

On the same breathe, we checked out their FAQ section and realized that it was very shallow. It only had a few questions which they were skimming through rather than going into details.

However, we also noticed that Bit Miner was using a ticketing system for efficient communication between them and their clients.

Points to take note of

The site claims that they do offer daily payouts. We are not so sure of this. We are yet to meet people who actually mined and made profits with this company.

The vault promises reasonable interest too. That’s not a bad thing as small profits can add up in the long run. They also have a Google play app which helps when you want to access the site using your mobile device.

Our best advice for you

Bit Miner would have done a good job if they addressed the concerns raised above. We still feel that it’s highly risky to invest with them.

It could have been a good site, given that their pricing is fair, and their vault feature is paying interest as well. Please sign up with these companies instead.

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