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Coin Mining Review: Hopeless Bitcoin Scam

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Coin Mining Review: Hopeless Bitcoin Scam

Coinmining.me is a Bitcoin harvesting scam that has got nothing to do with mining of BTC. Therefore, in this analysis, you will learn why you should never give this site a chance. Coin Mining is definitely deceptive and canning because the promises which they are making are misleading. They are even not telling us facts. For example, Coin Mining is still telling its audience that the price of BTC is USD8,000 when we know that there has been a shard decline. Currently, the price is at 6K and not 8k.

This clearly shows that Coin Mining is not updating their site regularly. This is a good sign that we are dealing with a lazy scam that set up a website and forgot about it. It is meant to milk Bitcoins from your pockets while the owner is not even monitoring what is going on. Before, you make a deposit, just think long and hard. Things are not the way you see them. We have discovered a number of red flags which we are not about to ignore at the expense of you losing money to this BTC Mining scam.

Coin Mining Review

This site looks very persuasive on the surface. However, nothing is happening on the inside. They claim to have the most advanced Bitcoin miners that increase efficiency in order to low the cost of power and maintenance. This is supposed to give you faster and higher returns because costs have been slashed down. In fact, the site is claiming that they are selling the cheapest hashing power around. Unfortunately, the cost of purchasing hashing power from Coin Mining is not revealed upfront, and one has to actually sign up in order to gain access to the price. They are actually not transparent on these matters.

coinmining

Therefore, as it currently stands, we can’t prove whether Coin Mining has powerful ASIC miners as claimed on the landing page. This is something that the website has not been able to prove to its audience. So we might assume that these miners don’t exist at all. However, what surprises us most is the claim that you will get 2500 GH/s of free hashing power if you sign up. There is something wrong with this offer because even the most genuine hashing power providers are not giving such kind of offers. They are not realistic.

The cost of mining Bitcoins will always go higher. Hardware manufacturers will always work day and night to create hardware that matches the challenge at hand. This is because many people have got into mining of Bitcoins. Those who are selling hashing power can no longer give out any free hashing power unless they want to run out of business.

If Coin Mining was to give out free 2500 Gh/s of hashing power to 100 or more people, this would turn into a big loss for them. No legit cloud mining platform would ever want to lose money in this manner. So definitely Coin Mining is a too good to be true website. It is a scam that wants to lure investors using unreasonable offers because they know that they are only collecting Bitcoins and not issuing any payouts. It costs them nothing to make these promises. It’s not like they are giving any hashing power.

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Data centers remain a secret

Coin Mining claims that they have data centers all over the world. However, if you look around, you will never find any hint of these data centers ever existing anywhere. It is just a claim that the site is making and not giving any proof in form of pictures or maps. This is actually a bad thing because no serious investor will be trusting a site that cannot prove the existence of their data centers, which is a critical thing in the mining process. Only ponzi scams operate in this manner.

Why CoinMining is a ponzi scam

After careful observation of the happening around this website, we have come to the realization that this site isn’t mining any Bitcoins. The first thing you need to know is that the owner of Coin Mining is anonymous. They are anonymous because they do not want to ruin their reputation by being labeled a scammer. They want to protect their identity so they can continue in their evil ways.

Generally, if a website is claiming to mine BTC and yet its owner is anonymous, you should think twice and ask yourself why the owner or the entity behind it decided to register the domain privately. There is always a good reason as to why domains are privately registered by scammers.

In addition to the free 2500 Gh/s of free hashing power, the site is also giving 10% in referral commission. One thing you have to remember is that this site has not proved that it is generating ROIs through mining of BTC. But it has unknowingly proved that revenue is being generated through member deposits. This is enhanced by putting a referral program in place to help them generate a big revenue.

The statistics which they are showing us is categorized as unverified information. The price of Bitcoin is also very false, which suggest that these scammers are not even keeping track of the happenings in the Bitcoin market. From what we are seeing, Coin Mining is just a scam that wants to rob you and for them to do so, they have to make promises that lure. As you know, these promises are not supported by any evidence. So this makes Coin Mining a clever ponzi scam, which is the reason why you will be losing money in their hands.

Our best advice for you

To be sure that you will make money with Bitcoins, we encourage trading it because this is the only way to make money when price rises or falls. We are not very big on mining of BTC right now. But we are definitely keen on trading it because trading of Cryptocurrencies is not tied to seasons unlike when you invest in its price

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