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Hashgains.com is an all-good fun game where you lose Bitcoin or money while they gain from your loss. If you end up sending some Bitcoin in the name of buying hashing power from Hash Gains, you have yourself to blame.
As you can see, Hash Gains looks like a pretty decent website. The design is quite professional. They even have a contact phone number for those who would like to call them from the US.
To be honest, we love the theme and overall design. Hash Gains is quite appealing to the eye. But the idea of mining Cryptocurrencies to make overnight millions is what does not appeal to us.
So in this review, we will go ahead and analyze the site. The danger of losing your Bitcoins to unfulfilled promises are real.
We have even tried their calculator to see just how much we would earn if we invested real money with this site.
Naturally, the higher the amount invested, the higher the potential returns, right?
When we try our calculation with the minimum deposit of $350, we get 1 TH/s of hashing power. The site is quite upfront with their daily fees as they state it clearly that one will incur $ 0.0004990 per day if they choose this plan.
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We also notice that all contracts are supposed to last in 24 months as opposed to a lifetime. There is nothing wrong with this expiry time frame.
So back to our calculations. If we take $350 as the minimum invested amount, we make $2 every day. That would be $14 per week and $60 per month.
In other words, if we increase the seed capital to $3500, profits should automatically rise. That would mean $20 per day and $140 per week.
Return on investment would be 208.65% (we don’t know after how long). But that is also where things start to get suspicious.
You see, these returns are guaranteed as stated by Hash Gains. In fact, they are claiming that if you’re dreaming big and would like to hit the Jackpot, come and mine with HashGains.
These statements are clearly too misleading for any new investor who will make a deposit and soon realize that all that glitters isn’t necessarily gold.
The site doesn’t give any information about ownership. In fact, this is something that they’ve managed to distance themselves from.
However, when we investigated elsewhere, we discovered that the site was registered by FUTURISTIC INTERNET SERVICES LLC.
The physical address is listed as 10685-B HAZELHURST DR. # 15644, Houston. However, FUTURISTIC INTERNET SERVICES LLC is a web design company. We do not see any correlation between this company and Hash Gains website.
We’ve check the profile of Futuristic Internet Services on BBB. In their profile, they’ve listed Computehost.com as their website. But there is no mention of Hash Gains anywhere in that profile.
Without any reference to Hash Gains in the company profile of this corporation, we cannot be so sure whether or not Hash Gains is related to Futurustic Internet Services.
That’s a problem because if this website is not backed by any reputable corporation, yet they are using their name to claim affiliation with this company, it could result in a criminal act.
We managed to check out if there were any customer feedback for this site.
It’s very interesting to see that even though this site’s popularity is growing, there is no customer feedback at all.
What exactly is happening?
Well, if the above things are to be taken into consideration, we could say that Hash Gains does not have any background. Ownership cannot be verified, which is a very serious problem since this website involves users sending money with the promise that the website will mine Bitcoin on their behalf.
This reminds us of their disclaimer statement at the bottom of the site. What exactly does it say?
It says that Hash Gains is not providing investment advice. This is because for a website to legally provide investment advice, it should first acquire the relevant license to deliver this service.
But since Hash gains isn’t licensed to do what it’s doing, the safest way to escape the requirements of the law is to warn that they are not providing any investment advice when in fact they are providing investment advice.
As a matter of fact, the services of this company involve providing investment advice. There is a calculator on this site which helps investors to project their potential earnings if they invest a certain amount of money into the project. That’s something that is akin to providing investment advice.
The plans which Hash Gains have listed on their homepage, and the promises which they are making are all akin to providing investment advice.
The bottom line is that this site is providing investment advice, even though they are not admitting it.
The danger of making use of their so-called cloud mining service is that you will end up losing your deposit. There is no hashing power to purchase here.
Hash gains claims that they have data centers in the US and China and that they’ve been able to bring mining costs down.
Usually, when a platform has invested in data centers, they will show pictures of their mining farms. And to verify those locations, these businesses will use Google maps to pinpoint the exact location of each farm. There is no saying that they cannot prove the location of their mining farms due to security reasons. Security can always be maintained even if people know the exact mining location of their farms.
The point is, if a cloud mining website has hardware and mining farms as claimed on their site, they will always show pictures.
So far, this site has just made claims. These claims have never been verified.
The bigger the claims, the more feedback you should expect, right?
Well, there are so many reviews about this site on the internet. In fact, when you want to read those user testimonials, you can simply go to forums like Trust Pilot.
Most reviews are 2 and 1 star respectively. Of course those who are rating it with a 5 star cannot be trusted as there is no guarantee as to whether or not they are affiliated with this site.
On the other hand, the 1 and 2 stars are from people who feel that this site is a fraud. These users made deposits and got disappointed when they never realized the profits which they were promised.
We are in doubt of the 5 star reviews, and nothing can change our mind on this.
You see, those who are agitated and mad at Hash Gains claim that they are shady. On the other hand, those who rate them with a 5 star claim that they are really profitable and helpful. Who’s speaking the truth in this case?
Don’t be too gullible so as to send your Bitcoins anyhow. If you want to invest, sign up with these companies which we have personally vetted. On the other hand, we are maintaining an open mind, and if Hash gains will convince us otherwise, we will make changes to this review accordingly. But as it currently stands, we don’t advice people to invest here.
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2 Replies to “Hash Gains Review: Is It Scam? Tricky Situation”
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You failed to realize that those maintenance fees are listed as per gh/s/day and its a 1Th/s contract so $0.0004990 per gh/s so * 1000 = $0.50 / day. The withdrawl fee is 0.05btc = ~$550.00 they are not affiliated with cyfuture at all. And if you look at the names and pictures of the people that supposibly are part of hashgains on their ico white paper and then look up the people that run cyfuture in India you will see it’s the same names and pictures and different titles.
This place is a total scam! I recently purchased into their ICO to see what the whole fuss was about the free mining GH/s. I purchased over 2200 Tokens and received 220GH/s in mining power. I was mining for 7 days so far and on my contract it showed that I had mined over $400 in 7 days. I was amazed and decided to try to buy a 1TH mining contract and when I did I noticed I was only generating $0.45 a day! Puzzled by how there could be such a huge difference in mining profits, and my larger profiting contract was lower. I was very confused. Upon contacting staff to ask what the issue was, my 220 GH/s account suddenly lost over 95% of it’s profits and now is down to 5$ in earnings over 7 days!
HASHGAINS IS HIDING ACTUAL PROFITS AND IS MAINTAINING MAJORITY TO THEMSELVES WHY THEY LIE ABOUT WHAT IS ACTUALLY MINED! THEY ARE ONLY DISPLAYING 10% OF THE ACTUAL MINED PROFITS. (I.E., Mines $50 in one day, displays $5, and cuts you off $2.40 and they take $2.60) They are keeping over 95% of the profits and sending us PENNIES!
This has to stop! I say we open a class action lawsuit and audit EACH AND EVERY BITCOIN MINED!