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Miner Bit Review: Scam or Just a Secret BTC Mining Haven?

Miner Bit Review: Scam or Just a Secret BTC Mining Haven?

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In this review, we have a supposed cloud mining platform known as minerbit.co. Miner Bit claims to be the world’s leading Bitcoin cloud mining platform on the internet. But we know that this is not really true. There are a few of those websites. Miner Bit is not one of them. We need to understand that these are self-imposed claims which have not been approved by other investors who mine Bitcoin.

When we look at Minerbit website, we feel that it is a shady domain because a lot of things are still unknown concerning this website. We do not want to invest in a site whose operations are not transparent. Even the owner of the site is anonymous. The company behind it is also anonymous as the site does not disclose whether or not they have a company behind their name.

Among the befits that Miner Bit is claiming to offer include top notch security, best mining packages, daily payouts with no hidden fees and many more. There are only 2 known investment packages which have been included on the homepage. It is not clear whether these are the only investment packages in this site.

In terms of pricing, Miner Bit sells 0.1 TH/s for $25. This is Bitcoin cash mining. The other investment package which focuses on Bitcoin mining alone is giving the same amount of hashing power for $30. The truth of the matter is that you can no longer mine Bitcoin profitably with such a small amount of money. It is not possible to gain anything with small hash power. You may need to invest heavily in order to see a profit here.

So, is Miner Bit a scam? Can we trust it that the site will yield returns in the long run? That’s the question we will be answering.

Miner Bit review

Miner Bit fails to secure our trust due to the shady presentation. First of all, their hashing power is not priced according to the reality on the ground. This means that the site is not aware of the fact that it is not possible to profitably mine BTC for $25. This could also suggest that the site is not mining BTC at all. To determine the truth, we have to dig deeper because most of the things can be learned by just carrying out simple investigations and analysis on the site.

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Contracts are to last for 1 year, which is the average length of time for most Bitcoin mining contracts today. However, when we use the profit calculator, we see that Miner Bit is claiming that investors will make at least 50% monthly returns from mining BTC with them. 50% is an unrealistic ROI in bitcoin mining since there is the cost of electricity and hardware maintenance which is proving to go higher by the day.

Perhaps you would have made a lot of money if you considered trading. Trading of altcoin makes returns regardless of whether price is rising or falling. That’s the good thing. But with mining, the amount of money you earn will reduce based on the price and other factors until it will reach a point when mining is impossible (if the platform does not upgrade their hardware to catch up with the increasing difficulty.

minerbit

Why we won’t trust MinerBit

Even if we wanted to trust the site, how would they answer the question of making 50% monthly returns from mining? We know that this is not possible. This is too good to be true.

Miner Bit website is not transparent with their operations. In their FAQ landing page, they claim that they cannot reveal the location of their data centers simply because they are fearing security reasons. This is almost like an excuse which all fake BTC mining sites will give you whenever faced with the question of where their data centers are located.

To believe that Miner Bit has data centers would be foolish of us. The site hasn’t gained enough recognition and so it makes it difficult for us to believe that they even have data centers. If they had erected one or two, user feedback would be pretty good instead of being controversial.

The site claims that they have 700 workers so far, and that they started their operations in 2016. There is no evidence that Miner Bit started its operation in 2016. However, they also admit that their website came online in 2018. This is a fact. However, there is no answer to the question of why they were underground all this time before the beginning of 2018. This is actually disturbing because we do not know what they were doing all that time.

The 700 workers are also anonymous. None of them were introduced on this website. As usual, this site thrives on keeping things secret, which is working against them. Before we can believe that Miner Bit mines Bitcoins as claimed on the sales pitch, we need answers to these concerns. A real BTC mining business will try to be as transparent as possible. This one is not transparent.

What is the bottom line?

The bottom line is that no one can assure you that Miner Bit has data centers in the alleged countries. This is something that we can’t prove either. We won’t be risking it.

We see that this site has a lot of traffic coming from countries such as Russia. This could mean that a lot of people are visiting it. The reason as to why we are not seeing their feedback is a mystery.

Why we’d love to learn more concerning the site, the anonymous owner is not letting us do so. Therefore, we have to conclude that this is yet another scam. Unless proven otherwise with concrete evidence of their mining hardware, we will maintain that Miner Bit is operating on a similar fashion to a ponzi scheme.

Our best advice for you

From what you have read here, you can figure out that there are lots of doubts concerning this site. We ask you to refrain from buying any hash power here until further notice.

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