We happened to bump into another Bitcoin mining scam called Power Mining Pool. These guys don’t run on electricity. They just run on the victim who will end up being frustrated and disappointed.
There are a number of things we want to mention concerning Power Mining Pool website. So if you’ve been contemplating to invest with them, hold on because we have already established that this is a scam, and secondly, we want to prove our assertion by giving you opinions that are based on facts.
One thing you should know is that Power Mining Pool at Powerminingpool.com is a very seductive website. You might just fall for the trick when you land on the homepage since the owner of this site did a good job at convincing visitors to invest in his mining pool.
Therefore, in this review, we will be highlighting how it works and why you will most likely lose your Bitcoin in the hands of these internet gangsters.
Looks can be deceiving. But clever words can even be more dangerous than looks since sleazy marketers use convincing words to mislead and manipulate victims into investing in a fake bitcoin mining pool that doesn’t yield profits as proclaimed.
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For you to participate in the mining pool offered by this website, you have to purchase shares from them. The least amount of money you can use to purchase shares is 50 Euros.
The site claims that every share is worth €70, meaning that if you earn one share as a result of their mining activities, you shall have made €70.
Your profits are dependent on their mining activities as well as the rate of currency exchange.
According to Power Mining Pool, a part of your revenue will come from exchanging Bitcoin to fiat currency which will then be used to pay out profits.
There is also the possibility of compounding interest, meaning that if you make a profit from Power Mining Pool, you can choose to re-invest it into the market altogether to earn more.
Power Mining Pool claims that they are unique in the sense that they do not offer ”lifetime contracts”. Instead, their system is designed in such a way that when you reach 40% profitability, the system will automatically allocate more resources for you to make more money quickly.
According to then, spending 50 Euros on a lifetime contract that takes a lifetime to make you any profit is nonsensical.
While that is the absolute truth here, it doesn’t automatically make Power Mining Pool any legitimate. It is simply the kind of language that shroud internet business men use to attract investors. It makes them sound credible even when there is nothing to build our trust towards them.
Apparently, when you sign up on this website, you can choose to automatically re-purchase shares when there is need to. This feature is enabled by default on your profile. These can be changed to suit your preference.
Power Mining Pool has a very unique way of operation. They claim to mine cryptos on a daily basis, 24/7 per week. Once they have mined your coins, they claim that the value of those coins will be paid out in Euros.
Since they are dealing with 7 cryptos here, the site claims that they will trade your earned coins with Bitcoin and make a profit for you too.
Essentially, there are two steps to making money with this site (according to them). Apart from earning revenue through mining, they also make money through exchanging whatever coins they have mined to Bitcoin and back to Euros.
The second part does not make any sense since there is no guarantee that profits will be generated out of switching the value of the mined coins into Bitcoin and finally into Euros.
This is conventional trading, and it’s not any superior compared to the usual trading where software is involved to predict whether price will rise or fall.
Power Mining Pool makes claims that are impossible to believe. Regular Bitcoin mining takes time to make profits out of. But with this site, they are promising profits every 3 hours. All profits made will be paid out within 24 hours.
Generally, they are making it look like it’s guaranteed that people will make money when they purchase shares from their mining pool.
In the real economic sense, there isn’t any guarantee of profits here. If it was that easy (that people just purchase shares worth 50 euros and end up making profits after every 3 hours), life would have been a lot easier now, thanks to sites like Power Mining Pool which promise automatic and instant generation of wealth for a lifetime.
In reality, making Bitcoin profits isn’t the easiest thing you can do. Mining difficulty is ever increasing by the day. This is because more people are getting into Bitcoin. The more the demand, the more the difficulty in mining it. That also means more difficulty in making profits.
Therefore, this site is just selling elusive dreams which are impossible to fulfill. Profits are not made easily with Bitcoin mining. Unless you have enormous resources for doing so, chances are that a legitimate site will make you peanuts. But even in the event that a site truly has enormous mining capabilities, it wouldn’t take long before mining difficulty catches up with its resources, and that would cancel out the effect of those resources in the pool.
Power Mining Pool is a very new site. It is a little bit dangerous to trust new Bitcoin mining sites that keep popping up on the web each and every hour.
What makes this site so different from the ones we’ve reviewed here before? Absolutely nothing. They are all the same. In fact, 90% of these Bitcoin mining sites are scams. The other 10% are genuine. The problem lies in finding the legitimate ones to invest money in.
Generally, Power Mining Pool website and similar other websites are not safe to invest in. It doesn’t matter how much hash power they are promising for a particular amount of investment. If it sounds too good to be true, then chances are that it won’t go well.
It would be nice to believe that Power Mining Pool has facilities of its own and that they are mining cryptos as promised.
However, this is not the case as we have gathered enough evidence suggesting that the mining rigs being shown in this presentation video are fake.
And would you believe that the alleged 7 mining rigs in this video is just a lie? Yes, this is a fallacy. What they are showing us here is nothing more than generic internet images.
There is nothing legitimate about this site. There is no track record of ever mining Bitcoin successfully. When you look at the site (although the overall theme looks professional and convincing), you will never find anything that prompts you to invest your money in their so-called mining pools.
On the other hand, investors shouldn’t give up hope entirely as there are still a few legitimate Bitcoin mining sites around. In our quest to identify the genuine ones, we came up with a list of sites which we have tested and found to be reasonably profitable. At least your investments will be safe with these sites.
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