Sierrahash is a scam website claiming that Bitcoin mining has been made simple, and that now you can make money completely on auto-pilot. If you’re going to visit North Pole, where one of their datacenters are apparently situated, make sure visit their mining farm too. But if you don’t have time, you can as well familiarize yourself with what Sierrahash is intending to do with your money in this review.
UPDATE: We noticed that Sierra Hash servers are already down. No one knows what their intentions are but this is usually the way scam high yield investment programs behave. Once they can no longer afford to pay new members with money from old members, they shut down the site. If you’re serious about the safety of your funds and willing to try legit cloud mining services, then click here.
The main selling point for these guys is that they are keeping the cost of mining Bitcoin low through their cutting-edge mining technology. Because of the alleged low overhead, they are able to invest more heavily on hardware which translates into more user hashpower.
Ultimately, you’re supposed to have more mining power while the company keeps costs low. These data centers are allegedly boasting of 99.9% up time, meaning that depositors can and will always make money through Sierrahash.
Do we choose to believe this nonsense or ignore it altogether?
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Well, first we need to present and analyze facts, then we can conclude that this is a bogus BTC mining opportunity. But if you’re looking to mine Bitcoin immediately, then this post will serve your needs very well.
Unlike many scams in this niche, Sierrahash does not need to seek any licensing or registration numbers. There is no need to keep things professional because the process is as straight-forward is depositing in Bitcoin and making profits in 24 hours.
This data center which is apparently located in Iceland does not exist. The so-called lead engineer who manages this data center in Iceland is fiction. Just when we thought that fairy tales were about to come to an end, a brand new one resurfaced on the internet, claiming that their data centers were untouchable, thus offering cutting-edge mining advantages and bank-grade security to depositor money.
Sierrahash is providing financial service to members of the public. Essentially, anyone who has attained the age of 18 is qualified to start making money with them.
The owner of this website is anonymous. It is not clear whether they have employees or not. Any attempt to find out has always been thwarted by the fact that there is literally no information describing the owner of people who work for Sierrahash.
The idea is that the more hashpower you have, the more money you will make. But as an introductory bonus, this website is allegedly offering a whooping 150GH/s of mining hashpower.
On top of that, they are offering 10% referral commission with various levels of earnings. But the scam isn’t done with this hullabaloo yet. They are promising up to 16% daily returns for the hashpower invested.
But first of all, who in their right mind is offering 150GH/s of hashpower for free? And even if they credited this amount into your account, do you think you’d withdraw it?
Secondly, you can see that this website has affiliate referral properties or at least they are hinting that they do run this business model.
Where is all this money coming from to start with? If Sierrahash has to pay you 10% for referrals and another 16% daily return on investment, do you think this will be sustainable in the long run? Logically, this is not possible.
You see, a daily interest rate of 16% would translate into enormous profits at the end of the day. It would results in profits that cannot be achieved or sustained on a daily basis. But Sierrahash is guaranteeing this return on investment anyway.
The best you can hope for when you send your money to them is that it will be deposited into a pool of funds which will then be used by the owner to setup other scams on the internet. There is no money to be made here.
Sierrahash is a very new website. It came online sometime in October this year. With less than a month of existence, this website is already boasting of false numbers which represent member deposits and withdrawals.
Yes, crypto investment is hot at the moment. Everyone wants to have a piece of the pie. But it does not make sense when a website that is less than a month old is portraying a false sense of demand.
Is there a way we can verify these numbers to determine whether or not people have signed up to start mining BTC with Sierrahash? No is the answer.
Now, how are we supposed to assume that this website is paying out for real? The answer is very simple: use your faith!
And that’s where the danger is. You are literally putting your faith to task when you send this false project some Bitcoin. You are essentially trusting a website with no reputation that they will handle your investments and make profits for you when the reality is that they will steal your Bitcoin and leave you with nothing.
If you want to mine some Bitcoin, it should be as easy as funding your through whichever means and getting started. But when you come across a website insisting that you can only make a deposit in Bitcoin, you should think twice.
You see, your funds are at great risk when transactions are made in cryptos. There is no recovering your money when transaction is complete. Moreover, the company confesses that any lost Bitcoin is not their liability. Well, then who is supposed to receive the Bitcoin you’re sending to their address?
At some point, we all have to come to the reality. And the reality is that Sierrahash is a ponzi scheme like BitWaves and many more.
In this setup, new members are welcomed and encouraged to deposit more money so that they can fund the founder of the site. We are so sure that this website is following a bottom-to-top revenue approach where funds earned by the top dogs are coming from new members. This is not a valid business model because it is designed to collapse at some point.
You may end up with a few Bitcoin for profit if you’re lucky. But there is no guarantee because the owner of this site is not foolish enough to return your Bitcoin plus profit. He may do so to a few members when they feel that they have collected enough for the day. This is purely to build their trust so that those members can keep depositing and trusting them with more Bitcoin in the process. We all know how this will end. Any victim who gets tricked into this financial game will ultimately lose a huge sum of money.
Our best advice for you is that you should never join Sierrahash. It is worse than gambling because with a casino, you stand a small chance of beating the house even if you’re new. You can check our recommended mining services here that are legit.
But with Sierrahash, you stand 100% chance of losing your Bitcoin entirely. There is no reversing transactions once they happen. You cannot identify the criminals either. So to build your trust, they must sweet-talk you and when you agree, they can compel you (through their actions) to deposit a larger sum. That will put a dent in your wallet.
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