Btcmine.biz Review Why Waste Your Money on This Mining HYIP

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Trusted Free Cloud Mining Sites to Mine BTC, ETC, Altcoins

Cloud mining Sites has become a trend in the Bitcoin and cryptocurrencies mining world. It’s a known fact that mining is the simplest way to accumulate Bitcoin and Altcoins. Since a lot of miners started to mine the cryptocurrencies using their PC and other mining hardware, the block difficulty has increased a lot which made it impossible to mine Bitcoin and established cryptocurrencies like Litecoin, Ethereum using regular devices. So, the miners had to move to advanced hardware which is very costly and consumes high electricity.

Bitcoin cloud mining has become the best alternative to adapt to the changes in mining. The cloud mining companies help the miners to buy hashing power instead of buying their hardware for mining cryptocurrencies. This article explains what is cloud mining, how to earn Bitcoin on cloud mining sites and lists some of the legitimate bitcoin cloud mining sites in the world.

What is Cloud Mining?

The cloud mining is the process of mining Bitcoin or other cryptocurrencies by using the hashing power of the direct/third-party data centers(cloud mining companies) which is specially designed for mining cryptocurrencies.

The cloud mining data centers will be fully managed by the companies, where a user can buy/rent or purchase the mining contract from those companies for mining cryptocurrencies.

How does Bitcoin Cloud Mining work:

  • The cloud mining companies will manage data centers which are specially organized for cryptocurrency mining purpose.
  • Those mining companies sell mining power for a certain cost to the miners. Most of the Bitcoin mining sites allow contract, based on the hashing power the miner chooses.
  • The cryptocurrency mining site will have a set of plans where the miner can choose a plan based on his budget and requirement.
  • Once the miner purchases the contract, the mining process will be started and will be stopped when the mining contract ends. The mining contract period starts from six months and lasts up to a few years.
  • During the contract period, the miner doesn’t have to worry about hardware maintenance and other failures. The mining company will take care of the entire maintenance until the contract ends.

Types of Cloud Mining Apps:

There are two types of cloud mining. Based on the technical knowledge, the miners choose the best one that fits their requirements.

Cloud Mining based on Hashing Power Contract(for beginners):

The hashing power based cloud mining contract is the most common and preferred by miners. In this type, the cloud mining site will sell the hashing power to the miners with zero maintenance contracts.

The miner can make a contract to use certain hashing power for a certain period.

The miner will receive the payout till the contract ends while the amount of the Bitcoins/Altcoins mined using the hashing power will vary each day based on the difficulty of the block which is not controlled by the miner or the cloud mining companies.

You might like this – Bitcoin faucet sites.

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Hosted Mining(for advanced):

The hosted mining is similar to the hashing power contract, but here the miner will lease the hardware instead of hashing power.

The miner will have to install the miner software himself to mine Bitcoin or Altcoins.

The hosted mining is operations will be apparent because the miner will know that the entire leased hardware is used for mining. To lease mining hardware to mine, the miner should know how mining works and how to use the mining hardware to mine different cryptocurrencies.

You might like this – Bitcoin Cash faucets.

The Reason why Hosted Mining is Better than Hashing Power Contract:

  • In the case of the hashing power contract, the miner can make a contract to purchase hashing power for a certain period only for a specific cryptocurrency.
  • But in the case of hosted mining, the miner will get full control over the leased hardware. The miner can mine whatever cryptocurrency he wants by analyzing the profitability of the cryptocurrencies at that time.
  • The functions of hashing power contracts are not apparent which leads to many new scam companies target inexperienced miners.
  • Though hosted mining has better points to prove it is worth, there are best hashing power contract selling companies that reduce all the hardships that a miner will have to face running miner software using its hardware or third-party hardware.
  • Few hashing power selling companies also protect the miners during the transition of a cryptocurrency to proof of stake.

Should you go for Bitcoin Cloud Mining:

  • Cloud mining is a legitimate way to mine Bitcoin and other cryptocurrencies. It’s like hiring a taxi when we don’t have a car or if we don’t know to drive a car.
  • It’s about choosing the best company to invest your money to get profitable returns.
  • I 100% recommend you to go for cloud mining if you have no idea how to mine using own hardware or if you don’t have time to manage the mining process.

Drawbacks of Cloud Mining explained:

  • It’s a known fact that the value of cryptocurrencies will change each second based on trading, proof of work, etc. It is almost impossible to predict the value of the Bitcoin and Altcoins.
  • So, when the miner buys a mining contract for a certain period, there are chances for the value of Bitcoin* against USD might decline. In such cases, the miner will have to face a huge loss. So, it is recommended for the miners to invest in contracts with the minimum period.
  • Similarly, the difficulty to solve a block will keep on varying as the miners solve the block easily. The Blockchain will increase the difficulty of the block to find the right one. In this case, the hashing power required to solve a block will increase.
  • So, the older hardware with less hashing power and the mining contract for fixed hashing power will struggle to maintain its speed.

Pros and Cons of Bitcoin Cloud Mining Sites:

Advantages of Cloud Mining:
  • Cloud mining is the best way to mine cryptocurrencies without mining device(s) and technical knowledge.
  • Cloud mining requires zero maintenance from the miner part.
  • The cost of a cloud mining contract is low when compared to the profit until there is a huge decline in the value of the cryptocurrency.
  • The cloud mining sites offer various plans to the individual miners to big companies.
  • We don’t have to worry about the heat, noise generated by the mining hardware.
  • No worries about electricity costs.
  • The miner will not face a loss in situations like the mining hardware becomes outdated and fails to make the profit.
  • The cloud mining contract can generate a huge profit just for investing a little money when the market price of the cryptocurrency increases.
Disadvantages of Cloud Mining:
  • There is a risk of miners losing their money to fraud cloud mining companies.
  • The miner will have zero control and the mining operations are opaque. The miners must buy hash power based on their promise.
  • The miner cannot learn anything about mining. The best way to mine Bitcoins/Altcoins is by building own rig.
  • The miners will face a huge loss if the difficulty of block increases and if the value of the cryptocurrencies declines.
  • If the cryptocurrency switch to proof of stake, the entire contract is a waste unless the cloud mining company promises to arrange an alternative solution.
  • Beware of cloud mining Ponzi and HYIP schemes.

List of Best Cloud Mining Sites to Mine Bitcoin, Ethereum, and Altcoins:

1. Genesis Mining:
  • Genesis mining is one of the oldest and established cloud mining sites in the world started in 2020.
  • Genesis mining has become the leading hash power provider with over 1M people customers throughout the world.
  • They have located their data centers all around the world to provide the best services to their customers.
  • Genesis uses green energy to run most of the data centers and they are located in the coldest places in the world to reduce the heat effect and to exempt environmental issues.
  • The Genesis mining contracts are mostly sold out within days due to increased popularity. So, new users should pre-order the hashing power.

Supported Cryptocurrencies – Bitcoin, Ethereum, Litecoin, Monero, Dashcoin, Zcash, Dogecoin, Peercoin.

Accepted Payments – Credit Card, Wire Transfer, BTC, BCC, LTC, Dash.

Sign up – Genesis Mining (Use code “U10Fcg for 3% discount”).

2. Hashflare:
  • The Hashflare is the most transparent cloud mining company located in Estonia and deserves the first spot for their instant services.
  • Hashflare promises its customers to provide the best service throughout the world with low cost, maintenance-free plans.
  • They are already connected with the best mining pools and once the miner buys the hashing power, the mining process will start.
  • The payouts start to flow just after 24 hours from the time of the initializing mining process.
  • If you’re planning to start with minimum custom investment, I recommend you to go for Hashflare.

Supported Cryptocurrencies – Bitcoin, Litecoin, Ethereum, Dash, Zcash.

Accepted Payments – Bitcoin, Litecoin, Ethereum, Dash, Zcash.

Sign up – Hashflare.

3. MinerGate:
  • The Minergate is the mining pool created by the cryptocurrency mining enthusiasts and it is the first pool to provide services for merged mining.
  • Minergate provides two types of services where the miner can buy hashing power to join their cloud mining services or join their mining pool use rented hardware or own hardware to mine cryptocurrencies.
  • Minergate supports most of the cryptocurrencies. The Minergate is recommended for both beginners and advanced users.
  • The Minergate will schedules daily payout and you can expect your first payout within 2 to 3 days from the day of commencement.

Supported Cryptocurrencies – Bitcoin, Litecoin, Bitcoin Cash, Zcash, Dogecoin, Monero, Bitcoin Gold, Digital note, Dash, etc.

Ponzi Alert: BTC-Mining Wants to Steal Your Investment

In This Article

In what appears to be an obvious Ponzi scheme, BTC-mining is offering investors as much as 200 percent interest on their investment in just five days — while providing absolutely no evidence to back up its claims.

The project joins the growing number of scam projects looking to capitalize on the recent growth of the cryptocurrency industry.

When it comes to Ponzi schemes, there are two major types:

  1. The kind that does everything in its power to appear legitimate — including paid testimonials, falsified statistics, and a somewhat-feasible business plan.
  2. The less-successful type that often does the absolute minimum to appear passable — typically providing very little or no information about exactly how they provide a return on investments.

BTC-mining appears to fall into the latter category, opting to go the lazy route in the hopes of snagging a few investments before inevitably disappearing with any funds it manages to raise.

Suspicious, Very Suspicious

When attempting to identify the exact strategy the project uses to offer such ludicrous returns, we discovered that the information was nowhere to be seen.

Despite this complete lack of information, the website still claims to have sold out approximately 90 percent of its undefined sales cap — though, apparently, has more than 150 days left for its token sale.

According to the project’s website, BTC-mining is a legally registered business in the UK, incorporated with company registration number 10980949 under the trading name Vericom Bitcoin BUY NOW Mining LTD.

Looking at the company registration details, Vericom Bitcoin Mining LTD was incorporated in Sep 2020 — operating as a business and domestic software development company. Interestingly, the company was taken over by one Omar Yaulema in Sep 2020, just weeks before the web domain for BTC-mining was registered.

However, it may very well be that this is simply a legitimate business that has been co-opted without its consent. Whether or not the Vericom Bitcoin Mining LTD is truly associated with this shady operation remains to be seen. If it is, however, it will be legally liable for any claims it makes.

Elements of a Ponzi

As blockchain and cryptocurrencies have exploded in popularity as of late, an increasing number of fraudulent projects are cropping up — each looking to cash in on the hype and cash flow moving into the initial coin offering (ICO) space.

Many of these projects are Ponzi schemes, which all have one thing in common —they offer of an unrealistic or unsustainable return on investment.

In keeping with this unfortunate trend, BTC-mining offers as much as 200 percent interest within 120 hours for investments exceeding $1,000 or offers just 20 percent interest in 24 hours for investments up to $100.

According to our calculations, investing $1,000 repeatedly in the $1,000+ plan would yield a staggering $728,000 within a month. Based on that ROI, it would take just under three months to earn $129 billion — currently more than the combined market capitalization of all cryptocurrencies.

Of course, you wouldn’t want to be the very first person to invest in such a shady looking website, would you?

Absolutely not! I need to see at least four testimonials first! – Nobody Ever

In what appears to be a tradition with scam projects, BTC-mining has also decided to add several obviously-fake testimonials to the front page — featuring not-so-convincing reviews from the likes of ‘Henry Maddie’ and ‘Helen Jay.’

In our humble opinion, these images look strikingly similar to the stock photos available on a variety of websites such as Shutterstock and iStockPhotos — the resemblance really is uncanny!

Rather than linking to a video description of the website, the play button next to the company registration details actually links to “Throwing Fire” by Ronald Jenkees. While we can’t fault the designer’s musical taste, we wonder what the throwing fire has to do with a Ponzi operation — unless it’s a clever reference to both throwing your money away and watching your finances go up in flames.

Oh, and want to read the whitepaper? Well, there isn’t one! You’ll just have to trust the website’s ambiguous and far-fetched claims — as the whitepaper link is broken! If there was a whitepaper, however, we can bet that it would include a flurry of hyperbole and fictitious claims to appeal to our inherent greed.

Appeal to Greed

Unfortunately, one of the major factors behind a successful scam project is whether or not the crooks behind it can convince the reader that they will actually make money from the project.

Among the most common strategies used by scammers is known as a high ú-yield investment program or HYIP. For the vast majority of cases, any project offering extremely high returns over a short period of time is what is known as a Ponzi scheme — a type of fraudulent business that uses money earned from later investors to pay the interest of early investments.

One of the simplest signs of a Ponzi scheme or HYIP is a ridiculous interest rate. If a project is offering more than five percent per month in interest without an extremely strong business model to account for this, it’s probably too good to be true. For the vast majority of cases, any business guaranteeing more than

5 percent per month ROI is likely to be some sort of Ponzi.

Typically, projects look to justify the outrageous ROI they offer by using exaggerated claims and explanations of projected growth. Whenever a project uses extremely optimistic projections to validate its offer of high interest, you can be almost certain it’s a scam.

In some cases, however, it is not immediately obvious whether a project is a scam or not — while others can have all the traits of a Ponzi scheme but seemingly remain active for several years before finally collapsing. An excellent example of this is Bitconnect, a high-yield investment program that managed to survive for almost two years before closing down. Bitconnect offered its users up to 40 percent interest per month, plus an additional rate depending on the size of the investment — with this rate increasing with higher investments.

One of the most common strategies these scam attempts will use is incentivizing high investments with tiered rewards. This is done in an attempt to gain several large-scale investors, allowing those behind the scam to exit with a potentially hefty sum.

What do you think about BTC-mining? Is there any chance it is a legitimate enterprise? Have you ever lost money from a Ponzi scam? Let us know in the comments below!

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