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bitminer.io – Cloud Mining Ponzi Scheme(updated on 15 Jan)

bitminer.io – Cloud Mining Ponzi Scheme(updated on 15 Jan)

This article is written about bitminer.io. This site proposes itself as a Bitcoin cloud mining website. It allows you to ‘earn’ free BTC (up to 0.0006 per day) and invites you to pay a ‘fee’ to upgrade. Now coming from someone who owns a small mining farm, based on Bitcoin’s current price of $1000, $100 of BTC mining hardware WOULD NOT be able to make you 0.015 BTC a day as the site states. Instead, you will be paid by previous investors.

To be able to make that much BTC a day you would need at least an Antminer S9 or some other Scrypt Miner, which would bring in about that much on it’s own and of course has its own power costs etc. The cost of these rigs is over $1500. Hashnest via Bitmain is one of the few legitimate cloud mining sites, unless you can verify that the site owns hardware, you can be assured it is a ponzi scheme, like Bitcoin doubler sites, etc.

They are also using logos of legitimate Bitcoin companies such as Blockchain.info and Coinbase to further support their credentials. With no mention of mining hashrate, variance etc further seals that this is a scam. Avoid!

Here is Scan Proof

 

In one free account when i try to withdrawal the minimum amount .005 here is message i got

Withdraw taking more than 24 hours? Upgrade BitMiner to V1.1 or wait ~30 days until your withdrawals are processed.

 

In another account  where there is upgraded package to V1.1 it get this message when i try to withdraw

Withdraw taking more than 24 hours? Upgrade BitMiner to V1.2 or wait ~20 days until your withdrawals are processed.

so you can see using this message how they cheat people and this site run on ponzy scheme ..

 

Whatever you do, do not pay them any money as if they run out of new ‘investors’ you will not get your payouts! You have been warned, bitcoins cannot just be created out of thin air!

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