Cloud Mining Is A Scam. I'd bet a fair amount of these cloud mining scams are selling hash power that. I do not think cloud mining is a scam. Best Bitcoin Cloud Hashing Services. Being listed in this section is NOT an endorsement of these services and is to serve merely as a Bitcoin cloud mining comparison. There have been a tremendous amount of Bitcoin cloud mining scams. Hashflare.io: Hashflare offers SHA-256 mining contracts and more profitable. Top 6 Bitcoin Cloud Mining Scams. 2017 Featured. A lot of bitcoin users were quite surprised to find out a bitcoin cloud mining company registered in Belgium. Ponzi Schemes Virtually every platform offering bitcoin investment should be treated with a lot of scrutiny. While there is a way for people to make money with other’s money – trading altcoins, for example – no one has successfully done so on a large scale. Trading itself is a very risky business, yet it is also the most legitimate way to increase cryptocurrency holdings over time. Unfortunately, there are quite a few large-scale investment opportunities, all of which will eventually turn into a scam. In the bitcoin world will always attract desperate people and shills, and there is quite an abundance of these programs available right now. Never trust any online platform claiming to let you earn money without doing anything. Mining Hardware The Cryptocurrency world is home to some great innovation, especially where mining hardware is concerned. Gone are the days of FPGA mining, as it is all about ASICs right now. There are quite a few companies who claim to manufacture hardware, and most of them will offer pre-sale discounts to anyone investing in that company. It is not surprising a lot of these companies offering pre-sales are complete scams, as most of them do not even have any ASIC research and development lab whatsoever. One of the more recent scams revolving around bitcoin mining hardware goes by the name of. The company provides no evidence of their mining hardware or research. Companies like these often trick people into depositing funds in the hopes of getting a cheaper new bitcoin miner. However, they will continue to delay shipping and eventually run off with the money. Cloud Mining Perhaps the biggest industry of bitcoin scams comes in the form of companies claiming to run a cloud mining operation. One of the biggest cryptocurrency cloud mining scams to date goes by the name of, a company that successfully paid miners for over a year until they finally disappeared and could no longer maintain paying out users accordingly. Every cloud mining venture should be looked at very closely, as the number of legitimate companies can be counted on the fingers of one hand. Even then, ensuring a return on investment is virtually impossible due to volatile bitcoin prices and mining difficulty increases. Cloud mining can be somewhat lucrative if one is lucky, yet directly buying the cryptocurrency in question and holding onto it for the same duration as the mining contract will usually generate better returns. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news. Any new industry’s success rate is proportional to scam rate. Yeah, as soon the industry grows, scams and fraud in that sector also increase. If we talk in the context of cryptocurrencies, doesn’t matter how secured and unhackable they are, scams and fraud are happening. From scam coins to mining rigs and contracts there are a lot of methods to befool you and and steal your money. Identify a Bitcoin or Ethereum Cloud Mining Scam there exist many sites that are for comapring mining contracts for Bitcoin, Litecoin and Ethereum. These sites get reward by scam artists or fraudsters for sending potential traffic to their site. So these comparison site generally run fake adverts or campaigns to send traffic to scam masters because at the end they are gonna get share of whatever amount of money victim loses in scam. From 2014 and 2015 it has become quite expensive to use mining rigs for individuals and the shift from mining rig to cloud mining has increased tremendously. This shift and growth in cloud mining market has caught attention of scam masters as they have established a lot of fake cloud mining sites offering mining contracts for Bitcoin, Litecoin, Ethereum and other cryptocurrencies. Scammers always try to stand one step ahead of those policing it and it is quite difficult in Bitcoin to identify such scams but still some useful and catchy tricks used by scammers are. • They use hidden domain name which is never registered to a real user. • They run a registered company but the Directors are always residents of other country so that they can use faked documents. • They avoid showing any proof of their equipment. • Initially, they use funds collected from clients to give payout just to set their prestige. Also, they use a verified bitcoin address for transactions and then the day comes when the address stops paying. • They promotes videos of fake persons or representatives and their office is never seen equipped of eqiupments in the video. • They advertise with comparison sites which are later gonna get their part of money to present that this site is verified by showing payouts by verified bitcoin address. So, don’t just go for any company without inquiring all details about the company. There are many lists of fake mining companies are available on Internet, consider going through them first.
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March 2018
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