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As we briefly touched upon above, BitMiner is essentially a clone of StartMiner which we concluded, with evidence, to be a Ponzi scheme.
So how has BitMiner managed to survive as long as it has? Perhaps that can be contributed to the affiliate program that the creator behind this scam emphasizes throughout the webpage.
Just like with StartMiner, more emphasis on drawing traffic and deposits are conducted than actual Bitcoin mining itself.
Bugini has been unable to pay his company dues which greatly diminishes the likelihood of receiving payment from this company. So in a nutshell, if you have deposited any bitcoins with BitMiner just understand that the likelihood of you receiving your funds back are just about as likely as you winning the Powerball.
Community feedback, mostly in the form of forum posts, will indirectly confirm this truth for us as many investors who have put their faith with this service have reported being unable to receive any withdrawals from the site.
Refusing to execute withdrawal requests while the company behind this site is in financial trouble is a serious red flag in our books. Not to mention that this site bears remarkable similarities with startminer.
In addition, we cannot overlook the fact that this site fits the ideal model seen with most Ponzi schemes. Research shows that early on when bitminer.
As many of you have learned throughout our recent scam reviews, this tactless business model reinforces the ideal that the site under investigation is, in fact, a Ponzi scheme.
Withdrawal requests were initially dispersed when the site was first created due to copious amounts of new depositors but after the steady stream of new depositors slowed down so did the acceptance of withdrawal requests.
This truth alone reinforces the concept that BitMiner is nothing more than another Ponzi scheme. The membership plans offered by BitMiner are almost identical to those offered from StartMiner.
Bear in mind that this HYIP scam is successful due to the traffic received from misleading affiliates and that the memberships plans are tailored toward ruthless marketers rather than potential Bitcoin investors.
The membership plans are as followed:. There are numerous warning signs that are generated from BitMiner. Obvious signs that cannot be overlooked would be how the company is unable to pay their financial burdens and how the site was created by the same scammer behind StartMiner.
However, it would be ideal to exercise caution when conducting your own research since many of the outlets currently endorsing this Bitcoin scam offer misleading and deceptive reviews.
As you will undoubtedly learn, most forum and review sites in the Bitcoin niche offer nothing more than ambiguous reviews that result in neither the exposure or apparent endorsement of this scam.
Due to this truth we advice readers who want to learn the true nature behind any Bitcoin related investment opportunity to feel free to consult our site to learn the facts.
Back in April , they were shortly among the 5k top websites, but since then have been slowly declining in popularity. Most of the other traffic emanates from misleading reviews that include affiliate links found on Google or shady YouTube channels.
Throughout this unbiased review we have provided the evidence needed to conclude that BitMiner, along with all of its affiliated websites, cannot be trusted.
Focusing more upon the affiliate program than actual Bitcoin mining, the only reason why this Ponzi scheme is still operational would be because of low-life affiliates who are earning a significant sum by misleading investors out of their bitcoins.
Therefore, we will not advice any investor to partake with this fraudulent Bitcoin mining pool unless of course you want to suffer some significant losses.
Join our members list by subscribing to ScamBitcoin. Members receive intuitive reviews and scam warnings directly to their inbox free of charge!
I reported bitminer to the appropriate legal authorities in the UK several weeks ago. I waited a year for all of my transactions to be approved benefit of doubt, something my parents taught me.
I encourage others to do the same. Is there no possibility of shutting this scam down? I was lured into investing thousands of Rands ZAR early last year and when I tried to withdraw I kept recieving stories up to now.
To describe Bitminer as a ponzi scheme and a scam is an understatement. Bitminer emphasizes on their scheme so much that they have a contest that rewards the best affiliate marketers.
They pay you 0. For an account that cost 0. By that system, you get your money back in 10 days. By earning 1 bitcoin a day, you could earn bitcoins in one year.
Bitminer is a bitcoin-only mining company. They only offer bitcoin mining contracts and no altcoins. They offer five types of contracts as summarized below:.
BitMiner is close to two years in operation now. My suggestion is that new member wishing to join to do so by Version 1. When some Bitcoins accumulate to the minimum withdrawal level, please withdraw and start again or move on.
Bitminer has a great looking website. When you visit the website, Bitminer. They have a well set-out menu, a quick sign up process and a bar where you just key in your bitcoin address to start things off.
Bitminer is also very open with their generous mining contracts and affiliate programs. In addition, their site is set up to support nearly all major languages.
Bitminer is not exactly a safe website. When you create an account, you get a bitcoin wallet where your funds are deposited on a daily basis.
However, the website holds private keys to your account and only they can release your coins. This creates lots of problems when you need your bitcoins.
Any withdrawal request has to go through the company, and they can reject to process your request. The company does not provide any details of how they secure bitcoins, meaning they could have insecure hot wallets.
Nearly all reviews about Bitminer are about not getting paid. From as early as January , numerous investors have complained of not getting paid.
There are few legitimate companies with a poor reputation as Bitminer does. And with no communication from Bitminer to prove its legitimacy, their community trust will continue to decrease.
Phishing is rampant on the site. Malware has been detected. Just as it is easy to enter into this kind of mining, so it is to get scammed.
There are no verifications carried out, and as already mentioned earlier, all that one requires starting earning is to sign up and give their wallet address and maybe pay some little initial investment cash.
Why then would fixed guarantees on returns be assured in such a volatile industry? Bitminer does not have a public customer support forum where members can exchange ideas or raise queries and have the owners respond.
Instead what is available is a customized support page where an individual posts a question and is answered individually. From the complaints on other forums, it appears no answers are forthcoming.
The processing speeds are okay as satoshis are earned per minute. Balances reflect on the wallets daily. However, when it comes to withdrawals, a problem arises.
The withdrawals are hardly ever met and those that do go through take days to weeks. This is not the promise though when one is being lured to launch in.
The following ways can earn you some money on Bitminer. Bitminer has already been flagged as a scam by many. But if you want to try out their services yourself, here is the process:.
With no withdrawals allowed, users have zero trust for Bitminer. It is known to lure cloud mining investors with unrealistic contracts.
Bitminer is a pyramid scheme that operates like a Bitcoin mining company. The company offers unrealistic returns for investing in their mining contracts but very few people have been allowed to withdraw bitcoins stored in their accounts.
The way Bitminer operates also casts doubt about their legitimacy. Most legitimate cloud mining companies assign contracts based on hash rates per second the language used in bitcoin mining.