How To Identify Bitcoin Cloud Mining Scam

Since mining Bitcoins at home is so incredibly expensive, many people search for new ways to earn money with cryptocurrency. There are much more easy and even, sometimes, cheaper solutions, provided by Bitcoin cloud mining services.

From the first sight, cloud mining seems like perfect solution for everyone, who doesn’t want to waste his time: you just need to buy hashpower from someone, who already hash enough mining devices. The mining facility takes care of equipment and shares the revenues of the operation. Every user receives his revenue on the basis of his contribution.

But here’s a catch — this type of business quickly became a decoy for scammers. Try to find the best cloud mining provider. The Google will show you nearly endless list of websites, which promise amazing returns for inexperienced users. Even more — nearly all scammers will try to convince you that only cloud mining can get the highest income in crypto industry.

How to determine the scam service?

Nearly all such companies sooner or later deceive their users and then disappear with their money. Because of the incredible popularity of Bitcoin mining (it is on the rise in the last few months), scammers always have “fresh blood” from new investors. There are four basic rules that will allow you to determine the scam service. Let’s compare an average scam service with Hashmart.io!

No need to hide

The mining pool must reveal all necessary information about itself. If the company hides its contacts or address from clients, it is most likely a scam. If you are looking for a reliable service, always check its team.

Hashmart.io has nothing to hide — you can find more information about our company in frequently asked questions section. The registration address and contacts are displayed in the bottom of the main page at Hashmart.io.

Unlimited power

Everything has its limits, especially mining equipment. If the company offers you almost unlimited amount of hashing power, it is more likely will steal your money. Legit cloud mining services (like Hashmart.io) have transparent terms of use. You must know how many capacities are sold and how much is left freely.

Right now Hashmart.io provides you two types of Bitcoin cloud mining contract — open-ended and fixed-term. You can buy up to 25 TH/s of hashing power in one mining contract.

Nothing comes easy

As a cloud mining provider, Hashmart has some expenditure, which must be covered with income. In other words, the pricing of our mining contracts is dictated by huge variety of factors from maintenance to electricity costs. We set our mining contracts prices depending on it.

On the other hand, scammers will never tell you, how much money they spend on their equipment. They probably don’t even have one. If someone offers you very attractive price for cloud mining service, please be very careful. You can also check mining profitability with CryptoCompare or WhatToMine. Usually, scammers promise, that their services will pay off in 2 or 3 months. This is impossible.

No withdrawal and Ponzi schemes

Scammers will never return your money. Scam services have problems with cryptocurrency withdrawal. This means that your potential rewards remain on paper and you don’t receive anything. The list of scam mining companies at Cloudminingz.

Hashmart.io pays you rewards on a daily basis. You can always withdraw your money. We do not operate on principle of Ponzi scheme. Our users have opportunity to participate in affiliate program but they can also go on only with buying mining contracts.

Enjoy mining with Hashmart.io!