Cryptocurrency cloud mining service is now the in thing where interested users are wooed to invest a given amount of money in return for a set amount of Bitcoin profits mined everyday. This might be the next biggest scam in history.
The companies offering these services have offices mostly in the UK and Islands of Europe and Asia. What users buy is cryptocurrency mining rigs in an undisclosed warehouse location (for privacy reasons). The higher the mining rig hashing power the higher the price that users pay.
Based on their plans and pricing, cryptocurrency mining is highly profitable to those who invest huge amounts of money😁. Mining rigs with high hashing power are able to bring an investor up to $10,000 worth of Bitcoin a day for a period of 365 days. That’s a lot of money if you do your math.
The mined cryptocurrency is deposited to a users cryptocurrency wallet every 24 hours. There, they can withdraw and exchange it for cash.
But is this claim really true?
You will never know the answer until you invest in them. That’s why I took the risk and invested in two different platforms-Bytebus and BRBmining.
A Quick Search Online of Cryptocurrency Cloud Mining Service
If you go online right now and search for Cryptocurrency Cloud Mining Service, you will realize that there are many companies offering this service. This is aside many blogposts listing the TOP cloud mining cryptocurrency sites.
That was how it started for me. I clicked on an article suggestion by Google. Before I knew, I was already signed up for two of these services. One of them offered free starting bonus of $10 for beginners.
I later used search engines to research on these companies I had signed up on before resorting to invest my money. This process tooked me 2 months.
So what made me resort to invest in them?
Bytebus
Bytebus.com championed themselves as a platform that anyone could join for free without investing anything. They said they had more than 360k users.
When one signed up, they got their account credited with $10 bonus. With this, one was able to purchase a mining plan of $10 and get a return of $1 daily.
The catch was, one was required to login and purchase a plan everyday. The $10 plan was limited to one purchase per day. When your balance reaches $100, you could withdraw your funds. I created two accounts.
In one of the accounts, I deposited $100. My accumulated amount on that account was $57 at the time of deposit. I then withdrew $147 and it was successful. This motivated me to reinvest thinking it was genuine.
I deposited the amount to the second account which had $65. With it I could invest in higher mining rigs of $100 with a return of $2 day.
That was the end of my investment. I never saw my investment back. What you see from the screenshot above, is the amount I deposited plus the profits I made from my mining investment.
At their last days of vanishing, the site blocked all the withdrawals and demanded users to deposit $1200 for them to process their withdrawal. They claimed all accounts were illegal.
That was the end of the company. The site was gone in a few days.
In the mid of desperation on their last days, they carried out campaigns themed ‘new year special offer‘ to deceive more users to deposit $100 or more and get twice the amount deposited onto their account balance. E.g you deposit $1000 and you get $2000.
This is crazy. I mean scammers have a way of milking existing users dry with a promise of making them rich.
BRB Mining
BRB mining is another cryptocurrency cloud mining service with it’s offices in UK.
When you sign up, you will be taken your account dashboard. Here you will see your cryptocurrency wallets.
In order to start mining Bitcoin, you have to purchase a mining rig of your choice.
So you go to ‘start mining’ and select purchase a plan.
When investing, I purchased a $12 and $320 plan. As you see here, I expect to earn $31 daily with the plan and $930 monthly from the $320 plan. This is good money.
The catch comes once you have purchased your plan and it’s time to withdraw your funds.
When you place your withdrawal request, it will be placed under review and after an hour, you will receive an e-mail telling you it’s been rejected because you have an outstanding electricity bill to pay. For my case the bill is $803. This is an amount that is not communicated upfront when planning to buy a plan.
This amount cannot be deducted from the mined coins either even if you have Bitcoin mined worth $1000. They want you to deposit the electricity fee amount for you to withdraw the bitcoins. This is a red flag in my opinion. How sure are you that they will not slap you with another bill?
When I complained about this, they asked me to check their terms of service. Their decision is covered under prices and payment clause which gives them authority to introduce expenses at any point of users contract.
Going by the way things are going on right now based on our conversation on Telegram, I am finding this as ‘an advanced version of cryptocurrency scam.‘ They upsell you with expenses.
How am I sure that what I see on my Bitcoin wallet is only numbers that keeps counting in the name of bitcoin?
Its not confirmed yet, but I might loose the funds invested if they insist that I deposit electricity fee which I will not. Once bitten twice shy.
Btw, they offer their customer service on Telegram. They respond as they wish. Some enquiries are attended to and some are not.
So who owns BRB Mining?
BRBmining is a company registered in the UK with it’s directors of a Nigerian nationality.
While they claim to have been on business for 5 years, a quick check on who.is of their domain, it shows it was registered on September 2022. I wish I could have seen this before coz it contradicts their claim.
I think their cloud mining service is a scam coz if cloud mining is really a profitable venture, why can’t they convert bitcoin balance and pay for electricity bill? As we speak my bitcoin mined balance is worth $890. This is enough to pay electricity bill.
Another thing is their website domain registration date compared to their claim to have been in business for more than 5 years. Their domain was registered with Godaddy on September 2022.
When I asked them on this they said, they were changes in their company and the changes affected their company address too. This is a very common act by many scammers. When many people want to withdraw their cryptos and they have no funds because there was no mining taking place, they close down and open again under a different domain name.
That is exactly what Bytebus.com did on January.
So How Do These Cloud Mining Companies Manage To Get Away With Crime?
- They have terms of services and privacy policy that can be altered anytime in their favor. The changes they make is never communicated to their users. In parts of their terms they state plainly that cryptocurrency is unregulated currency and you can loose everything. This gives them freedom to get away with your investment.
- They want you to pay in cryptocurrency. That means you need to first buy bitcoin/USDT and use it to purchase a plan. This way, they can easily get away with your money in form of cryptocurrency.
- They tell you only good things about the plan on offer. When you want to withdraw the funds, they slap you with a huge electricity bill that they know you will not afford to pay. That way, you will not say they scammed you. Who knows the next bill you will be slapped with after paying for electricity.
- They keep changing domain names when they are got. Also, they use different domain addresses for e-mails. The one for e-mail marketing is different from the one for customer care and that one of the website. Only keen people with recognize this.
- One user can open many accounts.
- They operate mostly from the UK.
- They always have crazy offers. You are told to deposit say $1000 and you get $2000 in your account to use in purchasing a mining rig. This way, one is tempted to invest because of huge profits promised.
- Your first withdrawal will be successful if it is a small amount. With this you will be motivated to invest more knowing that you can withdraw.
There is a lot to talk about cryptocurrency cloud mining sites.
But let me leave it there today.
I hope you have learnt something.
Have you ever invested in cloud mining services?
How was your experience like?
Let me know your thoughts in the comments section below.
And until next time take care and don’t be the next victim of cryptocurrency mining service scam.
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Until next time, bye bye and take care.
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