BitMiner: A Ponzi Scheme?
BitMiner is claimed to be a Bitcoin mining pool that provides its services for free. It claims to have mined more than 3,109 Bitcoins since its initial launch, which is quite an impressive feat in Bitcoin mining. The platform claims itself as the "ultimate mining pool". In addition to the free version, it offers four different premium memberships.
The platform is listed under “not recommended websites” by newsonlineincome.com. This free Bitcoin mining pool is the sister site of StartMiner, which itself is considered as a Ponzi scheme.
The affiliated websites that advertise the platform cause the site's popularity.
Affiliate websites like startminer.com and btcprominer.life run by the same business, BitMiner Cloud Eu LTD, bring in about 12.5% of visitor traffic. The majority of the other traffic comes from shady YouTube channels or false reviews with affiliate links that can be found on Google.
BitMiner generates a plethora of warning signs. The company's inability to pay its financial obligations and the fact that the site was created by the same scammer who developed StartMiner are obvious red flags.
Enter "BitMiner reviews" into any search engine to find more alarming warning signs. You'll find many forum posts and articles alleging that investors haven't been able to withdraw their money.
As per my research, BitMiner is probably considered a scam. The website refuses to process withdrawal requests while the company behind the website is in financial distress. According to research, when the platform was first launched, it served as a legitimate mining pool operation. Several complaints were reported within a few months, mainly about the lack of withdrawals.
Withdrawal requests were initially dispersed when the site was first developed due to a steady stream of new depositors. However, as the stream of new depositors slowed, so did withdrawal request acceptance. So, it can be said, Bitminer is likely to be a ponzi scheme.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.