ChainMine – cloud Bitcoin mining scam

I’ve recently discovered cloud bitcoin mining website – ChainMine. Having a piece of ever-growing bitcoin for Christmas seemed like a clever idea.

Now, let’s see whether it is legit or one of many cryptocurrency swindles.

Pros. ChainMine gives free 1000GH/s setup upon signup, which is amazing, you can start mining bitcoin ASAP without payments or vice-versa. You can then use your mined bitcoin value to upgrade your hash rate up to 10PH/s. Whenever you accumulate minimum threshold of bitcoin, you can make withdrawal to your external wallet address, and I confirm that funds are delivered as promised. You can upgrade your mining hashrate by paying from your external bitcoin wallet or like I said, reinvesting bitcoins mined. So good, so far.

Cons. Now to concerns about this website and project, and I have no mercy for inconsistencies.

  1. The website has several badges in impressum of the website claiming they are UK approved company, and they are indeed having incorporation number on file but the address points to residential building. No problem running your business from home. but it won’t mine in that capacity they claim, then if you look at the payouts page, all you see is a bunch on tiyn-winy less that 0.0001BTC payouts only. When I tried to get my 0.002BTC payout yesterday it got queues timelessly. I don’t think I’m going to see a dime from them.
  2. Website claims they’re a member of Blockchain Association but there is no information on theblockchainassociation.org website. Why lie about that, it’s strictly US- based blockchain operators only.
  3. Association with financial supervision authority. There’s no information about Chainmine Ltd. on British financial supervision authority website. Why lie about that? It is mining operation, not hedge fund or bank.
  4. All payouts ended on 30th December 12:43. No payouts have been made ever since. This scam is as cold as a fish.

I pointed out pros and cons of this project, so you be the judge whether you’re giving it a shot or not. Just remember if they lie about two things who know what else they lie about. After all they accept upgrade payments in #Bitcoins, isn’t that what all scams love about non-refundable transaction nature of all crypto.

Have a blessed holiday season.

SCAM WARNING ⚠

Just in case these guys shall resurface under different name, here’s domain name whois record for you. No owners name for privacy but also the lack of transparency.

Domain:chainmine.io
Registrar:NameCheap, Inc.
Registered On:2021-10-31
Expires On:2022-10-31
Updated On:2021-11-06