Bitminer.eu Review: Scam or Legit?
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Cloud mining is a cryptocurrency mining service that seeks to offer its clientele a by-pass of all the bureaucracy of engaging in mining to earn coins.To put it simply, it is outsourcing the miner’s efforts in creating Bitcoins or altcoins.
It is an ideal option for people who do not have any knowledge in technical mining matters and those who want to earn a passive income without engaging much time and concentration while doing so.
It is upon this concept that the website Bitminer.eu formed. It is one of mining solution providers addressing this particular class of people. It has become popular though less than two years old in operation and has already signed up over 37,000 users and managed to pay over 248 Bitcoins so far.
Bitminer.eu uses different algorithms to mine. Besides the Bitcoin supported algorithm, scrypt based altcoins and Ether algorithms are supported by this cloud mining service provider.
What is Bitminer.eu?
Bitminer.eu started operations in 2015. It is owned by Bitminer Cloud EU Ltd and has been registered at the England and Wales Company Court. The sole director of Bitminer Cloud and its subsidiary Bitminer.eu is one Giacomo Bugini. His professional background is not listed.
Bitminer.eu headquarters are based in London, Wenlock Road, and they have established data centers in China and Italy. One huge advantage Bitminer.eu has over the competition is that they claim to derive their hardware running power from solar energy. This is both eco-friendly and way much cheaper.
How do payouts work out on Bitminer.eu?
To get started as an investor, one has to sign up for a package of ‘Contract Earning’ with Bitminer.eu. Payouts are based on Pay Per Share (PPS). The payout is determined by one’s number of shares.
- There are four packages from which to choose, and each package requires a minimum of 1 GH/s. There is no limitation as to the number of contracts one can sign up for (fishy). To express prices, Bitcoins per hashpower are used. Once an investor has signed up for 1 GH/s, the payouts are made daily up to a maximum of 180 days when the guaranteed return of 110% is attained. Maintenance fees and hashpower costs are deducted before payouts. These costs will be enumerated shortly.
- Interesting to note is the introduction of an in-house trading market where the currencies that have been mined are exchanged for a 0.2% transaction fee.
- A vault is another unique feature of Bitminer.eu offered to the investors to encourage them to maintain their balances. The vault becomes operational once the balance hits 0.01 BTC. An automated interest of 0.25% is paid on a weekly basis if the balance is actively maintained in the vault. This translates to a 1% monthly interest – not bad at all.
- A referral program is also available as another form of earning where for every new introduction, one is promised an earning of 3% per actual deposit.
Is Bitminer.eu a scam?
Bitminer.eu can easily pass as a scam due to the shady dealings of the sole owner. As we have already found out, neither the occupation nor the professional background of the owner is known.
What even accentuates this further is the fact that Giacomo has been involved in various sites which have gone sour. He is associated with Bitcoinbay.co which went offline with no warning. Another one is eurobitmarket.com, an exchange which was short-lived but this time he had the courtesy to put up a notice of “soon be back.” Of course, this was never to be.
Yet another one was ADV Generation which passed for a Ponzi scheme and many other questionable sites. He has also been accused of involvement in an Italian scam. With this kind of reputation, one cannot help asking – so what has changed about the man?
Moreover, whereas more than 37,000 have signed up with Bitminer.eu, only 600 are followers on Facebook. It seems highly unlikely that only such a negligible number would be on Facebook unless the remaining 36,000 plus people do not exist! These are some of the reasons that make the passing of Bitminer.eu as a scam feasible.
Is Bitminer.eu legit?
Bitminer.eu is a registered site with reputable England and Wales Company Court. However, its legitimacy is highly questionable as their web has no About Us page where all company info concerning services offered and contacts could be found.
Bitminer.eu Mining Contracts
To contract a mining service, you can select from the four contract services available. These are expressed as under:-
|Digital Currency||Cost per 1 Hashpower||Min. Hashpower Req’d||Maintenance cost|
|Bitcoin||0.0002 BTC||1 GH/s||Unknown|
|Ethereum||0.014 BTC||1 MH/s||$0.012|
|Scrypt Cloud||0.009 BTC||1 MH/s||$0.013|
|X11||0.0023 BTC||1 MH/s||$0.009|
From the above table, the maintenance fee for Bitcoin is unknown. This is because this information is only privy to a registered member. The rest are visible on the web’s front page.
Bitminer.eu user interface
The Bitminer.eu site is very scanty in the information it gives its visitors. There is no “About us” page so consequently the services that the site offers are not available. It is a wonder at all that people have dared to invest with such scanty information available.
A customer support page is available, and users have the space to air their concerns or comments on it. It is, however, a private forum where the other users cannot see your query nor its feedback, so it is hard to establish if the forum is really active.
Going by the owner’s reputation, it is easy to deduce that he has no time to engage the users in business matters and only requires their input in terms of funds. An FAQ section on the site is available but quite inactive with only a few questions showing.
Is BitMiner.eu safe?
To establish this, a good Bitminer.eu review analyses the safety question by going back to determine who the owner is. If all the past sites he has run have collapsed, what will make this one last? He has stalled two sites where they were unceremoniously terminated and when users tried accessing those sites were met with ‘inactive server’ notices. Is Bitminer.eu safe? Be the judge.
Our research has also established that withdrawals are limited and do not cross the invested amount. Once the threshold nears, there are always calls to invest more by way of purchasing higher contracts in order to withdraw more. This appears like a flip-game where he is trying to access and accumulate more funds maybe to be able to meet older investor’s returns expectations or just close down rich. What is the safety in such?
At the time of publishing this review, there are question marks about Giacomo not having a mining warehouse, after all, going by the kind of electricity bill he foots. In as much as he claims to use solar energy to power his mining hardware, it appears as just a ploy to lure investors into believing that the costs are lower and return on investments higher. Bitminer cannot be safe if the earning sources are twisted from the onset.
Community trust rating views the site as suspicious and the confidence level rates at 6%. It is deemed to be dealing with illegal activities because it has been realized that mining does not take place; so, how are currencies obtained with which to conduct business? No wonder illegality is suspect.
One investor entered a weekly referral contest where the winner was to gain 5 Bitcoins. This player won but has not received the payment to date. Inquiries regarding the same have yielded no responses.
Another user upgraded his contract to a higher one and the same never reflected in his account. Attempts to make a follow up have not been heeded.
Yet another one made several attempts to make a withdrawal, and only one withdrawal has ever gone through. So, the trust question is almost answered.
Security and verification
It is not very consoling to know that withdrawals do not require any real authentication. This is an important aspect from the investor’s point of view and appears quite disturbing when there are no verification processes put in place to make a withdrawal. An email confirmation is all that is required to make a withdrawal. This is certainly unacceptable by any standards.
Bitminer.eu is one of the worst rated sites in their customer support aspect. Hardly any investor has a good word for the owner in terms of response. It is not even regarding response time; it is a lack of complete response.
Payouts are usually processed at midnight EST, and they are posted to the balance amount daily. I would say this is acceptable and can be monitored daily. Withdrawals are the only hitch. They appear to be regulated maybe according to the availability of floating funds.
How to use Bitminer.eu
Anyone coming from an informed background would be hesitant to invest heavily in this site. He or she would conduct my business as noted:-
- You could have no choice but to start with the possible minimum of 1 GH/s. Sign up for the less expensive cryptos for your investment to cut down on the losses in case of a mishap.
- Accumulate funds and avoid too much withdrawal to take advantage of the vault interest of 1% per month.
- Also, introduce a few people to maximize your earnings from the 3% referral bonus earned with every introduction.
- As you continue to accumulate funds, Do some in-house trading and exchange some cryptos for a fee of 0.2%. Feel the market to determine whether the trading is a buy or a sell.
- In due time when you are ready to make withdrawals, you will have earned in four different ways from your initial investment.
In a Nutshell
Bitminer.eu is first and foremost surrounded with integrity issues not because of any underhand activities but because of who is behind the ownership of the company. The fact that scores of failed sites have been linked to him does not make things easier on kind of confidence this generates. I would not totally discourage an attempt to invest in Bitminer.eu but this should be done with an attitude of one walking on eggshells.
The owner claims of owning a mining company which uses solar energy to power the mining hardware puts a lot of questions as to the trading ethics of the company. If there are no cryptocurrencies mined, how are they sourced and through what means? Just supposing that the owner first takes the investors’ money to trade with it in acquiring currencies, what if prices plummet? What happens to investor’s funds? This is one way of looking at it from a clean point of view. Other dirtier games could be in the offing. Tread carefully with all cloud mining.
We trust you can now make an informed decision to invest or pull out if already in or even deal cautiously after reading the above information. It is our endeavor to give you an objective review knowing that information is power.
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