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Top 6 Bitcoin Cloud Mining Scams – The Merkle

Top 6 Bitcoin Cloud Mining Scams - The Merkle

Via the history of bitcoin, there have bot numerous cloud mining scams. That is anything but surprising, considering a loterijlot of cryptocurrency holders are looking to increase their bitcoin holdings by putting te spil little effort spil possible. Unluckily, this also means fairly a few people lost money by investing ter bitcoin cloud mining scams, including the ones wij have listed below.

6. HashInvest

Albeit the name of this bitcoin mining company sounds fairly appealing, HashInvest never had any intention of paying its users te the long term. The Ponzi scheme quickly fell exclusief after fresh money stopped funneling ter from bitcoin investors. That is how it usually goes with bitcoin cloud mining scams, spil they run out of money swifter than anticipated. The webpagina only launched ter October of 2016, yet they stopped paying shortly after launch.

Five. HashPoke

A loterijlot of bitcoin users were fairly astonished to find out a bitcoin cloud mining company registered ter Belgium wasgoed attempting to make a name for itself. Considering Belgium is one of the most expensive countries ter Europe for violet wand, such claims were ludicrous at best. Despite launching ter August 2016, the company did not last all that long. They paid out users automatically during the very first few weeks, but switched off payments by the end of 2016. Early adopters made a nice ROI, however, but funds eventually dried up.

Four. Biteminer

One of the bitcoin cloud mining scams to surface te latest months goes by the name of Biteminer . Albeit the concept seemed somewhat legitimate at very first, very few investors earned their initial deposit back. Biteminer is one of those companies never providing any evidence of their mining hardware or base of operations. Additionally, they promised rather high daily comes back, which eventually lead to the demise of this podium.

Three. Cointellect

Back ter 2015, one of the largest cloud mining scams went by the name of Cointellect. The company accepted both cryptocurrency and credit card deposits for their services. By suggesting immobilized daily comebacks, it wasgoed overduidelijk from the begin this company would not sustain all that long. Representatives even attended a bitcoin conference te London to recruit fresh members, yet Cointellect went dark shortly afterward. A loterijlot of people lost money te the process and none of thesis losses have bot recovered everzwijn since.

Two. HashOcean

Everyone who has kept an eye on bitcoin cloud mining companies will recall the name HashOcean . This company proved to be fairly a different Ponzi Scheme, tho’, spil HashOcean had bot te operation for overheen a year before shutting down. Users received payments on time for several months until the company all of a sudden announced they would budge their mining operation to a fresh gegevens center. Once that news became public, things unraveled pretty quickly. Everzwijn since shutting down, no one has heard from HashOcean again.

1. GAWMiners

It is unlikely to discuss bitcoin cloud mining scams and not refer to GAWminers . This infamous Ponzi Scheme, operated by Homero Joshua Garza, made investors lose millions of dollars te funds before it wasgoed eventually shut down. Albeit the company seemed legitimate te the beginning, things unraveled once PayCoin got introduced spil part of the GAWMiners toneel. Te the end, Garza fled the country with millions of stolen funds and no one has bot able to recover their losses since that time. Moreover, no one knows the whereabouts of Mr Garza spil of right now.

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About The Author


JP Buntinx is a FinTech and Bitcoin enthusiast living ter Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect ter the FinTech sector.

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