Chainmine Review: If you’re reading this, you’ve probably heard about Chainmine investment opportunities and are looking forward to trying out their platform.
This is a great move to take, but you must first study reviews of the platform you intend to use.
As we all know, new platforms appear daily, each claiming that clients may make a return on their investment by doing a specific task on their website.
Most of these websites/investment platforms pay their members for a little time before disappearing with their funds and shutting down the business.
In today’s review, we’ll look at the question: Is chainmine apk legit? Here’s what you need to know before signing up.
Review on The All-New Chainmine
Chainmine.io is a cryptocurrency trading software that claims to help users make money on the rise of bitcoin. This site claims that users can mine bitcoins without paying any fees.
It says that signing up will provide the customer with free hash rates to use to earn bitcoins.
Given the potential returns of up to 12%, this is a site that will attract many investors, as everyone wants to make a profit.
According to the site, approximately 300,000 users are mining BTC without limitations or terms, making it one of the most popular cloud mining companies in the market.
However, we’re curious about the legitimacy of this bitcoin cloud mining activity. Will the investor on this site genuinely make money, or is this just another ruse to fool users?
What Is Bitcoin Cloud Mining?
Mining is the process of using computer processing power to solve complicated mathematical equations that aid in the verification of past Bitcoin transactions on the blockchain.
Miners receive Bitcoin as a reward for assisting in the maintenance of the network. Other mineable cryptos, such as Ethereum, are mined using the same method.
Cloud mining is another approach to mine Bitcoin and other mineable coins. Databases, software, file storage, server space, and processing are examples of cloud computing services that customers can access via the cloud.
Many cloud computing services charge by the hour, like how you would pay for water or energy.
Instead of running their local equipment, a person can rent cloud computing capacity via cloud mining. This allows anyone to mine from afar by creating an account and following a simple setup process.
Chainmine Review: The Reality of Cloud mining Operation
What is certain is that, despite Chainmine’s claim, a cloud mining company cannot achieve a daily profit of 12 percent.
Is it possible to make 15%-20% with Bitcoin cloud mining? The answer is no.
Because the difficulty of mining Bitcoin has escalated to the point where only corporate investors can fund mining operations, miners are not known to demand that you join them as cloud miners.
Due to the energy demands of Bitcoin, there’s even a chance that mining altcoins rather than Bitcoin may profit a mining business.
Who is the Owner of the site Chainmine?
Billy Nelson is said to be the company’s CEO, according to the website. We were unable to connect any of the 1000 Billy Nelsons on LinkedIn to the identity of Chainmine’s CEO.
This could indicate that he doesn’t have a LinkedIn account or that his identity isn’t real. What we’ve noticed over time is that most respectable firms that don’t have a specified source of income rarely reveal the true identities of the people behind them.
Is Chainmine Legit?
To give the idea that your assets are safe with the company, the site uses some of the usual strategies used by Ponzi and fraudulent sites, such as certificates of registration and membership in a financial institution.
Even though there is no evidence to support these claims. To indicate such affiliations, they merely utilized logos. In any event, there are thousands of exit scams involving organizations that have certificates of registration. As a result, whether a company obtains a certificate has no bearing on its reputation.
Scams still happen in regulated industries like finance, let alone a company like Chainmine, which purports to be a member of the Blockchain Association. You’re probably aware that the cryptocurrency market is mostly uncontrolled.
In summary, you should be aware that reputable mining businesses do not require you to make any deposits for them to mine bitcoins.
They’re too busy to accomplish that, and the impact of your few hundred dollars on their operations would be negligible. They don’t have affiliate or referral schemes as Chainmine does.
It’s up to you now to choose the best course of action. If you don’t want to have bad experiences, I always advise you to be cautious when visiting sites like these.