Chainmine Review: despite failing to provide any link to regulation license on its website, the platform promises 12% daily profit.
The company literally gives away BTC mining power for only a subscription. That is the crux of investment in the company.
How reliable is this? Can you make a profit from this unregulated company? Of course, the answer is no. Here is why.
The first issue is the unlikely scenario of a cloud mining firm providing services based on a mere incorporation document (a bare softcopy). It turns out that this is all the external link available on the platform, bar crypto wallets that functionally makes their owners anonymous.
Instead of linking to what matters _ evidence of approval in the UK, membership of the Blockchain Association, connection to the Financial Commission, and SSL Certification _, the website provides blanks and a proxy CEO.
The favorite ploy of a scam MLM companies is to pass off random individuals as fronts, preferring movie characters to verifiable names. You can Google Billy Nelson, but don’t expect to see anything about the stolen picture on Chainmine website.
Our Chainmine Review explores possible earning options on the website. Read on below for details.
Chainmine Review: Overview
Chainmine is a cloud mining platform with MLM options for affiliate recruitment toned down to coupons and 10% caps on referral downlines.
The supposed owner of the company is an AVI, described as Bill Nelson. Chainmine promoters would reproduce Bill’s overarching comment about the impact of BTC on fiat in their sponsored reviews. Of course, the aim is to beguile unsuspecting traders into looking up to an AVI for a rewarding MLM mining cycle.
So, what about the business history?
Our Chainmine Review could not find any clue about the business blueprint on the official website. The best result is this evasive template below fixed to the dubbed CEO picture.
“Bitcoin is not only a currency of the future, but the revolution of traditional currencies and banking systems.”
That is just a clear-eyed evasion, followed by several unlinked accolades for the company. Subsequent sections down the same webpage contain a general swipe on the role of the BTC blockchain in modern finance.
Regardless, it sheds some light on what the cloud miners supposedly do. Here is a clip, interspersed with further phooey about BTC.
Our cloud miners provide the computing power needed to generate new Bitcoins and secure the Bitcoin network.
Our Chainmine Review could not find any evidence of this, like every other claim on the site. So, how can one rely on this company to make profits? We will get to this point later. The section below briefly explains the affiliate package, the way it appears on the website.
This forms the unstated compensation program for members, with prices attached to Hashrate (mining power). Here is a clip for the pricing.
The estimated remittance is pegged to BTC subscriptions, with advertised BTC deposits yielding hourly, daily, weekly, and monthly profits as shown below.
- 0.00000125 BTC earns you 0.31% by the hour
- 0.00002989 BTC earns you 7.41% per day
- Also, 0.00020922 BTC earns you 51.85% per week.
- 0.00089667 BTC earns you 222%, with ROIs capping after fourteen days (14).
An addendum to this list on the website confirms that you can earn profits outside the fixed plan above. Moreover, there are no extraneous fees for maintenance and so on.
Commissions on referrals
You get a maximum of 10% commission in Hashpower for personally recruiting someone to the platform.
Whenever an affiliate signs up with your referral code, they qualify you for a 7% commission on the total Hash power culminating on the first level.
You also earn 2% and 1% on subsequent levels on your downlines.
7% of all hash power on Level 1
2% of all hash power on Level 2
1% of all has power on Level 3
Note that Chainmine does not require members to join the affiliate earning options.
So, can you make any break with this investment? See the following section of this Chainmine Review for answers.
Ponzi Alert: Unlicensed Miner, Dubbed CEO Pics, Zero Trade
Our Chainmine Review finds several major issues that detract from the platform. Here are the problems at a glance:
- Unlicensed Miner,
- Dubbed CEO (possibly a stock picture hauled from the internet),
- And zero trade.
Additionally, the preponderance of unlinked materials on the site immediately alerts this Chainmine Review to the company’s attempt at vagueness.
A Copy of the office address or incorporation does not pass for a license, although Chainmine attempts to hide behind that façade.
Then there is the issue of a fake CEO detail. Bill Nelson exists only as a class act, an iconic front in Chainmine’s echo chamber, typical of unregulated MLM Ponzi platforms.
What about the cloud mining part?
There is no proof of any mining on the site, and there is no external link to any mining facility owned by the company. Affiliates can only hope to earn money from recruitment, which is the shortest conduit to Ponzi.