It appears new Bitcoin mining Ponzi Schemes pop up every single day. Micro Mining is a new company offering a 5,000 Satoshi welcome bonus for people who are looking to venture into Bitcoin mining. However, the company requires people to install an executable application, which makes this offering seem far less innocent.
Micro Mining Is A Different Type of Mining Ponzi
Looking over the Micro Mining platform, it becomes apparent this company is doing something different compared to other Ponzi Schemes. Rather than offering cloud mining, users are asked to download and install an executable program on their computer. Users always need to be careful when installing third-party software, especially when it is related to Bitcoin and cryptocurrency.
Although it is not uncommon to see new mining software pop up now and then, it is rather unusual to see unknown companies making it available. Micro Mining wants to give people “the opportunity to earn Bitcoins without spending much time on it.” However, they fail to mention how mining with a home computer is anything but profitable.
Moreover, the company makes no mention of which mining pool is being used, or what cryptocurrency will be mined in the background. Letting users earn Bitcoin seems to indicate their computer hardware will be used to mine altcoins, which are then sold on exchanges and converted to Bitcoin. However, with no clear business plan or explanation on the site, this is only speculation at this point.
There are some other red flags related to what Micro Mining claims to offer. First of all, their FAQ mentions how users are expected to earn between 5,000 and 20,000 Satoshi per day. This translates into earning between US$0.05 to US$0.21 per day, which pales in comparison to the cost of electricity required to mine cryptocurrency in the first place.
Additionally, Micro Mining offers users an affiliate program. For a service that forces users to download unknown software, a referral incentive seems dubious at best. There is a 20% referral commission, which is rather steep considering there is no need to make any investment whatsoever. Moreover, the company cannot sustain such a model for a long time, as they would theoretically pay all referral commissions out of their own pocket.
Anyone who takes the time to review what Micro Mining has to offer will realize they should steer away from this program. Shady things are going on, and their business model raises a lot of unanswerable questions. Using a regular computer to mine cryptocurrency is not profitable, and being forced to install third-party software from an untrusted source is not advised.
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