Finding a legitimate Bitcoin cloud mining service is nearly impossible these days, albeit there are reputable companies out there. Unfortunately, the number of Genesis Mining-like companies is very low these days. CoinCloud2U will certainly not fall into the legitimate category, albeit they make it quite appealing to invest.
CoinCloud2U Is Doing It Wrong
It is slowly becoming a trend to see Bitcoin cloud mining companies offer services without revealing their pricing or specific product details. CoinCloud2U is no different in this regard, as the company shows no specific details on how their program works before users invest. Even after signing up, there is no indication as to where their Bitcoin mining power is coming from.
What is rather interesting, though, is the low price users will pay for every GH/s of mining. With investments starting as low as 0.0001 Bitcoin for one GH/s, it is obvious this company has zero legitimate intentions. Even if someone were to purchase a significant amount of hashpower – for virtually no money – it is doubtful any earnings will come in every day.
That being said, the CoinCloud2U mining pool allegedly has over 4.8 petahash/second of Bitcoin mining power. It is anybody’s guess which hardware is being used. For the price they charge, which is next to nothing compared to other companies, it is evident this is a Ponzi Scheme waiting to collapse at any moment.
Users who do get caught up in this Ponzi Scheme will be thrilled to hear earnings can be used to buy more hashpower automatically. Increasing the revenue is of the utmost importance through these schemes, as users need to get their money out as soon as possible. Becoming an early member of these programs is the best way to go about things, as users may be able to recover some funds this way.
To make matters even worse, withdrawals are not processed automatically. CoinCloud2U will process all requests on a manual basis, and there is no indication as to how long the approval process will take. All in all, it would be best to avoid this website at all times, as there is little chance users will not see their money back.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
