Bitcoin cloud mining has its problems but with many companies going bust outright failing to pay customers, it raises the question, how many of these services are actually mining and have operations ? Whilst most are written of as ponzis the very few such as Bitcoin Cloud Mining Services, gain the trust of many before abruptly shutting down operations leaving user out of pocket from amounts ranging to 100’s of BTC in some cases.

Just a few days ago specifically the 7th of June it was reported by a number of consumers that the cloud mining site, “Bitcoin Cloud Mining Services” had stopped payouts to its users. Whilst there have been many other companies such as PB Mining which had bolstered thousands of BTC in investment but left many bankrupt when it closed down. Bitcoin Cloud Mining services ran a aggressive and intrusive advertisement campaign and promo  particularly targeting the community of Bitcoin Talk where its adverts appeared countless times in rotation with adverts of other cloud mining sites. This ad campaign led to it growing into a huge business which when shut down, cost thousands of people money.

It can be seen from the public payout wallet of the site that payouts have stopped from the mining company. There have been many users left out of pocket but no information relating to the owners of the site has come forward as of now. However the site is up and running waiting for any more unsuspecting victims to send money. Whilst address are still open for users to attempt purchase no mining power is being given to users and it is likely that the sites operations have ceased with the operator plainly maintaining the site for extra Bitcoin.

To conclude with Bitcoin cloud mining services the latest company to rip of its users, the bitcoin cloud mining scene is becoming bleaker by the day. Companies such as Bitcoin Cloud Mining have been in existence near the very beginning of bitcoin and don’t plan to disappear anytime soon.  With rich pickings and money to be made of innocent customers, unscrupulous operators will carry on as long as users are not aware of the truth behind these websites. With LunaMine one of the last major services to run with users money it begs the question how can one distinguish from a real mining site and a fake one ? Well initially having proof that the mining service you intend to go with has actually got miners is a step in the right direction. However with many images of miners being copied from their legitimate source a quick check through google can confirm images authenticity. Whilst the number of rogue mining services running as ponzis is increasing there are still legitimate options available for those wanting to reap the benefits of cloud mining. Afterall cloud mining can provide a residual income if the initial investment is large enough and with services such as Scrypt.cc which are considered legitimate by many, the risk are low when investing.

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