Categories: EducationScams

Bitcoin Scam Risk Warning – Bit Minister

The number of fraudulent Bitcoin cloud mining companies continues to grow every single day by the look of things. Bit Minister is a new platform that offers users 3% daily returns, at a rate of 0.125% every hour. Users can also withdraw their initial deposit at any given time. The more advanced – and expensive – plan returns 5% of the investment every day.

Bit Minister Combines HYIP With Bitcoin Cloud Mining

Individuals who have seen just about every possible fraudulent scheme in the financial world will immediately see what Bit Minister is trying to do. Being very transparent about expected return rates is a positive thing. But promising between 3% and 5% daily returns when using Bitcoin cloud mining is simply impossible. That is unless one is a Ponzi Scheme with HYIP traits.

Bit Minister has a more professional website compared to most other cloud mining platforms out there. The company prides itself on providing a simple and reliable way to earn money through ASIC Bitcoin miners. Unfortunately, the company does not mention where this ASIC mining power is coming from, other than “data centers scattered throughout the UK.”

What is even more peculiar is how Bit Minister can offer fixed daily returns, regardless of Bitcoin mining profitability. Whether the value per Bitcoin is US$670 or $320, they will offer the same rates of return every single day. Somehow they must have found the magic sauce that has eluded Bitcoin miners for seven years.

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But there is more, as the more money people invest, the higher their daily returns will be. People dumb enough to put in 25 Bitcoin or more will see a 5% daily return on their investment. Quite an achievement to say the last, albeit it is utterly unrealistic. This si nothing more than an HYIP Bitcoin cloud mining site that should be avoided at all costs.

Do not be fooled by the video material on the website either. Three different videos are shown, all by  “satisfied customers” apparently. Companies such as OneCoin and MMM Global have been using a similar tactic to make their product seem more convincing. But in the end, all of these schemes will burn to the ground, and take their investor’s money with it.

Images credit 1,2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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