Cloud mining websites are always walking a fine line between being legitimate and running an elaborate Ponzi Scheme. The number of legitimate companies throughout the years can be counted on the fingers of two hands at best. Ew companies keep emerging, although everyone can clearly see the warning signs of scam platforms these days.
Very few people will have heard of the BitBits company, as they only started their business a few weeks ago. Similar to most other cloud mining Ponzi schemes, it was evident from day one this company had no legitimate intentions. With no proof of mining power, there is no reason for anyone to invest in these types of businesses.
Moreover, the BitBits domain was registered on June 6th, and they started their business that same week. This seems rather strange for a business that can apparently sell unlimited amounts of Bitcoin mining hashpower. Did they forget to register a domain name? Or was somebody trying to put together a template website to steal user funds The latter seems to be the most logical explanation at this time.
Finding information about this company is next to impossible as well. There was no official press release, no thread on the Bitcoin forums, or anything to even hint at credibility. This seems to be a clear indication the people behind BitBits did not put in a lot of efforts and went straight to cloud mining monitoring sites to lure in new customers.
Ridiculous ROI promises are second nature in the world of Bitcoin cloud mining Ponzi schemes. BitBits offers its users a whopping 1200% ROI within the first year. These amounts are both unrealistic and unsustainable, to say the least. Moreover, all earnings would be paid out manually, which is not instilling any trust whatsoever.
With no company information to be found on the website – which has been taken offline already – and nothing in the WHOIS records, BitBits is an apparent Ponzi Scheme. It appears as if not too many invested in this company – thankfully – so no significant financial losses should have taken place. Avoid this company at all costs.
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