Bitcoin Scam Risk Warning – Bitsrapid

Once a major cloud mining scam is exposed, it doesn’t take long for people to start advertising different services. Bitsrapid is another platform offering free 15 KH/s of mining power to new users, with a 2-4 month guaranteed ROI. Moreover, the company is also offering cashback offers and nearly paid out 10,000 Bitcoin to its users. Quite strange for a company that has been around since January of 2016.

Bitsrapid Is Not Trying To Be Original

TheMerkle_Bitcoin Cloud Mining Bitsrapid

There is hardly ever a reason to change a winning formula, and the same can be said for every company offering Bitcoin cloud mining. The number of fraudulent services is on the rise once again by the look of things. Now that HashOcean has been taken offline, it looks like Bitsrapid wants to take its place. All of these cloud mining platforms are starting to look alike, though.

In fact, Bitsrapid is very similar to Biteminer in some regards. Both companies offer 15 KH/s of free cloud mining power for new users. Moreover, the ROI period is very short, and data centers are “somewhere around the world” as well. Unfortunately, there are no images or videos regarding this hardware, lending zero credibility to these claims.

What is even more worrisome are the statistics on the Bitsrapid main page. The company claims they have nearly 200,000 registered users, which may not be entirely impossible. However, the total payouts of over 9,344 Bitcoin are far-fetched at best. This company has not been around that long, and these numbers just do not add up.

Pricing-wise, Bitsrapid is following a similar approach to hashOcean and Biteminer. Buying more mining hashpower reduces the price per kh/s. Interestingly enough, purchasing more mining power will also result in a shorter ROI period. With steady and fixed payments coming in every day, anyone can theoretically earn their money back. That is, assuming users will get paid at some point.

One thing that is rather interesting is how the company announced automatic payouts. Most cloud mining platforms rely on manual withdrawals, which is an obvious indication of a Ponzi Scheme in this business. However, with no company information on the website or in the WHOIS records, this is one company to avoid.

Images credit 1,2

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3 Comments

  1. Deplorable Displaced Texan July 1, 2016
  2. Jagadish Salunke July 1, 2016
  3. Erwe January 24, 2017

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