It has been a while since we last took a look at one of the many Bitcoin cloud mining scams in the world of cryptocurrency. There is no shortage of these Ponzi schemes, though. Hashingroot is another company that claims to offer investors Bitcoin cloud mining, even though there is no credible evidence of their hardware capacities whatsoever.
Stay Away From Hashingroot
Although the website developed by the Hashingroot team may seem to be somewhat professional, one should never judge a book by its cover. This is especially true in the world of Bitcoin cloud mining, as there are only a few legitimate companies out there. This particular company is not one of them, though, but that was to be expected. The company mentions how it is never too late to get started with Bitcoin, yet their Ponzi scheme is not the right way to do so.
The first question people should always ask themselves is whether or not a company can back up their claims of providing Bitcoin cloud mining. In the case of Hashingroot, that answer is as negative as it can get. The company doesn’t even try to make itself seem convincing in this regard, as they have no images or videos of their alleged mining operation. If they can’t put in the least of effort, they should not expect to take anyone’s money either.
Despite this blatant lack of any credible details, the company wants to entice investors with exciting offers. All contracts are subject to a lifetime duration and come without any maintenance fee or other costs. That is quite strange, as cloud mining is an expensive business that constantly evolves. Maintenance fees are to be expected, yet not charging any seems to be very fishy at best.
Moreover, there are three different contracts available. The standard contract costs US$45 and provides users with 600 GH/s of Bitcoin mining power. The regular contract, priced at US$420, offers 6 TH/s of mining power. There is also a Business investment offer for US$1,950, which comes with 30 TH/s of mining power. Once again, there is no explanation where this mining hardware is hosted or which manufacturer they rely on. Even so, these hashrates will generate next to no decent income whatsoever, and will only become less profitable as the mining difficulty adjusts.
On the other hand, Hashingroot has to be commended for now offering investors fixed daily returns. A lot of other Bitcoin cloud mining Ponzi schemes claim investors will earn a certain percentage of their investment every day or week. That is not the case here, although it only means investors will have to wait and see what the platform can provide. There isn’t even a profitability calculator whatsoever, which is not a positive sign.
Unfortunately, the company provides no information about themselves on the website either. There is no indication of why may be working on this project or where the company is located. The FAQ briefly mentions an office in Dallas, yet that is nowhere listed on any of their web pages. One cannot retrieve this information from a WHOIS search either as everything is WhoisGuard protected.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.