Categories: EducationScams

Bitcoin Scam Site Warning – Hashingroot

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.

Related Post

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.

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.

Share
Published by
JP Buntinx

Recent Posts

Qubetics Raises $7.5M with 372M Tokens Sold; Cosmos and Polygon Gain Traction

Best Cryptos to Buy Now as Qubetics Wallet Fuels $7.5M Presale with 372M Tokens Sold…

1 hour ago

Crypto Insiders Are Bullish on XRP, Solana, and JetBolt: Here’s Why

The buzz surrounding XRP, Solana (SOL), and JetBolt (JBOLT) continues to captivate the crypto community.…

5 hours ago

BDAG Bonus Reveals 6th Mystery Chest; Litecoin & Ethereum See Surge

Buyers Pour Millions into BlockDAG as its ‘6th Mystery Chest’ Goes Viral! More on Ethereum…

6 hours ago

Web3Bay, Solana & Tron: Leading the Utility Coin Revolution

The Next Big Crypto Projects: Why You Should Add Web3Bay, Solana, & Tron to Your…

9 hours ago

Last Chance Alert: Join the Best Crypto Presale Now for Top 7 Trending Cryptos

Imagine securing a stake in the next big cryptocurrency before it skyrockets. A chance investors…

10 hours ago

Remittix (RTX) Set To Surpass Ripple (XRP) In 2025 With The Dawn Of PayFi—5000% Rally Expected

Ripple (XRP) has certainly been around the crypto market long enough for anyone to have…

10 hours ago