Categories: EducationScams

Bitcoin Scam Site Warning – MiningPeak

Whenever a new bitcoin cloud mining site launches, there is plenty of reason to scrutinize the platform. There have been numerous bitcoin cloud mining scams, all of which successfully defrauded investors. It is doubtful MiningPeak is a legitimate company, as there are a lot of questions that remain unanswered. Right now, the company does not warrant an investment.

MiningPeak Looks Shady At Best

Glancing over the MiningPeak website, it is evident this company has little to no honest intention. Although the platform design is not bad by any means, there is a huge lack of information. Moreover, the company only launched on March 27th, yet they somehow claim to have over 690 investors already. Rest assured that number is fake and only serves to make people believe the company is legitimate.

The one thing investors hope to see from a bitcoin cloud mining company is whether or not they have the hardware to back up the claims. So far, that does not appear to be the case, as there is absolutely no evidence of MiningPeak even owning a single bitcoin miner. No one should be surprised by this, though, as hardly any bitcoin cloud mining company has the equipment required to run a successful business.

What makes MiningPeak even more suspicious is how their investment plans guarantee fixed returns on a daily basis. It is impossible to offer the same amount of money while active in the bitcoin mining world. A total of three investment plans is offered, which return between 3.6% and 4.56% on a daily basis. It is always baffling how investing more money into these scams will automatically grant higher daily returns.

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MiningPeak would not be a proper bitcoin Ponzi scheme without offering a lucrative affiliate program. Investors will earn 5% commission for every new investor, they bring to this platform. However, for those referrals who become an official partner, the affiliate will earn 10% commission. Keep in mind these profits can only be earned once the affiliate is an active investor of the platform. This is just another ploy by a fraudulent company to attract as much funds as possible before disappearing.

One thing that will not surprise anyone is how MiningPeak is apparently registered as a company in the United Kingdom. Once again, this recurring scheme of getting a UK company number at a cheap cost makes these companies appear more legitimate. Do not be fooled by this tactic, as the company number means nothing for the validity of this business. Moreover, the address listed on the site will not house any mining equipment, that much is a foregone conclusion.

As one would expect, the MiningPeak team lists no personal information on the website. Any company in the bitcoin mining world needs to be transparent about who is working for them, yet this scam prefers not to do so. The WHOIS information reveals no additional details either, as everything is WHOISGuard protected. We do know the domain name will expire in February of 2018, albeit it is doubtful MiningPeak will still be around by that time.

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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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