Cryptocurrency Mining Scam Warning – Foxminers

The cryptocurrency world has seen its fair share of nefarious mining hardware manufacturers. A lot of companies claim they are building new hardware and accept pre-orders. However, very few of these products ever come to the market. Foxminers, a new company claiming to offer dual-mining hardware for bitcoin and litecoin, are offering miners that are seemingly too goo to be true.

Beware of Foxminers And Their Pre-orders

Everyone who has kept tabs on bitcoin and altcoin mining is well aware of the dangers associated with pre-ordering mining equipment from unknown companies. So far, no one has even heard of the Foxminers company, as their website doesn’t even show up in the first 10 Google results. However, that is not preventing them from announcing their new spectacular mining hardware, known as the F24 and F48 models.

According to the press releases sent out by the company, their miners are building on a proprietary mining chip called the FM9800-XD1112. Once again, no one has heard about this chip so far, and it seems highly unlikely such an unknown company has the money and resources to develop a cryptocurrency mining chip. Then again, they did provide a white paper, which can be found here. 

Foxminers claims their unknown and untested chips can mine both SHA-256 and Scrypt, making it the “world’s first dual mining hardware.” Quite a bold statement, although the company fails to provide any evidence to back up these claims whatsoever. Cryptocurrency investors must proceed with caution if considering buying into this company’s pre sell.

Note from the author: Gridseed was the first dual-mining device, this claim would have been erroneous either way. 

As one would expect, Foxminers is hoping to collect money from users by offering attractive pre-order discounts. In fact, customers can save $500 – on the $2,500 device – if they pre-order before May 14th. Foxminers has provided no evidence of mining hardware to speak of, only a sneak peek on their homepage, which looks awfully similar to the Zeus Miner chassis.

To make this offer even more ludicrous, Foxminers claims to pay for all shipping and customs fees. That is quite spectacular, as shipping a dual-mining unit is quite expensive. Moreover, a lot of countries charge high customs fees for these types of items, either based on their normal value or depending on the weight of the package. No mining hardware manufacturer can afford to pay such vast amounts of money out of their own pocket.

Foxminers also claims the company was founded in 2016, yet the website was not registered until a few months ago. That seems rather strange, to say the least. Additionally, the company claims to have headquarters in California, yet the domain registrant information is hidden from the public. Nothing about Foxminers is adding up, responsible investors should wait for further information.

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