Many people in the Bitcoin world will be well aware of how they need to be careful when making an investment in so-called cloud mining websites. Setting up such a script takes a few hours, yet getting hands on dedicated mining hardware is a different matter entirely.Most of these cloud mining services have no hardware to speak of, and should not be trusted. XBTMine fall under that category, as this website is very shady to say the least.
The XBTMine website itself looks very simplistic, and is far from professional. Investors looking to spend their bitcoins in an attempt to turn a profit will not be enticed to do so with such a lackluster design. While simplicity can be commendable, this platform leaves much to be desired in the visual sense. Unfortunately, this is only the beginning of how bad things are about to get.
XBTmine claims to host over 10,000 GH/s of Bitcoin mining power, yet fails to provide any evidence to back up those claims. Keeping in mind how their FAQ makes mention of using two different data centers in Europe and Asia, it is yet another warning sign on the wall. Both regions offer places where electricity is a lot cheaper than elsewhere, but if there is no mining hardware to speak of, electricity costs will be reduced to zero.
Achieving an ROi in the Bitcoin cloud mining world can take a very long time. XBTmine promises a return of investment within 15 days, which is absurdly high given their alleged low amount of mining power. However, the company is not charging customers any fees, as they process deposits, withdrawals, and even maintenance for free. Quite an unusual way of doing business in the Bitcoin cloud mining sector, to say the least.
Payouts are processed every 10 minutes, which means investors would see amounts starting to trickle in after a few hours of sending the transaction. While it is certainly possible some people might be earning money using XBTmine, most of them will not. This Ponzi scheme will only keep paying out as long as new funds is coming in, which will dry up sooner rather than later.
There is no transparency to speak of as far as XBTmine is concerned. Granted, statistics are posted on the main page, but there is no evidence to verify this information. Bitcoin users would do best to stay away from this cloud mining Ponzi scheme and look for other platforms to invest in.