CryptoMiningFarm is some type of Thai pyramid scheme based on bitcoin mining. Find out how this investment scheme works today in our review.
What Is CryptoMiningFarm?
CryptoMiningFarm is a pyramid scheme found online at CryptoMining.farm. The scheme offers one of the biggest pyramid-based commission structures we’ve ever seen: you earn 20 levels of commissions by referring other people to the network.
Like many other bitcoin scams on the internet today, CryptoMiningFarm has based its scheme around cryptocurrency mining. This has been a popular target for the MLM industry because cryptocurrency mining is a bit mysterious to begin with: even the legitimate miners are vague about their operations, and few people fully understand bitcoin or blockchain technology.
In any case, CryptoMiningFarm offers 3 month, 6 month, 1 year, 3 year, and 15 year mining contracts. You can also purchase a lifetime mining contract.
The company guarantees profits, and claims it’s been paying customers since 2014. Even more amazing is that the company guarantees that it will never increase the difficulty of the mining operation – despite the fact that the “difficulty” is chosen by the bitcoin network itself, and not by CryptoMiningFarm.
Obviously, we’ve already spotted a few red flags about CryptoMiningFarm. So let’s take a closer look at how the platform claims to make money for you.
How Does CryptoMiningFarm Work?
CryptoMiningFarm is upfront about the fact that there’s no actual cryptocurrency being mined in its operation. The company’s website frequently mentions “GHS” as a unit of measurement.
On the FAQs page, the company answers the question, “What is GHS on Cryptomining.farm?”, and they answer with the following:
“GHS is virtual mining hashrate. We don’t have any real bitcoin ASIC hardware.”
In other words, CryptoMiningFarm is mining its own private blockchain that has nothing to do with the bitcoin network. The tokens used in the platform are a genuine blockchain-based token that’s been mined – but they have no intrinsic value outside of the CryptoMiningFarm platform.
Furthermore, there doesn’t even appear to be a real blockchain here – it’s “virtual mining” – which means that there may not even be a real cryptographically-secured ledger or blockchain.
Ultimately, that makes CryptoMiningFarm a pyramid scheme based on a blockchain, and that blockchain may or may not exist. You buy into the company, the company devotes “hashrate” towards the blockchain, and you earn profits. In reality, like most pyramid schemes, the best way to earn money with CryptoMiningFarm is to recruit new members into the scheme, then earn commissions from up to 20 levels of affiliates.
CryptoMiningFarm advertises the following features:
- Free 50 GHS (GHS is a measurement of the mining farm’s virtual hashrate and has nothing to do with hashrates on the bitcoin network)
- Investment bonuses
- The difficulty never increases
- There are no maintenance fees
- 15% affiliate bonuses
Is CryptoMiningFarm A Scam?
CryptoMiningFarm is upfront about the fact that it doesn’t actually mine bitcoin. However, the company only accepts deposits in bitcoin. Furthermore, the “Profit Calculator” page is denominated in bitcoin, with your “GHS” figure used as a hashrate. Your profit is denominated in bitcoin – despite the fact that GHS and bitcoin don’t appear to be connected in any way.
CryptoMiningFarm may offer legitimate affiliate payouts. However, it’s all based on a pyramid scheme structure – which means the entire business will inevitably collapse at some point in the future.
CryptoMiningFarm Subscription Plans
CryptoMiningFarm has all of the following plans available, although prices are not listed upfront:
- 3 Months
- 6 Months
- 1 Year
- 3 Years
- 15 Years
The more you spend today, the longer your mining contract will last. You also gain access to more “GHS”.
Who’s Behind CryptoMiningFarm?
CryptoMiningFarm claims to be based in Chiang Mai, Thailand. The operation is run by a company named Lifetime Technology.
The only information we can find about Lifetime Technology online comes from its Facebook page. That Facebook page lists a phone number and an address in Chiang Mai. The page also claims that the company was founded in November 2008 – although the blockchain mining operation started in 2014.
That Facebook page lists the company’s official website at lifetime-technology.com/. The website lists the company’s core products, including telecommunications infrastructure, ICT solutions, and data centers.
CryptoMiningFarm has given us no information to suggest it’s a legitimate bitcoin mining operation. In fact, the website’s FAQs page seems to admit that there’s no real bitcoin mining taking place: the company privately mines its own private blockchain. That means you’re buying into a private blockchain-based token that has no real value outside of the CryptoMiningFarm platform. Despite this fact, the company lists your “Profit Calculator” profits in bitcoin – making you think you can make a lot of money from your monthly or yearly mining contracts.
Ultimately, the world of cloud mining is filled with frauds and scams. CryptoMiningFarm seems to be upfront about the fact that it’s a pyramid scheme, and that they’re not mining real bitcoin. However, it still seems to be a complete scam and not a legitimate investment opportunity.