Extract Mining provides cloud mining solutions online. Find out how they work today in our review.
What Is Extract Mining?
Extract Mining, found online at ExtractMining.com, is a cloud mining company that “provides cloud mining solutions to individuals, small businesses and landlords in the city,” explains the official website.
There’s limited information about Extract Mining available online. Google Searches reveal little information about the company, for example, and the website has even less information. The website is filled with stock images of businesspeople doing business things – but there’s little else.
Meanwhile, users who want to learn more about Extract Mining’s services are encouraged to “phone our taxdesk on or email [email protected] [sic].” How do you phone a taxdesk? What even is a taxdesk? I have no idea – but the website is filled with unusual sentences like this.
How Extract Mining Cryptocurrency Mining Cloud Pool Works
Extract Mining offers two types of mining, including “Bitcoin Mining” and “Profitability Mining”.
The company’s bitcoin mining packages are dedicated to mining bitcoin. You buy hashrate, then use that hashrate to mine bitcoin – just like other cloud mining companies.
The company also offers “Profitability Mining”, which “guarantees profitability for as long as possible…because our farm location is optimal,” explains the official website.
We’ve seen other cloud mining companies “guarantee” profitability in a unique way: basically, these companies offer cloud mining services until they’re no longer profitable, at which point your contract is canceled. It’s unclear how Extract Mining guarantees profitability, but it’s possible that they use this system.
Ultimately, Extract Mining seems to work similarly to every other cloud mining company: the company lets you buy crypto mining equipment online. You can purchase equipment based on hashrate. However, Extract Mining also mentions something that isn’t like the services offered by other Extract Mining companies: the company claims to offer the “world’s first large scale multi-algorithm cloud mining service.”
It’s unclear what Extract Mining means when they say “multi-algorithm cloud mining service.” It’s possible they mean that users can mine different cryptocurrencies. However, Extract Mining certainly isn’t the world’s first cloud mining company to offer that type of service.
Extract Mining Pricing
The Extract Mining “pricing” page is the only real coherent part of the website. Here are the different prices and subscription options available with Extract Mining:
- Starter: 10 TH/s for $1,000 (maintenance charge of 0.0027 BTC)
- Gold: 50 TH/s for $5,000 (maintenance charge of 0.0027 BTC)
- Diamond: 200 TH/s for $20,000 (maintenance charge of 0.0027 BTC)
- Platinum: 500 TH/s for $50,000 (maintenance charge of 0.0027 BTC)
- Ultimate: 1000 TH/s for $100,000 (maintenance charge of 0.0027 BTC)
Extract Mining also offers custom plans. It’s unclear how the “maintenance charges” work. Extract Mining doesn’t explain if you’re paying 0.0027 BTC per day, per month, or per plan, for example. It’s also unclear how long each package lasts. The website doesn’t explain any additional information about each plan.
Who’s Behind Extract Mining?
Extract Mining claims to be headquartered in Bristol, UK. The company provides a postal code (BS16 9QH) but it does not provide a specific address.
There’s only one listed way to contact the company: by email at [email protected]
It’s unclear who works for the company or what their experience may be. The website mentions that Extract Mining is run by “real people”, then features several stock images of businesspeople who clearly have no relation to Extract Mining.
Ultimately, Extract Mining provides no team information upfront whatsoever. We have no idea who’s running the company. We also don’t know where Extract Mining’s mining operations are located. Location has a big impact on the profitability and sustainability of cryptocurrency mining, so the lack of location information is worrying.
Extract Mining Conclusion
Extract Mining is an unusual cloud mining service provider. The company claims to be run by “real people”, yet there’s no information about the company available online whatsoever. The company doesn’t disclose its location, its mining farm information, or its team, for example. The website is filled with unusual sentences, awkward explanations, and an overall lack of transparency.
Ultimately, there are plenty of cloud mining companies available online today. There doesn’t seem to be any reason to use a service like Extract Mining that offers minimal transparency about any aspect of its operations. You may want to wait for more information about Extract Mining to appear online before you send the company any money.