The unfamiliarity of cryptocurrency ecosystem has enabled a lot of scams around it. Most of the scams are easy to spot out and hardly some people fall victims to it. Some of them like BitConnect are more elaborate who dupe tens of thousands of people.
Crypto-Mining is especially a domain which has been prone to scams. The returns on mining are very esoteric and people do not know what to expect. Depending on the price of the crypto being mined profits fluctuate too.
FY Mining seems to be one such mining service provider, who seem to have no intentions of mining and just swindle vulnerable people.
About FY Mining Features
- Instant Mining: The mining starts right after payment confirmed.
- Instant Withdraw: Payments will be made automatically, on a daily basis.
- Referral programs: Refer your friends and get more Gh/s. For every referral, you get an extra 5Gh/s and 15% of their mining hash power.
- Maintenance Fee: They do not charge any additional fees. You will get 100% full profits.
- Guaranteed Profits: They guarantee mining profits in less than a year of investments.
Criticism of FY Mining
No Credibility Of The Team
The names mentioned on the website have absolutely no trace on the internet. Many of the pictures used are stock images.
Their claim to 3 years of existence cannot be confirmed. When you check out the domain on a tool like who.is, you will notice that it is barely two weeks old. This does not reflect what you would expect from a website whose team have been mining Bitcoins for 3 good years.
They claim things like they are ready to take the losses instead of their customers. With no evidence of mining hardware or fees to be paid in maintaining the activities of this website, one could be justified to believe that FY Mining is only collecting funds from members of the public and using a portion of those funds to issue small payouts.
Ridiculous Investment Plans
The first plan is giving away 50GH/s of hashing power for free. Remember that FY Mining is also promising free mining without any maintenance fees. In essence, this site is claiming that they will give you free hashing power and return 100% of profits free of charge. Their estimates show that a user can make up to 0.001536 BTC. This is equal to $13.05 USD, which when you think of it is absurd. The company loses 13 dollars whenever anyone created an account and opts for the free plan.
FY Mining Conclusion
FY Mining does not inspire any trust. It lacks transparency and credibility. The domain is also very new. It was registered on 9th of April, meaning that FY Mining is less than a month old. Now, this is a high-risk website that can disappear anytime from now.
The above-listed criticisms are just the tip of the iceberg. Anyone with half a mind can understand that they are a scam just by looking at their website, fymining.com