HashBit is a high-yield investment program (HYIP) masquerading as a cryptocurrency mining investment platform that accepts deposits from investors and promises daily ROI of up to 12% on investments. However, the truth is that HashBit shows no verifiable evidence of engaging in cryptocurrency mining, and is much more likely soliciting deposits from new investors to pay the ROI on existing ones in typical HYIP fashion.
There’s no information on the HashBit site that provides any information as to who owns or operates the company. The only clue is a Companies House registration number, which leads to the following dead-end information:
HashBit registered with Companies House on August 3rd 2017. The address on file is for a virtual office located in London, making it difficult to trace the company to a legitimate physical address.
Companies House lists a Charles Hodgson as the owner of the company, a name common enough to be nigh untraceable. The registration for the website itself also uses this Hodgson identity, along with the address of the London virtual offices, but Alexa site info indicates that the majority of HashBit’s traffic comes from Brazil and Slovakia, indicating that the site might truly be administered by someone in one of those two countries.
In other words, we don’t know who’s running HashBit or where they’re located, only that the site is mostly attracting traffic from these two countries. It goes without saying that involving yourself in any financial services arrangement with a company that doesn’t tell you who they are or where they’re located is a bad idea.
HashBit offers three different tiers of investment, all of which ostensibly make the investor money through Bitcoin cryptocurrency mining. These three tiers are:
- Bitcoin User: 8% daily ROI, unlimited term, minimum investment 0.01 BTC, maximum 10 BTC
- Hash Miner: 10% daily ROI,unlimited term, minimum investment 10.001 BTC, maximum 50 BTC
- Endless Profit: 12% daily ROI,unlimited term, minimum investment 50.001 BTC, no maximum
Deposits can be made in Bitcoin or through a number of different payment processors.
As with almost every HYIP on the market, HashBit features an affiliate recruitment scheme to drive new investor activity. This program has two tiers – a base “affiliate” tier that does not require personal investment and a second “representative” tier that does.
Both Affiliates and Representatives can earn commission-based income on recruiting new investors up to three levels deep. Affiliates earn 3%, 2%, and 1% respectively on first, second, and third-level recruits, while Representatives increase these figures to 7%, 2%, and 1% respectively.
In addition to having an active investment in HashBit, Representatives also need to apply for the secondary program by filling out an online form on the HashBit website.
Stop us if you’ve heard this one before: a company says it will let you invest in its “blockchain mining” business by offering massively high daily ROI on deposits, but it doesn’t tell you who runs the company or where they’re located. It also doesn’t present any verifiable proof that it’s actually mining Bitcoin or any other cryptocurrency either.
An HYIP is an HYIP no matter how you dress it up. HashBit isn’t mining crypotocurrency and providing you a cut of the profit – it’s paying out your ROI from funds it collects from “investors” who sign up after you, just as your deposit is going to pay out on ROI owed to investors who signed up before you. It’s a scam, pure and simple; once recruitment dies off, so will HashBit’s promised ROI, so don’t sink any money in this system unless you want to possibly lose it.