Crypto Mining is a term that gets thrown around a lot these days. Today, there are many startups claiming to deliver investors with large profits (within short turnaround times) via means such as cloud mining. However, it should be clearly understood that any company that claims to deliver amazing returns within days of investment should be looked at with an eye of scrutiny.
Hashgains is one such venture that claims to take our investments and mine cryptocurrencies on our behalf. The company claims to deliver amazing returns within unrealistic time periods, and thus in this review we will take an indepth look at what HashGains has to offer.
General Overview Of Hashgains
Upon a quick glance, HashGains seems to be a well made website, as it not only provides users with relevant mining related information, but also provides customers with a helpline number. However, as we go more and more in-depth, things start to get more murky. Some of the key signs that have made us vary about this project include:
When using the company’s Trade Calculator (which tells us about how much money we can expect as profit) we can see that the returns being offered lie in excess of 200%. One does not have to be a maths expert to see that such profit ratios are not only unrealistic, but also not sustainable in the long run (irrespective of the company’s size).
All through the HashGains website we are bombarded with messages which claim that the platform makes use of “High performance trade algorithms” as well as an “Approved+Verified Crypto Bot”. However, there is no factual evidence provided to back these claims up.
Dodgy Contract Details:
According to the legal documentation provided by the company, all of the contracts that one enters into with HashGains last only for a period of 24 months, as opposed to a lifetime.
Poor Deposit Structure:
The website is aimed at somehow getting an investors money into the system, but provides very little details as to how the money will be used once it is deposited.
Hashgains Bitcoin Cloud Mining Service Red Flags
No OwnerShip Details:
Upon doing a quick online search, we found that the domain name is registered with a company called “Futuristic Internet Services” that is based out of Houston (Texas). This is a bit shady as the company itself claims to run all of its core operations from India. Furthermore, Futuristic Internet Services is a “web design company” that has nothing to do with data mining and crypto currencies (thereby raising certain concerns in relation to the legitimacy of the entire setup).
Lack Of Digital Information:
When we further scrutinized ownership details of the company, we found that there was no correlation/ association between the domain owner and the Hash Gains website. In addition to this, we conducted a check of Futuristic Internet Services on BBB, and found no mention of Hashgains anywhere on their profile.
Low Customer Feedback:
Even though the online traffic generated by the company seems to be growing, we were not able to find a lot of reviews/ customer feedback in relation to the services provided by HashGains.
Is There Anything Else I Should Bear In Mind?
When we scroll down to the absolute bottom end of the website, we are faced with a disclaimer which states that Hash Gains is not an “investment advice platform”. This makes it quite clear that the company does not possess the legal certifications to pursue such crypto related activities.
As mentioned earlier, the company has stated that they don't provide any investment advice, but since they offer users with tools such as “returns calculator” , ‘investment programs”, it is quite obvious that they deal with investor sourced money.
Lack Of Pertinent Information:
More often than not, when companies want to showcase their mining power, they usually show pictures of their data centres. However, even though HashGains claims to have data centres within the United States and China, they have not provided us with any photos or other verifiable details (such as addresses, locations etc).
Poor Investor Feedback:
As far as reviews go, we could find only a handful of customer related reviews on websites such as TrustPilot. The feedback was not very flattering, and gave the company an average review of 2 stars.
While Hash Gains may not be an out and out scam, there are enough red flags throughout the website that prompt us to dissuade investors from putting their hard earned BTC into the venture. If users are really keen on making crypto investments, they can do so by visiting forums and sites such as BitCoinTalk, BitcoinExchangeGuide, and find out about legitimate projects that have yielded actual profits for users in the past.