LTCMiner.io, or Litecoin Miner, claims to be a trusted online wallet for Litecoin. Find out how it works today in our review.
What is LTCMiner.io?
LTCMiner.io describes itself as a “trustful online wallet for Litecoin”. However, LTCMiner.io isn’t your ordinary Litecoin wallet. The company offers a variety of cloud mining services. You pay the company a certain amount of LTC per day, then earn profit through mining.
In other words, the “wallet” is your account on LTCMiner.io. When you “deposit money into the wallet”, you’re really just buying a mining plan.
In any case, LTCMiner.io claims that the average user can expect to earn profits of 191.93% per year, or about 16% ROI per month. This is the average return – so half of all users will earn more than this. As with similar cloud mining sites, it’s hard to verify the profit claims made on LTCMiner.io. However, guaranteed returns of 200% per year from any investment would be considered very good. Typically, bitcoin mining doesn’t return anywhere close to this level of ROI.
How Does LTCMiner.io Work?
How does LTCMiner.io produce such enormous returns? How can the creators of LTCMiner.io deliver returns that surpass anything else in the Litecoin mining community?
The company never really explains how it generates these returns. They also don’t provide any audits or proofs of returns. The company has a page where they list transactions to and from their wallet – but it’s not totally clear how the average investor is earning 200% returns.
In any case, LTCMiner.io has four different “investment packages” advertised on the official website, including all of the following:
- Basic Version 1.0 (Priced at 1 LTC): 0.0014 LTC per minute, 0.2 LTC per day
- Standard Version 2.0 (5 LTC): 0.0007 LTC per minute, 1 LTC per day
- Standard Version 3.0 (20 LTC): 0.0027 LTC per minute, 4 LTC per day
- Premium Version: 4.0 (50 LTC): 0.0085 LTC per minute, 12.5 LTC per day
Based on the advertised returns, you’re going to recapture your investment in every plan in just 5 days. It’s completely unrealistic for mining to deliver a positive ROI in just 5 days, and yet that’s what is being advertised on LTCMiner.io. If you buy the Basic Version 1.0 mining package, then you can earn 100% ROI every 10 days, which means you can earn enormous ROI every year.
Ultimately, as mentioned above, there’s no proof that anybody is making a positive ROI with LTCMiner.io’s mining operations. Instead, the company seems to generate its returns through its affiliate program. You can earn 20% to 100% commissions by referring other people to the platform.
Who’s Behind Litecoin Miner?
Litecoin Miner claims that its mining network has 99% uptime – which isn’t that good for any server network. That means the server is down for an average of 8 hours each month.
LTCMiner.io also claims to maintain datacenters in Europe, the United States, and China. However, they don’t provide any addresses for these mining centers, nor are there any photos or videos proving the mining centers exist. Most mining companies don’t divulge the specific address of their mining operations. However, most provide proof that the miners actually exist. LTCMiner.io has absolutely no transparency regarding its mining operation.
One of the easiest ways to spot a mining scam is when the company refuses to disclose its location, contact information, or identity. We can’t find any personally identifying information on the LTCMiner.io website.
Litecoin Miner Conclusion
LTCMiner.io appears to be a scam. The company advertises unrealistically high ROIs on Litecoin mining.
Yes, mining can be profitable when done correctly. However, mining will not produce 100% returns every 5 days like advertised on the LTCMiner.io website. The company will pay you 1 LTC per day after you buy a mining package for 5 LTC. Returns like this just aren’t reasonable.
Ultimately, LTCMiner.io appears to be propped up by the deposits of new members. It’s virtually impossible to achieve mining returns as high as what’s advertised on LTCMiner.io, so we’re led to assume that they’re paying old investors with the deposits of new members – which makes LTCMiner.io more of a Ponzi scheme than a legitimate opportunity.
Unless the creators of LTCMiner.io release more information and proof, we have no reason to believe LTCMiner.io is a legitimate company with a legitimate mining operation.