MegaMine – Safe Reliable Bitcoin Cryptocurrency Cloud Mining?
MegaMine, found online at MegaMine.biz, is a cryptocurrency cloud mining platform based in the UK. Find out more today in our MegaMine review.
What Is MegaMine?
MegaMine is a UK-based company that claims to offer cryptocurrency mining through a global network of partners and support. The company uses decentralized cloud mining “to maximize income while minimizing risks.”
You can sign up through MegaMine today and start earning money hourly.
Obviously, the cloud mining world is filled with shady schemes and activities. Let’s take a closer look at MegaMine to see if they’re a legitimate cloud mining operation.
How Does MegaMine Work?
MegaMine’s website looks legitimate. It’s a well-designed website worded in plain, readable English – which is more than we can say for other cryptocurrency mining scams.
However, MegaMine claims to pay investors a fixed 0.15% ROI on their deposit. You give the company money, and then they pay you 0.15% every hour throughout the term of your contract. Typically, when an investment firm is offering a guaranteed ROI every hourly, it means you’re dealing with some type of investment scheme.
To put a “0.15% guaranteed hourly ROI” in perspective, it means the company is paying you 3.6% per day, or 1314% per year (not accounting for compound interest). That’s a stupidly high ROI. Few investments carry a return of that magnitude – and no investment firms will guarantee a return of that magnitude.
How can MegaMine offer such high returns? How does the company make money? This is where the company gets vague. The website vaguely mentions mining operations, but it’s unclear how much hash rate those mining operations are generating, or how much profit they’re bringing in daily – or if those mining operations even exist.
The company never explains the location of its mining farm, nor do they give any further technical details about the farm. Meanwhile, sentences like this don’t exactly give us confidence that this is a legitimate opportunity:
“MegaMine Limited focuses on quickly and efficiently producing Bitcoins by designing unique chips for Bitcoin-specific applications and through development of our own computer platform. The company employs experts in the fields of design, deployment, and management, who are responsible for a diverse range of IT solutions.”
What? The company produces bitcoins “by designing unique chips”? We have no idea what the company is trying to explain here. However, legitimate mining companies are a little more upfront about their operations.
Who’s Behind MegaMine?
MegaMine gives us little information about itself, its management team, or their experience and history. The website features an uploaded image of a “Certificate of Incorporation of a Private Limited Company” from the UK. That document certified Mega Mine Ltd. as a registered UK company as of July 6, 2017.
However, the document does not certify MegaMine as a registered investment service – despite the fact that the company is advertising investment opportunities.
A quick search online shows that the company’s registration document appears to be legitimate, as their company number, 10854083, is listed on other corporation registration websites as well. The company is registered to a 37 year old man named Mason Andrews, listed as the Director of the company.
MegaMine Affiliate Program
MegaMine pays 5% standard commissions to all members. However, you can pay more money to join the higher “Representatives” program, where you get paid 10% commissions. It’s unclear if the company has any multi-tier affiliate structure (like other pyramid schemes and MLMs we’ve recently seen online).
MegaMine guarantees an hourly ROI of 0.15% on your investment. The minimum deposit is 0.001 BTC. You can withdraw your deposit after 24 hours. All withdrawals are subject to a 5% “initial deposit withdrawal fee”.
Aside from that, the company lists no fees, terms, or conditions upfront.
Mega Mine claims to offer “a single but lucrative investment portfolio”. The company claims that its cloud mining systems are generating guaranteed returns of over 1,300% per year (0.15% per hour, guaranteed). There’s no proof of this number, nor is there any information about the company’s mining operations.
MegaMine, to its credit, appears to be a legitimate UK-registered corporation. However, anyone can register a corporation in the UK. Mega Mine does not appear to be a registered investment service in the UK – which means they’re not qualified to sell investments to you.
Ultimately, based on all of the information we can find online, it seems MegaMine is most likely some type of bitcoin-based pyramid scheme or multilevel marketing scam.