Power Mining Pool is a cryptocurrency mining pool that promises to mine 7 different coins 24 hours a day, 7 days a week. Find out more about this pool today in our review.
What Is Power Mining Pool?
Power Mining Pool is a cryptocurrency mining pool that promises to offer daily payments and easy profits. You can buy a mining contract from the company, then earn daily profits from mining operations throughout the length of that contract.
At first glance, Power Mining Pool looks like an ordinary cryptocurrency mining pool. However, the website quickly starts to feel like a scam.
The pool has a 10 level has a network marketing program in place, where you earn money by recruiting new members to the program. There are dozens of mining pool pyramid schemes and Ponzi schemes available online today, so it’s a red flag any time we see the word “network marketing” on a mining pool’s page. The company also mentions “unlimited earnings” and a “fully automated” system.
Regardless, let’s take a closer look at how Power Mining Pool claims to work – and determine whether or not it’s a scam.
How Does Power Mining Pool Work?
Here’s how Power Mining Pool describes its process:
“We mine multiple crypto currencies 24/7 and pay you the euro value for the mined coins, then we trade the mined coins for Bitcoin and pay you again on any profits we make in the trading pool.”
Yes, the company claims to pay you twice – it pays you once from the value of your mining, and then pays you again when it trades the coins tokens for bitcoin.
That seems like a strange way for a bitcoin mining pool to operate. It’s a system we haven’t seen in other mining pools.
In any case, Power Mining Pool claims its mining rigs “are already set up and running.” You just need to buy a plan from the company to get started.
Using this system, Power Mining Pool users can make “unlimited earnings” using a “fully automated” system, explains the official website. Typically, when you see words like this, it means you’re being scammed: bitcoin mining is never a sure thing, and it’s possible for you to lose money as soon as the price of bitcoin drops.
Power Mining Pool Features
Power Mining Pool’s website advertises all of the following features:
Power Mining Pool will deposit money into your account every 3 hours.
7 Mining Pools:
Power Mining Pool claims to mine seven different cryptocurrencies. Those currencies are all mined 24/7, and the software switches resources automatically “to ensure you always get the best return.”
Power Mining Pool will start to pay you within 3 hours of signing up, according to the official site.
Get Paid Twice:
Power Mining Pool also claims to pay you twice. You get paid in Euros based on the amount you mined. Then, you get paid again when the company switches the coins into bitcoin. The company also appears to have some type of ongoing exchange and trading operation that they use to make more money.
The Power Mining Pool Pyramid Scheme “Opportunity”
Power Mining Pool has a pyramid scheme commission structure, or multilevel marketing commission structure, where you earn commissions down 10 levels. you start by earning 10% on level 1 referrals, and that number drops to 5% for level 2, 4% for level 3, and so on down to 1% for level 6. You earn 1% on levels 7 through 10.
The commissions are paid on all pool share sales, including repurchases.
You’ll also earn a rank advancement bonus of €29,750. Like other pyramid schemes, Power Mining Pool has a number of ranks available as you progress. By the time you reach the top level of “President Millionaire”, you’ll be getting a rank bonus of €10,000.
Ultimately, the Power Mining Pool website is vague about how much money you can earn through mining operations. However, the company goes into rich detail about how much money you can make by referring people to the platform. Here’s how the company explains mining profits:
“Every share you purchase will earn you €70, the time that this takes to happen is wholly dependent on the success of the mining and currency exchange which is managed automatically for you by our system.”
Who’s Behind Power Mining Pool?
Power Mining Pool claims to be run by two brothers named Andrew and Mike Conti. The website provides no further information about either of these two individuals, and a Google Search comes up with no results. They vaguely list their location as “Central Europe.”
When a company expects you to send them money, but refuses to disclose any information about itself, you’re almost certainly being scammed.
A WHOIS checkup shows that PowerMiningPool.com domain was registered on June 27, and the mining pool website launched online on September 4, 2017.
We can find no evidence to prove that Power Mining Pool has a legitimate cryptocurrency mining operation in place.
Power Mining Pool Conclusion
Power Mining Pool appears to be a scam. The website gives us no information to suggest it’s a legitimate investment opportunity. At best, you’re buying into a shady pyramid scheme that claims to be backed by “mining” – although we can’t find any evidence that any real mining is taking place.
Ultimately, there are too many pyramid schemes and multilevel marketing scams in the bitcoin world right now – especially the bitcoin mining world. We have no evidence to suggest that Power Mining Pool is a legitimate investment opportunity, and it appears to be a complete scam.