Promax7 Launches World’s “Most Powerful” Multi-Cryptocurrency Miner
Promax7 has launched a mining rig capable of mining multiple cryptocurrencies, including Ethereum, ZCash, Monero, Zencash, Ravencoin, and Seraph.
In a press release announcing the miner from August 1, the UK-based company described their rig as the “most powerful new generation multi cryptocurrency miner.”
The company’s flagship miner, the Promax 7 7.2, retails for around $25,000. The company claims to have already received over 98,000 orders for the 7.2, and their second batch of units recently sold out.
The press release is a bit of a mess, containing paragraphs like this:
“Promax 7 is listed in the top 4 best ETH Miner in 2018. Promax 7 is also known for being Multi-Algorithm ETH Miner. This kind of hardware would be going for Ethereum mining and thus are always on the rise.”
It’s not totally clear what Promax7 means with that paragraph. However, the company appears to be calling their rig one of the best cryptocurrency miners of 2018.
In any case, the Promax7 multi-cryptocurrency miner claims to be “a lot more powerful than any other miners available in the market.”
There are three miners available as part of the Promax7 lineup, including the flagship 7.2 miner. This miner is capable of mining ETH at a rate of 3710 MH/s.
Promax7’s miners are being manufactured in Shenzhen, China.
Promax7 is based in Salford, UK. The company was founded in December 2016. According to the press release announcing the new Promax7 miners, the company will be valued at $8 million to $10 million in the near future:
“It is estimated that Promax 7 will create the mining sensation and will rise to $8-10 million in the following months to come,” explains the press release in an awkward way.
Promax7’s official name is Promax Technologies.
The Promax7 7.2 miner is capable of mining multiple coins with different algorithms, including all of the following:
- Cryptonightheavy Algorithm: Monero
- Ethash: Ethereum
- Lyra2Rev2: Vertcoin
- X16R: Raven Coin
- NeoScrpyt: GoByte
- PHI1612: Folm Coin
- Xevan: Bitsend
- Timetravel10: Bitcoin Core
- Zhash: Bitcoin Gold
- Equihash: Zcash
The Promax7 7.2 miner certainly isn’t cheap. The miner, available to order online today, is priced at $24,360 USD. The website claims the miner is out of stock after the second batch. There were 98,831 units sold in the second batch, indicating that Promax7 has generated $2.4 billion in revenue from its miner sales.
Other key features of the Promax7 7.2 miner include its 4500W power supply, built-in firewall, and 180 day warranty.
The Promax7 Miner 7.1, meanwhile, is priced at $10,560, while the company’s smallest model, the G7 (an ASIC with a PSU) is priced at $4,795.
Ultimately, Promax7 is a private mining hardware retailer based in the United Kingdom. The company just released its latest miner, the multi-cryptocurrency mining Promax7 7.2, which retails for $24,360. The company claims to have already received 99,000 orders for the miner, indicating huge demand for their rigs. To celebrate the release of the 7.2 miner, Promax7 distributed an awkward press release written in broken English, which is unusual considering the company is based in the UK.
Update: Promax7 is a Scam
There are plenty of unusual things about Promax7. The company claims to be generating billions of dollars or revenue, for example, and claims to be based in the UK despite using broken English in their official communications. Many people have also taken issue with the company’s bold efficiency claims, saying its impossible to output that kind of hashrate with that low of energy consumption.
We now know why: Promax7 is a scam company.
A quick Google Search for Promax7 reveals plenty of warnings across the mining community since July 2018.
As far as we can tell, Promax7 and the 7.2 miner are complete scams that don’t exist, and the company certainly isn’t generating billions of dollars of revenue. Avoid Promax7 unless you feel like donating your money to an anonymous team of scam artists.