TranceHash promises to introduce a new generation of cloud mining. Find out how they plan to do that today in our review.
What Is TranceHash?
TranceHash, found online at TranceHash.com, is a cloud mining service that promises to pay 10% ROI per day – guaranteed.
Obviously, even the best cryptocurrency mining systems don’t pay returns of 10% ROI per day. So what’s the secret behind TranceHash? How is this small, brand new provider introduced in April 2018 able to beat the returns of all competitors in its industry?
TranceHash doesn’t really explain how they’re able to provide earnings of 10% per day. However, the platform has a multi-level commission system that encourages users to refer friends to the platform.
How Does TranceHash Work?
TranceHash, unlike virtually any other cryptocurrency mining provider in the world today, offers lifetime bitcoin mining plans. You pay a one-time fee today, then enjoy enormous daily returns for the rest of your life.
This is not a sustainable business model. TranceHash charges fees of 0.001 BTC to 10 BTC for its lifetime mining plans. The company will apparently purchase mining equipment with these one-time fees, and then provide sustainable 10% minimum daily returns for the rest of its life.
In reality, 10% daily returns are impossible through cryptocurrency mining. Furthermore, mining companies rarely offer lifetime contracts. Instead, they offer contracts of 6 months to 2 years, at most. It’s a turbulent industry that involves frequent hardware turnover and high upgrade and maintenance expenses.
By only selling lifetime mining memberships, TranceHash is suggesting that it won’t be along for more than a few weeks or months. No business can survive giving away lifetime mining memberships at the ROIs advertised by TranceHash.
TranceHash advertises four lifetime mining memberships, including all of the following:
- 0.001 BTC: 1000 GH/S, 10% profit per day guaranteed for life
- 2 BTC: 2,300,000 GH/S, 11.5% profit per day guaranteed for life
- 5 BTC: 6,800,000 GH/S, 13.6% profit per day guaranteed for life
- 10 BTC: 16,700,000, 16.7% profit per day guaranteed for life
Yes, TranceHash really guarantees profits of 10% to 16.7% per day for the life of your subscription. You pay a one-time fee today, then enjoy the best returns in the history of investing – guaranteed.
In case you wanted to earn more money, you can do so by participating in TranceHash’s affiliate scheme, where you earn 7% commissions on the first level, 2% commissions on the second level, and 1% commissions on the third level. Of course, this also means that only 90% of your subscription fee is going towards bitcoin mining – which further reduces the likelihood that TranceHash is participating in real cryptocurrency mining.
TranceHash claims users can withdraw profits as soon as 24 hours after making their first deposit. Deposits are only accepted in bitcoin. The company also claims to never charge hidden fees, nor do they charge any deposit or withdrawal fees.
Who’s Behind TranceHash?
TranceHash has all of the red flags we associate with a cryptocurrency mining scam. One of the easiest ways to confirm a crypto scam, however, is to look for team information: scammy companies never publish real team or location information online.
As you might expect, TranceHash refuses to disclose team or location information online. The website is filled with vague statements like “our data processing centers are located all around the world, in low-cost electricity countries.” They claim their team “consists of highly skilled cryptocurrency production specialists.”
As “proof”, TranceHash publishes a corporation registration document online on CompaniesHouse.gov.uk. Anyone can publish a corporation registration document on this site with minimal hassle, and many scams have used this “loophole” to make themselves appear legitimate.
TranceHash gives us no reason to believe it’s a legitimate investment opportunity. The company advertises ridiculous returns online. They claim users can expect to earn returns of 10% to 16.7% per day, guaranteed, simply by paying a one-time fee in BTC today. You give the company 0.001 to 10 BTC today, and then enjoy guaranteed returns of at least 10% per day for the rest of your life.
That might sound good – but there’s no proof that TranceHash has any real mining operations in place. Even the best cryptocurrency mining companies can’t offer returns of 10% per day.
Based on all of the information we see online today, TranceHash appears to be a HYIP or Ponzi scheme designed to capture as many deposits as possible in a short period of time before shutting down within a few weeks. You should probably avoid TranceHash.