XP Mining is a cryptocurrency mining company that lets you buy shares to benefit from cloud mining. Here’s our XP Mining Limited review.
What Is XP Mining?
We’ve seen plenty of scams in the cloud mining space. Many companies take your money, promise to use it for cloud mining, and then continue taking money from clients until funds run out.
Is XP Mining yet another cloud mining scam? Or is this a legitimate opportunity?
XP Mining introduces itself with a video featuring Marketing Director Joshua Wyatt. Wyatt describes how the company’s mining operation is based in the United Kingdom, and how cryptocurrencies are the future of transactions.
The company claims to consist of a team of experts who have mastered the cryptocurrency markets. So you’re not only buying into a mining operation – you’re buying into some type of trading scheme:
“Our clients are rewarded with the levels of profit that are incomparable in the market.”
All you need to do is purchase a package from XP Mining, where “multiple investment” opportunities are available for all types of clients. So XP Mining is specifically marketing itself as an investment opportunity. In fact, later on, they guarantee returns of 200% on each investment package.
Interestingly, XP Mining has business plans written in English and Portuguese, and the video above is translated into Portuguese as well. So XP Mining is marketing itself to Portugal/Brazil as well as English-speaking countries.
Obviously, XP Mining is promising a lot of things. Let’s take a closer look at how it claims to make money for you.
How Does XP Mining Work?
XP Mining is based in Manchester. The company’s main activity is cryptocurrency cloud mining. They claim to focus on Ethereum and bitcoin at the moment. The company was established by “a team of cryptocurrency miners, traders and IT engineers.”
Oddly, the company’s business plan spends no time explaining how XP Mining makes money, or what kind of rigs the company uses to mine cryptocurrencies. Almost the entire business plan is devoted to explaining the multilevel marketing aspect of XP Mining. Instead of talking to us about specific technical aspects of the project, the paper spends time listing which cars they’ll buy for you if you convince hundreds of people to buy into the company.
Obviously, bitcoin and Ethereum mining has become very expensive and difficult over the last year. Typically, miners need to build operations in countries with cheap energy, and then know how to maintain and upgrade those rigs over time to ensure profitability. XP Mining Limited provides no details about the project’s mining – like the type of rigs used or the GPUs used.
Here’s how XP Mining Limited sums up their business plan:
“XP Mining Limited has in its essence the mining of crypto-coins. This is our main activity. We are specialists in cloud mining, besides having activities in other areas, all focused on crypto-coins.”
That’s about as vague as a business plan can get. And again, there’s no information about the company’s mining pool, its hashrate, previous blocks, or any other information you need to know before joining a mining pool.
Despite the total lack of information, XP Mining Limited tries to convince you to pay them an enormous amount of money to join the company.
XP Mining Pricing
To buy into XP Mining, you’ll need to pay a substantial amount of money. Like most pyramid schemes, the more you pay today, the more money you can purportedly make.
Pack 1 ($25)
- Binary limit of $100 per day
- $0 earnings per day
- Indefinite contract
Pack 2 ($120)
- Binary limit of $500 per day
- 120 day contract
- $2 earnings per day
Pack 3 ($600)
- Binary limit of $1500 per day
- $10 earnings per day
- 120 day contract
Pack 4 ($1200)
- Binary limit of $5000 per day
- $20 earnings per day
- 120 day contract
Pack 5 ($3600)
- Binary limit of $15,000 per day
- $60 earnings per day
- 120 day contract
Pack 6 ($10,800)
- Binary limit of $50,000 per day
- $180 earnings per day
- 120 day contract
It’s surprising to see the company asking you for up to $10,800 in payment today when they don’t tell you anything about their business or how it operates. We have no reason to believe you’ll ever see your money again – the company could disappear with it as soon as you make your payment. There’s no evidence of a real business here.
XP Mining Multilevel Marketing Opportunity
As mentioned above, XP Mining refuses to disclose any information about its business or how it makes money. Instead, the company’s business plan is devoted entirely to talking about how much money you’ll make after paying to join the company.
The business plan has full-page pictures of BMW i8s and Range Rover Evoques, for example, which will be given to you if you reach a virtually unattainable sales target (of course, you’ll never own the vehicle; it’s always a lease).
It seems like the only way to make money with XP Mining is to refer other people to the program. You’re not actually selling any product or service. You’re just selling memberships. That’s a key difference between a multilevel marketing company and a pyramid scheme.
In any case, XP Mining lets you make money through direct referral bonuses, binary bonuses, and daily fixed bonuses. There’s also some type of points system.
That “Daily Fixed Bonus” is interesting. The company claims to give you a guaranteed return on your investment. For example, if you buy Pack 2 for $120, you receive $2 per day, every day, for 120 days. That gives you a total of $240 over that period, or 200% ROI. That’s right: XP Mining promises to give you a fixed return of 200% ROI.
That same ROI is available on all packages. If you buy into the $10,800 package, for example, then you’ll receive $21,600 in a 120 day period ($180 per day).
Again, there’s no evidence that this company is making money, or that they have a profitable mining operation – so it’s unclear where this money is coming from.
Who’s Behind XP Mining Limited?
XP Mining Limited appears to be a legitimate corporation headquartered in Manchester, UK at the following address:
205 Moorside Road
That address appears to be a residential building located on the outskirts of Manchester. Fortunately, the corporation also appears to have a legitimate registration number: 10794419.
According to UK corporation registration information, the company was incorporated on May 30, 2017 at the address listed above. It was incorporated by a 30-year old man named Reed Grant, who also appears to live in Manchester. No other names are attached to the company.
Conclusion: Is XP Mining A Scam?
Ultimately, there’s almost no information about XP Mining available online. The company vaguely mentions a mining and trading operation, but they don’t give users any information about either operation. Instead, the company spends most of its efforts convincing you that you’re going to get rich quick with guaranteed ROIs of 200%.
Obviously, bitcoin and Ethereum mining is very difficult today. The best mines are located in places with the cheapest energy. They use rigs with 4 or 6 GPUs to turn a profit. XP Mining hasn’t given us any information about its mining services. We don’t know the GPUs used, the hashrate of the project, or any other relevant information.
For all of these reasons, XP Mining seems to be a multilevel marketing scam that revolves solely around memberships – there are no actual products or services being sold here. That makes XP Mining less of a cloud mining company and more of a pyramid scheme. Until they give us more information about how their mining operation works, you should avoid XP Mining.