99Mining.cloud is a Bitcoin mining pool which promises to provide an easy way for anyone to get started with mining. Recently there is a huge misconception about the legitimacy of this firm and many forums are somewhat neutral about this aspect.
This service has been active for more than a year as of September 2018 and the amount of complaints against them clearly show what type of reputation they have. Join us in this detailed review where we will be going over certain facts which proves that they are a fraudulent service and the reasons to stay away regardless of what type of returns they claim to provide you.
License and Contact Details
99Mining.cloud is an ICO wherein they issue contracts based on the investment amount promising the clients certain amount of profits and use the funds to expand the mining operation. As the operational model of their business is a type of financial service means that they have to be regulated failing which all the people running this firm will have to face criminal prosecution.
We thoroughly checked the FCA website for any details about this firm but we were unsuccessful in our attempt which proves the fact that they are operating in an illegal manner. Do not get confused seeing the registration details they have put up on their website as it is done deliberately to intrigue simpletons and appear reliable to the masses.
A registration certificate by no means can justify the kind of activities they are conducting. The contact details provided by them in case if you have any queries for them are:-
This company is a typical cloud mining service. They own mining farms and scale up their operation gradually over time in order to maintain a healthy profit margin. Our main concerns about this platform is that they have not revealed enough details to instill confidence.
They have completely skipped over providing the detailed list of equipments they use, the maintenance fees they incur, exact margin of profits and the location of their farms. Without knowing the above discussed basic details, how on earth can anyone access this service?
Further more the returns they promise are on the higher side but we believe that high return claims are just being used as a bait to captivate the attention of the visitors and robbing them eventually.
The major center of attraction about this company is that they provide a free plan for mining and once the payout threshold are reached, any person can withdraw them but just know that many platforms offer free plan but they take a awful amount of time to see any results. Apart from the free plan there are 4 paid mining plans which are
Cost – 0.01 BTC
Earning rate – 0.0001728 BTC Daily
Affiliate Bonus – 30%
Cost – 0.1 BTC
Earning rate – 0.001728 BTC Daily
Affiliate Bonus – 40%
Cost – 0.9 BTC
Earning rate – 0.01728 BTC Daily
Affiliate Bonus – 50%
Cost – 5 BTC
Earning rate – 0.1728 BTC Daily
Affiliate Bonus – 100%
All the fraud investment firms offer huge incentives for marketers so that they can lure in maximum number of people. The relationship between the revenue of the firm and the number of participants involved is axiomatic.
Commission rate an affiliate earns depends upon the contract purchased by their referrals and it ranges from 30% to 100%. Think logically how can they or any legitimate solution offer 100% bonus unless their main source of income is unaffected?
According to whois.com this domain was registered on 17/06/2017 and it expires on 17/06/2019. The registrant details are unavailable as the people running this service is using a privacy protection services.
From the data based on the information provided by Alexa.com we know that this website ranks 23,439 in Iran and has a global rank of 262,775.This site gets roughly more than 200,000 unique visitors a month and the countries where the majority of their traffic is originating from are Iran, India, Greece, Pakistan, Indonesia.
Is 99Mining.cloud scam or legit?
This company is an undeniable swindle,
Overtime every company will get many feedback from the customers which will help the general public to know what they can expect if they sign up with them. Here is what a user on Beermoneyforum is saying about their service:-
Most of these sites asking for maintenance fee will only succeed with members who are not aware of scam tactics of mining site cos i can imagine I have money to withdraw and you asking me to pay a fee externally why not deduct it from my money in the wallet. Thanks for updating [email protected] mahfuz
The real user testimonials are very daunting indeed.
99Mining.cloud Review Conclusion
As cryptocurrency grows in popularity and achieves mass adoption there will always be fraud operations perpetuated around them as many people still do not know much about them but still want to try their hand.
Unless you are familiar with the fundamentals of blockchain do not be eager to accept any offer regardless of what returns one might advertise. At the end of the day it is your money and you should be careful about how you manage it.
Have you been scammed by 99Mining.cloud? Let us know your opinion by commenting below.