BitcoMine.net Ponzi Scheme – Multiple Scams Detected!

If you wish to prolong the longevity of your Bitcoin wallet, you must read our factual and unbiased review of BitcoMine. BitcoMine.net is the latest Bitcoin mining site to prowl into existence and mislead countless Bitcoin investors out of their cryptocurrencies. Throughout this honest review, we will expose the shady marketing tactics employed to earn your trust along with expose other scam sites that are directly related to this absurd Ponzi scheme!

What is BitcoMine?

BitcoMine is a creative take at Bitcoin mining that resembles an operational model closely resembling one of a Ponzi scheme. Potential investors are given the opportunity to invest their bitcoins to achieve 1 of 4 separate membership packages. Each membership varies in regards to the incentives offered, but more important would be emphasis placed upon referral commissions.

Now, just like with most Ponzi schemes, the backbone and lifespan of these scam sites are determined by the number of new investors who are depositing into the site. During the opening stages of this site the deposits executed by new investors were used to fulfill the withdrawal requests made by the affiliates and Bitcoin miners, which created the illusion that BitcoMine was indeed a legitimate and paying Bitcoin mining site.

However, as time progressed (a couple of weeks later), the execution of these withdrawals took longer to fulfill and the inevitable “processing errors” started to occur. The fabrication of Bitcoin transactions to “verify” Bitcoin payments were used to hold those who processed withdrawals at bay while they patiently awaited for their delayed payments. To make a long story short, just like with most Ponzi schemes, the crooks behind this scam turned their back and simply resorted to stealing all deposited Bitcoin.

This theft eventually led to the pleads of those who were mislead out of their Bitcoin along with those affiliates who referred traffic to their domain. To make matters worse, BitcoMine is not the only Bitcoin related campaign launched by these crooks indicating to us that these scammers are experienced and likely not to quit their illicit activities until captured and brought to justice by a court of law.

How does BitcoMine work?

BitcoMine operates as a misleading Bitcoin mining site that additionally rewards their investors who send referral traffic. Masking their fraudulent Ponzi scheme by pretending to operate as a legitimate Bitcoin investment opportunity, BitcoMine offers 4 separate membership packages. These membership packages are as followed:

Coal Package

Cost: 0.01188 BTC

Included: 5 Coal Miners

Bronze Package

Cost: 0.02790 BTC

Included: 2 Coal Miners, 5 Bronze Miners

Silver Package

Cost: 0.04550 BTC

Included: 1 Coal Miner, 2 Bronze Miners, 5 Silver Miners

Golden Package

Cost: 0.06160 BTC

Included: 1 Bronze Miner, 2 Silver Miners, 5 Gold Miners

BitcoMine Miners

There are a total of 5 separate “miners” that are available through BitcoMine.net. These miners can be purchased in addition to your membership package that will allow you to yield more Bitcoin earnings. Listed below are the attributes associated with each of these miners.

Coal Miner

Cost: 0.0025 BTC

Duration: 30 days

Daily Mine: 1 Kg Coal

Daily Earnings: 0.0001 BTC

Bronze Miner

Cost: 0.005 BTC

Duration: 30 days

Daily Mine: 1 Kg Bronze

Daily Earnings: 0.00021 BTC

Silver Miner

Cost: 0.0075 BTC

Duration: 30 days

Daily Mine: 1 Kg Silver

Daily Earnings: 0.000325 BTC

Gold Miner

Cost: 0.01 BTC

Duration: 30 days

Daily Mine: 1 Kg Gold

Daily Earnings:  0.00044 BTC

Diamond Miner

Cost: 0.035

Duration: Endless

Daily Mine: 1-3 Diamond

Daily Earnings: 0.0049 – 0.0147 BTC

It is clear that BitcoMine is targeted towards novice Bitcoin investors due to the outrageous ROIs promised through the various miners and membership packages. Take for example the Golden package that claims to generate a ROI of 400%. If you deposit 1 Bitcoin, you can allegedly cash-out up to 4 BTCs.

As we have pointed out in a few of our other reviews, most legitimate Bitcoin mining sites don’t accrue an annual yield above 20 to 25%. These annual yields are consistent yields reported across several trustworthy cloud mining sites that have been in operation for a number of years. Don’t fool yourself by believing that you were fortunate enough came across a miracle site that allows you generate an unbelievable ROI. That is exactly what the creators behind this scam are hoping for you to believe and is how they deceive countless investors out of their Bitcoin.

A Related Scam – BitcoFarm.com

Throughout our investigation of BitcoMine, we were able to discover a couple different sites that were associated with this Ponzi scheme. The scam with the closest affiliation with BitcoMine.net is known as BitcoFarm, which can be visited at BitcoFarm.com. Similar to BitcoMine, BitcoFarm is like the second cousin of BitcoMine except for a few different characteristics. Now, if you take the time to scrutinize the various elements of each site, you will notice a good amount of similar components between the two sites.

One of the strongest connections we found between these two sites would be how each share the same name servers and IP address for those name servers. Now, although the sites share the same name servers, that doesn’t necessarily mean that both sites are operated by the same creator. Bear in mind though that it does significantly increase the likelihood of that being the case, especially when you match the same IP addresses for each name server.

In addition, if you took the time to research the DNS records you will notice how both the sites reflect the same DNS records. This is the icing on our cake and proves without question that both of these same sites are correlated with one another.

Who is Behind the BitcoMine Network?

Unfortunately, the creators behind this deceptive cloud mining site purchased a privacy blocker when registering for the site domain. This means we are unable to find any information regarding the owners or company that registered this domain. In addition, the support page found on both sites fails to provide any identifying information that could help us narrow down the operators behind this Bitcoin mining scam.

Due to this precaution taken by the operators, it has allowed both sites, BitcoMine.net and BitcoFarm.com., to remain a completely anonymous service. Which means that there is nothing from stopping these crooks from stealing your Bitcoin and leaving you with nothing to track down their whereabouts or identity.

Popularity

A SimilarWeb.com report will reveal that BitcoMine.net possesses a global rank of 14,366 during the time of posting this review (October 31, 2017). In addition, a rank of 2,927 in Brazil is reported and the demographics of visitors that contribute to most of the sites traffic reside within Ukraine, Russia, Venezuela and the United States..

In regards to BitcoFarm.com, the site has been around longer and therefore possesses a high global rank of 7,254 with a rank of 2,208 in Brazil. Most of the traffic originates from visitors who reside within India, Russia, Venezuela and Ukraine.

The global ranks of both sites indicate these are rather popular websites.

A considerable amount of audience overlap between the two sites can be contributed to adbtc.top, which is a Bitcoin paid to click advertising service that pays their members to browse various Bitcoin related ads. Other significant sources of traffic are channeled through deceptive positive and inconclusive reviews that can be found in search queries on Google and YouTube.

BitcoMine Review Conclusion

BitcoMine and BitcoFarm are both misleading Bitcoin mining Ponzi schemes! Operated by the same thieves who have no moral compass, it is evident that neither of these sites are legitimate nor have your best interests at heart! Avoid both of these Bitcoin mining sites if you care about the well-being of your Bitcoin wallet and those around you. If you need more evidence, feel free to check out the BitcoFarm thread on BitcoinTalk.org.

Verdict: BitcoMine & BitcoFarm are SCAMS!

Blacklisted sites: BitcoMine.net & BitcoFarm.com

Have you been scammed by BitcoMine or BitcoFarm?  Share your experience and feedback by commenting below! 

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