Bitincome.io is indeed a typical cloud mining scam. To the expert eye, nothing clicks with this site and operation, beginning with its corporate background and wrapping up with the various details of the cloud mining contracts it offers. In fact, these contracts pretty much exhaust all the traits and telltale features of “classic” cryptocurrency cloud-mining scams. The site claims that it is earning the fabulous (and quite unrealistic) revenues from which it pays its clients, through cryptocurrency mining.
There are several inconsistencies with these claims though. First of all, according to Bitincome.io, its mining operation makes use of the latest ASIC-based mining equipment, though crypto mining farms scattered all over the UK. At the same time, the site claims it is mining Ethereum, Zcash and Dash too. Ethereum uses ASIC-proof hashing though, so the ASIC miners touted by the site would be entirely unsuitable for its mining.
The other – far bigger – issue is that there is no proof provided regarding the actual mining process. At the very least, a legitimate cloud mining operation should provide a pubic mining address, which would grant the pubic at least a limited insight into how the crypto funds are accrued.
What Exactly Does Bitincome.io Offer?
Bitincome.io dangles nothing less to its potential victims clients, than the possibility of earning passive income “forever.” Just how ludicrous this pitch is, is not lost on anyone even moderately versed in the ways of the cryptocurrency industry. The daily returns offered on the various crypto packages span the 7-13% range. Apparently, the site even had a 30% per day special offer peddled for a while there in October 2017.
The minimum required deposit is BTC 0.005, for which a daily return of BTC 0.001 is offered. This way, it’s clear that within 5 days, one “earns” his/her principal back, after which, clean profits will allegedly be accrued.
Apparently, the funds deposited by users are used for continued mining-equipment modernization, or so the story goes. In reality, some of these funds are indeed paid back, but the majority of them are simply pocketed by the perpetrators of this scam.
Should I Trust Bitincome.io?
With the above in mind, the answer to that is an obvious NO.
Red Flags and Question Marks
The whole operation seems like a big red flag and a question mark in one. First of all: the dangled daily return percentages are unrealistic. 7% per day equals 70% per 10 days and roughly 210% per month – and that’s the worst case scenario. If that does not ring an alarm bell, nothing will. If this indeed worked as described, it would easily be by far the best investment opportunity in the world, a bottomless source of free money, “forever.”
Secondly, the website boasts a scan of a company registration form, which clearly shows that the whole shebang was set up in August 2017. This is another classic trait of cloud mining scams: they’re always but a handful of months old. This scam category rarely makes it past this mark before expiry.
Thirdly, we have a Ponzi element added to the mix too, through the affiliate income “opportunities” offered to members. As part of this scheme, those who refer an institutional “partner”, earn a 5% affiliate reward on the deposits of the referred. The role of this mechanism is to keep drawing fresh funds into the Ponzi for as long as possible, thus extending the lifetime of the scheme. Users who deposit 10 BTC or more, can become “representatives,” meaning that their affiliate commissions will be increased to 8% from the base 5%.
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Apparently, the phone number provided in the contact section is a fake one, as is everything else about the site. According to its Whois information, the domain name was registered in August 2017. The name of the registrant is private (not exactly a surprise there…)
Indeed, most of the reviews available on Bitincome.io are negative ones. These guys have managed to build up a very toxic reputation in a remarkably short time. There’s a full thread at bitcointalk.org, which calls the operation a “pure scam,” and goes into details about the red flags and question marks spotted by community members.
According to some, the operation pays for the first two days, after which payments stop. There are many reports out there about missed Bitincome.io payments. In this regard, one should always bear in mind that the fact that an operation pays, does not mean it is not a scam. To even consider legitimacy, you should always require a public mining address.
As of November 20, 2017, Bitincome.io has a SimilarWeb global rank of 9,707, which makes it one of the most popular scams we came across. It is ranked 2,731 in Brazil, which is where more than 12% of their traffic originates. Other significant traffic sources of Bitincome include the United States, Russia, India and Indonesia.
Bitincome Review Conclusion
This operation offers no proof of technology, no proof of mining, and it essentially peddles lifetime deals of free money, with no effort involved on the part of the “investor.” Their daily return percentages are simply ridiculous, and the identities of those running this scam are kept under wraps. If – having read the above – you still fall for this awkward scam, you probably deserve what’s coming to you.
Review Verdict: Bitincome is a SCAM!
Blacklisted Sites: Bitincome.io
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