Bitmining dot biz is a domain registered with the NameCheap, Inc. registrar on August 29, 2019 (less than one month ago as of the writing of this review) for 1 year. Even though it is a very young domain, it is getting substantial traffic, especially from countries such as Brazil, Venezuela, and Russia. This can be explained by the fact that Bitmining is advertised on ad networks such as adbtc.top and mellowads.com. Maybe also by the fact that it offers a promising affiliate program. Is BitMining.biz a legitimate investment opportunity or a scam? Let’s see…
Update (October 2019): The Bitmining.biz website is currently down, indicating that indeed it may have been a scam.
As of today BitMining.biz has been online for 20 days and already hosts 43,478 accounts! It is claimed that 161.85616372 BTC had been deposited, while 37.4648418 BTC had been withdrawn. This means people have deposited more than $80K with BitMining PER DAY since its inception!
Who is Behind BitMining.biz?
The company BitMining Limited was established in 2019 as an asset management company allegedly involved in trading and mining of cryptocurrencies. They are said to be a “fully certified and licensed company” with a UK license number: #12184485. A search in companieshouse.gov.uk reveals this is indeed true. The company’s address is: 45 Haverstock Hill Hampstead, London, United Kingdom, NW3 2AJ. It’s an active private limited company incorporated on 2 September 2019 to be involved in “activities of financial services holding companies.” Director is Bailey Wilson (Correspondence address: 85 Marlborough Crescent, Southery, Norfolk, United Kingdom, PE38 9QD).
The fact that there’s a real person behind this operation offers a significant boost to its trustworthiness. However, we’re not done yet…
BitMining Limited is involved in cryptocurrency trading and cloud mining operations. The profits they allegedly generate through these methods are then passed on to their investors. We don’t like how they portray the investment to be “risk free.” The text is also ridden with spelling and grammatical errors which doesn’t give the greatest of impressions. For example, they write: “Having privet mining farms allows distinctive possibilities to serve our clients the best way they deserve. The remarkably Increasing rates have opened up many occasions especially for who typically solicit high-density extent with low power dissipation.”
Anyway, the idea which BitMining Limited is trying to push is far from unique. They provide the mining equipment and trading knowledge, while their investors provide the funds.
BitMining.biz Contact Information
BitMining.biz is owned and operated by BitMining Limited.
Address: 45 Haverstock Hill Hampstead, London, United Kingdom, NW3 2AJ.
The first step for joining BitMining Limited is to open an account. Then a deposit has to be made (in Bitcoin, Litecoin, Ethereum, Dash, Dogecoin, or Bitcoin Cash). Minimum deposit is 0.001 BTC while the maximum deposit is 100 BTC. There are three investment plan with different ROIs:
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For example, if you deposit 1 BTC in the first plan, then you are supposed to earn $1,000 every day for the rest of your life ($30k per month/$360k per year). You will cover your deposit within 10 days. If you invest 1 BTC in the second program, then you will get $90,000 after 1 month, or $300,000 after 2 months (if you opt for the third plan.)
Withdrawals can be made as soon as the balance has a minimum of 0.0001 BTC. All payouts are made automatically and instantly. There are no withdrawal fees.
2-Tier Affiliate Program
You don’t need an active deposit to take advantage of our affiliate offer. After signing up, any member can use their personal affiliate link to get rewards via the BitMining referral program, potentially earning 1-5% commission for every deposit made by referrals.
For example, if you bring a client to BitMining and they make a 1 BTC deposit (approximately $10K as of the time of writing), then you earn $500 for that client. If this client brings additional clients, then for each one depositing 1 BTC, you will earn $100.
So is BitMining.biz a Scam?
The evidence presented until now is arguably inconclusive. Though the promised returns on investment seems way far fetched and too good to be true. Let’s see if there’s any other proof that BitMining.biz is a scam.
Firstly, there seems to be a connection between bitmining.biz and the following cryptocurrency faucet websites:
However, it seems likely that BitMining has been using these sites as an advertisement platform and that the services are not owned by the same people/company.
In their Terms of Service document, titled Rules & Agreements, things start getting weird. The document says:
trieragroup.club is not available to the general public and is opened only to the qualified members of trieragroup.club, the use of this site is restricted to our members and to individuals personally invited by them. Every deposit is considered to be a private transaction between the trieragroup.club and its Member.
So either BitMining “stole” this page from trieragroup.club or is its successor. What is trieragroup.club? It was an investment company, but it’s currently down, potentially indicating it was a scam.
Finally, let’s take a look at BitMining’s thread on beermoneyforum.com. Several people call it a scam without explaining. One person says:
If you didn’t invest on day 1, don’t invest. This is known as a ponzi scheme. Early investors get the most, later investors get the least. These kind of sites pay at first, but stop abruptly.
Other people seem a bit more sympathetic. One writes:
I really like the BitMining company. I was in their office. This is a truly legal business. I invested 2 bitcoins and make a profit daily
Another person presents “proof:”
Company Pays 0.00314018 BTC c876927f8684b05ba54d0ea733662ce23e44b4e36b8c209c318a2c742cf7921f
BitMining.biz Review Conclusion
We’re unsure about BitMining.biz. We need to hear from people who have invested with them. Are you guys getting your promised returns? Let’s just say we would be very doubtful if they do… All in all, BitMining.biz seems way too good to be true.
Please comment below if you have any first-hand information regarding BitMining.biz or if you have any questions.
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