Bitcoin mining and trading is without a doubt the next frontier of investment. As more and more people rush to acquire the elusive cryptocurrency, mining websites will be smiling all the way to the bank. Oops, did I mention that only the legit mining websites will be smiling? The non-legit ones, aka scams, will be LAUGHING all the way to the bank and back. It can be argued that no other field in online financing guarantees as much profits as Bitcoin mining. Sometimes, nay, most times, these profits come easy without any work done. Just a few lies here and there and the ‘sheep’ (read naive public) bring themselves to the wolves den, and their money to.
Nonetheless, that there are countless scam sites masquerading as legit miners does not mean that you or anyone else has to be a victim. It is possible to avoid these scams and safeguard your money and we will do everything we can to expose all the scams. On this one, we expose GigaHashbit.com, one of the upcoming Bitcoin mining sites and all the lies and half-truths they have been spreading in an effort to take advantage of naive investors.
Introduction to GigaHashbit.com
Gigahashbit.com is a site that claims to be offering interested parties an opportunity to acquire Bitcoins by providing them with a means of extracting Bitcoin. The site also acts as as an investment platform where investors can put up their money, both in cryptocurrency and paper money form, and receive periodic returns.
The site is registered as a Private Limited Company in Scotland under license number 557819 and is headquartered in Glasgow. Note that it is registered only as a “private limited company” and not as a financial services provider.
GigaHash Bit has been in operation since February 2017, making it one of the newest Bitcoin mining sites in the Internet. Being a new site, only a small percentage of online investors have heard about them and even fewer have transacted with them. Nonetheless, we somehow got to know about the site from some friends and after doing our due diligence, we took it upon ourselves to warn you about investing in this Ponzi scheme.
Notably, there was another mining site with the name GigaHash (domain name GigaHash.org) which was closed sometime back. Whether the two sides are related to each other remains to be seen.
According to their site, Gigahash Bit owns a number of sophisticated algorithms and high power servers which are used to provide both mining and investment services. The site then leases the servers to people who are involved in Bitcoin extraction activities, also known as ‘tenants’. The number of cryptocurrency that can be extracted over a given period depends on the lease contract and the amount of power leased. The mining services offered by GigaHash Bit are primarily based on the cloud, which explains the need for power.
The site offers a variety of lease contracts, whose duration and level of profitability vary depending on the amount of money the tenant is willing to pay. After leasing the servers and accompanying power, tenants can then extract Bitcoins and sell them to third parties to make profits.
Below are the different powers offered by GigaHashbit and their potential returns:
- GHs-1 – This is the lowest power available in this platform and it gives returns at the rate of $0.35 per day. This translates to $15.05 after 43 days.
- GHs-2 – Will give you $795.50 in profits after 43 days at the rate of $18.50 per day.
- GHs-3 – Gives a single sum profit of $2,025 payable after ten days.
- GHs-4 – Pays back $1,335 in profits after 20 days.
- GHs-5 – Will earn you a whooping $605 in 43 days.
- GHs-6 – Will earn you $2,331 in just 7 days.
- GHs-7 – Comes with a guaranteed profit of $2,520 payable in 5 days.
- GHs PRO – Will earn you $2,760 in just 3 days.
- GHs EXPERT – This is the premium contract and comes with guaranteed returns at the rate of $2,497.50 per day.
The minimum amount payable for the different powers ranges from $10 to $50,000 and naturally the higher the investment, the higher the returns. In addition to the above mentioned powers, Gigahashbit also provides advanced statistical algorithms which increase the overall hashing speed, thereby making the extraction processes faster.
Immediately after the lease of power, you will receive the daily payments to the specified wallet. As for the withdrawals, the site claims that they will take less than a day to be effected and no more than 48 hours at most. We have however proven this to be false as we will explain in the segment below.
GigaHash Bit User Reviews
In the course of compiling this report, we visited several online forums which focus on Bitcoin mining and trading and searched for discussions on GigaHashBit.com. Suffice to say, the site has a very bad reputation, despite only being a few months old. Below are just a few comments we managed to extract from the various forums we visited.
“The don’t accept US accounts for some stupid reason.. Doesn’t seem to make any sense.. If we are willing to deposit and pay via Bitcoin for a contract and they are paying back in Bitcoin or another crypto who gives a crap” – David Jewel
“A member of a community I am into posted some time ago about not getting any payments from them. It’s a scam.” – Jones4
“it doesn’t pay! people avoid this site” – JannyYaya1
Don’t get us wrong, we believe in giving people the benefit of the doubt just as much as you do but we find it hard believing that the people who wrote the above comments were out of their minds. And in anything that concerns money, we don’t advise going for schemes with even a single negative review. It is not worth it.
GigaHashBit is a scam!
GigaHashbit.com, just like it’s predecessor GigaHash.org, is a Ponzi scheme. We have already confirmed that they don’t pay investors and everything they say on their site is a big, fat lie. Talking of the site, the content is so badly written that you get a headache just reading through it. The owners probably got the cheapest content writer they could for the site and as the saying goes, if you pay peanuts, you get monkeys.
Also, the real owners of GigaHashbit.com are not known, neither are their exact office location(s). And we know quite a lot about scams to know that a certificate of incorporation as shown on the site is not a measure of credibility. To make matters worse, the site uses a Gmail address which is not exactly a good look for a company that wants to be taken seriously.
To top it all off, GigaHashbit.com promises unrealistic returns that are not sustainable in the long run. This is a characteristics of HYIPs and pyramid schemes, which are almost always scams. What more, even if we were to believe that the site actually pays the stated returns, there is no supporting evidence particularly in form of user reviews to prove that it is actually true.
GigaHashbit.com is a big scam that is set to rip off a lot of people and we cannot sit and let that happen. We request you to kindly share what you have read with friends and family so that they avoid the site like plague.
Our research indicates that the GigaHash Bit fraud is mainly targeting people in Germany, Japan, Russia, Iran and France.
Verdit: GigaHash Bit is a SCAM!
Blacklisted site: gigahashbit.com
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