LiteHash.cc is a litecoin mining pool which claims to provide a way for anyone to start earning Litecoins without having to go through all the hardships involved. They offer a free plan but that is a trap used to lure people in which we will discuss later in this article.
The returns these faceless crooks offer is astonishing for the newbie’s but it definitely is fake. When we were investigating this service, the sheer amount of falsely portrayed information shocked us.
Before you try out their plans and get pushed towards upgrading the plan go through our unbiased review which will show you everything about the true motives of this firm.
Company and Support
Any type of money making schemes, platforms are required to be overseen by the regulatory authorities as the number of scams and fake platforms looting the innocent customers or investors are on a record high during the recent times. LiteHash.cc is an ICO which takes in money from a group of investors in order to maintain mining farms and upgrade the machinery to enhance their earnings.
The investors are entitled to certain returns after the end of the contract they purchased. It is absolutely essential for the users to make sure that the company you are dealing with is recognized by authorities like FCA and FTC. Since we couldn’t find any information about this firm on the database of the above stated sources, they are most likely operating illegally and may wind up in the near future.
The fraudsters behind this company has failed to put up any information about the legal formation which tells us that they are by no means a reliable and trustworthy service. In case you signed up with them and face issues of any kind then you are in for facing disappointment as the only way to reach support team is via a form provided on their platform.
The support staff of this company is known for handling the requests in an unethical way. Do not be surprised if you contacted them about your withdrawal problems and they fail to reply. It is very typical for fake platforms to operate in this manner.
How does LiteHash.cc work ?
LiteHash.cc is a cloud mining service. They claim to have structured various needs of setting up a mining farm wherein the cost of maintenance is less then the profits accrued thereby resulting in a steady stream of revenue.
The problem with cloud mining is that it does not yield considerable amount of profits nowadays and unless you have tens of thousands of dollars to begin with, the profit will seem like pittance and will not excite you in anyway. Other important details of their farms are not discussed.
They say that they have data centers located in Europe, USA and China but it cannot be verified as there is no exact address details provided. The names of the pools they are a part of is unknown and we do not have a clue about their mining capabilities. After thoroughly examining all the above discussed matters we certainly can’t tell anyone to consider this platform.
The whole crypto mining sector is dominated by big players who have invested heavily into this field. If you are involved in mining for a while or have a sound knowledge about how blockchain work then you understand the amount of cut throat competition out there.
One of the main reason fraudulent firms like these triumphs is because they feature unbelievable returns on their website to lure in as much people as they can. This firm claims to generate 5% ROI on a daily basis which is impossible to earn through mining activities.
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If you do the math the returns add to a staggering 1,800% yearly. Now does that seem real and achievable to you ?
No ponzi scheme can thrive for long without having new investors, signing up with them as the customers are the essence of any business. These crooks encourage individuals to work on the marketing side of their firm by rewarding them. The affiliates get certain percentage of the revenue they helped the firm earn.
Their model is competitive and if any marketer provides them with a lot of volume with regards to mining contracts they are paid 15% of the cumulative revenue bought in to this service by them. The affiliates are not required to hold any contracts in order to get their commissions.
According to whois.com this domain was registered on 26/08/2018 and it expires exactly after one year.
Thanks to Alexa.com we came to know that this website ranks 37,426 in Indonesia and has a global rank of 1,838,724. The list of countries this service has managed to gain noticeable level of popularity are Indonesia, Russia, Bangladesh, Sri Lanka and Ukraine.
Is LiteHash.cc a Scam ?
A not so obvious one.
This platform blends in with the other reputable services on the internet. Their claims are not too good to be true from laymen’s perspective but still is more than what any cloud mining service can offer at the present.
They operate anonymously which means you cannot get hold of them in case you loose a lot of money to them which we believe will inevitably happen. Looking at their platform without a shadow of doubt we can say that it is a ponzi scheme.
They are paying for the time being but that does not make them legitimate. Sooner or later when they feel like they have made enough money they will disappear.
LiteHash.cc Review Conclusion
During our entire investigation we could not find any factor to which increases our confidence. As far as real user feedback is considered there is a lot of confusion on many popular forums like BeerMoneyForum.
another scam site. they will want you to deposit money before they will pay you
The comments supporting this service all had referral links with them so we can’t trust them. Here are what people are telling about them. We suggest all our readers to never invest with this platform.