Read our unbiased review of StartMiner to learn the truth about this despicable Bitcoin scam! Claiming to be a free and simple Bitcoin mining pool, StartMiner.com is a deceptive Ponzi scheme targeted toward novice Bitcoin investors. Extract and learn the facts behind this blatant Bitcoin scam and why this shady investment opportunity is not worth your time or money!
Research will reveal to us that there are two types of reviews regarding the so-called legitimacy of StartMiner. First, we have the soulless marketers who are willing to say just about anything as long as you are more likely to sign up. These misleading reviews appear in the form of YouTube videos and notorious blogging sites that each rely on questionable marketing practices to generate a quick buck from your suffering.
While other reviews embody the form of vague forum posts or inconclusive articles that neither recommend nor condone the use of StartMiner. In our most humble opinion, these “inconclusive” reviews are just as shady and premeditated as those reviews that lie to your face. However, for those of you who actually want to learn the facts behind StartMiner and whether this is an authentic investment opportunity or just another Bitcoin scam we encourage you to keep reading.
What is StartMiner?
StartMiner is a relatively straightforward and free Bitcoin mining pool. All one as to do to gain access to this simplistic Bitcoin mining pool would be to enter your Bitcoin address then click on “Start Mining.” Or at least that is what the creators behind this scam would like you to think! Relying on the ever-effective marketing model claiming that you can generate substantial profits without “having to do any of the hard stuff” is where most people fall victim to this ruthless Ponzi scheme.
Claiming to have been in existence for 353 days since the time of writing this review, StartMiner has accrued over 800 bitcoins with relative ease. Of course, no transparent mining results are shared anywhere on the website which means that viewers are left to only accept the word of the website in question. In addition, when viewing the website and clicking on “See Payment Proofs” nothing happens, which leads us to believe that this is just a misleading widget that serves the sole purpose of making startminer.com appear more trustworthy and genuine.
How does the StartMiner program work?
If truth be told, StartMiner does not conduct their business practice as a legitimate Bitcoin mining pool should operate. Instead, this site operates with the business model similar to that of a Ponzi scheme. Figuring out their tactics is simple and nothing we previously haven’t crossed paths with. The fault in their business model would be how they offer “free” Bitcoin mining. Unfortunately, no legitimate mining service could afford to offer a free service due to the fact that it simply is not sustainable.
Furthermore, the security measures engraved into the interface of startminer.com are weak at best. Users who mine with their site aren’t even required to enter a password to access their account, meaning that if their Bitcoin address was leaked (which is quite possible with such weak security measures) then you may as well kiss your Bitcoin wallet good-bye.
StartMiner Membership Plans
Apart from the free service offered there are 4 membership plans and are as followed:
0.0007 per day
Affiliate Bonus: 30%
Cost: 0.005 BTC
0.01 per day
Affiliate Bonus: 40%
Cost: 0.08 BTC
0.05 per day
Affiliate Bonus: 50%
Cost: 0.3 BTC
0.25 per day
Affiliate Bonus: 100% (with instant withdrawals)
Cost: 1 BTC
StartMiner Ponzi Scheme Model
StartMiner fulfills the shining definition of a Ponzi scheme when premium members are gullible enough to sign up with one of their memberships. When potential investors successfully complete the sign up process, a majority of those deposited bitcoins are used to pay pre-existing members who have requested a withdrawal request while the owners behind the site keep a fat percentage of the deposit to themselves.
This allows this “leading Bitcoin mining pool” to appear as a legitimate and self-sufficient mining service when in reality the service is self-imploding upon itself. However, community feedback suggests that StartMiner has already started to neglect withdrawal requests meaning that the creators of this HYIP scam are just trying to suck as many new depositors dry of their bitcoins before they bite the bullet and move on to their next shady venture.
Suspicious StartMiner Characteristic
Apart from the fact that startminer.com has resorted to non-sensical excuses as to why they cannot execute withdrawal requests, there are a number of questionable characteristics exhibited on the site. Among the first misleading characteristic that caught our eye would be how the site has been in existence for a period of “354 days.” However, a quick domain report will reveal that the site was only created 178 days ago, so essentially the site is claiming to have been in existence for almost twice as long has it actually has been.
Now ask yourself, why would a legitimate Bitcoin mining site lie to you about something so minuscule as their start date? Perhaps the answer to that would be because StartMiner is NOT a legitimate Bitcoin investment to begin with! Let’s not overlook how open-minded they are about flaunting their affiliate program all over their site and membership plans as well. It is clear that the only motive behind this website would be to mislead as many investors as they can out of their deposits before they are reported to a governing entity and closed down for good.
StartMiner Company Specs
StartMiner is operated by a company known as Bitminer Cloud Eu LTD and is filed under the company number 09951039. The registered office address is 20-22 Wenlock Road, London, England, N1 7GU while the CEO behind this company is Giacomo Bugini. Currently, this private limited company is exhibiting a company status of Active proposal to strike off. Which means that Giacomo Bugini has failed to file an annual return which typically serves as a ‘heads up’ for anyone looking to conduct business with this site.
Typically when a company reflects this status the company cannot maintain even the basic payment duties needed which raises the question of how reliable of a company is this truly?
During the time of writing this review, startminer.com has a Global Rank of 10,908 with a rank of 2,591 in Brazil, according to Alexa.com. This indicates that Start Miner is a rather popular website. Most of the visitors seem to come from Turkey, Brazil, Indonesia, Vietnam, Venezuela, India, Iran and Spain.
Checking SimilarWeb reveals also that over 20% of the traffic is generated from untrustworthy Bitcoin sites such as adbtc.top. Other significant sources of traffic originate from misleading ads found on YouTube and Facebook.
StartMiner Review Conclusion
Given the facts presented to you throughout this honest review we cannot condone any prospective Bitcoin investors to join this service. Even if you were planning on avoiding the membership plans found of the site and only sided with the “free” mining service, just keep in mind you are putting your personal information on an insecure website with terribly weak security measures. Do not expect to receive any withdrawals since the company is not in good standing and has been so for a period of over 3 months.
Exercise caution prior to signing up with any Bitcoin related website. We have seen an epidemic of HYIP scams and Ponzi schemes that have flooded the Bitcoin investment industry with false hopes and empty promises. Don’t invest your bitcoins with a site that promises something that sounds-too-good-to-be-true or free of charge. Long-standing and legitimate Bitcoin investment sites do not offer their service for free because it is an unsustainable business model.