Xashmining.com boasts to be one of the best and most efficient bitcoin cloud mining solutions. According to their website, they supposedly generate upto 3% per day through their mining operations. The funny thing about them is that they haven’t mentioned anything about the operational model or even the cryptocurrency they are focusing on.
We tried to trace the people working for this firm, but the search ended in vain as they have covered up their tracks pretty tightly. After all, anonymity is the first and sure sign of a scam. Obviously, they do not have the proper license to conduct their business and are following ponzi system. To know how dangerous this scheme in reality is, read our detailed review.
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Licenses and Customer Support
Any firm which takes in money from the public and promises something in return has to be regulated by certain authorities. Though, the law is a little behind on cryptos, it has done its best when it comes to educating the audience. As clients, it is always better to stick only with regulated exchanges or brokers because they ensure the security of the funds to a certain degree.
This one is not under the radar of the FCA or FTC which means without doubt, it is a fraud platform and chances are it’s going down pretty quickly. If you bought any mining plans from them and face problems, then you can reach them through whatsapp and email. By using only these two communication modes, the firm is trying its best to stay anonymous. Moreover, know that once they have access to your funds, they will just block you.
How does Xashmining.com Work?
The idea or the narrative behind this platform is simple and pretty straight forward. Users just have to bear the equipment charge and the maintenance fees, while this firm looks after the technicalities and process involved. At first glance, it might seem like a win win scenario, but these crooks have twisted the concept in their favor.
For starters, the kind of revenue they promise is unrealistic and secondly they don’t even mention the equipment they use. They just mention that their farms are located in the tax free region, but that information does not help the investors verify anything. Mining incurs huge electricity and maintenance fees which is growing year by year at a drastic rate.
Once for the retail investors, mining was profitable, but nowadays it involves too much starting capital to get reasonable returns. Moreover, a single mistake and rise or drop in volatility of the underlying cryptocurrency will also affect the PnL statement significantly. So, don’t buy into the idea of making passive income and understand the ground reality situation.
Mining Contracts and Profits
There are 4 types of mining contracts offered by them. All the offerings are exaggerated and the calculation has been made complex just to overwhelm the investors. Net profit promised by them ranges from 1% to 3% per day. Do the math, 3% per day amounts to over 1,000% per year.
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Using the compounding effect, you can become a billionaire within small period of time. However, we all can agree that life is not simple and no one can make money that easily, right? Have a look at their plans, aren’t they too good to be true?
Affiliate Program
This firm is registered only for one year and by judging their customer base, looks like their ponzi model is meeting its inevitable end. So, to keep their business alive, this firm offers high cash incentive to the promoters. The conflict of interest between affiliates and the public has paved the way to manipulation.
If you ever come across any platform who adores this firm, then understand that both parties are working together. It is a no lose proposition for the creators and promoters, but at the end of the day, the only one to bear the risk will be the clients.
Domain Information
Below, we have gathered the complete demographics of this website using alexa.com and whois.com.
Domain – Xashmining.com
Registered on – 08/12/2019
Expiry – 08/12/2020
Alexa Global Rank – 418,982
Rank in Egypt – 13,161
Target Audience – Egypt, Morocco and Pakistan
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Xashmining.com Review Conclusion
Xashmining.com is a well designed and viral scam which follows ponzi model. They accept only cryptocurrencies and are operating from the shadows. Once anyone sends money to them, it will be nothing short of a miracle to get it back and it’s impossible to track them if they choose to block you. In short, this platform is very dangerous and it is not worth holding on to them for any reason.
