Bitminer Review 2018: Scam Or Legit
Bitminer is one of the best mining company based in Landon. The Bitminer.io organization began as a cloud mining organization where individuals could pay to get profits in Bitcoins. People are facing some issues regarding Bitminer so people need to know is it scan or legit? So, today here at BlockchainBiome I am going to share a complete Bitminer review with you which will clear all your doubts like what is a bitminer, it’s software etc.
It will be very easy if we can get a mining pool that will help in mining bitcoins. Bitminer claims to be one of those mining pools that will make it a lot easy for the people to get access to their bitcoin in the way they want. It is known for being the oldest pool for the longest time now. This is likely to settle down things a lot and make it much less complicated than it already is.
While processing a bitminer, it is required to add transaction information to blocks, which are then added to the blockchain. On the other hand, the blockchain keeps a record of the owners of the particular coin. The miners do the adjustments on the blockchain using the computer hardware and software tools, similar to solving a math problem. The cryptocurrency rewards miners on the proof of work hashing algorithm. The miner develops a ‘solution’ for each work done on the complex math equation that is built into the cryptocurrency. The miners who solve the equation first are rewarded early with Bitminer and others who cannot come up with a solution try their hands-on other blocks of transactions.
Cryptocurrencies have been the entire buzz since the last couple of years, as they don’t require tedious work to help you earn quite a lot of money, just strategic thinking and knowing what you are doing. They are a clear signal that we are now living in a digital age where everything can be done through the digital media, relying on the internet. While many of you may already know about the cryptocurrency tycoons, Bitcoin and Ethereum, another cryptocurrency is creeping up on them by gaining quite the popularity, known as Bitminer.
What is Bitminer.io?
If you’re new to cryptocurrency mining, then it is very important for you to know that getting started the right way is the best path to take, to make your mining worthwhile. Starting with mining, you will quickly acknowledge, that the computers used for this procedure are termed as “rigs”. You may also use a PC to start mining; all you need to do is upload the correct software and join a mining pool, and voila! Your mining journey has begun!
The very step to bitminer mining is choosing the right hardware for mining. The better option is purchasing a rig because it provides its own benefits, including the ability to maintain a cool temperature in the computer, as prolonged heat often decreases a computer’s lifespan.
A promising and a popular option for Bitminer mining is the ASIC Scrypt Miner. This one is a dedicated machine that helps tremendously to increase the mining power. A low-power model can help you to also save electricity and increase your ROI.
In addition to all the bitminer hardware, you will also need to consider some Bitminer software options. Many of the setups of ASIC devices already come with preinstalled software, so you should be all set. If you don’t have any installed, don’t worry, here in bitminer review we will let you down. Here are some bitminer software options you can consider.
Few Bitminer Softwares
- Cgminer – This was originally designed for Bitcoin but can easily mine Bitminer as well, through Script.
- CUDAminder – This particular mining program was designed for various cryptocurrencies, but can mine Bitminer as well.
- CPUminer – This program can be used to mine Bitminer and various other cryptocurrencies.
Setting up a Bitminer Wallet
Once you have set up the computer and software, you have to think about where you will keep all the Bitminers you have mined. This is where setting up a Wallet comes into play.
With normal currencies, money can be stored in banks or simply in wallets. With cryptocurrencies, it’s the same but the method is just a little different. Wallet encryptions allow you to secure your wallet and view your balance information and transactions from any desktop or mobile as well. The wallet will stay password protected and also provides protection from Trojans and viruses that often try to infiltrate and steal your precious altcoins.
You can easily download a wallet from Bitminer’s website, which will also allow you to securely store Bitminers on your PC, phone, or tablet.
Bitminer.io Mining: Joining a Mining Pool or Working Alone?
After you have set up your rig, software, and wallet, the final question in the in-depth analysis of Bitminer Mining is: “Do I work alone or join a pool?”
Working alone may seem like the more attractive option, as you don’t have to share your hard-earned rewards and money goes to your wallet only. However, if you’re new to mining, do not be fooled by this approach.
- Mining pools are way more beneficial to new miners since block discoveries occur more frequently (thus, Bitminer mining difficulty is lowered) and everyone’s resources are combined. The key to joining a mining pool is understanding how the rewards will be paid and split. Listed below are the two most commonly-used methods.
- Proportional System – In this method, every member of the pool words, and once a user discovers the block, the reward of that block is distributed among everyone. The payment amount for each person is proportional to the number of shares submitted by each member. The only drawback of this system is that any member can cheat quite easily.
- Pay-per-share System – In this system, the users are not rewarded on the basis of how many blocks are discovered in the pool, but instead, on how many the particular group is mathematically expected to discover. Therefore, the group is paid a fixed amount of Bitminers that is set by the mathematical laws of probability.
This is where the whole story begins. The story is middle and the take is really vast. Bitminer was having an option of moving their company offices somewhere else so that they can continue to exist their company as they were doing for the past two years, but there were too many signs that were indicating that it is not genuine from many bitcoin forums example : their members complained that no withdrawal request has been processed since last one year, they are not allowed to withdraw their bitcoins, despite this the company was having a page where it was showing that the Bitcoins are been withdrawn by the users from the last few days.
Bitminer.io Legit or Scam?
Bitminer’s scheme the pyramid scheme was also a sign that it a scam. In this, the company used to get their funds from the pyramid scheme in which the users who are paying higher are promised higher returns for affiliating their marketing efforts. In other words, it was that more you pay the Bitminer the higher returns the user will be getting. Bitminer was dependent on this scheme this much that even they were having a contest too in which the company would reward the best affiliate marketers.
As if they were not enough signs, bitminer’s rewards for their mining pool that was even though worse. They were paying their users everyday 0.0006 for doing nothing. For an accountant it costs 0.1 bitcoins, the users stand to earn 0.0012 bitcoins per day. From this system, the user should get the money back in 10 days. Bitminer’s most expensive account cost was 5 bitcoins which a user can earn them back in 5 days according to this system. If a user earns 1 bitcoin per day then it is clear that the user is going to earn 365 bitcoins per year. Bitcoin valued for $9000 at the time of writing and within one year the one would have been earned $3.285 million by investing in bitminer.
How to use Bitminer.io:
From a customer point of view, the customer should use it very carefully which is the website for Bitminer. It has been proved as a scam by already so many peoples but it includes the following steps:
- Go the bitminer.io page and just click the “start” button that is present on their menu bar
- Enter the bitcoin address as being requested
- The users account will get credited by 0.06028 Santoshi
- Now it would ask their users to upgrade the account or Go to your account
- If the user chooses upgrade then the account will be selected for mining
- Now select the mining contract which will give the user all the directions regarding the number of bitcoins to their address
- Once all the above steps are completed the user will get his /her payment after 24 hours.
How do payouts work on Bitminer:
There are two ways of mining through it:
The user can join the Bitminer for free and can earn the Bitcoins on the daily basis. All to be done by a user is to simply sign up on the site and can earn up to 0.0006 bitcoin per day. Once the user is reached to their payment amount the user can then withdraw their own bitcoins. But unfortunately again the number of reports showed that bitminer does not do process their withdrawal request, which means that all the Bitcoins that a user was earning those were fake.
Four premium accounts were offered by Bitminers so that they can earn more bitcoins with mining pool.
- The first account costs 0.01 Bitcoins and promises a return of 0.0012 bitcoins per day.
- The second account costs 0.1 bitcoins and promises a return of 0.015 bitcoins per day.
- The third account costs 0.9 bitcoins and promises a return of 0.15 bitcoins per day.
- The most expensive account costs 5 bitcoins and promises to give a return of 1 bitcoin per day.
Is Bitminer is a scam?
From all the signs you have seen in this Bitminer review its been observed that it is a scam that is so unfortunate. There are so many signs which show that bitminer.io is a scam. StartMiner found the Bitminer company that was by the same company which resulted in a scam. For licensing the company united kingdom’s government agency is responsible because of the headquarters of the company are situated there, the Companies House lists Bitminer as an ‘active proposal to strike-off.’ A company which is listed on the “an active proposal to strike-off” are headed to for bankruptcy and are close to the closing down of the company.
As by comparing it with others like hashflare the company only pays the 10% of your initial investment every month which for a period of only one year. If a user invests the worth of 5 bitcoins money then the user will be earning $4.600 per month. Now by the comparison, it is clear that how the Bitminer was doing fake promises while others were doing a reasonable and decent promise, which didn’t let down their customers.
Wrapping up Bitminer Review
Bitminer is a mining company in which it is highly recommended that one should stay away from this site because it is nothing but just a scam. This is just a way to enhance the growth of the business by understanding the scheme in total which will be definitely beneficial in the coming time.
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Do comment below if you think we have missed anything here or if we have stated anything wrong so that we can have a word about it.