Miningcheap Scam – Another Shady Crypto Mining Ponzi Scheme

Miningcheap Scam

With cryptocurrencies experiencing a surge in value, it is no wonder that people want to tap into their potential. There are different ways to go about it and one of them is cryptocurrency mining. This refers to the process through which new coins are minted. The mining process is not that straightforward and requires significant investment and knowledge, but can be quite profitable as well. This is where platforms like Miningcheap come in, which claim to help people in earning returns via crypto mining without having to do anything but deposit funds. But, you need to go through this Miningcheap review to know what the problems are.

There are different types of cryptocurrency mining that exist these days and cloud mining is considered the cheapest and the easiest. However, it is essential to remember that it is also vulnerable to more scams and this is exactly what Miningcheap is all about. It claims to offer you a free and fast registration process and all it requires of you is to deposit your money and their mining rigs will begin earning money on your behalf. As per their claims, the rigs are already set up and can get started right away.

The red flags at Miningcheap

When you visit the Miningcheap website, you will find that they have a section dedicated to their last payouts. A quick look at them should automatically raise red flags because the returns are just too high. Despite how valuable the cryptocurrency market is, it is also known for its volatility. Prices move up and down frequently, which means it is impossible to guarantee such payouts.

You will further discover that you just need to provide your wallet address, sign up on the website and start earning bitcoin. The process described by Miningcheap sounds very straightforward, but the truth is that this is now how cryptocurrency mining works. You cannot just make money sitting around, as they have claimed. As mentioned earlier, cryptocurrency mining requires hefty capital and there are different types of costs involved.

For instance, cryptocurrency mining consumes a lot of electricity, but Miningcheap has not elaborated how it plans on paying for these costs. They have not disclosed if any costs will be deducted from your deposits and this lack of transparency about fees should always be a big red flag. Another red flag that you will come across on their website is that they have not bothered to disclose where their mining servers or farms are based.

Since it is a crypto mining company, it should provide its clients with details about their location, but you will find no such details. Lack of demo accounts at Miningcheap is another worry, but they promise a yield of 0.000025 BTC in the Free plan. They also claim to process withdrawals instantly, or not take more than 2 to 4 hours to process them. Of course, there is no evidence to support any of these statements.

It is also a red flag that you have to deposit a minimum of 0.002 BTC to use the Miningcheap platform and they do not allow you to make payments in fiat currency. You can only use Bitcoin and this is concerning because these payments are final and untraceable, which means the platform can disappear with your money. There are no details about regulation or licensing on their website, which means they are definitely not credible.