Coin-Mining-Farm: Huge SCAM-project!
Updated: Oct 12
Hello everyone! Today on review we have Coin-Mining-Farm cloud mining service. In this review, I will prove that this Coin-mining-farm is a huge scam project that can close any day. I have been watching this project since January 20, and now I am ready to issue an opinion - this is SCAM. And I'll tell you why.
Update March 16, 2021: Scam Happend, Users lost money
UPDate 1 Apr, 2021: Warning! СMF launched their second scam project! Stay away from it!
Let's start with the rating on the TrustPilot website.
Notice how many reviews were added in 2.5 weeks. A lot of reviews from unnamed users with 1 review.
I would not trust such statistics. Even if every review comes from a real person, this ponzi scheme may not have arrived at the moment when money stops being paid and angry reviews begin to appear. I wrote about this in the article "How to identify a scam?"
I was very surprised when I was asked to enter my mobile phone during registration. I thought the verification code would come, because the site seems to be offering a free volume of hashpower. Thus, they would protect themselves from fake registrations. Nah... no SMS came to the phone and I got to the dashboard.
At January 20 I activated Free 1 TH/s and today I have:
It is 811 satoshi per 1 TH/s a day. It simply cannot be true mining.
In this time period the standard payment for 1TH/s was from 650 to 710 satoshi, according to f2pool, Hashing24 and Scryptcube. In addition, there is a complex formula that I use in my profitability calculator, which takes into account the current reward, the difficulty of the network and calculates the income in satoshi per 1 TH/s.
And if you take into account the different price level of transaction fees during one stage of the network difficulty, then the payout may fluctuate slightly within such a period.
We were told at Jan, 20, that when renting 1TH/s we will receive 0.00000737 BTС, which is a bit too much with the difficulty of 20 607 418 304 385 (Jan 20)
At that moment (Jan 20), according to the Hashing24 calculator, the normal payment for 1 TH/s would be 0.00000680, which is confirmed by Scryptcube, which accruals about 0.00000675 for 1 TH/s per day.
Thus, I had a question - where do the additional satoshi come from?
But the income that the plans offer us has not changed!
This is a very good reason to call Coin-mining-farm a scam.
The accruals to the account do not depend on the real situation in the field of cryptocurrency mining!
Ok. Maintenance fees. 0.0144 per 1TH/s.
I am a little discouraged because for the older generation of mining hardware, the usual maintenance fee was $ 0.14 per 1THs.
Now a new generation of Antminers has appeared, for which this level is 0.03 USD per 1TH/s. For example, Hashing24 already implements such plans:
This can be confirmed by the characteristics of the new Antminer S19 Pro B1:
We can calculate maintenance fees by formula:
So, = 31.0909/1000*24*0,075 = 0,0056 USD
This is currently a real 1TH/s service charge, but does not include repairs, customization, shipping and other issues. So it turns out 0.03 USD overall.
Conclusion: 0.0144 service for 1TH/s is a low level. 2 times less than that of a similar contract Hashing24.
It turns out that they could not calculate the maintenance correctly either.
Besides, how can you promise a certain level of Bitcoin charges per day if you charge a dollar service fee?
Then the accrual will be different, depending on the bitcoin rate to the dollar!
Free Bitcoin Mining
In January it was only possible to get 1 TH/s for free per month upon registration. Now, in February, you probably noticed that there is the possibility of activating 1TH/s for 2 hours. That is, you need to log in every 2 hours and reactivate the plan. Are you kidding me?
As I wrote earlier in the article "How to identify a scam?":
Nothing is free. Everything has a price, except air.
If everyone signs up and receives the hashpower as a gift, what will they be left to sell?
You will never see this on real cloud mining services.
The point is that if we invest 0.00100000 bitcoin, then we will get 0.00100150 back in 2 hours, and if we have large amounts, for example 2 bitcoins, then you can get 8% in 40 hours.
I hope that my reader does not need to explain that such "tools" are created with the aim of pumping up the project with money as much as possible and creating conditions under which:
The user does not withdraw profit, but leaves it inside the project, ostensibly to earn more.
So, when it seems to the site creators that they have saved enough money within the project, you will simply see a 404 error.
If cloud mining service does not even have a bank payment system, most likely they are not registered as a company.
"BTC, ETH, LTC accepted as a payment way." And so for withdrawal.
"About the company", documents, agreements, proof of mining?
No, there is not a word on the site about who they are, how they work, there is no "Service Agreement" and other documents. An example of a service agreement.
Bitcoin has a division into Satoshi. There are 100 million satoshi in one bitcoin. Satoshi himself is indivisible. That is, after "0." we have 8 signs and get the minimum 1 satoshi
But to make it more interesting for the victims of this service to watch mining there are as many as 12 characters after the dot. We will definitely ask the service how they were able to divide 1 satoshi into 10,000 parts?
Live "Support" Chat.
If you have read up to this point, well done - now will be the most interesting!
Maybe I'm a stupid person and don't know what they know in the coin-mining-farm? And what about splitted satoshis?
Let's ask support how they manage to keep the level of charges constant despite changes in the difficulty of the Bitcoin network?
The answers are so stupid they are funny. After being asked about the Service Agreement, Suzi went offline.
Trustpilot. - FAKE REVIEWS
Whois - Registered On 2020-12-21
Free offers. - LOTS!!
Discounts when buying large volumes. - YES. Prices are so low!
Prices and level of profitability - Highest profitability level
Payment methods - Only Crypto
Accruals must depend on the difficulty of the network. - No, they are not.
Calculator on the site and the promised profit. - Cheating
Agreements and documents - There are no of them.
In all respects, coin-mining-farm is a scam.
And the saddest thing is that not everyone understands this.
A huge number of people are now falling into their scam and will soon lose their money.
Help stop Coin mining farm!
To do this, you can:
Write a review on trustpilot (easy to register), just copy this:
"Please read the investigation and review on cloudmininginfo. сom before investing money here. They prooved that project is totally SCAM!"
Share this article on social networks and link to it to those who are going to invest in bitcoin.
Thank you, I tried very hard.
Update March 16, 2021: Scam Happend, Users lost money
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