Cryptominer.biz Review – Unreliable Mining Operation

Cryptominer.biz calls itself one of the most reputable mining pools which supposedly provides an opportunity for everyone to get started with mining the popular altcoins and bitcoin. Their website is simplistic in nature, but it doesn’t feature enough details to proceed with them confidently. Any information about their mining operation and the identity of the creators is not revealed to the public.

Moreover, even the exact return on investment or the cost of the contracts is not mentioned. As they are relatively new to the field, there isn’t much customer feedback to gauge them effectively. With so many question marks you might feel a little overwhelmed, but fear not. Go through our review to get answers to all your concerns and then decide for yourself whether to proceed with them or not.

Company, Certificates and Support

Any firm which provides retail investors with an investment opportunity and promises them certain returns should be regulated by proper authorities. This company hasn’t featured any incorporation or registration number on their platform. Just to be on the safer side, we ran a search to find out if they are recognized by any regulatory authorities.

Unfortunately, we didn’t find any relevant data which means they are operating in the grey area and that is not a positive sign. Usually, the legit mining pool share the details of the most active participants and the founders or employees. Since, this firm has avoided embracing these kind of traits, you should be way too cautious with them.

After all, when it comes to any form of investing online, you can’t trust anything blindly. As far as customer support goes, the clients can reach the staff through email and telephone. Due to the lack of information, we can’t assure the quality of the staff, but for now let us give them the benefit of the doubt. Here are their contact details.

Address – United States, 64108 MO Kansas City, 2300 Vine St

Email – support@cryptominer.biz

Phone – +1 816-231-9200

Cryptominer.biz Business Model

Cryptominer.biz claims to mine Litecoin, Ethereum, Bitcoin and Dogecoin on a large scale which is typically known as mining pools. In simple words, their intention is to enable people to create a cash flow through mining without having to own and run the components physically. The clients have to pay for the initial cost of the equipment and bear the maintenance cost while this firm takes care of the rest.

Theoretically, this model sounds too easy and many people think of it as a quick way to become rich. In reality, mining does not work that way and the electricity cost will eat up all the profit margin, if you haven’t planned effectively. The core problem with this platform is that, they do not mention any information about the equipment they employ and the location of the mining farms. Without seeing any tangible evidence, how can any rational investor indulge with them?

Lack of transparency is definitely not an appreciated feature and that is the root of all the problems and misconceptions.

Mining Contracts and Returns

There are no profit calculators or standard mining contracts available with this firm. We do not even know the minimum capital requirement and the payment methods supported by them. This kind of strange and mysterious behaviour on their part is disturbing to say the least. It is not wise for anyone to commit their capital without knowing the possible returns or the duration period.

Our recommendation is to stick with only reputable mining pools which have an open forum wherein you can communicate freely. However, if you are determined to join them, then start with the least expensive mining plan and check the returns first. 

Domain Information

Let’s have a quick look at the general information about this website which should give us a peek about the type of audience they are going after.

Domain – Cryptominer.biz

Registered On – 13/12/2019

Expiry – 13/12/2020

Alexa Global Rank – 159,215

Rank in Iran – 7,959

Target Audience – Iran, United States and Venezuela

Cryptominer.biz Review Conclusion

Cryptominer.biz is not something which can be classified as a reliable service. Their platform is filled with flaws and unanswered questions which makes it less appealing to any investor. Given the amount of alternatives available, it is better to stay away from this platform for now, after all being safe is better than being sorry.

Either way, remember if any service offers you returns which extend beyond 8% to 10% annually, then as a rule of thumb stay away from it, because most probably it will be a scam.

Have you bought mining contracts from Cryptominer.biz? Were you happy with the returns you got? Let us know by leaving a comment below.