At this time, it’s unclear if the hashpower pointed at the GBMiners mining pool comes directly from Gainbitcoin, but Bhadwaj is. Many bitcoin cloud mining schemes have turned out to be Ponzi schemes over the years, and GainBitcoin is no different. The combination of a cloud mining scam with a mining pool to. GainBitcoin Promises 10% Gains Per Month Gainbitcoin guarantees a 10 percent return on investments into their cloud mining scheme per month. This 10 percent return per month rate has no basis in reality. On the Gainbitcoin website, a 1.5TH/s mining contract is available for the price of one bitcoin. This means that the contract should earn buyers 0.1 bitcoins per month. According to the, 1.5 TH/s should earn less than 0.04 bitcoin per month. Additionally, buying the same amount of hashpower from, which is one of the few bitcoin cloud mining companies that hasn’t turned out to be a scam of some kind, costs $225—roughly a quarter of the price quoted by Gainbitcoin. The investment claims made by Gainbitcoin are even more absurd when considering the fact that a cloud miner isn’t going to receive the full amount of income from their equipment without any expenditures. Gainbitcoin also heavily relies on a referral process. Bhardwaj mentions Gainbitcoin’s use of multi-level marketing in. There seems to be no logical reasoning behind the price of cloud mining contracts on Gainbitcoin. Prices for the contracts are denominated in bitcoin, and they haven’t changed at all since early 2016 even though the US dollar price of bitcoin essentially doubled over that period of time. Founded in 2011, Bitcoin Magazine is the oldest and most trusted source of news, insight, reviews, guides, and price analysis on bitcoin, ethereum, blockchain. Returns on cloud mining contracts also don’t seem to have been affected by the halving event from the past summer either. Were halved, but cloud mining contracts purchased through Gainbitcoin continued paying the same rates. Contracts that used to cost 100 bitcoin are now discounted to 86 bitcoin until March. This sort of discount has no basis in reality, and is often used by cloud mining Ponzi schemes to make sure money keeps flowing into the scam. A similar strategy was used. Payouts for cloud mining contracts are sent out twice per month. If earnings are immediately reinvested into the cloud mining scheme, Gainbitcoin is basically claiming that 86 bitcoins can be turned into 309 bitcoins over the course of a year via the discounted offering. There is where users have been investigating the claims made by GainBitcoin. CoinJournal has not found any evidence that Gainbitcoin has missed any payments yet, although that tends to be the nature of Ponzi schemes at first. It’s unclear how much money has been put into the Ponzi scheme at this time. Zebpay Warns Against Bitcoin Cloud Mining Scams In a, Indian bitcoin exchange warned their customers against the various cloud mining schemes that have become popular in India. “We are aware that there are one or two alleged bitcoin mining schemes, which are extremely popular in India,” said Zebpay COO. “These mining schemes assure a fixed return in bitcoin, and some of them promise returns as high as 10 percent of the bitcoin investment per month. We are absolutely sure that this is not possible in mining. We are sure that no mining scheme can guarantee a fixed mining return. We are sure that these are scams. We want to warn our users against investing in these mining schemes.” “In absolutely clear words, we want to warn our users against investing in these bitcoin mining schemes which assure any kind of fixed return. In our opinion, these are scams,” Goenka reiterated. Coinbank and Other Ventures Gainbitcoin investors are also now forced to receive their payouts into a bitcoin wallet associated with Bhardwaj, known as Coinbank. When looking at the wallet’s layout, it’s clearly just a rebranded version of the. According to, Coinbank will soon offer a 1.5 percent monthly interest rate on fixed deposits. “We launched CoinBank, a Bitcoin Bank where you can do fixed deposits and we offer 1.5% per month interest rate on a 6 months fix deposit, which is the highest offered by a bitcoin wallet [or] bank globally,” wrote Bhardwaj. A 1.5 percent monthly interest rate equates to a 20 percent return for investors per year when earnings are reinvested at the end of each month, which is another extraordinary claim—albeit not as amazing as the gains that are supposedly coming to Gainbitcoin investors. GBMiners was built out of a partnership between Bhardwaj and. In addition to GBMiners, Coinbank and something called the are also listed as technology partners on the Darwin Labs website. Darwin Labs is also behind, which is said to be an incubator for blockchain startups in Southeast Asia. Amit Bhardwaj is listed as an investor on the incubator’s website alongside longtime bitcoin angel investor Roger Ver. Ver told CoinJournal that he has not yet committed any funds to Satoshi Studios. CoinJournal has reached out to Darwin Labs CEO Sahil Baghla about the topics covered in this article. Baghla has decided not to comment. Update: CoinJournal has received answers to questions sent to Bhardwaj. Bhardwaj’s answers have been edited for formatting purposes. CoinJournal: Gainbitcoin’s prices are denominated in bitcoin. Why did the prices not change when the bitcoin price in US dollars roughly doubled in 2016? Bhardwaj: Because the internal base price for Gainbitcoin is in BTC. Purchase and produce both are in BTC. So actual change in BTC price economics doesn’t impact the overall business. CoinJournal: Why do your cloud mining contracts cost four times as much as the same amount of hashing power on Genesis Mining? Bhardwaj: The price updates for contracts are done once in 6 months time frame. Gainbitcoin don’t use dynamic pricing structure as even the output for users is not dynamic. Genesis Mining is genuine as per your take, but I can surely find a lot of disgruntled customers because of wrongful information passed to them In all practical sense generic customer doesn’t have enough information to choose the right mining contract. In case of Gainbitcoin, it’s users are included in the ecosystem with a positive response and not left on their own judgement; leading to better inclusion in the ecosystem. CoinJournal: Why does the mining calculator on Gainbitcoin project 0.1 btc earned per month for 1.5 th/sec when a normal mining calculator says 1.5 th/sec should provide 0.04 btc per month? Bhardwaj: Bitcoin mining calculators are good for people who want to run their own mining setup, and I assure you not good for cloud mining chaps. Whenever we get a chance to interact one to one I’ll personally explain u the maths behind Gainbitcoin successful pattern for the user gains. It’s very simple, only cloud mining people makes it too complex. From CoinJournal’s perspective, saying things like the price of bitcoin does not impact a bitcoin mining business only confirms the fraudulent nature of the business. Even i was approached by one of the investor in gainbitcoin. I read many articles regarding bitcoin cloud mining ponzi schemes and was convinced that gainbitcoin is running a ponzi scheme. I dont have technical knowledge in relation to genesis and hashpower and stuff. I belong to commerce background and have sound knowledge of how things work in real world unlike half educated businessman attending seminars. If you have questions for amit bhardwaj and the answers for the same will confirm the the speculation (gainbitcoin=ponzi scheme) we’ve been making which will help us expose this ponzi scheme please revert to me. My friends have connection with technical team of gainbitcoin. They change the rules about once a month. So whatever rule they had a month ago won’t get you a withdraw this month. If you follow the new rules you will get paid more often. Rite now the new rule is you have to have coinbank on your phone and you have to have a mcap address for them to pay you in mcap coins as a bitcoin substitute. The only bad thing is they are basing the mcap coin price from a site that values them at 5 dollars each. You can not withdraw from that site so you have to get a c-cex account and then you can sell your mcap coins for about 2 dollars each at c-cex. So if they owe you 100 dollars worth of bitcoins you will get paid about 40 dollars worth of mcap coins. But in your contract you will lose 100 dollars in promised earnings. Yep i guess they are scammers. If gbminers isnt actually mining bitcoins, it can be termed as ponzi scheme, but how much its mining on daily basis can be checked on the which is a public ledger. I find it funny that people in companies like zebpay and unocoin are calling gbminers or gainbitcoin a ponzi scheme. Bitcoins arnt regularized yet in India, they should think about their own business model and check whether its legal to charge such a high rate to buy bitcoins in INR. Zebpay offers bitcoins on their app, which is so much higher than the dollar rate. Its a new market and companies are competing in the eco system. My suggestion to readers, dont read blogs and articles by people who don’t have any idea about the technology, to pass a judgement is easy. And journalists mostly like to sensationalize all info. Ethereum Mining Bandwidth - Bitcoin Cloud Mining India check out Special Code:- NVqi5O bitcoin is genuinely a world-wide currency which uses an open ledger technique in order to track record deals being submitted one person to another. Doing this happens with no central lender in the centre and it's also not handled by government, controlling body, individual company, or person. Dash mining chart dash mining windows dogecoin mining comparison dash mining genesis sha256 bitcoin mining ethereum mining farm dogecoin mining cpu.
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