Asicpower.net is a site that seems to be involved in many things. For instance, they’re sellers of mining machines such as ASIC, the popular bitcoin miner, but there are issues surrounding the company that need to be addressed.
For instance, this is a new site and the company behind it is not known. You wouldn’t be naïve to send thousands of dollars to an address on a website just because they claim that they’re selling a product that you’re interested in purchasing.
Where will you go for a mining machine if you’re a bitcoin miner? Some random sites selling the machines or established companies such as Bitmain or even ebay that you’re aware are dealers in miners such as ASICs or capable of giving you some protection as a customer?
In this review, we investigated Asicpower to safe it is dealing with this company. In the rest of the post, we shall examine what risks may be associated with doing business with the site.
This is A New Site
The site domain was registered in May 2019. Insomuch that there is nothing wrong with being a new business, a lot is wrong if a business is asking people to send them funds to make purchases if the owners and managers are anonymous.
The cryptocurrency community has experienced many instances in which anonymous folks set up projects meant to defraud people. So we were especially skeptical about this site that could not provide concrete proof that it is a genuine enterprise. Deeper research shows that the person dealing with site should be extremely careful if they don’t want to lose their funds.
Payment Only with Bitcoin
There are few businesses in contemporary times that deal with Bitcoin as the only source of payment. The reason is that every legitimate business wants to make it easy for every customer to make payments. The owner of Asicpower seems to have a different view. Despite the fact that the cryptocurrency is known to have limited adoption, it is the only payment option available on the site.
They’re receiving payments for their products in just bitcoins. This would give you the impression that they’re trying to keep their identity secret since this does not require connecting to a bank card, considering that banks require stringent KYC processes.
What do you think about a company that is selling high end products yet the owner is working hard to keep their identity secret?
What we think is that funds sent to this company would be lost since they actually do not have any miners for sale. The owner wants to keep their identity secret because of this.
False Partnerships
Information posted on the Asicpower site shows that the company is claiming partnership with sites companies such as DHL, TSMC and even Coingeek. But when we checked with these sites the authenticity of this claim, we found it to be false.
What we have learnt over the years is that fraudsters tend to leverage on the reputation of genuine companies that have already built online credibility in their quest to scam people.
Company Doesn’t Exist
The site claims that the company is registered in the UK, but has its mining farms in China. It also claims to have produced 23,400 machines but there is no evidence anywhere online or off of the existence of such a company.
A simple search on Google shows that it doesn’t exist. There’s no reference to it anywhere. For a company that has already manufactured thousands of miners and sold them, you would expect a review from its clients but there is none.
Even its cliam to have an operational office at located 90 Fetter Lane, London England, EC4A 1EN is obviously false. Images from Google Earth and searches from its search engine show that there is no hint that such a business operates from that location. A company that has sold thousands of its products should have a review.
Donating Mining Reward?
Another red sign that you’re dealing with a scam here is that Asicpower is offering free rewards from mining. The site claims that the prospective buyer could test the efficiency of their mining machines that have been reserved for that purpose by just paying for the mining cost. Then the customer would take the reward of the mining for themselves.
For instance, it claims that with an investment of 0.033 btc which is equivalent to $256 at the time the site was set up, the investor or tester would $4,419 in 1 year.
Anyone who is informed about mining of bitcoin knows that this is a ridiculous claim. It is just not possible to get such returns. If it is, why would a legitimate company give it away?
Asicpower is a typical scam that wants to entice the visitors to the site with false promises of high reward. The intention is to steal the funds it claims as the mining fee. The investor in their so-called test mining would get nothing.
The statement that,
“You keep the mining reward after paying the cost associated with the mining as shown in the form below. Transfer of your mining reward can be done daily to your private Bitcoin address and are fully automated credited hourly to your balance” Is another bait to steal your money.”
Asicpower.net
Conclusion
Asicpower is a site that its fraudster owner has mapped out a plan to steal funds from buyers of mining machine and from people who are not informed about cloudmining operations.
They’re aware that there are many people who know nothing about Bitcoin and so would believe that it is easy to earn a lot of money by investing in Bitcoin. What such people have failed to do is learn and research before investing. This is why they may lose their funds to these fraudsters.
For a genuine investment site that I use, please check my top recommendation.
What is your opinion about Asicpower? Please let us know through the comment box below.
