Scamming people doesn’t come easy except that the scammer has learnt to subdue the prompting of their conscience. In any case, scamming like all crimes demand living on the dark side of life while moving from crime to crime as we shall see with the Bitupi.com mining site.
Our investigations shows that the people behind Bitupi.com are linked to Hashpower.com, another cloudmining scam that shut down weeks ago. Scammers always stay in the shadows of the net moving from scam to scam. This is why you should check very well before sending your crypto to any site.
What is Bitcoin Mining?
Despite the fact that cloudmining is not as profitable as it used to be, there are many sites that are set up with the purpose of deceiving people by giving them the impression that Bitcoin mining is a path to wealth.
Nothing is further from the truth. Bitcoin mining is technical, it is challenging and it takes time and capital to break even.
Even with these, there is no assurance of profit for the solo miner unless they link up with others in mining pools. This synergy that gives them greater chances of winning bitcoins.
A Tough Race
In effect, bitcoin mining is a race to confirm and generate new transactions. In the early days of Bitcoin, people mined thousands of bitcoins using PCs because the competition was nonexistent.
Presently, it takes a lot of hashpower to generate bitcoins because there are many specialized machines trying to mine the cryptocurrency. The mining difficulty of Bitcoin was programmed to increase with the development of these more powerful computers.
What is Bitupi.com
Bitupi.com claims to be the largest and the most advanced cloudmining company. Although the company didn’t provide evidence to buttress the claim, anyone who has been following the crypto mining industry is aware that this is a fallacious claim.
The biggest mining companies are well-known and their marketing strategies are more professional than what you see on the Bitupi site.
Like all cloudmining scams, the target of the site is to entice people into making deposits to purchase the mining contracts. This is why all scam miners offer huge profits that many find irresistible.
How Long Has Bitupi.com Been Online?
According to Whois, the domain Bitupi.com was registered on January 4, 2017. The records show that the domain was updated on February 15, 2019. It is likely that the domain was recently acquired by the owners of the cloudmining site after it expired.
According to Bitupi.com, the site has been online for three days and already has 5494 users. Statistics from scam sites are usually unreliable so this data may be discountenanced.
What Bitupi.com Promises Users
The company claims that buyers of its cloudmining contract would reap the benefit of high income, reliable protection and instant withdrawal. These are the usual features of scam mining sites for a reason.
Scam sites use high rewards as bait to get investors to send them money. For instance, on the site you’d see where it is written,
“Better enterprise experience… money on your fingertips” which aims to give people the impression that there is money to be made on the platform.
The site further displayed some transaction IDs of supposed payments to users. There is no certainty that these payments are authentic since they neither originate nor terminate from a single wallet.
Display of random transaction IDs is a common feature of mining scams. They do this to create the impression that they pay users. Nevertheless, there are times the TXIDs are authentic, scammers sometimes pay a few early investors that deposited small amounts.
They do this to gain more advertisement through word of mouth testimonies of the paid investors. When they have large deposits, they stop paying and become exit scams.
Designed for Recruitment
Scam mining sites depend on new affiliate programs to get members to purchase their contracts. The flow of new users is essential because the deposit made by the new one are used to pay earlier participants in a Ponzi scheme meant to create more publicity for the site.
The Bituoi.com affiliate program rewards its affiliates with 7 percent of the contract value bought by the client.
10 Days Mining Profit?
Identifying a scam mining site is easy. One way of knowing them is the type of ROI they promise. The Bitupi.com site stated that when you buy their contract profit is seen in just 10 days.
This is quite improbable because bitcoin mining is not that profitable. Cloud mining operations give profit with ROI spanning many months.
With the present mining difficulty of Bitcoin, it takes more than 6 months to see profit even with the most advanced mining software.
There is no clue who owns the site. The internet has made scammers daring expecting people to send coins to complete strangers.
The site also did not show the physical location or contact of the business. This is expected from fraudulent sites since the promoters are aware that they would soon steal people’s funds and wouldn’t want to be caught by law enforcement.
What is obvious is that there are links between Bitupi and another closed cloudmining scam Hashpowers.com as seen with the similarities in business model and timing.
Why Bitupi Promised 10 days Profit
Most investors interested in the crypto industry are driven by massive profits. In 2017 when the price of Bitcoin soared 1000%, many investors made profits of thousands of dollars in weeks. This has attracted many scammers to the industry.
These usually take advantage of the desire by many to become wealthy through crypto investments.
Bitupi Investment Plans
Bitupi.com requires a minimum deposit of 0.002 and a maximum of 15 BTC. In reality, you can bet that sending large bitcoin deposits to this site would result in loss of the coin.
Scammers are stealing millions of dollars from people that know little about mining. It is important that you learn about bitcoin mining so that you do not get deceived by scammers.
Have you had experience with Bitupi.com? If you’ve not made an investment with this company, don’t do it. Send in your comment below.