Have you come across Startminer and you’re thinking of doing some business with this site because someone told you that they made money from it? Well, I suppose you’re one of the smarter people online who decided to crosscheck before parting with your hard earned cryptocurrencies.
One of the biggest lessons I have learned online is never trust any sites I come across just because it claims it could do anything. Many scammers are aware that people do not know how to identify the real from the fake. That is why there are many scam sites whose owners are living off the ignorance of people.
This is why you must make sure that you understood the workings of any system such as mining before putting your money in any such investment.
What is Startminer?
Satominer claims to be a bitcoin mining pool that has generated and paid out more than 14000 bitcoins since it was launched about 3 years ago. A Whois search shows that the domain was registered on March 11, 2017 which is just 2 years ago.
If you’re conversant with sites that claim they are mining bitcoins, this is one of those that would ask investors to just input their addresses and start mining.
When you input your Bitcoin address in the field and “start mining” you’re directed to the Startminer mining plans asking you to upgrade to premium. The site is selling four different plans at 0.03, 0.08, 0.3 and 0.6 BTC respectively. Each of the plans has an affiliate bonus attached to them.
So when you sign up with the site and purchase the cheapest plan of 0.03 BTC, you’ll earn 30 Percent commission on the deposits made by any referrals you sent to the site.
The other plans have referral commissions of 40%, 50% and 100% which makes the site’s affiliate commission tempting, but…
Is Startminer.com A Genuine Mining Company?
Genuine miners are having a hard time due to the increased mining difficulty of Bitcoin. In reality, the reason why mining pools are the only players in the mining activity is due to this increasing difficulty to extract bitcoin.
Whenever you find a mining site that promises you large profits, be sure that you’re dealing with a scam because they would have no way of paying big profit because they’re not making it. In fact, it is a clear indication that such sites are not mining at all.
For instance, the Startminer basic plan promises to pay 0.0000014 BTC per minute. This is equivalent to 0.002 BTC daily. Considering that they are selling this plan for 0.03 BTC, it means that this plan would yield 0.06 BTC or 100% of the investment in just one month.
You do not need to be an investment expert to know that this is a scam site since it is unrealistic that any investment would double the principal invested in just one month. If this is true, no one would be poor.
300 Percent in One Month
Now let us look at the Startminer premium plan sold for 0.6 BTC. The site stated that the buyer of this plan would earn 0.15 BTC daily. This is equivalent to 4.5 BTC monthly. This is nearly 300% profit in just one month, which is impossible to promise every investor.
These are proofs that Startminer is just a Ponzi scam that would at best pay a few investors to lure others to invest. They would end up not paying the rest as seen with these reports by some investors:
“Shame I can’t give Start Miner zero stars. It’s definitely a scam site. Their free miner is NOT a miner at all. It’s just an incremental counter that simply increases at a set rate.Connect to it start it running, kill the page. Go back later, it still incremented whilst disconnected. It never pays out either. I’ve accrued 6.6 million Satoshi over 5 months.
That’s 66 withdrawals and not one has ever paid out! Start miner is a pyramid scheme that is based around referrals. Nothing more than just another pyramid scam.”
From the witness of other users, it is clear that the Startminer scheme pays the new entrant that made a small deposit hoping that they would be convinced to make a bigger investment, in which case their funds would be lost.
Invest Big And Lose
Those that start with bigger amounts lose their investments since scam sites generally do not pay big investors. In fact, they are the main targets why a site such as Startminer was set up. You wouldn’t expect a scammer to pay you $2000 just because you were careless enough to make an investment of $1000 in their site, would you?
Let’s look at another testimony from a user,
“ITS A SCAM! Watch the hell out! Never invest with them. I requested a payout over 2 months ago and it’s still on pending. Get away from these people. If you see any Ads (banners, pop-ups), then please report it as “Scam” or “Misleading”
Who is Behind Startminer?
Those should convince you that this is a scam site that you should avoid at all cost. Nothing good would come from investing in this site and if you did, you just lost your funds because the owners are not known.
Scammers always conceal their identities because they’re aware that people they steal from would want to get their money back through the police.
Startminer: A Confirmed Scam
Startminer.com is a confirmed scam site. Mining of Bitcoin cannot make you rich overnight. There are better investment opportunities that you should check up. What you need is an investment that will yield profit and still keep your funds safe. Only legitimate and regulated crypto investments guarantee this. You may check here for my recommendation.
Have you invested with Startminer? Please share your views with us through the comment box below.