AdvancedMining Review (Previously VBit Mining Technologies)

Welcome to our Advanced Mining review, in which we investigate the website at advancedmining.io. (AdvancedMining was previously known as VBit Mining Technologies.)

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On July 19, 2023, the following complaint was filed with the BBB (Better Business Bureau) regarding a cryptocurrency scam at advancedmining.io:

I was approached with an opportunity to invest in Bitcoin mining. The agreement involved paying for mining machines and a two-year housing fee. I wired over $13,000 to initiate my mining machine. Initially, I regularly checked the website to monitor the mining progress, but I haven’t checked it for several months. With the second year nearing its end, I contemplated whether to continue housing my machine. However, upon trying to access the website recently, I found that I couldn’t log in or contact anyone associated with it. I have not traded any Bitcoins nor been able to view my accumulated amount.

I reached out to the affiliates who sold me this investment, and they informed me that their accounts had been frozen. Further investigation revealed ongoing class-action lawsuits related to this scheme. I would like to recover my investment money if possible. While I do not have direct contact with Donny Vo, I do possess contact information for his affiliates who facilitated the sale of this investment to me.

So, what is Advanced Mining, and is it a SCAM?

AdvancedMining.io Review

advancedmining.io was registered through GoDaddy on November 11, 2021. It was last updated on December 26, 2023, and is currently set to expire on November 11, 2024. Domains By Proxy and Cloudflare protect it.

Some details about the website:

• Description:

advanced mining is the global industry leader in turn-key crypto mining solutions that enable everyday people to earn a steady bitcoin income in the crypto world.

• Company name: Advanced Mining
• Year Founded: 2018
• Employees: 11 – 50
• Headquarters: Pennsylvania, Philadelphia, United States

According to Similarweb, they are ranked 11,499,358 globally and 39,851 for the category Finance > Finance – Other. In December 2023, they received almost 4,000 visitors from India, Spain, the United States, Taiwan, Canada, Australia, and other countries.

Its SEMrush Authority Score is 22%, with 1.5K backlinks from 437 referring domains.

Advanced Mining appears to be a tech start-up based in Philadelphia, specializing in Bitcoin mining hardware sales and hosting services. Their services are aimed at making large-scale mining operations accessible and manageable for a broader audience, offering both hardware purchases and hosting services.

AdvancedMining.io – Services and Offers

• They offer various packages for Bitcoin mining, such as the Antminer S19j series and the Sophon AI computing module SM5.
• The website details hosting services at data centers located in the United States and Canada, emphasizing access to cheap and renewable energy sources.
• A refund policy is mentioned, offering a full refund within seven days of purchase and a 50% refund (with a restocking fee) for returns made within 8 to 30 days.
• They provide a Bitcoin mining calculator to estimate potential earnings.

Educational Content

• The site includes a blog and a glossary, seemingly aimed at educating visitors about cryptocurrency and mining.
• They emphasize compliance with anti-money laundering laws and stress the importance of customer due diligence.

Contact and Company Information

• Specific contact details like addresses, phone numbers, or direct email addresses aren’t clearly provided.
• The website mentions a commitment to legal compliance and user data protection, aligning with privacy policy standards.

Critical Assessment and Potential Red Flags

1. Lack of Detailed Contact Information: The absence of direct contact details such as a physical address, phone numbers, or specific email addresses is a concern. This lack of transparency can be a red flag, as it makes it difficult to verify the company’s legitimacy and to contact them in case of issues.
2. Refund Policy Limitations: The refund policy, although present, is quite restrictive, with a short full refund window and a significant restocking fee. This might indicate a lack of confidence in product longevity or customer satisfaction.
3. Overpromising Returns: Any website promising high returns, especially in the volatile field of cryptocurrency, should be approached with caution. While the site provides a calculator for potential earnings, such predictions in crypto mining can be highly speculative.
4. Educational Content: While educational resources are a positive aspect, they should not be mistaken for transparency or legitimacy. It’s essential to cross-verify such information with external, unbiased sources.
5. Compliance Claims: The site’s emphasis on legal compliance and anti-money laundering could be an attempt to appear legitimate. However, without external verification, such claims are not necessarily reassuring.
6. User Experience and Reviews: The content does not mention user reviews or testimonials, which are often helpful in gauging customer satisfaction and the authenticity of services.
7. Website Design and Functionality: The presence of detailed Terms of Use and Privacy Policy is standard for legitimate businesses, but the efficacy and transparency of these policies in practice are crucial.

While AdvancedMining.io presents a comprehensive suite of services and educational content related to Bitcoin mining, there are several red flags, primarily the lack of detailed contact information and the restrictive refund policy.

Advanced Mining Reviews

Based on the available information, including a Reddit thread, about Advanced Mining Group (www.advancedmining.io), there are several points of interest:

1. Background and Operations: Advanced Mining Group, initially known as VBit Mining Technologies, is a company that focuses on providing Bitcoin mining services. It appears to offer various mining packages and hosts mining equipment for its customers. The company claims to make large-scale mining operations accessible and offers services like hardware sales, hosting, and a mining calculator tool on its website.
2. Leadership and Changes: The company was co-founded by Danh (Don) Vo and Jin Gao. It underwent significant changes, including being acquired by Advanced Mining Group. This transition has raised concerns among customers and observers, particularly regarding the transparency and future operations of the company.
3. Customer Experiences and Reviews: There are mixed reviews and experiences from customers, with some expressing satisfaction with their mining returns and others raising concerns about delays in payouts and changes in company management. Notably, the company has been criticized for its multi-level marketing (MLM) structure and affiliate programs, which some perceive as overly aggressive or unsustainable.
4. Regulatory Attention and Warnings: Advanced Mining Group has attracted attention from regulatory bodies like the Alberta Securities Commission and the International Organization of Securities Commissions (IOSCO). They have issued warnings or notices regarding the company, particularly concerning registration and securities compliance.
5. Online Presence and Community Feedback: The company maintains a presence on social media platforms like Facebook, where it shares updates and engages with its audience. However, there are reports of online content removal and changes in social media strategies, which have contributed to a sense of uncertainty among followers.
6. Operational Challenges: Reports suggest that the company has faced operational challenges, including issues with Bitcoin withdrawals and changes in leadership roles. This has led to heightened concerns and skepticism about the company’s stability and future.

VBit Mining Technologies

VBit Mining Technologies, now known as Advanced Mining Group and operating from AdvancedMining.io, is a company that entered the cryptocurrency space with the promise of making Bitcoin mining accessible to a broader audience. Founded in 2018, it began by offering various packages for Bitcoin mining, including the sale of mining hardware and hosting services. The company aimed to simplify the complex world of cryptocurrency mining by providing ready-to-use solutions that could appeal to both experienced miners and newcomers.

The heart of VBit Mining Technologies’ offering was its mining packages, such as the Antminer S19j series and Sophon AI computing module SM5. These packages were designed to lower the entry barriers to Bitcoin mining by handling the technical aspects of the operation, including equipment setup and maintenance. Additionally, they operated data centers in the United States and Canada, highlighting the use of cheap and renewable energy sources to enhance the efficiency and sustainability of their mining operations.

However, the transition of VBit Mining Technologies to Advanced Mining Group raised several concerns among customers and observers. This change, marked by an acquisition, brought about uncertainty regarding the company’s future direction and transparency. Customers expressed mixed reviews, with some satisfied with their returns from mining operations, while others experienced delays in payouts and had reservations about the company’s new multi-level marketing (MLM) structure and aggressive affiliate programs.

Regulatory bodies also took notice of VBit Mining Technologies. The company faced warnings from organizations like the Alberta Securities Commission and IOSCO, mainly concerning issues related to securities and regulatory compliance. This regulatory scrutiny further fueled doubts about the company’s legitimacy and operational stability.

In the realm of online presence, VBit Mining Technologies actively engaged with its audience on social media platforms like Facebook. However, changes in its online content strategy, including the removal of certain materials and alterations in social media approaches, contributed to a growing atmosphere of uncertainty among its followers and the broader crypto community.

Conclusion

In our review of Advanced Mining Group and its website, advancedmining.io, we delved into various aspects of the company’s operations, offerings, and online presence. Advanced Mining, originally known as VBit Mining Technologies, presents itself as a leader in turn-key crypto mining solutions, aiming to make large-scale mining accessible and profitable. With packages like the Antminer S19j series and the Sophon AI computing module SM5, they offer both hardware sales and hosting services. Their initiative includes a Bitcoin mining calculator, a blog, and a glossary to educate visitors about cryptocurrency mining.

However, several red flags and concerns emerged during our investigation. The lack of detailed contact information and a restrictive refund policy could be potential warning signs. The company’s promises of high returns, especially in the unpredictable realm of cryptocurrency, warrant caution. Although the site emphasizes legal compliance and anti-money laundering measures, the absence of user reviews and testimonials raises questions about customer satisfaction and service authenticity.

From regulatory warnings by bodies like the Alberta Securities Commission and IOSCO to operational challenges and mixed customer feedback, Advanced Mining Group’s story is marred by uncertainty and skepticism. The company’s transition under new ownership and its MLM business model have also been sources of concern.

The Bottom Line Regarding AdvancedMining.io

Given these factors, we advise potential customers or investors to approach Advanced Mining Group with caution. Thorough due diligence, including seeking external reviews and verifying business registration, is essential before making any financial commitments. It’s always wise to consult with a financial advisor or conduct independent research when dealing with cryptocurrency investments.

While Advanced Mining Group offers an array of services and educational content in Bitcoin mining, the lack of transparency, operational issues, and regulatory attention highlight the need for a careful and informed approach.

We welcome any experiences or comments regarding Advanced Mining to further enrich this review and assist those considering their services.

If you have lost significant money to online scams,  such as VBit Mining Technologies and AdvancedMining.io, do not despair! We can help you recover your money.