BitPay Mining calls itself a cloud based mining solution that apparently helps people get started with mining with the least cost possible. The returns are not made clear and the team behind this organisation are also maintaining a low profile.
Regulatory authorities have issued a warning against them and the red flags they display are outrageous. While the crypto industry is booming every day, one should never be blind to the basics or else the consequences will be severe. Continue reading to know why this entity should be avoided at any cost.
What is BitPay Mining?
BitPay Mining, as the name suggests is a mining platform that is said to help retail traders reap the benefits of mining. They ask people to connect their wallets, park the funds and enjoy the returns. In theory, the narrative is good. However, when it comes to reality, the explanation is questionable and there is no concrete proof to support most of their claims.
For example, their mining centres are not disclosed and there are no clear terms and conditions. In other words, trusting them with our money gives worse odds than gambling.
Mining Plans and Returns
This platform doesn’t give a clear idea about the returns. They don’t state anything about the cash flow, costs involved or other parameters. Generalization is way too much and they peddle the idea of – investing more to get more profits. Clearly, something is fishy on their end and as end users, we cannot afford to get tangled with them.
Red Flags
Let’s start with the fundamentals. The first thing we looked at is background and regulatory stance. Needless to mention, there wasn’t any relevant information shared by them. Also, terms and conditions are vague and the lack of clarity is baffling.
Referral structure peddled by them creates conflict of interest and that kind of unethical approach tells us everything we need to know about their motives. So, be careful and question everything present on their portal.
BitPay Mining Conclusion
BitPay Mining appears to be a shady operation. We suggest our readers to avoid them. In case you have already deposited the funds and are having issues, do take the first step by filing a complaint with your local authorities.
Reach out to us via the contact form to know about other options.
