Insmining (insmining.com) is a one stop mining solution which provides a way for crypto enthusiasts to earn bitcoin. They state that they generate returns of up to 1.28% daily which is an obvious lie. If you have any experience in the crypto market then you can easily figure out all the information on this platform is either very misleading or outright lie.
When we were investigating this service, the fact that this whole platform is nothing but a full blown ponzi scheme was more than evident.
Before you buy any plan from these fraudsters read our full review to find out why you should never fall prey to their phony platform.
License and Contact Details
Firms which are involved with providing financial services have to be regulated by certain authorities. Insmining is an ICO which uses the funds raised from investors for mining purposes and depending upon the duration of the contract and the initial deposit, the investors are entitled for certain dollar figure returns.
While we were trying to validate their services, we were unable to find any licenses they must lawfully hold. We have confirmed through FCA this firm has never been licensed thereby operating illegally.
These faceless criminals have put up incorporation certificate details on their platform but that does not mean they have the right to collect money from the public. They have put up the documents just to appear genuine in front of potential investors.
If you run into any kind of problems on this platform the only way to reach support team is through email. Looks like these scammers did not have enough budget to hire a temporary support staff. Here are the contact details of this company.
Address – 43 Belvoir Road, London, United Kingdom, SE22 8JY.
Email – firstname.lastname@example.org.
How does Insmining Work?
This company supposedly has developed a global distribution network to help people from all over the world to start bitcoin mining without any barrier. By combining a crowd funded mining pool with fair and transparent structure they provide any opportunity for its members to earn stable income.
Simply put they claims to provide an unique way of mining with a low cost of entry as well as minimum risk and expenses. Despite what they say never get overwhelmed by their narration because it is very inconclusive. They are just trying to sound like they know what they are talking about but rest assured they are lying.
The exact pools they are associated with are not revealed and their mining capabilities are not revealed. Any rational crypto investor will never trust this firm for any reason.
What kind of returns can you expect with Insmining?
For people who do not have much idea about how cryptocurrency work think that mining is a nice source of income but that is not the case. In recent times it is very difficult to even reach break even point let alone profit. Unless you start with a significant amount of capital and have the right machinery it is very difficult to earn enough money to sustain livelihood.
These scammers claim to generate 1.28% on a daily basis which is impossible to achieve. Here are the complete details of the mining contracts offered by this platform:
Average returns – 0.62% Daily
Period – 1 year Contract
Minimum Investment – 0.002 BTC
Average Returns – 0.86% Daily
Period – 1 year Contract
Minimum Investment – 1 BTC
Average Returns – 1.28% Daily
Period – 1 year Contract
Minimum Investment – 5 BTC
According to the profit calculator on their website if you invest 1 BTC you will get 3.13 BTC yearly which is more than 300% ROI. Sounds like a dream, right?
According to whois.com this domain was registered on 08/04/2018 and it expires on 08/04/2021.
This website ranks 11,941 in Iran and has a global rank of 156,265 according to alexa.com.
The majority of the users coming to this website are from Iran, Brazil, United States, Russia and India.
Deposit and Withdrawal
The only payment method supported by this platform is bitcoin. The minimum deposit amount is 0.002 BTC. There is no information on the transaction fees associated with deposits and withdrawals. The time taken for processing withdrawals is not stated anywhere on their platform.
The success and longevity of ponzi schemes like this firm depends upon their ability to find new investors in order to stay cash flow positive. To reach more people efficiently they offer a partner program wherein the affiliates promoting this platform are paid a percentage of deposits made by their referrals.
Note that the affiliates do not have to be an active investor in order to get their rewards. Simply put they will get rich, not you.
There are a lot of testimonies from their alleged old clients who express their view about this service. All the reviews are extremely favorable towards them but do not be fooled by that as they are all from bogus profiles with a stock photo put up by these crooks to instill confidence among the investors.
Now ask yourself why would they put up fake testimonies unless they want to hide something from us?
Can I Trust Insmining?
This platform has many characteristics of a scam. They are unregulated and have nothing to show about their mining capabilities. They have not mentioned about the pools they are involved with.
The actual creators have maintained absolute anonymity which is just to escape criminal prosecution. Considering all these facts you should never dare to mess around with them.
Insmining Review Conclusion
Insmining is a ponzi scheme which will face a terrible ending just like all the other get rich quick schemes. Remember the offers these scammers put up are always enticing and tempting but in reality once you send money to them, the chances of getting it back are very slim.