Mining City Review 2020: Is it Legit or a Scam?

Mining City has taken the world by storm. It’s a bitcoin mining investment promising people attractive returns on their investment. In this detailed review, we investigate how it works to determine whether its a scam or a legitimate investment.

Mining City Review 2020: Is it Legit or a Scam?

What is Mining City?

Mining City is spreading rapidly through countries like Korea, Japan, Vietnam and South Africa. The platform is claiming to create a community for investors, that is focused on profitability and the investors safety. Mining City is basically a Bitcoin Mining project that assists people to mine the digital currency, while increasing the value of their initial investment, through expanding their network and growing the community.

Normally, investors acquire Bitcoin, either through buying or mining. Mining can be a complex process, involving many factors, this where Mining City assists. The platform handles all the complex factors of mining on the investors behalf and even provides the mining equipment, technology and maintenance to assist investors in minimizing management costs.

The only requirement is that the investor buys power from the mining packages they offer. The mining packages have a Hashrate index, and based on this the investor will receive a daily BTC payouts. Mining City allows the investor just over two years to pay and receive interest from their mining. Mining City is also the strategic partner of BTC.COM, known as the largest pool in the world. It is reported that the platform also signed a strategic investment document with the Kazakhstan government in the allocation of five-year land to build a mining coin factory as well as electricity price incentives.

How Does Bitcoin Mining Work on Mining City?

Bitcoin is a virtual currency that is the driving force behind the development of blockchain technology. Many investors and financial analysts believe that Bitcoin and blockchain technology is the future of global finances. The process of acquiring Bitcoin is referred to as mining. Bitcoin mining requires specialized computers that use specialized software to solve mathematical formulas. For every mathematical formula solved, a certain number of Bitcoins are provided in exchange. This is considered a smart way to issue the digital currency and creates an incentive for more investors to mine. Bitcoin miners help keep the Bitcoin network secure by approving transactions. It is reported that mining is an important and integral part of Bitcoin that ensures fairness, while maintaining the Bitcoin network and keeping it safe and secure.

By joining Mining City and choosing one of the plans on offer, the investor rents computing power that empowers them to mine Bitcoin or Bitcoin Vault (BTCV) at a certain rate and speed. That speed is connected to the high-tech mining computers. Apart from Bitcoin mining, Mining City also provides a referral plan that allows subsidizing the income from mining alone.

 

Mining City offers potential investors over five packages to choose from, each with their one unique features. Here is a list of the packages on offer:

Primary Package

  • Minimum investment of $300
  • 1100 days of mining guaranteed
  • Contract period : 1100 days
  • Mining start: 10 days after purchase
  • Equipment: WhatsMiner M21S
  • Coin mined: Bitcoin
  • Plan Hashrate: 3 TH/s

Standard Package

  • Minimum investment of $600
  • 1100 days of mining guaranteed
  • Contract period: 1100 days
  • Mining start: 10 days after purchase
  • Equipment: WhatsMiner M21S
  • Coin mined: Bitcoin
  • Plan Hashrate: 6 TH/s

Bronze Package

  • Minimum investment of $1200
  • lan Option 3
  • 1100 days of mining guaranteed
  • Contract period: 1100 days
  • Mining start: 10 days after purchase
  • Equipment: WhatsMiner M21S
  • Coin mined: Bitcoin
  • Plan Hashrate: 12 TH/s

Silver Package

  • Minimum investment of $2400
  • 1100 days of mining guaranteed
  • Contract period: 1100 days
  • Mining start: 10 days after purchase
  • Equipment: WhatsMiner M21S
  • Coin mined: Bitcoin
  • Plan Hashrate: 24 TH/s

Gold Package

  • Minimum investment of $4200
  • 1100 days of mining guaranteed
  • Contract period: 1100 days
  • Mining start: 10 days after purchase
  • Equipment: WhatsMiner M21S
  • Coin mined: Bitcoin
  • Plan Hashrate: 42 TH/s

Platinum Package

  • Minimum investment of $12600
  • 1100 days of mining guaranteed
  • Contract period: 1100 days
  • Mining start: 10 days after purchase
  • Equipment: WhatsMiner M21S
  • Coin mined: Bitcoin
  • Plan Hashrate: 138 TH/s

Key Features of Mining City

  • Receive Bitcoin Daily: Mining City claims that investors can receive daily interest by BTC (from the 11th day since the activation of the package).
  • Access to Global Markets: Mining City claims that investors will have access to communities around the world.
  • Long-term investment: Mining City claims that they have an attractive model, suitable for long-term investments.
  • Certificate of license: It is reported that Mining City has a real coin digging plant in Kazakhstan, which is fully licensed.
  • Transparency: according to the official website, Mining City is completely public.

Mining City Bitcoin vs. Mining City Referral Commissions

Mining City Bitcoin

There are basically two ways of joining the Mining City platform, the first one is mandatory and can be regarded as the entry point to the platform. It requires that investors buy Bitcoin shares in whatever package they chose. This way investors qualify to earn daily dividends of what gets mined in the purchase pool. According to reports, Mining City pays out dividends, every day SAT, of what the company mines.

Mining City Referral Commission

The Mining City Referral Commission basically refers to satisfied investors choosing to promote Mining City and its products to other prospective investors, and earning a profit and bonuses while doing so. The referral commission operates like a referral network. The more people converted to an investor, the more profit the initial investors earn. These profits are paid via a hybrid unilevel model. How the unilevel model works is, the affiliates that are recruited under the investor, are categorized under the investor. Affiliates they recruit are placed on level 2 of your unilevel team and so the network is built.

Mining City Affiliate Ranks

There are five affiliate ranks that come with the referral commission. We’ve detailed them below:

Mining city compensation plan
  1. Citizen: this requires the investor to sign up and invest at least $300.
  2. City Builder: this requires that the investor maintain a $600 investment  and recruit five or more Citizens and generate $10,000+in down-line investment volume.
  3. City Developer: this requires the investor to invest $600 in active investment, maintain five recruited affiliates with an active investment ( of which three must be City builders), and generate at least $50,000+in downline investment volume.
  4. City Manager: this requires the investor to invest $2,400 in active investment and maintain five personally recruited affiliates with a running investment of which, three must be developers and generate $250,000+ in downline investment volume.
  5. City Chief Manager – this requires the investor to invest $4,200 in active investment, have 3+ recruited city mangers and $2,000,000+ in downline investment volume.
  6. City Mayor: this requires the investor to invest $12,600 in active investment, maintain five personally recruited affiliates with an active investment, at least three must be City Chief Managers, and generate $10,000,000+ in downline investment volume.
  7. Governor: Invest $13,800 in active investment, have 3+ recruited City Mayors and $100,000,000 in downline investment volume.

Capped Earning Potential Per Rank:

  • Residents can earn up to $200 a day
  • Citizens can earn up to $800 a day
  • City Builders can earn up to $1000 a day
  • City Developers can earn up to $1200 a day
  • City Managers can earn up to $1600 a day
  • City Chief Managers can earn up to $2000 a day
  • City Mayors can earn up to $2400 a day
  • Governors can earn up to $2800 a day

In Which Countries is Mining City Available

According to the Mining City official website, the platform is available in Europe, Asia, Africa and America. However, Africa has the most investors.

Is Mining City a Scam or Legit?

Mining is the only way to acquire Bitcoin other than buying or exchanging them. However, Bitcoin mining has become a resource intensive activity. New coins are mined in unique ways and this requires massive amounts of processing power and equipment, which can be costly when it comes to mining coins. Mining City offers investors the platform to buy packages that give them access to this computing power and equipment. Mining City makes bold claims regarding returns on each package, however, we have found no further information about the true costs or established if there are diminishing returns. There have been claims online that Mining City is a Ponzi scheme that will lead investors to suffer huge losses. The Philippines SEC released a warning about Mining City advising people to steer clear from it and other investments with similar characteristics. However, to establish whether or not Mining City is a Ponzi Scheme, we first need to understand what a Ponzi Scheme is.

What is a Ponzi Scheme?

A Ponzi Scheme is basically a fraudulent type of investment, promising investors high returns with very little risk. The way the Ponzi scheme generates these high returns for early investors, is by acquiring new investors. This can be likened to a pyramid scheme, in that both are based on using the funds deposited by new investors, to pay the earlier initial investors. The cycle continues as new investors join the network. Ponzi Schemes usually dry up after a while, when the influx of new investors decreases. At first glance it would seem that Mining City has some fundamental Ponzi Scheme traits, however, we cannot confirm that the rumours online are true, since there are user testimonials on renowned review platform, TrustPilot, which are both positive and negative.

Failed Ponzi Schemes That Have Been Reported in the Media

Bitconnect

It is reported that Bitconnect was a controversial cryptocurrency exchange and borrowing platform which eventually closed its doors. Long before the total closure of the platform, reports were circulating online that Bitconnect was a Ponzi scheme. With Bitconnect , investors needed to send Bitconnect Bitcoin in exchange for Bitconnect Coin (BCC) on their exchange. According to reports, once the BCC has been sent, users were guaranteed up to 120 percent return per year. Reports claim that the platform was shut down by two American regulatory platforms and has since been denounced on social media.

Bitclub Network

It is reported that the Bitclub Network was one of the biggest cryptocurrency Ponzi schemes to date. Founded in 2014, Matthew Brent Goettsche and Jobadiah Sinclair Weeks, both of Colorado, along with Joseph Frank Abel of California, allegedly ran the BitClub Network — a service that promised to take investors’ money and put it toward mining cryptocurrency. Basically, investors would earn returns based on the bitcoin mined by BitClub Network. Reportedly, the more an investor shared Bitclub Network with others, the higher their returns would be. Bitclub Network is currently not in operation anymore.

PlusToken

Similar to other Bitcoin Ponzi schemes, PlusToken scammed investors out of their cryptocurrency by promising unrealistic high returns. Allegedly, all investors needed to do was acquire the PLUS cryptocurrency with Bitcoin and Ether, and were promised that they would generate lucrative profits from exchange dividends, and referral bonuses. It is reported that several Chinese exchanges listed PLUS and its price peaked at $350, as referred investors started to invest in the platform.

How to Detect a Bitcoin Scam or Ponzi Scheme

We’ve curated a useful checklist to assist new or potential investors in identifying bitcoin website scams:

  • Check whether the website connects securely over https (not http). If the address starts with “http” instead of “https” the data you send to the website is not secure.
  • Make sure you can see the word “secure” or a padlock icon in your web browser’s address bar. This indicates that the website is indeed secure.
  • If the URL has noticeable spelling errors, the chances are that the website is fake.
  • If you do find further bad grammar, awkward phrasing or spelling mistakes on the website, please proceed with caution.
  • If the website promises abnormally high profits, please proceed with caution. This may not necessarily indicate a scam, but it should be flagged.
  • Try and find the “about us” page and check whether there is any information on the people who work for the company or if the company is registered. If there is little to no information proceed with caution.
  • Check if other reputable websites link to the website you’re on. This will give you an indication that the site can be trusted and is reputable.
  • Always check for reviews or testimonials from previous users. The crypto community usually spreads the news about scams fast.
  • Be wary of websites who claim any celebrity endorsements. Many investment scams fake celebrity endorsements.
  • Learn as much about cryptocurrency exchanges, coins and companies and how they work. Learn if what they do actually adds any real value or functionality. The cryptocurrency market is complex. Before investing do the research.

Three Main Bitcoin Scams:

Phishing

Phishing is the most common of all bitcoin or cryptocurrency-related scams. This scam usually takes place when an investor receives an unsolicited email, that claims to be coming from the bank or in this case your crypto exchange or wallet provider. This email contains a link that takes you to a site that looks identical to the exchange or wallet you usually use. Once you enter your account details on this unofficial page, the scammers have everything they need to log in to your real account and steal your funds.

Fake Exchanges and Wallets

Be careful of bitcoin exchanges. Some will entice potential investors with promotional offers that sound unrealistic, while others pressure investors to create an account and deposit funds. Even going as far as offering bonuses. There are also scammers who have created sophisticated fake wallet apps, allowing the user to download and register on the app. These apps are created to steal critical account information.

Fraudulent ICOs

Many potential investors are interested in generating high returns from the cryptocurrency market. For those wanting to get in on the ground floor, the easiest option for the average person is to buy coins or tokens from an ICO. In 2018 alone. ICO raised a total of $11.69 billion. Scammers have taken advantage of potential investors by creating fake ICOs and convincing people to buy a cryptocurrency that doesn’t exist. Therefore it has become vitally important to read testimonials and reviews like this Bitcoin trader review to test legitimacy and gain more insights.



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Author: Mr. King

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