2015: The Fall of Cloud Mining?
Aside from a childish obsession with printing money, bitcoin mining is fascinating. Despite the collapse of many bitcoin mining companies in 2015, our interest in bitcoin cloud mining hasn’t faded. Many reputable companies, such as one we were looking to purchase from, Cointerra, filed for bankruptcy earlier this year. 2015 has been a tough year for bitcoin cloud mining services as bitcoin prices oscillated between $400s and $200s. Only recently has bitcoin has returned to the black after a rough year. This is the perfect time for some new companies to take the money of those interested in bitcoin mining.
I couldn’t help but notice Terabox.me’s ads, piquing my interest in cloud mining yet again. If you haven’t noticed their beautiful site and promising offers, check out their site. Their promotional ads promised one thing that I couldn’t resist, free mining! What a great offer! I decided to do some due diligence before proceeding.
Is terabox.me cloud mining a scam?
After hastily signing up I immediately noticed a couple “red-flags” while browsing the site. I noticed that the trial 250Ghs only lasts a week, and the only way to withdraw the bitcoin mined during the trial was to purchase a mining contract. This was a definite way to pay initial investors back, revealing yet another hint of bitcoin ponzi scam. After doing some research on google, I found out that most people are calling terabox.me a scam despite thei
Their tempting 250 GHs trial got me to sign up and a quick alloscomp bitcoin calculator calculated the table below:
| This Difficulty | ||
| Coins | Dollars | |
| per Day | 0.00134541 BTC | $0.57 |
| per Week | 0.00941786 BTC | $3.99 |
| per Month | 0.04095087 BTC | $17.37 |
| this diff (est) | 0.00292073 BTC | $1.24 |
When I did the calculation it would’ve cost me $19.74 (0.0456 Bitcoin) to buy the minimum mining contract to cash out the free trial 250 Ghs. It tempts me to do so by showing me my earnings on the 250 ghs when I login, directing me to purchase a contract to withdraw the bitcoin.
More red-flags from terabox.me:
- 11% commission on all referral sign-up hashing buys
- To quote their website – “EARN MORE HASH POWER: For every referral you sign up, you will earn a 11% commission on every purchase they make!”
- We don’t understand how they could pay that high of a percentage. Also no fine-print could be found on how those fees are granted, nor when.
- To quote their website – “EARN MORE HASH POWER: For every referral you sign up, you will earn a 11% commission on every purchase they make!”
- “There is no fees of any kind, no maintenance or electricity fees.” – Terabox.me FAQ
- I’ve never found a cloud mining host offer no fees, whatsoever. It doesn’t make sense to me that a miner would operate at a profit without charging fees of some kind, even after including charges for cost of hardware and sale of mining contracts. Also, bad grammar, it should read “there are no fees of any kind”….
Terabox.me might as well be terascam.you
In reviewing other cloud mining scams, we’ve seen bltant scams and nefarious scams. Our research concludes that most should avoid the site. Terabox.me’s cloud mining trust is highly debatable. Although we’re willing to invest to counteract the majority opinion, our accountant recommended against such a high risk investment. Many cloud mining companies entice even the most experience bitcoin fanatics with low pricing and affiliate sponsorships, but our research has demonstrated the company has not been paying investors back. With a low likelihood of any return of your investment, we have no other reason not to grant it:
CRYPTOCROOKS NOT RECOMMENDED – High likelihood of loosing principal
If you’ve had a great time with terabox.me please let us know in the comments, or if you agree!
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