Ether Miners Scam Review

December 8, 2016
Ether Miners Logo

Ether Miners is a new HYIP website which claims to be mining ethereum. As most of us should know by now, HYIP is another name for a scam or Ponzi scheme.

In any case, Etherminers claims to provide a mining platform for investors who want to mine their own ethereum and bitcoin. In turn, it undertakes  to reward investors with a 3% daily profit forever, or as long as the company remains operational.

Now, 99% of people reading this review probably know that this is another scam program which will shut down in a few weeks’ time.

However, there is always the 1% of readers who are not sure, or actually believe that this company is legitimate.

If you fall in the category of people who actually believe in this gibberish, then read on as I explain why Etherminers is a scam.

1. No Proof of Mining Provided by Ether Miners

Etherminers website has too little information about the company itself. Instead, most information on the website is about explaining how the ethereum works. Clearly, this is a tactic to divert attention away from giving detailed information about the company.

Pyramid schemes in disguise such Bitclub Network use the same tactic when promoting their scheme: about 70% of the recruiting time is spent explaining the bitcoin and its wonders.

The company should be telling us where its mining farms are located and what type of equipment it is using. Unfortunately, the company has not provided any evidence to prove that it is a real cryptocurrency mining company. This is a first sign of a website or company operated by crooks.

2. Misleading Information About Private Investors

The Companies House records show that Etherminers was registered as a company on 18 October 2016. The program itself was launched to the public about a month later on the 20th of November 2016.

And yet the company claims to have been using funds from large private investors to run its operations.

I don’t see how private investors could fund a company so quickly after its registration as a company. I expect large private investors to invest in registered companies only.

This simply means that the story about funding by private investors is misleading and a fabrication. If a company can lie about having private investors, what else are they lying about?

3. Ether Miners Operated by Anonymous Directors

Etherminers has not provided any information about who administers the website or who company directors are.

Trying to look for the possible owners of the website by checking the domain registration information does not help because a service to hide the identity of the website owners has been purchased.

Checking Companies House registrar reveals that Owen Haynes is registered as a director. However, his name does not help anyone because none of the many Owenn Haynes found on Google search can be linked to Ether Miners.

Now, why would anyone invest in a company operated by unknown individuals or directors?

Well, people will still put money into the company, but not because they are investing. They put in money because they are essentially gambling. They are hoping that by the time the website shuts down, they would have recuperated their seed money with profit.

4. Etherminers is listed in HYIP monitors

One sure sign that a company is a scam, is its listing in HYIP monitor websites. AllHyipMonitors shows that EtherMiners is listed in at least 4 HYIP monitors.

Ether Miners HYIP Listing

But someone might say but Etherminers is registered as a company and has offices in London, so it must be legit.

Well, anybody can claim to have offices anywhere, however, it does not mean the claims are true. Even if the company has offices as they claim, the offices are likely to be virtual offices. It is easy and cheap to higher virtual (meaning unmanned) offices these days.

The same goes for registration with the Companies House. I don’t know how they do it, but crooks who operate HYIP websites find it easy to registered bogus companies with Companies House. Many companies which were registered with Companies House such as Forex Paradise and Coince turned out to be scams.

5. Etherminers Rate of Return is too Good to be True

Ether Miners program undertakes to pay investors 3% profit per day on their principal investment. That is a whopping 90% (3% x 30 days) profit per month for as long as the program exists.

You don’t need to be bright to know this amount of profit is not sustainable even in the short term. If the company could generate this much profit, why would it offer it to a bunch of strangers over the internet? Well it is offering its ‘huge profits’ to the investors because it is a scam, it simply wants to defraud gullible investors.

6. Final Verdict


RATING


SCAM         

1/10

Ether Miners is a scam for the reasons summarized below:

1. The company has not provided anything to show it is a real cryptocurrency mining company. Location and images of the mining equipment could have been used as supporting evidence.

2. The company has supplied misleading information about having large private investors who were funding the programs before it opened up to the public.

3. It does not make sense at all to invest in a company in which its owners are trying very hard to hide their identities.

4. The company is listed in HYIP monitors, and therefore it is a scam

5. The profits promised are impossible to achieve because they look too good to be true.

Over and over again, virtually all bitcoin or ethereum mining companies have proven to be scams or unprofitable for investors. For this reason, it does not make sense to invest in any cloud mining company.

It is better to invest in ethereum or bitcoins by purchasing them at your local cryptocurrency exchange such as bitx.co or Poloniex.com for ethereum.

However, if you truly believe in the future of bitcoins, you can leverage your limited cash by investing in bitcoins through a licensed forex broker such as eToro.

Look for bitcoin under the currencies trading column, then open (buy) a bitcoin position at a leverage of up to 5 times the value of the bitcoin.

Alternatively, you can use eToro for investing in forex trading by automatically copying top traders.

eToro has thousands of professional forex traders from which to select a trader to copy.

Read the eToro Social Trading review, which explains step by step how to go about copy the best and the safest traders.

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