Hashing24 Scam Review
Hashing24 claims to be a Bitcoin Mining Company. The company claims to have been involved with bitcoin cloud mining as far back as 2012.
Recently, the company has decided to allow general members of the public to participate in its bitcoin mining operations by selling them hashing power.
How Does Hashing24 Work?
The process of mining bitcoin with Hashing24 is simple. You create an account with the company at their website. Once you have created an account, you click on the ‘New Contract’ tab to buy hashing power.
Unfortunately, the website does not specify how much profits investors can expect from their investments.
Investors know the cost of buying hash power and the cost maintenance. But they don’t know the rate of return. Advice on how investors could go about calculating their daily pay-outs or profit would have been useful.
Nevertheless, a website notorious for promoting cryptocurrency mining scams, Bitcoincloudmining.com, has calculated the rate of return on investment at 166% per annum.
Any investor would appreciate such a high return on investment. Unfortunately, most of the so-called bitcoin mining companies turn out to be Ponzi schemes at the end. Could Hashing24 be legit, or is it just a scam company as well?
Is Hashing24 Legit or a Scam?
Hashing24 has been featured in one of the leading bitcoin news website, Cointelegraph.com.
Moreover, the company claims Bitfury, a respected bitcoin cloud mining equipment provider, is its service provider for bitcoin mining.
One of the members points out that to state Hashing24 has been doing cloud mining since 2012 is misleading. This is because the first company to conduct cloud mining was cex.io in 2013. Meaning the Hashing24 team could not have been around then.
The same user exposed a link between Hashing24 and another scam website, Instantcash.com. It has since been shut down.
The misleading claim that they have been mining bitcoin since 2012 is a serious red flag because they do not have any track record to back up their claim.
If a company cannot back up their claim, why should investors believe any of its promises.
In my opinion, Hashing24 is not a legitimate bitcoin cloud mining company. Even the look of the website resembles a typical design of a cloud mining scam website.
For example, the display of the Visa and MasterCard logos at the bottom of the website page is a tactic used by scam websites for social proofing.
We know Hashing24 accepts bitcoins only, so why display the Visa and MasterCard payment system logos?
If the company passively lies about accepting Visa and MasterCard payments, what else is it lying about?
Read the following threads in bitcointalk and you will realise that Hashing24 is one of many bitcoin mining scams.
Can You Make Money With Hashing24?
If the 166% projected gross profit is to be believed, an investor will receive his or her seed money after about seven months, and the remaining five months will be profit.
Seven months is a too long a time to wait in an industry dominated by scams. All we know the company could be using your money to pay you back. In my assessment, I don’t see any investors making money out of this.
Even proven bitcoin miners such as Genesis Mining are not making any money for their investors. Instead, Genesis investors feel they are being ripped off.
Therefore, having bought mining equipment from Bitfury does not necessarily make Hashing24 legit or profitable for investors.
At the end of the day, it does not matter whether Hashing24 is legit or not because investors are going to lose out in the end.
Unless one is a network marketer recruiting new investors for Hashing24, I don't see anyone profiting from this scheme.
Hashing24 has not done enough to prove that its business is legitimate. On the contrary, information at hand strongly suggest that Hashing24 is a scam. other bitcoin mining scams I have reviewed recentely include Hashpoke, Hashpool, and ......
This supports the fact that virtually all cloud mining companies which accept public funds as investments are scams. Do not invest in cloud or bitcoin mining.
If you want to invest in bitcoin, rather invest by buying it. Experts believe bitcoin has a bright future; its price is expected to skyrocket in the next few years.
Therefore, making bitcoin part of your investment portfolio is a great investment strategy. You can invest in bitcoins by buying them at an exchange such as BitX. and then keep them in a safe place.
Having said that however, if you truly believe in the future bitcoins, you can leverage your limited cash by investing in bitcoins through a licensed forex broker such as eToro Social Trading.
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 selecting the best and the safest traders to profit from.