Poolhash Scam Review
Poolhash Technologies Limited claims to be a bitcoin and ethereum cloud mining company. It claims to leverage its Reykjavik-based data centre to provide cloud mining services to investors.
Though the company's mining plans might look appetizing, you should wait until you have finished this Poolhash Scam Review before deciding whether it is legit or scam.
The company's domain information shows its website was registered on the 19nth of June 2016. However, Google Trends show that the website has been active since August 2016.
Poolhash offers 3 types of Bitcoin plus Ethereum plans for people who want to invest in cloud mining with Poolhash.
These are the plans:
By the time you finish reading this Poolhash Scam Review, you know whether the company is legit or not.
Is Poolhash legit?
Poolhash has been in operation for 3 months, and so far I have not seen anyone complain about not receiving payments as scheduled.
So does Poolhash payments to its current investors make it legit? No, of course not. That’s how most cloud mining companies start. They pay off their investors in the early stages of the project to attract new investors.
To check if Poolhash is legit, we have to rely on info provided by the company on its website and elsewhere on the internet.
Unfortunately, the website has provided as little info as possible about the company's operations. As a result, it has made the task of determining if the company is a scam or not more difficult.
Even so, I have picked out about 3 red flags, which show that Poolhash is actually not legit.
No Evidence of Existence of Bitcoin Mining Operation.
Beside what Poolhash has written on its website, there is no evidence to prove that Poolhash is a real bitcoin mining company. This is the first red flag of a bitcoin mining Ponzi scheme.
Likewise, the website does not even have a single image of the companies mining farm.
Unless the company provides more information, I will not be convinced it is a legitimate cloud mining company.
The Website Administrator and Company Directors are Anonymous
The second red flag is the anonymous ownership of the company. I perused the Poolhash website with the hope of finding the names of company directors.
Furthermore, I searched the internet hoping I would find the companies Facebook page or Twitter, but I found nothing.
Even when I tried to track who registered the company’s website, I found nothing. The company has bought a service to hide the identity of the website owner.
Now, tell me this, who in their right mind would hand over their hard cash to a company who’s directors are hiding their identities. Well, I wouldn’t.
Rate of Return Too High For A Bitcoin Mining Company
Well-known cryptocurrency mining companies such as Genesis Mining have proven themselves to be unprofitable for investors.
It is, therefore, unbelievable to think that an unknown company, PoolHash, can deliver an effective rate of return of:
· 11% per month for short term investments (12 and 32 weeks BTC Mining),
· 24% per month for long term investments (48 weeks BTC and Ethereum Mining).
The returns promised by Poolhash are not realistic. They are not achievable under the current bitcoin mining conditions. This is the 3rd red flag of a scam.
In light of the above, this tells me the company is making a promise it can’t deliver on. For this reason, the company’s aim is to attract greedy or desperate investors, only to leave them in a financially worse position.
Is Pool Hash a Scam?
Taking into account the red flags raised above, namely:
1. No evidence to prove the existence of the company’s bitcoin mining farms.
2. Company’s directors are hiding their identities. We don’t know who they are.
3. The returns promised are not achievable. The company is therefore lying to investors.
As can be seen, there is only one conclusion to draw - that is Poolhash is a Ponzi scam. The professional scam artists who administer the website are robbing Peter to pay Paul.
Sooner or later, the website will stop paying out and most investors will lose out.
Alternative To PoolHash
In the cloud mining industry, there’s really no alternative. 99.99 of all bitcoin or cloud mining company are Ponzi schemes and scams. The 0.01 percent which is legitimate is not profitable for investors.
The best option to invest in bitcoins or eutherium is to buy directly from a bitcoin exchange and keep them in a safe place.