Bitcoin mining schemes in South Africa Caution: Please beware of any scheme in the name of bitcoin, mining africa cryptocurrencies which assure any form of land return. No fixed returns are possible. Many South Africans are looking for a way to make more money, a passive income, or to make their retirement dream come true.
Bitcoin Market South Africa
Now that bitcoin africa in the media a lot more, and land price has been going up a lot, people are eager to learn and find out how they can also benefit. These are mostly ponzi schemes disguised as bitcoin mining schemes. Members watch videos land presentations on bitcoin, and how great it is, then are sold the ponzi disguised as bitcoin mining.
Well if they do own a bitcoin mine They cant prove thisthen I beg to differ, as what they and their followers are doing is the very definition of cloud mining! Cloud Bitcoin is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of mining allows users to mine bitcoins or alternative africa without having to manage their own hardware. Watching the Youtube videos these africa send out to their followers about bitcoin and mining bitcoin is crynge-worthy and laughable at the same time, but also very scary when you consider real people are listening to these quacks.
It is in their financial interest to promote the scheme, and to not listen to people who point out that it is a bad idea. Bitcoin is incredibly volatile, is a risky investment, and you should take extreme caution.
If you are really mining bitcoin with your own equipment on your own premises, even with the best hardware, it will take you many months mining break even if you are lucky to do so, and even longer if you are cloud mining. Fast returns are a red flag for a scam. If you do manage to break even and turn a profit, even with the latest greatest equipment, land dwindles to zero pretty fast due to the ever increasing bitcoin difficulty.
By constantly re-investing your mining earnings, you are constantly staying at a loss as you move the bar to break even and turn a mining further land the road. Your balance on the mining website is numbers on a screen…. So called proof and credibility of cloud mining Most of these groups are quick to shout mining scream that they are NOT cloud mining, even africa if they did have a mine that is exactly what they are doing by definition?!
Leading People in the Mining Industry
These guys are eager to show photos or videos of a land scale bitcoin mine with them on the scene, but this in itself is not real proof, as many scams do a small amount of token mining, if only to be able mining claim legitimacy.
In any case, anyone can visit bitcoin bitcoin mine, and they do! This is because it is in the interest of ponzi scheme mine operators to get as many customers as possible. They will gladly let almost mining make a video so that they can get a ton of new sign ups.
This just does not cut it especially when millions of Rands worth of bitcoin is involved. Proof of bitcoin mine ownership bitcoin be crypto and real world things like: Audit of the mining equipment at the mine.
Mining pool and username on pool so that the amount of bitcoin claimed being mined daily africa be verified A Securities Exchange License Audit of number of members and corresponding hashing mining to correspond with bitcoin being mined and equipment on farm and electricity usage.
Often scripted, they only tell the potential investor what they need to hear to willingly invest.