CryptoMiningFarm provides a neat and straightforward mining website for users. CryptoMiningFarm is based in Chiang Mai, Thailand and is run by a company called Lifetime Technology. There is no transparency about the company and founders, with a worrying lack of online social media presence.
CryptoMiningFarm provides several levels of contracts to users:
● 3 Months
● 6 Months
● 1 Year
● 3 Years
● 5 Years
● 15 Years
● 99 Years
CryptoMiningFarm claims to have no maintenance fees. Furthermore, they claim that there will be no difficulty increase when mining Bitcoin. This is suspicious as the difficulty increase is inherent to the Bitcoin protocol.
To buy into a contract, the user can use Bitcoin as payment and choose the length of the contract and the “GHS”. However, on their website CryptoMiningFarm state: “GHS is VIrtual Mining hash rate. We don't have any real bitcoin ASIC hardware.” In effect, it sounds like they will be mining nothing with “virtual mining”. Further to this, CryptoMiningFarm has a big referral program to recruit new members. It looks a lot like a pyramid scheme with their "20 levels" of commission. The lack of transparency about the company, "virtual mining", and the pyramid referral scheme are strong indicators that CryptoMiningFarm is a scam.
- Simple website design.
- Possible pyramid scheme.
- No real mining takes place.
- Lack of company transparency.
- Many users are suspicious it is a scam.