Tue, 25 Jan 2022

Chainmine - Scam or Legit Cloud Mining Site?

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24 Dec 2021, 19:24 GMT+10

Chainmine is a free cloud mining website that enables you to mine Bitcoin without a registration fee and the likes. Before reviewing this website, we will remind readers that investing in such websites is risky. We are not saying that this website is a scam right off the bat, but this is just an explicit disclaimer for those who will try to invest in the website that we will review right now.

What is Chainmine?

Chainmine, or Chainmine.io, can enable you to get 12% daily earnings by mining your Bitcoin. This Bitcoin mining website gives you free 1 TH/s miner power as a bonus for signing up on their website. When you sign up on this website, you get free speed power mining that can mine BTC for you even when you're asleep or doing other errands in your daily lives. As we can see, the free 1 TH/s mining power is already a good bargain, to begin with. The developers of this kind of setup give you the freedom to mine your Bitcoins. It is pretty easy to start, with no other requirements for mining your Bitcoins.

Official Website

Chainmine also enables you to transfer your earnings seamlessly. So, whether you deposit your Bitcoin or withdraw your profits, you can rely on the website's system to do that for you 24/7. The free 1000 GH/s miner power that they are giving, which equates to 1 TH/s, seems to be a little winter special gift (as mentioned on their website). We don't exactly know if this bonus will keep up until spring, so we'll update you whenever we can.

Chainmine has an SSL-certified platform called Digicert. It is also a UK-approved company, a member of the Blockchain Association, and associated with The Financial Commission. It works on the principle that they have the hardware, and you'll only need to hook your Bitcoins to their miners. These are top-of-the-line hardware from Whatsminer and Bitmain. As mentioned before, you won't need to dish out any setup and maintenance fees. There are also no limits, so you can mine as many as you want.

Chainmine also enables users to join their affiliate program, upon which you can get up to 10% in affiliate commission. As of this moment, the website has around 1,863,000 customers who have already mined a total of 402 BTC in the website. The total available mining power of the website is at 70 EH/s, and the current active hardware power stands at 13.6 EH/s. This means that it still has a long way to go before being maxed out. For your information, there are implications that the site will shut down when it's maxed out at 70 EH/s.

[IMPORTANT] Make sure you sign up using this link to get maximum benefits.

Essential Terms about Chainmine

Okay, just a quick commercial break. Let's learn about basic terms first.

Chainmine is a Bitcoin cloud mining website. This means that you mine your BTC, or Bitcoin cryptocurrency, over a 'wireless' connection (to make things simple).

Next up, we will talk about device power. Alternatively, it can be called hash power or mining power. I will be using the term 'mining power' to make things simple and easy to understand. The 1 TH/s mining power that Chainmine gives you is 1000 GH/s. That's a pretty good starter for such a free mining website!

Now that we know the basic terms let's continue.

Signing Up to Chainmine

To sign up in Chainmine, you'll need to create a username and password together with your email address.

Once you have an account, you can now see your dashboard, containing details about your total device power. If you created your account today, you are most likely to have an average of 1 TH/s mining power in your grasp.

Of course, you are not only limited to that 1 TH/s mining power. You can purchase additional mining or device power if you want, but that's up to you.

Chainmine also enables you to refer people, giving you rightful access to their affiliate program. Copy the referral link found in your dashboard and send it to your friends.

(SPECIAL PROMO) - Chainmine 1 TH/s sign up bonus. Up to 12% daily earnings.

Setting Up your Chainmine

Now here's the fun part. After signing up, you should link your Bitcoin wallet to your Chainmine.io account. How? You need to get your Bitcoin address and paste it into the field found in your dashboard. There's not a single way to get your BTC address since it depends on where you got your cryptocurrency in the first place. Most people got theirs from Binance, just in case you need that tidbit of information as well.

Next up, go to the settings tab in your account and scroll down towards 'Payout settings.' Put in your BTC address there a well, then click save. You will get a prompt saying that your Bitcoin address is successfully updated.

Chainmine Basics

In the Chainmine.io account dashboard, you will see your 'Bitcoin Minings Overview.' From this simple infographic, you can see your hourly, daily, weekly, and monthly profits. Now, these values will go up depending on your device or mining power. However, you will likely see little profit on your screen if you're starting up. It depends on how much BTC you will deposit.

If you wish to crank up those profits, though, you can invite people using your referral link. This will give you access to affiliate earnings and a potential boost to your mining power. However, you will only get the affiliate bonus if your invite will deposit their BTC on the site as well.

Upgrading your Chainmine

To deposit more BTC into Chainmine and upgrade your mining or device power, you need to click on the upgrade tab on the left side of your account details. How does the upgrade work? It would help if you bought hardware for that, which the website offers. There will be a preset amount of BTC that you'll need to dish out to get the miner hash rate as stated.

The minimum purchase is 4.10 TH/s, while the maximum stands at 46.90 PH/s. Each unit price currently costs 0.00009840 BTC as of this current moment of writing.

[IMPORTANT] Make sure you sign up using this link to get maximum benefits.

Chainmine Transfer BTC

Chainmine wouldn't be here if you couldn't withdraw your earnings. The Transfer BTC tab contains all the valuable tools you need to get your payout. There is a minimum payout of 0.00005970 BTC to make it work. This means that you need to mine that amount before you can withdraw.

To withdraw mined BTC profits, you only need to click 'send.' Before that, though, double-check your Bitcoin receiver address.

Chainmine Risks

Now that we understand how Chainmine.io works let us discuss the risks of such free mining websites. As we can see, investing in such sites is risky. If I were to suggest how you would deposit your BTC here, it is advised that you do not go all-in on this free mining website. As they say, invest in what you can only afford.

In our experience, most websites under this category suddenly go down after a while, so if you invest in BTC, invest in what you only can. It is even advised that you invest small amounts of BTC first. Either way, it's still great that you will earn money even if it's the tiniest possible amount since you didn't do much anyway.

Chainmine ROI

Chainmine can help you get an estimated investment return in around 14 days. Of course, this may take longer than usual, depending on how well things go, but the best thing to do is to refer more friends and purchase more mining power if you want your ROI to come sooner than usual.

Chainmine Review

With all that said, Chainmine seems to be too good to be true. However, many people have already withdrawn small and large amounts from the website, so it is legitimate in that sense. We are facing the only problem: these websites are mostly short-lived. However, it is worth trying out since it has free hash/device/mining power waiting for you. It's also free to register, so there's that aspect as well.

It depends on whether you want to deposit or use the mining product. In the end, you should research your risks so that you'll be better prepared for future problems that may arise.

Is Chainmine a Scam?

No, Chainmine is not a scam. However, since the lifespan of these websites is relatively short, you might find yourself in a difficult position if your BTC happens to go down the drain as well. Therefore, caution is advised in investing in websites such as this.

Contacting Chainmine

You need to email or mail them at their office in London to contact support. The details are as follows.

Chainmine Email Address: support@chainmine.io

Mailing Address: ChainMine Ltd., 185 Gloucester Place, London, England, NW1 6BU

They are said to answer pretty fast, but it may take longer than usual at times. Therefore, patience is required if you need to contact them for any trouble that may present itself in any way.

[IMPORTANT] Make sure you sign up using this link to get maximum benefits.

Who is the CEO of Chainmine?

Billy Nelson is the Chief Executive Officer (CEO) of Chainmine. There isn't much info about him, but it would seem that research into official British sources suggests that he also has another company apart from this website. Still, he is a natural person, so there's that.

Is Chainmine Legit?

Yes, Chainmine is legitimate. They pay, but there are many other factors to consider than just that. For one, the SSL certificate is NOT DigiCert. It is Let's Encrypt R3, which seems strange. Why would they tell you that DigiCert is their SSL certificate? However, they seem to be adamant about it. Is their SSL DigiCert or Let's Encrypt R3? We would have to leave that hanging for now.

Also, the site advertises giving out free 1 TH/s mining power right off the bat. Strangely, you get more profitability from this free cloud mining website than investing in a high-performance graphics card. That seems fishy, but we have to check if everything works accordingly in a relatively long amount of time. As mentioned, these types of websites are usually short-lived.

Chainmine Customer Reviews

Chainmine customer reviews are primarily favorable if we look at its profitability. There has been no evidence that this website has scammed people, so there's a good start to all of this. We will be detailing their experiences accordingly to gauge whether this website is good for the starting Bitcoin miner or not.

Redditors from the subreddit r/chainmine have confirmed the website's legitimacy. Some invested $2,300 and are already making a profit as we speak. Meanwhile, others are keeping it safe by depositing $50.

Some masters in cryptocurrency tell that this website is a High Yield Investment Plan. By definition, HYIPs tend to rug pull when they meet their quota, so it is best to keep it small and simple for now. Reviews suggest that you only invest the amount you are ready to lose!

Meanwhile, some individuals have found that Chainmine isn't precisely profitable. The exchange that happens when upgrading the hash rate comes with a fee, so they're saying it is not profitable at all. However, that may occur if you are only depositing small amounts in general.

Moving on, Chainmine is just a new player in cloud mining. In the subreddit of r/cloudmining, a user named w33Diva documented their experience with the website. They started on the 6th of December and made their ROI on the 20th of December. That is indeed 14 days. The user also noted that you are only allowed to make one withdrawal within 24 hours, so there's that feature as well.

However, here's the catch. User w33Diva is convinced that this website is a Ponzi scheme. While legitimate from the angle that they are paying money, it requires a constant flow of new investors to keep things going. Considering the affiliate program, it would seem that this is the case. Even though that is their observation, the critical part is to check all sides first. There is still no concrete evidence that this cloud mining service is such a scheme, but if it is, we might have a new kind of player in cloud mining that may survive a little longer.

The thing is, you can payout money from this cloud mining service with ease. That's not a scam. But, the whole system is flawed if you look at it from another way. Yes, several people have been posting proof that they withdrew a specific amount of money, but the system itself is taking advantage of people through a networking sort of arrangement.

Current Trustpilot ratings for Chainmine stand at 68% excellent, 11% great, 4% average, 3% poor, and 14% terrible. The bad reviews center themselves on how the site is like RyzEx or Niteroi. Again, it is best if we do our research as well. Further revelations include that they are listed 'under warning' from the UK Financial Commission even though they proudly mark it on their website. However, some users are disputing this claim, saying that the company is indeed a UK Registered Company. Either way, only time will tell.

So, in summary, Chainmine is not having a good time with all the initial observations, but since there's still nothing wrong going on, it is still profitable to cloud mine here, at least. The thing to ponder here is why they don't use their hash power to mine themselves? Why sell it to other people and sell their profits? It just doesn't make sense.

Frequently Asked Questions about Chainmine

Mining Contract Duration

Chainmine investments are said to be for a lifetime. There is no need to renew or pay additional fees, which is nice. However, if you wish to upgrade your hash power, you will need to spend some fees.

How to Upgrade Mining/Hardware Power

You can purchase, exchange BTC, or recruit new customers. Usually, a combination of these three factors can lead to a much faster ROI in the site's premises.

Setup Fees and Delays

Chainmine is maneuvered by a highly automated system that makes it easy to do all your activities instantly. This is attested upon by customer reviews who say that this site processes their payouts almost immediately without fault.

Maximum Hardware Power that can be Purchased

You can purchase from 4.10 TH/s to 46.90 PH/s of hash power per order. Ultimately, it depends on how much mining power you wish to purchase. You only need to set the price, and the details will come naturally to you.

How long will Chainmine Survive?

That's hard to guess, but this website will likely survive in a few years. Similar websites, such as RyzEx, have been tagged as scams and are close to disappearing altogether. Let's hope that this one isn't.

Chainmine Summary

Chainmine is a free Bitcoin cloud mining website that uses top hardware from Whatsminer and Bitmain to grow your potential BTC earnings. They are currently offering free hash mining power of 1 TH/s to potential registrants to start this venture. This website is legitimate to the core. However, like other websites such as this before it, there will come a time when it will go down as well. Therefore, invest small amounts first and don't go all-in. Either way, you will earn your mined BTC without doing anything.

This website is excellent for people who are just starting to learn the ropes of Bitcoin mining. For those who don't exactly have the hardware to do so, this is an excellent platform from which they can invest and grow their cryptocurrency instead of just hiding it behind. With that much said, there's a thin line between confidence and legitimacy. This cloud mining service is here now, but it will be gone sooner or later. Therefore, the right thing to do is keep things safe and not be too arrogant when investing in such matters.

Chainmine Verdict

With all those details mentioned above, it is safe to say that investing in Chainmine is somewhat sketchy. However, it is not a scam yet. It still pays, but it looks very shady. Furthermore, the fact that the creators of this website are blanketed under a shroud of secrecy certainly raises some eyebrows. Several people have been pointing out it's a Ponzi, but ultimately, what's important is the site is still paying.

For those who want to put their BTC to good use without added obligations, you should try this cloud mining website to your advantage. Do so with research to minimize the risk. This review has everything from the positive and negative things this site offers, so use your newfound knowledge to your advantage. Both sides of the coin are presented, but it will be your choice to invest in cloud mining sites such as this. The tricky thing to gauge here is that two sides are clashing. Even I, the reviewer, am divided regarding the matter. What's sure, though, is that I will only invest what I intend to lose. If it grows, then so be it. We will update you when things change in the future.

(SPECIAL PROMO) - 1 TH/s sign-up bonus. Up to 12% daily earnings.

Disclaimer: This is not, in any way, financial advice. We suggest that you do your research regarding the matter. While Chainmine.io is not a scam, you still need to strategize handling your cryptocurrencies wisely. When all else fails, talk with experts in cloud mining and the decentralized finance industry.

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