Welcome to my Mining Up review. If you are here, you probably heard about the platform online promising high returns and you are doing your research now to find out whether Mining Up is a scam or something worth investing your money in.
I have done a good bit of research into the Mining Up platform to uncover how it all works. In this review, I will be sharing everything that I have uncovered with you, and assessing the platform to determine whether it’s something worth investing it or whether you should avoid it altogether.
Mining Up Review Summary
Mining Up is a High Yield Investment Program, which is a ponzi scheme that lures in investors by promising returns that are way above normal, usually using the investments of new investors to pay previous investors.
In the case of Mining Up, they require a long term investment of 365 days, after which they most likely will not pay out. The promised rate of return is 730%, which is virtually impossible in any legal way. They also say that there is zero risk and guarantee payments, which is highly unlikely. There is also no proof of anyone receiving payment for the promised return on investment.
Even without knowing much about the company, it’s easy to see from the promised rated of return is ludicrous and that this is a scam. The likeliest outcome is losing your money after 1 year. You should definitely stay away from Mining Up.
What Is Mining Up?
Mining Up is an online investing company that is purportedly selling clouding computing services for cryptocurrency mining to clients at a few.
According to the website:
“Mining-up is a cutting-edge cloud-mining platform. We offer our clients to participate in the mining process using our powerful mining equipment. You purchase a share of our computational facilities and we mine Bitcoin and various promising alt coins. Finally, the company gets profits that are shared among the holders according to the purchased facility volume. “
So basically, you sign up, pay a minimum fee for one of the mining packages (computational units) and expect to receive a daily return on the investment.
The platform has been getting some attention recently from online marketers, particularly on YouTube
The domain for the website was registered on 13 December 2020 so the company is about 6 months old. The address of the official office is located in Tallinn, Estonia.
How Mining Up Works
The sign up process for Mining UP is quite straightforward. You simply go to the website and fill in the registration form. You enter your basic personal details and your email address, and from there your account is created and then you can start purchasing hashes.
Hashes are the computational units that are the main “product” sold by Mining Up. You buy a certain amount of hashes, and those are supposed to earn you a specified rate of return on your investment per day.
The hashes are sold for mining the different cryptocurrencies which are Bitcoin, Ethereum, LiteCoin, Dogecoin and BitcoinCash.
The hashes come in different packages starting from a $30 investment and increasing all the way up to $17,500.
They have different rates for the different cryptocurrencies they have. Below are the numbers for Bitcoin, which is the more popular crypto. While the computational units are different, the promised rate of return relative the dollar investment is the same across the board.
150 GH/s – Minimum investment of $30 – 1.2% return on investment per day
500 GH/s – Minimum investment of $100 – 1.35% return on investment per day
2500 GH/s – Minimum investment of $500 – 1.5% return on investment per day
5000 GH/s – Minimum investment of $1,000 – 1.65% return on investment per day
7500 GH/s – Minimum investment of $1,500 – 1.8% return on investment per day
12,500 GH/s – Minimum investment of $2,500 – 1.95% return on investment per day
25,000 GH/s – Minimum investment of $5,000 – 2.1% return on investment per day
37,500 GH/s – Minimum investment of $7,500 – 2.25% return on investment per day
50,000 GH/s – Minimum investment of $10,000 – 2.4% return on investment per day
62,500 GH/s – Minimum investment of $12,500 – 2.55% return on investment per day
75,000 GH/s – Minimum investment of $15,000 – 2.7% return on investment per day
80,000 GH/s – Minimum investment of $16,000 – 2.85% return on investment per day
87,500 GH/s – Minimum investment of $17,500 – 3.0% return on investment per day
The second way to make money is through the referral program. The program is 3 levels deep and pays out commissions for your recruits as follows:
Level 1 (Direct referrals recruited by you) – 7% commission on all purchases by referral
Level 2 (Invited by your 1st level referrals) – 2% commission on all purchases by referral
Level 3 (Invited by your 2nd level referrals) – 1% commission on all purchases by referral
Business doesn’t make sense – They say that they are mining bitcoin and other alt coins. Why do they need your participation then. In other words, they are making money and they want your participation so that they can make money, give that money to you, and then take a share of that money for themselves. Why not keep all the money that they make? Why introduce another party?
Unrealistically high rate of return – The rate of return promised here is not possible in any legal way. In conventional investing, pursuing a rate of 15% is considered aggressive. Mining Up is promising a rate of return of 730%. Where is this money coming from? As the saying goes, if it looks too good to be true, it usually is.
Guaranteed payments – The fact that Mining Up promises guaranteed payments and says that there is no risk is a huge red flag. It you know anything about investing you know that there is no such things as a risk-free investment. Even investing your savings at the bank comes with a level of risk.
Claiming more than 500,000 clients – The company was only created 6 months ago and claim more than half a million clients. If this was true, there would be more of a track record available on this company, other than their website and some social media.
None – There is no positive that I can see with this platform. As of writing, no investor has seen a return on the investment. Since the company is less than a year old, anybody who is put money in will have to wait until next year to see if the promised returns are paid out. So there is zero proof that the system works at all.
Long investment horizon – If you invest in Mining Up, the investment term is 365 days. That it a very long time to wait, especially for a company that is only 6 months old. My guess is that you will just see fake numbers saying that your money has grown. When the time comes to withdraw, you won’t be able to withdraw, and that is if the company still exists at that time.
Classic ponzi scheme – Mining Up is using the HYIP model, which is a ponzi scheme that promises unsustainably high returns to investors. There is no product or service of value on offer. So once you are invested and if the company stops, you are left with nothing that you can use or sell.
Is Mining Up a Scam?
Yes, Mining Up is certainly a scam. They are using the High Yield Investment Model, where they offer impossible returns to investors. The aim is to trick some of the gullible people into investing and then making off with their money.
As of writing, there is no proof of anyone having received their return on investment and withdrawn their money out of the system. They simply show you a fake increase in investment hoping that you will wait the 1 year, by which time they will prevent withdrawals or even disappear.
If you have any experience with investing and know how things work, it’s easy to see that this is a scam. The majority of people who invest will lose money so you should certainly avoid Mining Up. There are better ways of making money in a sustainable way.
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