Shamining

They describe themselves as a cloud mining platform.

For those who want to get on some bitcoin action, without having to invest in mining equipment which is obviously costly.

The promise

They sell you a 1-year contract to mine bitcoin for you.

Then after 1 year, you get 1.43x your investment.

Scam or Legit ?

Let’s analyse the very first webpage of the website.

1. GPU miners

Their lowest powered miners are GPU miners.

That’s the biggest red flag right there.

We’re in 2021, GPU miners can simply NOT compete against ASIC miners.

Bitcoin uses SHA256.

We are talking Terahash for something viable, and a $3000 - Nvidia RTX 3090 can only mine 121 Mh/s.

A 5V (12W) USB ASIC miner can mine 400Gh/s and costs only $200-$300. That is 40x the power of the GPU.

2. GH/s

Still talking Gigahash in 2021 ?

When was this website last updated?

Another red flag.

Their own definition of GH/s: “GH/s (gigahash per second) is a unit of measurement of the computer’s (miner’s) computing power. It is used to find out the technique’s speed of performing an operation while using cryptographic code. The current indicator is crucial in calculating income. The higher hashrate, the more productive the technique, the more investor is mining bitcoins.”

Used to find out the technique’s speed of performing an operation What ??

This website is supposed to be run by people from United Kingdom.

I have my reservations about that.

3. 37% bonus power

Today we are the 4 November 2021.

Here is a screenshot of their offer:

Did you see it??

Look again at the picture.

That’s right, we’re already in November and their offer was supposed to expire on the 31/10.

Oops… did you forget to update your website ?

4. The Icelandic connection

OK, a little whois on the domain name reveals the owners live in Reykjavik, Iceland.

So, a brit company who decided to let the icelandic friend register their domain ?

Further, checking the linkedin profiles, of those people.

We can see that none of them decided to change their linkedIN profile picture since the creation of shamining, 3 years ago.

Verdict

0/10 - 100% scam.

You’re better off buying your bitcoin mining hardware and mine at home!

Looking for passive income sources ? Check my blog post here