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PB Mining Ponzi Scheme Review – Cloud Mining Directory

PB Mining Ponzi Scheme Review - Cloud Mining Directory

By cloudminer on February Trio, 2014

  • They are a scam
  • They pay out a fraction of expected earnings
  • No proof of mining
  • No selectable mining pool
  • Non-transferable mining contracts
  • Sparse instrumentenbord

History

PBMining wasgoed one of the most established cloud mining companies, spil they have bot paying out for overheen a year. They state on their webstek and ter various forums that they have “an established eBay account. Wij have 100% terugkoppeling rating on our sales and have grown a very positive reputation ter the Bitcoin community!” True, they have bot an eBay member since May 9, 2012, but they also toevluchthaven’t sold anything on eBay overheen the past 6 months.

PBMining is enormously active on BitcoinTalk, where they have become a senior member with 690 posts ter a little less than a year. They have also received some media attention, specifically te a CoinTelegraph vraaggesprek with “Jeremy Biggs”, possessor of PB Mining on Aug. 6th 2014. Te the article, Mr. Biggs claimed he will “continue to permit time itself to run its course of proving our trustworthiness ter this market.” Ter early November 2014 they ran a promotion through BitcoinTalk to sign up fresh members, which appeared to be successful. On Nov. 30th, angry customers began posting that their payouts were significantly less than expected (approx. 15%) which could represent financial insolvency. Even worse, they diminished payments to 1/10th of expected payouts during the week of Dec. 14. During the subsequent weeks, it shows up users only received 1/100th of their expected earnings. The latest twist is that bitcointalk user MrTeal wasgoed able to uncover the true identity of the holder, Jason Boyko. On December 9th, PBMining created a fresh thread on Bitcointalk titled “Recovery program beginning ter January for PB Mining customers” which never truly materialized for users (including myself).

Trust Rating

I see three main downsides to PB Mining. Their lack of corporate transparency, non-transferable contracts, and proprietary mining pool all lead mij to distrust PB Mining spil a customer. Once the PB ponzi scheme began to collapse, payments were diminished to one tenth of the expected amount, and then further diminished to one one hundredth of the expected amount. Aside from empty promises to repay, wij indeed toevluchthaven’t seen any attempt by Jason Boyko or PB Mining to make reparations to customers.

There were other crimson flags associated with PBMining of course, such spil the fact that they don’t list a corporate address, gegevens center address, or any real names of their founders or employees. All I could find relating to the possessor is the CoinTelegraph article about Jeremy Biggs mentioned above. Now that bitcointalk members have uncovered Jason Boyko spil the possessor, it is only a matter of time before a class act lawsuit gets underway. On top of all of the above, PB Mining never once proved that their operation wasgoed backed with physical hardware ter any way. It emerges likely that there wasgoed never any mining taking place at PB. Overall, PB Mining is the single shadiest company te the cloud mining space.

Price Rating

PB Mining offers up the 2nd least expensive mining contracts te the industry – and thesis are five year contracts. Their cloud mining contracts are actually price competitive with some of the most advanced Bitcoin mining hardware on the market. Contracts are available te 1 GHS increments, kicking off at 25 GHS and up to 30TH/S, all at the same rate (presently 0.0013BTC). Ter fact, PB Mining emerges to have the 2nd highest terugwedstrijd on investment (ROI) ter the space. That is, until you realize they are a ponzi scheme, that is ter the final stages of collapse.

Maintenance Toverfee Rating

PB Mining offers zero maintenance and electrical play fees, which is a uncommon find among cloud mining companies. Without any costs affecting the Bitcoin you’re generating, you will achieve an enormously high ROI – at least theoretically. You truly need to ask yourself how they can remain profitable overheen Five years if they are charging zero maintenance fees? It seems that they can eliminate maintenance fees by not actually mining for Bitcoin!

Instrumentenbord Rating

While some would say dashboards are purely aesthetics, I believe usability of a webpagina is significant. While PBMining’s instrumentenbord is enormously sparse, it is usable. You can view a list of your existing contracts, your earnings associated with each contract, and account balance You can also view statistics comparing you to other users, of which there are many. So despite the minimalistic treatment to visual vormgeving, PB’s instrumentenbord works. You can check out some screenshots of PB Mining’s instrumentenbord here.

Payment Reliability Rating

Payments are made weekly – on Sunday – and have bot paid on time spil of the time I wrote this review on PB Mining. For October and November, payments seemed consistent with the amount of Bitcoin you would expect to be generated with omschrijving mining hardware. Then ter December, payments became fractional, so users received 1/10th and eventually 1/100th of expected earnings. They have become fully unreliable at this point, and will likely cease paying out altogether shortly. Their “recovery program” seems spil if its foot purpose wasgoed to repay the proprietor, Jason Boyko.

PB Mining Signup and Referral Toeslag

PB Mining offers a very generous referral premie, which amounts to 10% of contracts purchased by a customer you refer. However, since they are no longer paying out, their referral verzekeringspremie has become fully worthless.

Conclusion

STAY AWAY FROM THE PB MINING PONZI SCHEME! Please do yourself a favor, and look at a company with a lower risk profile, such spil Bit-X HashNest or Genesis Mining. They will all give you a much better and safer comeback on investment.

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