We at CryptoDetail have reviewed cloud mining companies more than a few times; mostly with negative results. Why? Because paying some unknown person(s) to run a crypto mining operation in exchange for the promise of a share of their profits is the epitome of scam potential.
The cryptosphere was born from the idea of total transparency. So, the very few reputable cloud mining operations are very upfront about the specifics of their identity and methods.
With this caution in mind; let's have a look at Hashing24 to find out whether this cloud mining company is worth our time and investment; or, whether it is yet another scam.
RED FLAG #1
Hashing24 states that it has been involved in cloud mining since 2012. That sort of experience in a world that is only a bit over 10 years old is impressive, to say the least. Unfortunately, the very first cloud mining operation was CEX; and that company only came into being in 2013. So, it appears that the wealth of experience Hashing24 claims to have is a lie.
RED FLAG #2
If we want to buy one of Hashing24's mining plans we need to pay them up front. Not unusual. However, when we look deeper we find that the only method of payment available is Bitcoin. Again this is not unusual in a crypto-based business. However, if we scroll to the bottom of their page we see the Visa and Mastercard logos. This prompts us to ask; WHY? If a site only accepts BTC as payment; why claim to accept those well-known fiat credit cards? There can be only one reason. The well known Visa and Mastercard logos are placed on that site to gain the confidence of potential investors. This second, immediately noticeable lie is another huge red flag.
WHAT ARE THE PARTICIPANTS SAYING?
Once we look beyond the obvious, let's look at what the active past and present participants are saying.
As with any crypto project we see commentary, both good and bad. So, we have to look past the "I love this site, I made $xxx in a month" sales pitches; as well as the "I'm upset because I thought this would make me rich in a day" FUD posts. This leaves us with comments that have specifics outlining their experience with Hashing24.
One of the most alarming comments we saw when reviewing this site had to do with cashing out the user's alleged profits. According to that GUEST review on bicoincloudmining.org; the user purchased an unlimited contract from Hashing24. The user's experience was that the site did indeed give him /her a mining profit; though not as much as he /she thought was appropriate. So, the user decided to withdraw the minimal funds and sell the account.
Another red flag
According to this user, the site gives you two different wallets. One for mining, and one for deposits. In order to withdraw your profits, you must withdraw from the mining wallet to the deposit wallet before withdrawing again to your offsite wallet. While it is standard practice for crypto sites to charge a small fee (or sometimes not so small; you know who you are LocalBitcoins) for withdrawals; charging twice is far above anything like standard practice in the cryptosphere. Which makes this another red flag in our exploration.
Then we jump to one of our favorite sources of information in the cryptosphere; Reddit. This site is populated by some of the most bluntly honest people in the world. Once there we look through page after page of Redditors discussing the rampant scams in cloud mining projects. Then we find particulars.
Only a few days ago a Redditor calling him /herself ice-cold popsicle clearly states that he /she invested $1000 into a 4 TH /s mining contract form Hashing24. And, he /she just got an email stating that entire amount was now gone due to "unpaid maintenance fees". This is utter nonsense. We could purchase a mining rig of our own for around $1000. This is a massive red flag. And, this one has a screenshot of the offending email.
While we could go on and on with the hundreds of reviews; we've seen enough at this point. With the blatant lies on their website; and the obviously criminal actions outlined in the public reviews our assessment is that Hashing24 is nothing more than a scam.
Any site making claims to have existed since before the birth of cloud mining itself is a fraud. Any site posting fiat payment logos when they only accept Bitcoin as payment is a fraud.
Any site that sets up its wallet system in such a way so as to double charge its users to the extent that any imagined profits are effectively stolen is a fraud.
And, any site that blatantly steals users money with some imagined fees might as well be PayPal.
While we here at CryptoDetail have come across a few (a VERY few) reputable cloud mining operations; Hashing24's criminally fraudulent setup and actions have not changed our overall view that cloud mining is generally a scam. These sort of operations cause negativity within our beloved cryptosphere and help the FUDsters in their quest to destroy cryptos.
As such, we urge our readers to avoid Hashing24; and, all such sites without doing your due diligence. Like the old saying goes, "the truth shall set you free". Well, the truth here is that you should stay away from Hashing24 if you want to keep your bitcoins intact.
If you still feel compelled to enter into cloud mining with any site use your head; and the vast resources of the cryptoshpere. Reddit, Bitcintalk, Google, and Telegram are your friends and best allies in crypto. Use them, reach out, read everything, dig deep into every resource; then double check every fact on at least one (or ten) other site (s). Only then will you be prepared to invest in any crypto project. And, of course, we here at CryptoDetail are always here to lead you to the truth and the profits you seek.
Check more details at Hashing24 website
Good luck with your own crypto journey! Happy HODLing!!!
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