Featured, Guide, Mining, News, Scams

Tesla Mining – “free” Bitcoin Mining… What’s the catch?

As we have previously mentioned, we created an account with Tesla Mining, a “Bitcoin mining” company(website) which offers 200GH/s lifetime hashpower to anyone who creates an account… for free. 

DISCLAIMER: We created the account in order to find out more about “mining” companies and we are NOT advertising Tesla Mining. Moreover, we do not recommend investing in “mining” companies which advertise their services online as most of these companies are scams

Since the minimum payout is 0.0005 BTC, while monthly “base” “earnings” are 0.0006 BTC, we are extremely curious as to whether Tesla Mining will pay out, since the hypothesis is that it is merely a prime example of a ponzi scheme, its business model is based on client network expansion and it is unsustainable in the long run.

Not only Yesla Mining offers 0.0006 BTC monthly, but 7% of referral earnings, so… What is the catch?..

Well, finally, it became evident that, unless a referral makes a purchase, you will not earn anything. Voila!

Is that mentioned on the company’s website? Hell no!

tesla mining bitcoin mining cloud mining free hashpower scam
LIE!!! In truth: YOU WILL EARN NOTHING unless your referral makes a purchase.

According to “support” which, surprisingly, responded to our question (note the English of a customer support representative who works for a “UK-based” “company”):

tesla mining faq

Surprise!.. Naturally, our second question was left unanswered:

tm
If you will see anyone advertising the opportunity of making a purchase from Tesla Mining… You get the gist.

Ergo: Tesla Mining inadvertently encourages registrants to promote its paid services and its FAQ provides misleading information. “Support” avoids answering uncomfortable questions… All signs of a scam.

To be continued.

Giveaway, Mining, News

Tesla Mining

It is known that most “mining” companies actually “mine” users’ deposits (Ponzi scheme) and disappear, once the pyramid crumbles under its own weight (when new deposits are not enough to cover the payouts to those who made deposits earlier).

Tesla Mining offers its users 200 GH/s active hashpower for free, though. Yep, for free. Which results in…

free bitcoin mining.png

…and sounds completely unsustainable.

The FAQ section boasts:

mine bitcoin tesla mining free hashpower

…yeeeah, riiight.

At the moment, Tesla Mining houses circa 1500 users, according to its front page, which is young for a “mining” Ponzi scheme.

Time will tell whether the “free hashpower” is a simple scammer’s trick, or miracles exist.

We have registered on Tesla Mining and will post “insider” reports.

NOTE: Can’t resist the FOMO? Feel like being a part of the experiment? Feel free to sign up using our referra link, but DO NOT EXPECT ANY PAYOUTS, or ANYTHING AT ALL, apart from entertainment value. Moreover, should you wish to register, we would recommend refraining from disclosing your personal e-mail address, or any other personal details. Moreover, we DO NOT recommend investing in Tesla Mining, or similar companies, as so far, it all screams “SCAM”.

Many Ponzi Schemes pay out to their first registrants, however in the end, they all fall. 

Typical signs of scammy “cloud mining” operations (questions you need to ask):

What is mined? Where is it mined? Who are the team behind the project? Can you contact the developers?  Is the website well-designed and well-written? What does Google say? Does the business model seem sustainable?

Be careful out there.