What is Mining City? Is this a fraudulent bitcoin mining project?

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What is Mining City?

Before getting into the details, we want you to understand what MiningCity is in advance? as well as a few introduction about them first, according to information from their homepage

What is Mining City

“Mining City is an initiative aimed at gathering people who want to consolidate their power and increase their chances of mining Bitcoin. Bitcoin is the digital currency driving the explosive development of Blockchain technology and many believe that this will be the future of the global financial industry. The process of buying Bitcoin is called mining, Mining City is the place where people can come and mine digital currencies and increase the value of their initial contribution through the expansion of the network of inter-miners. end. We provide the power of exploitation, technology care, and maintenance so you reap the rewards. ”

Explain the Principles of Operation Based on Bitcoin Mining From MiningCity

Bitcoin Where does it come from? With the issuance of banknotes, the Government decides when to print banknotes and distribute money. Bitcoin has no government of it. It operates independently and freely. You can buy Bitcoin and also own it. A mining tool is a specialized computer that uses special software to solve problems and is issued a certain amount of bitcoins in exchange for solving each problem. This provides a smart way to issue currencies and also creates incentives for more miners. Typically, Bitcoin mining tools help keep the Bitcoin network safe by approving transactions. Mining is an important and integral part of Bitcoin, ensuring fairness while keeping the Bitcoin network stable, safe and secure.

How miningcity works

By joining our network and choosing one of our plans, you will buy the computing power that will allow you to mine bitcoins at a certain speed and speed. That speed is connected to the quality of the mining computer. We always try to provide the latest equipment for our operations, this is why we do our best to provide the fastest computing power available - thus improving our mining process. . In addition to mining, we also offer an introductory plan that allows income support from a single catch. You can learn more about the plan in the Private Area after joining.

And above is some information that we have confirmed from their homepage for your reference, and also from the image above, that they have announced that they are partners of BTC.COM - one of the largest BTC mines in the world today. Before clarifying other information, let's learn about the HOT level of this project in Vietnam and the World.

Interest About MiningCity in Vietnam and the World

It is unknown whether this is a new project or not so much information from that time began to appear in Vietnam around May 5. And when it comes to this project, there are 2019 opposite views: one side thinks this is Skymining version2, one side thinks this is a potential project. Currently, we see a lot of refs recruiting on forums and investment groups about cryptocurrencies, showing the increasing level of interest in Vietnam.

So what about in the world? According to Blogtienao, it is possible that this is a new project that no one knows or why without any text documents as well as this press release given while this is a project that Vietnamese friends Male advertising is a huge project. Show that the world level of interest in this project is still very low!

Some Vietnamese news sites say this is a very HOT project in many countries and especially in Korea, but indeed we did not find any information about this incident. So it still feels a bit blurry.

Evaluation of Mining City

Basic Assessment

I myself was an investor Bitcoin miner, with the Asic series, typically the S9 with a capacity of 13.5TH / S, should be quite knowledgeable about the profits from here. I will give the basic assessment, is basic only offline.

MiningCity has many investment packages, wandering online, we also found some analysis articles on why investing is profitable, most of them talk about the $ 3500 investment package (82 million), so I also analyze this package too, below is an image of the GOLD package

  • 3-year package: 1100 days
  • Interest will be charged 10 days after purchasing the package
  • The device used is: Antminer S9
  • Total machine capacity is: 70 TH / s (Equivalent to 5 S9 phones)
  • Electricity price is $ 0.0475 KWH
  • Power consumption of 70TH / s is 7000W

That is the basic information on the GOLD package. In terms of judgment, all the information in the package is quite clear, about the capacity, the price of electricity, etc. , the system, is also very professional. That will also temporarily reassure if the intention to invest.

Evaluation Details

As of May, Price 1 Bitcoin is $ 5.295. The total cost that Mining City digs a Bitcoin based on electricity price in Kazashtan is $ 2.912 + maintenance costs are around $ 3500 (estimated figure)

Thus, Mining City still has a surplus of $ 5.295 - $ 3.500 = $ 1.795 if 1 year later Bitcoin remains the price of $ 5.295 (an estimate for everyone to refer). Since this package is free for 3 years, what are they paying for after 2 years?

Their solution is that they predict the market will have a record price three years later, and whether it will coincide or not, by the time I write this article, the price of BTC is 3, at least they will be able to afford it. fee to pay interest for yourself within 11.000 years of digging. But if BTC does not rise well, will they pay me like?

If investing in Vietnam, you buy the machine yourself, with a similar package of 1 TH / S, you will spend about 70 million for (machine cost + repair cost + electricity cost in 130 years) And in 3 years, you also being able to mine the same amount of Bitcoin as they do, at least be in control. Such a big difference is because their electricity price is 3 times higher than their electricity price. So one more good reason to invest in MiningCity?

That's not to mention the difficulty of digging, the difficulty level has nearly doubled compared to the peak of 2017, currently 70TH / s capacity only digs 0.8BTC rather than 1BTC as other sites reported, and it has can be further reduced when the number of new excavators joined. I won't write it down in detail because there are many people who don't know What is HashRate!

However, what is worth mentioning? They use up to 35% of Total Revenue for the purpose of paying for the Affiliate system (frankly referral pull). You buy the package of 82 million, they will deduct as much as 28.7 million (equivalent to 35%) to pay for the person who introduced you. This is a model MLM - Multilevel! I am not saying multi-level is bad! But with buffalo raising experience, after paying commission, they only have about 53 million for buying the machine, paying for electricity for 3 years, the cost of care and maintenance for 3 years, ... that's a real spy. feasible anywhere in the world today ... Unless the electricity price is 100% free ...

So, what is the MiningCity calculated? They bet on the price of Bitcoin, if Bitcoin hit the moon, then they will naturally gain huge profits, and investors can also have high profits as expected, and this is the problem if so. In the opposite direction, if Bitcoin were only fluctuating between $ 5295 and $ 7000, with the system increasing rate and paying commissions, it would be only a year before they would close and go bankrupt ... Perhaps at that time You will understand how much you will lose before you have regained your capital

Blurry Information About Mining City

As far as I know, MiningCity is a strategic partner of BTC.COM - the largest mining POOL in the world today. And they also signed a strategic document on investment with the Kazastan government in allocating 5-year land to build a mining plant as well as incentives on electricity prices.

Certificate Signed Between Mining City And BTC.COM

I have sent this picture to bitmain - the owner of BTC.COM as well as I went to their telegram channels to ask about their strategic cooperation or not? The answer I received was that they cooperated. The problem is that the picture I sent is the picture above, and they confirmed to me that the picture I mentioned was referring to Minebest, not them, and for clarification they said I should ask them from Minebest. should ask them. The answer I received on Telegram was almost the same, that MiningCity was just one of their big VIP customers, they partnered as a VIP customer. So the question is whether the transparency in the papers provided by other Vietnamese pages is transparent and true.

I also have seen the data images of MiningCity, there are still many doubts or no answers, the photos show the popularity of MiningCity in Japan, Korea, Europe, ... I searched forever on google tired eyes and nowhere. Guaranteed insurance packages, investment losses will be insured on MiningCity, I wonder who stands out insurance? If it collapses, is it really covered? Because no papers or companies dare to stand out insurance, just a promise insurance only.

Epilogue

It is true that the clear water has no fish, the turbid water is dead, the field of cryptocurrency investment is always high risk, in general, the overall project of MiningCity is at least - if compared with the projects. other HYIP projects such as SCF Token, CTO, Plustoken, ... are better, because the interest rate is not too high (300% / 3 years instead of 360% / 1 year as other projects), my forecast also suggests that projections This project will live long because of my personal judgment, the price of BTC will increase sharply in 2020, but if the BTC only ranges from $ 5000-8000 then you determine that the project will break in about a year. Anyone who asks if I should invest should not give me advice, but read the analysis above yourself and make your own judgment. I personally do not currently invest in this project. Good luck

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31 COMMENTS

  1. Admin, let me wonder a bit, according to my understanding, mining city mining packages will mine coins, for example, according to them outlined for me, 5,6 months is the payback for buying coin packages. If the coin price increases, the shorter the payback period is, ie if they scam, the higher the coin price, the faster it will break. If the price of coin decreases, the time it takes to dig the amount of coins to refund the money spent to buy the package will take longer. But according to the article, admin said that the higher the price, the longer they will live, I wonder if the time when the ad was written is that they pay in cash (in percentage of the digging package), not in coins as currently. in. Tks Ad

  2. Anyone who joins it now knows if there's a good word or not!
    Question DOES THAT JOIN your CMT from May, at that time it is time to collect capital and big words !!!

  3. Ad analysis is too transparent and objective. Exactly 1 year later, bonous 1 month more. Every investment must have a new knowledge to limit the risk, investing in it is different from gambling here. :)))

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