Bitcoin and crypto currencies mining and trading is the next frontier of investment. As more and more people rush to acquire the elusive cryptocurrency, mining websites will become more and more popular. It can be argued that no other field in online financing guarantees as much profits as Bitcoin mining. Many times, these services offer easy profits without any work done. This type of operations are shady and should be avoided by all means.
Nonetheless, that there are countless scam sites masquerading as legit miners does not mean that you or anyone else must be a victim. It is possible to avoid these scams and safeguard your money and we will do everything we can to expose all the scams. On this one, we expose GigaHashbit.com, one of the problematic Bitcoin mining sites and all the false information they have been spreading in an effort to take advantage of naive investors.
Introduction to GigaHashbit.com
Gigahashbit.com is a site that claims to be offering interested parties an opportunity to acquire Bitcoins by providing them with a means of extracting Bitcoin. The site also acts as an investment platform where investors can put up their money, both in cryptocurrency and paper money form, and receive periodic returns.
The site is registered as a Private Limited Company in Scotland under license number 557819 and is headquartered in Glasgow. Note that it is registered only as a “private limited company” and not as a financial services provider.
GigaHash Bit has been in operation since February 2017, but it never became real popular, and only a small percentage of online investors have heard about them and even fewer have transacted with them. Nonetheless, we somehow got to know about the site from some colleagues and after doing our due diligence, we took it upon ourselves to warn you about investing in this Ponzi scheme.
Notably, there were few websites under similar domain names. Once one is close, another one is opened. So, make sure not to trust any of those.
According to their site, Gigahash Bit owns a number of sophisticated algorithms and high-power servers which are used to provide both mining and investment services. The site then leases the servers to people who are involved in Bitcoin extraction activities, also known as ‘tenants’. The number of cryptocurrency that can be extracted over a given period depends on the lease contract and the amount of power leased. The mining services offered by GigaHash Bit are primarily based on the cloud, which explains the need for power.
The site offers a variety of lease contracts, whose duration and level of profitability vary depending on the amount of money the tenant is willing to pay. After leasing the servers and accompanying power, tenants can then extract Bitcoins and sell them to third parties to make profits.
Following are the options GigaHashbit offer, and the expected return for each one of them:
- GHs-1 – This is the lowest power available in this platform and it gives returns at the rate of $0.35 per day. This translates to $15.05 after 43 days.
- GHs-2 – Will give you $795.50 in profits after 43 days at the rate of $18.50 per day.
- GHs-3 – Gives a single sum profit of $2,025 payable after ten days.
- GHs-4 – Pays back $1,335 in profits after 20 days.
- GHs-5 – Will earn you a whooping $605 in 43 days.
- GHs-6 – Will earn you $2,331 in just 7 days.
- GHs-7 – Comes with a guaranteed profit of $2,520 payable in 5 days.
- GHs PRO – Will earn you $2,760 in just 3 days.
- GHs EXPERT – This is the premium contract and comes with guaranteed returns at the rate of $2,497.50 per day.
The minimum amount payable for the different power levels ranges from $10 to $50,000 and naturally the higher the investment, the higher the returns. In addition to the mentioned above powers, Gigahashbit also provides advanced statistical algorithms which increase the overall hashing speed, thereby making the extraction processes faster.
Immediately after the lease of power, you will receive the daily payments to the specified wallet. As for the withdrawals, the site claims that they will take less than a day to be affected and no more than 48 hours at most. We have however discovered that this to be false as we will explain in the segment below.
GigaHash Bit User Reviews
While compiling this report, we visited several online forums which focus on Bitcoin mining and trading and searched for discussions on GigaHashBit.com. Suffice to say, the site has a very bad reputation, despite only being a few months old. Below are just a few comments we managed to extract from the various forums we visited.
“The don’t accept US accounts for some stupid reason.. Doesn’t seem to make any sense.. If we are willing to deposit and pay via Bitcoin for a contract and they are paying back in Bitcoin or another crypto who gives a crap” – David Jewel
“A member of a community I am into posted some time ago about not getting any payments from them. It’s a scam.” – Jones4
“it doesn’t pay! people avoid this site” – JannyYaya1.
Don’t get us wrong, we believe in giving people the benefit of the doubt just as much as you do but we find it hard believing that the people who wrote the above comments were out of their minds. And in anything that concerns money, we don’t advise going for schemes with even a single legit negative review. It is not worth it.
GigaHashBit is a scam!
GigaHashbit.com, just like its predecessor GigaHash.org, is a Ponzi scheme. We have already confirmed that they do not pay investors and everything they say on their site is misleading. Talking of the site, the content is so badly written that you get a headache just reading through it. The owners probably got the cheapest content writer they could for the site and as the saying goes, if you pay peanuts, you get monkeys.
Also, the real owners of GigaHashbit.com are not known, neither are their exact office location(s). And we know quite a lot about scams to know that a certificate of incorporation as shown on the site is not a measure of credibility. To make matters worse, the site uses a Gmail address which is not exactly a good look for a company that wants to be taken seriously.
To top it all off, GigaHashbit.com promises unrealistic returns that are not sustainable in the long run. This is a characteristic of HYIPs and pyramid schemes, which are usually scams. What more, even if we were to believe that the site actually pays the stated returns, there is no supporting evidence particularly in form of user reviews to prove that it is actually true.
GigaHashbit.com is a big scam that is set to rip off a lot of people and we cannot sit and let that happen. We request you to kindly share what you have read with friends and family so that they avoid the site like plague.