King Mining, whose website address is bitcoinnami.io is claiming to generate returns of up to 12% monthly from Bitcoin mining.
King Mining is promising investors abnormal interest, tight security and reduction in the cost of mining Bitcoin.
According to a statement that appears on the bitcoinnami.io website, King Mining cuts intermediaries, hence they are able to reduce energy consumption costs.
We feel that this statement is shallow and does not explain how these guys are able to generate such abnormal profits in a short time.
Furthermore, the vendor needs a minimum deposit of $500 but promises to generate 300% of your investment value in profits.
This is where things start to get suspicious.
If you’d like to investing in Bitcoin today, you should bet on trading the Cryptocurrency since mining it is no longer profitable in 2021.
Who is King Mining (bitcoinnami.io)?
King Mining is a website claiming to be run by a company called BitNami Technology PTE. LTD.
The company is based in Singapore but is using a virtual business address. This is quite suspicious since there is no reason why a legitimate company should use a virtual address.
Currently King Mining is run by 2 people whose names are undisclosed. Take note of this red flag.
When conducting background research, I also discovered that this company is very new since it is only 7 months old.
The question is how this company is intending to generate such abnormal profits when it’s clear they have no experience in Blockchain technology.
Keep in mind that bitcoinnami.io is a web address that was registered anonymously.
Their tendency to keep things secret should make us question their motive.
Bitcoinnami.io shows signs of being a ponzi scheme
King Mining’s website lacks descriptive information regarding how they conduct their supposed Bitcoin mining activities.
The website has a few sentences that sums up what they do but are not answering our questions as to why we should trust them.
When signing up, you will be asked to put the name of your referral.
This is a classic sign that this supposed Bitcoin mining operation is just a ponzi scheme as there would be no reason to ask for referrals if it was a legit Bitcoin mining company.
A ponzi scheme like bitcoinnami.io will take your money and make payouts from that same money that you deposited into their platform.
The sad thing is that you will not be the one to receive the “profits” since these funds usually end up in the pockets of early investors.
In all the cases I’ve seen, ponzi schemes like King Mining usually collapse because it reaches a point where they can’t make payments.
Money has to come from somewhere and since this vendor is not mining Bitcoins, any payouts they will make will have to come from new member deposits.
Bitcoinnami.io is your typical Bitcoin scam. Payments are only accepted in Tether and the name of their domain should raise red flags since it says nothing about King Mining.
Perhaps they can only convinced extremely stupid investors but for sure, I don’t see how they can lure our audience into their trap.
Now that you know, kindly leave your feedback behind. Have you been scammed? Did someone you know get scammed by King Mining?