Update: MineThrive — Transactions Blocked?
— WARNING!!! —
MineThrive is currently blocking withdrawals.
Update 05/08/2024
MineThrive is back up under a new domain name MineThrive.co and you still can’t withdrawl. So nothing has changed. I still feel like this is a Rug Pull / Scam. The fact that they lost their domain for no reason and have purchased a new domain could mean that their domain provider got too many complaints of it being a scam and suspended their domain account. Pur speculation of course. I’ve owned domains for years and never had lost a domain name. Something is up, but I can only speculate on what it is.
Update 05/07/2024:
Minethrive.com has vanished. If it doesn’t return or we hear nothing within 24hrs, it has official gone from sketchy to a full on Rug Pull / Scam.
Before we begin, I want to provide this disclaimer. I am not a financial advisor, I have no incentive or ties to MineThrive, and you should always do your own research (DYOR) before investing and the below is my story and experience with the MineThrive platform.
Dedication: I am always inspired to write because of my wife who always speaks her mind and shares her perspective of the world.
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This is an update to my previous article about MineThrive which you can read here.
So a few people have reached out to ask how it’s been going with MineThrive. I have not responded to that yet primarly because we are all in flux trying to figure out what is the fate of this platform. Let me explain..
I had invested a total of $2463 into MineThrive. For those of you that don’t know what MineThrive is, it is a cloud mining platform that promises 200% return on your investment within 30 days. Read my previous article to get the more granular details.
From that investment, I spent about 1 week re-investing 100% of the bitcoin that came out. Then I moved to a more moderate schedule of re-investing and balanced that with some decent withdrawls.
As you can see below, my withdrawl’s grew in size as I was upgrading. I got a few really good sized withdrawls and all was kinda of going according to plan.
On April 19th, the Halving happend. The bitcoin network went absolutely crazy! I got two more withdrawals, meaning I got valid transactions. It took 4 days for them to get received. Why?
The mempool was recieving more transactions than it could process and this created a situation where the miners that mine bitcoin were prioritizing transactions with higher fees than transactions with lower fees.
The average fee at the time of this peak was >$40 minimum, and MineThrive paid $11.45 for the transactions it sent. So my transactions, along with many others from MineThrive took a very long time. But I will say, that yesterday, April 25th, I got my transactions confirmed.
So for me, the total amount received and cashed out, I was able to get at total of 0.0471 BTC out of MineThrive. This, at the current BTC price, is about $3,031.21. So personally I made a profit so far.
But now it’s gotten quite ugly. As you can see in the above screenshot, that my last withdrawal is on April 21st. This is because Minethrive started blocking transactions.
I reached out to them about it and got a very thoughtful (BOT) response.
— — — IMPORTANT — — -
The BTC network is massively congested, the current price of transferring a transaction into Bitcoin is extremely high, there is nothing we can do about it due to the nature of Bitcoin, once mempool depletion is reduced our fees will also automatically decrease.
We’ll they were right, because I fact checked it and the network was super backed up. And because I understand that they are paying way too low for fees I could create, in my mind, some level of justification for why they started blocking users from making new transactions.
My justification was, basically, they are trying to lower the risk of a transaction not going through by not allowing users to create the transaction in the first place which further clogs up the Bitcoin Network.
Imagine, in the below image, that you 10x the fee cost which puts a MineThrive transaction in the “infinite time” category. That represents how long it would take for the network to get to your transaction. It means it could take FOREVER!
But let’s look at the network now? It’s been a few days after the halving. The fees have dropped significantly. As you can see in the above screenshot the fees have dropped to a very reasonable amount. All should go back to normal right?
According to their BOT email response, that withdrawals should have resumed “automatically” once the fees dropped and the mempool has stabilized.
However, that isn’t the case. I’ve tried religeously to withdrawal. I’ve tried, $10, $100, $200, $500, $1000, $1440.60 … no amount works. Withdrawals are blocked.
or are they?
On the home page of MineThrive, there are a number of withdrawals posted. However if you look at the transactions. There are only a few transactions. They all have the same TransactionID in “Groups”.
This is because MineThrive batches transactions, so realistically they are allowing a select few to withdrawal and everyone else is still blocked.
The thing that I can’t wrap my head around is… why?
I think there is a fair amount of trust that is being broken here, and I did take a look deeper into how transactions are built from MineThrive which I will share in a future article.
I have sent many emails to MineThrive trying to get them to respond, and they do not respond. I don’t even get the auto-response anymore. They also have stopped responding to TrustPilot reviews.
I know a few people on MineThrive, one person who will remain annonymous, has a withdrawl amount built up so large that it could buy a cheap car. Over $15,000 worth of Bitcoin that this person cannot withdrawl and that amount just increases daily.
As for my account, it now grows by $500 per day. Currently I feel like this is now entering into RugPull territory.
While I did get all my investment back, Anyone new putting money in won’t be able to withdrawal the money out. It is very unlikely that of the 4–5 transactions that they are allowing out per day that anyone putting money in will see any return on their investment.
I will repeat what I stated in my previous article, that I can’t make heads or tails of if MineThrive is a scam, a ponzi or some other new invention of stealing peoples money.
I do find it extremely shady that they do not communicate with the community, they have blocked withdrawals, but they still allow people to deposit money and buy TH knowing that there is no way to get your money back.
The whole premises of this site is to earn bitcoin from an investment. MineThrive has broken the model, and now is operating under false pretense. In my book, that falls into Scam territory.
Conclusion:
- MineThrive has blocked transactions with no ETA of when they will return.
- Be weary of getting into MineThrive right now, it is looking pretty scammy.
I’m not a financial advisor, this is just my journey with the platform. Do your own research it’s important!
