What I learned from investing in fraudulent bitcoin cloud mining
There’s a saying that when something’s too good to be true, it probably is.

I was excited to have passive income, a means of earning while you sleep. But what I failed to realize was that not all investments can be made to work in your favor. Some will fail, and others, pure scams.
I was an unfortunate victim of a scam on a so-called bitcoin cloud mining site called MicroHash. I was enticed to try and put some cash in because the person who referred me to the site showed proof of payout which I thought was good enough.
So on Aug. 16, I converted 300php to bitcoin to purchase some hashpower. The minimum was 50KH/s which cost $6. After the deposit, I waited for the amount to reach $1 and withdrew every chance I got. So far, I was able to withdraw half of what I invested, $3. It may sound like a bad thing, but I got something more out of it than plain virtual bitcoin.
I learned how to spot scam bitcoin cloud mining sites.
Why didn’t I notice it in the first place?
I was blinded by the money, having grandeur thoughts of earning every day, forever — the greedy monster in me was taking over and I was enthralled with the idea that money would pop up out of nowhere, that mining bitcoin would be the answer to getting out of the Rat Race.
But boy, was I wrong.
After three days of successfully withdrawing “mined” bitcoins, I asked a friend how his investment was coming along. He mentioned that there was a problem with his account and that he cannot send an email to the team. That’s when it dawned to me that I was in for disaster.
A few things I overlooked when dealing with MicroHash:
- Their support email inbox does not exist. (Upon testing support@microhash.net on EmailChecker, nothing came up.)
- They don’t have very informative and reassuring FAQs. (Very simple, even wrongly worded answers with some spelling errors.)
- The site is very simple and had unrealistic offers such as lifetime investment, profit in 10–20 days, 10% bonus on referrals, no limits, no fees. (The key here is that there are no limits/fees and you get profit back quickly, this is considered part of the infamous Ponzi scheme.)
Just today, their site is no longer available. These crooks ran away with our money, and we can’t do anything about it. Sad, isn’t it?
So, how does avoid being scammed on a bitcoin cloud mining site?
Your best bet would be to check out reviews on BadBitcoin’s badlist. These guys make comments on sites, though harsh, are actually quite true. They’re made up of volunteers worldwide who are tired of seeing High Yield Investment Programs (HYIP) steal money from people who don’t know any better. They also have a safelist where you can be certain your investments are safe and you can rely on the news channels indicated there.
Be sure to do your research before diving into the world of investments. Being financially intelligent will surely help you get ahead in life but making foolish acts like what I did are lessons that ought to be learned. Remember, no matter what happens, be it good or bad, you’re never a failure.
