Mining Pools

Bitcoin Hashrate Down 45% – Miners Witness Second-Largest Difficulty Drop in History

27/03/2020 by Idelto Editor

Bitcoin’s hashrate has plummeted 45% since the record-breaking levels it saw on Feb. 29. The hashrate touched an all-time high of 136 exahash per second (EH/s) but has since dropped to 75 EH/s. Moreover, the crypto network has seen the second-largest difficulty drop since October 2011.

Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs

Bitcoin Hashrate Declines 45% Since All-Time High

The latest cryptoconomy price shift has capitulated a number of small mining operations and BTC’s overall hashrate has dropped 45% in 30 days. The price drop stemmed from the looming economic crisis scaring the entire world and BTC is hovering between $6,600-6,850 per coin. On Feb. 29, the network’s hashrate spiked to the highest level ever captured, reaching 136 EH/s. But during the last 30 days and especially since the infamous “Black Thursday” on March 12, BTC’s hashrate dropped to a low of 75 EH/s. Statistics show that miners paying above $0.05 per kilowatt-hour (kWh) are not seeing the best profits. Naturally, this has caused some operations to shut off miners, as they hope to re-enter when the price gets better.

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Second-Largest BTC Difficulty Drop

Miners leaving the system and the hashrate dropping 45% have caused the second largest BTC network difficulty drop since 2011. Basically, the network’s difficulty is a measure of how hard it is to find the hash beneath a specified target. The drop was around 15.5% after the difficulty went from 16.5 trillion to 13.9 trillion on Thursday. BTC’s difficulty is based on a two-week interval or 2,016 blocks, but it’s also affected a great deal when a large number of mining operations stop mining.

The last times BTC saw such a drastic difficulty dip were in December 2018 (15%) and October 2011 (around 18%). The price drop BTC experienced last week was the worst in years and it wasn’t nice for miners hoping for a bull run. Meanwhile, with the difficulty so low, a few crypto observers have noticed a lot more miners bouncing back and forth between the BCH and BTC networks. Both blockchains will see a block reward reduction during the next month and a half, as BCH will halve in 12 days on or around April 8. BTC will see its block subsidy chopped in half around 48 days from now on or around May 13.

What do you think about BTC’s hashrate dip and the plummeting network difficulty? Let us know in the comments section below.

The post Bitcoin Hashrate Down 45% – Miners Witness Second-Largest Difficulty Drop in History appeared first on Bitcoin News.

Crypto Mining Crunch Time – Bitcoin Halving Less Than 50 Days Away While Global Economy Shudders

24/03/2020 by Idelto Editor

On or around May 13, the BTC network will see a block reward reduction as miners will go from getting 12.5 coins per block to 6.25 coins following the halving. The last time the protocol’s block reward halved was on July 9, 2016, and the global economy looked a whole lot different back then. This time around, while BTC miners see reward reductions the world’s financial system has been crumbling and the digital asset’s value is much lower than it was four weeks ago.

Also read: Countdown to Block Reward Reduction – 18 Days Until Bitcoin Cash Halving

Bitcoin Halving Countdown – 50 Days Until the Block Reward Reduction

It’s kind of hard to believe that last month BTC was trading for much higher than it is today at $10,371 per coin on February 14. Then again it’s getting easier to believe anything is possible nowadays as the entire world is fractured by economic hardships from the covid-19 pandemic. Bitcoin is now trading for $6,600 and the network is set to see a block reward reduction from 12.5 BTC per block to only 6.25 BTC in 50 days. Give or take a week or so, the protocol has halved every four years starting in 2012. The last halving was in 2016 and the one expected after April is scheduled for May 13.

Besides the price lows right now, the ongoing economic uncertainty worldwide has cast a shadow on crypto markets in general and no one’s quite sure what will happen next. For the first time since Bitcoin’s birth, the cryptocurrency is caught amidst a financial meltdown worldwide and many people believe the technology was made for this event. In the midst of the economic calamity, and no matter what the price is come May 13th, miners will get their revenues chopped in half instantly.

#Bitcoin leveraged longs are liquidated, system cleared. Traditional system did not clear because of circuit breakers, bail outs, non 24/7: who knows how many blow ups are out there?! Markets show current $5trillionUSD promised QE is not enough. Bitcoin halving in May. #DoTheMath pic.twitter.com/tdtvLBtwNV

— PlanB (@100trillionUSD) March 19, 2020

BTC miners will face other obstacles as well because Satoshi Nakamoto probably never accounted for two other SHA256 networks. In 2020 there are three high-profile blockchains that share the same SHA256 algorithm and some mining operations process blocks on all three networks. An even larger number of mining pools can be seen switching hashrate from chain to chain in hopes of gathering better profits. Roughly a month before BTC’s halving, bitcoin cash (BCH) and bitcoinsv (BSV) will see block reward reductions as well. Bitcoin miners have been doing this for quite some time and there have been various occasions where it’s more profitable to mine BCH than BTC or vice versa. Because miners follow these windows of opportunity to bounce around chain to chain, speculators believe profit fluctuations will be more drastic as each network halves.

2020 Halving Produces Uncertainty and Possible Diminished Security

Further, while a good number of BTC supporters are optimistic about the bitcoin halving, there are those who think it might not be a big deal. Longtime analyst and trader Peter Brandt who has 334K followers on Twitter recently said that the halving might be overemphasized. Brandt tweeted that the bitcoin halving was “grossly overrated.” “The daily trading volume of BTC = the REAL supply of BTC,” Brandt stressed. “The daily reduction of mined bitcoins (NEW supply) equals approx 2/100th of 1% of REAL supply.”

Bitcoin halving & bull market are approaching as the fundamentals are very much in place

Bitcoin is a ticking time-bomb 💣

— Crypto Capital Venture ⚡ (@cryptorecruitr) March 24, 2020

When people told crypto pundit and trader Tone Vays that economic conditions would probably bolster BTC, Vays seemed to think the opposite. “Actually the halving being so close is a bad thing, if this Zombie Apocalypse continues into the summer,” Vays replied. “BTC might still be crashing as the halving just crushes the miners.” The popular crypto trader Donalt’s view of the situation seemed grim as well. “So miners get half the amount of Bitcoin and can only sell it for half the price in a few week’s time,” the trader tweeted. “Halving sounds like a sh** deal for them, not gonna lie.”

I gotta say, not many better ways to make the point as #Bitcoin going through its halving right as the world’s fiat currencies go through a doubling.

— Nathaniel Whittemore (@nlw) March 19, 2020

The first two halvings were followed by increased BTC values and security increased a great deal as well. Since the 2016 halving, BTC miners’ combined hashrate processed at the time was just above one exahash per second (EH/s). In the four years since, miners have captured an all-time hashrate high of around 136 EH/s on February 20, 2020, although since the price slid during the last two weeks, the overall hashrate has lost 26%, dropping to 100 EH/s.

While many BTC supporters believe that the chain is secure, a few skeptics think security will drop after May 13. The CEO of AVA Labs and Cornell Professor Emin Gün Sirer thinks that the next few reward reductions will diminish BTC’s overall security. “As the amount of awards given to the miners dwindles down, the security of the network will drop,” Gün Sirer said. “If the security drops sufficiently, we may even see massive double-spend attacks targeting exchanges. This would, in turn, trigger exchanges to extend their confirmation times.” The professor added:

At some point, the attackers might have access to so much hashpower that no reasonable number of confirmations may be sufficient to guarantee security.

Miners Must Rise Above the Tide to Remain Profitable

No one quite knows what will happen during the next BTC halving but we do know there’s a lot of different factors in 2020 such as the price after the halving, the global economy, hashrate and difficulty, and the number of transactions and fees as well. James Todaro, head of research at Tradeblock, has tweeted that miner costs need to surge from $7K per BTC to between $12,000 and $15,000 following the halving event. “Following the Bitcoin halving, miners’ estimated breakeven costs will rise from ~$7,000 today to ~$12,000–15,000 per BTC after. I would not be surprised if we see Bitcoin prices rise above these levels so that miners remain profitable,” Todaro wrote.

What do you think about BTC’s upcoming block reward reduction? Let us know in the comments section.

The post Crypto Mining Crunch Time – Bitcoin Halving Less Than 50 Days Away While Global Economy Shudders appeared first on Bitcoin News.

Bitcoin Mining Investment Strong – BTC Hashrate Surpasses All-Time High

02/03/2020 by Idelto Editor

On Monday, March 2, miners processing blocks on the BTC network surpassed the network’s all-time high as the overall hashrate touched 136 exahash (EH/s). The record-breaking achievement happened despite the price of BTC dropping below the $9K region throughout the course of the last week. In four years’ time, BTC’s hashrate has risen over 13,500% and it doesn’t look like slowing up anytime soon.

Also read: 13 Crypto Debit Cards You Can Use Right Now

BTC’s Hashrate Between 136-145EH/s on Monday

Since the innovative payment network Bitcoin was invented, the hashrate has always been an indicator of security and the network’s overall wellbeing. Essentially, a hash is the output of a hash function applied to the Bitcoin software. When bitcoin miners are searching for blocks they leverage their processing power (hashrate) in order to increase their chances of acquiring freshly minted coins. The overall hashrate combined, meaning all the processing power between all the participating miners on the Bitcoin network, is basically the estimated measurement of how many hash functions are used in order to find a block. At the end of January 2016, the BTC network touched one exahash per second (EH/s). Since then, the hashrate has increased exponentially capturing 136EH/s on March 2, 2020. Blockchain.com and Fork.lol charts show BTC’s hashrate averages to be between 136 to 145EH/s.

In the last few years, Bitcoin mining investments have been strong and there’s been a number of new mining data centers added worldwide. For instance, the Peter Thiel-backed mining operation Layer1 recently started mining in West Texas. The company raised more than $50 million from investors like Peter Thiel, Digital Currency Group, and Shasta Ventures. Layer1 aims to scale operations to 200MW this year and there are many others in Texas mining as well. Last year, Bitmain revealed it would build a 300MW facility in Rockdale, Texas and started operations with 25MW.

During the second week of February 2020, Riot Blockchain revealed it had purchased 1,000+ Bitmain miners for its data center in Oklahoma. Riot Blockchain’s mine aims to capture 300MW of hashpower as well and the firm said the new batch of miners would be turned on immediately. Even smaller operations are investing in the industry, as this February Xtra Bitcoin announced the creation of a 2.5 MW facility with plans to increase to 10MW. Digihost claims to have a 70,000 square foot operation in Buffalo, New York with 12,895 bitcoin mining rigs (17.5 MW of computing power). New mining operations are popping up in Central Asia, the U.S., Canada, and many other nation-states which are fueling the rising hashrate.

Additionally, other SHA256 networks have seen an increase in hashrate, as Bitcoin Cash (BCH) has jumped from 1EH/s to 3.5-5EH/s, gathering a 400% increase since December 2018. Bitcoin SV (BSV) had around 1.3EH/s in December 2018 and that has expanded 130% to roughly 2.5-3EH/s in 2020. All three of these networks make up the overall SHA256 hashrate, which is one of the largest computational networks ever created. Satoshi Nakamoto launching the BTC network in 2009 has led to the significant advancement in Exascale computing. But people often wonder what an exahash is and all the other funny terms bitcoiners use like kilohash, megahash, gigahash, terahash, and petahash.

The Exahash Era Continues

A kilohash (1 kH/s) is 1,000 hashes per second, one megahash (MH/s) is approximately one million hashes per second, a gigahash (GH/s) is one billion hashes per second, a single terahash (TH/s) equals one trillion hashes per second, and one petahash (PH/s) is a quadrillion hashes per second. When we start measuring the hashrate in exahashes per second (EH/s), it is approximately one quintillion hashes per second. Right now, BTC’s network hashrate is roughly less than a quarter of the way toward reaching the zetahash (ZH/s) era, which is a whopping one sextillion hashes per second or 500 exahash. At 140EH/s, every second of the day the BTC network hashes 20x the number of grains of sand on earth, which is roughly estimated at 7.5 quintillion grains.

The 136-145EH/s record is quite a milestone and every time the network’s hashrate grows larger it makes it much harder to cheat the system. For instance a few minutes ago the mining operation Poolin found block 619845 and if a malicious miner wanted to alter block 619800, the miner would have to work on altering 45 blocks of extremely expensive computing (Proof-of-Work) with a one-hour attack cost of $775,936 at the time of writing. The malicious miner would need to expend around $18,622,461 during the course of a 24-hour period and meanwhile competing against all the honest miners processing the next blocks. Every time an honest miner finds another block it puts the attacker behind significantly, making it very expensive for miners to deviate from the rules.

Many speculators believe that the increased hashrate means that miners wholeheartedly believe in the future of SHA256 networks like BTC. Miners dedicate significant amounts of money to validate transactions in order to acquire 12.5 bitcoins and all the fees tied to the block’s transactions. In two months, all three SHA256 networks will see the network’s block subsidy chopped in half and miners dedicating hash toward BTC, BCH and BSV will only get 6.25 coins plus the fees.

The increase in combined computing power shows these entities have a lot of skin in the game, especially when estimates say BTC miners will need prices to be over $12,000 per BTC after the halving. So far, the BTC network has seen a natural progression of miners increasing the hashrate and there hasn’t been a major miner capitulation in over a decade. After the BTC halving occurs, all eyes will be watching the hashrate going forward as the metric has always been a solid indicator of the network’s overall security and growth.

What do you think about BTC’s hashrate touching between 136-145EH/s on March 2? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Bitcoin.com, Fork.lol, Fair Use, Bitmain Miners, Coin Metrics, Bitinfocharts.com, Coin.dance, Pixabay, and Blockchain.com charts.

Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts.

The post Bitcoin Mining Investment Strong – BTC Hashrate Surpasses All-Time High appeared first on Bitcoin News.

BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC

20/02/2020 by Idelto Editor

On February 19, a group of well known software developers announced the launch of a new Bitcoin Cash full node with the Infrastructure Funding Plan (IFP) removed from the codebase. The news was announced on the read.cash platform by the developer Freetrader who told the public that strong demand from businesses, miners, mining pools, and developers invoked the team to create a “minimally-altered client based on Bitcoin ABC.”

Also Read: BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation

Developers Announce a Bitcoin ABC Node Is in the Works With the Infrastructure Funding Plan Stripped from the Code

The last week in Bitcoin Cash land has been filled with a lot of arguments and debate over the Infrastructure Funding Plan’s (IFP) latest developments. Just recently news.Bitcoin.com reported on the Bitcoin ABC team announcing they would add code for the IFP to the ABC version 0.21.0 client. The code was released on February 18 and included a few other features as well.

Bitcoin ABC 0.21.0 release for 2020 May 15 upgrade is here!https://t.co/1C6zNZpYRl

Includes improved SigOps counting, OP_REVERSEBYTES, bump tx chain limit from 25 to 50 and support for the infra funding plan.

Release notes: https://t.co/QZVFgS7bAr

— Bitcoin ABC (@Bitcoin_ABC) February 18, 2020

After the latest ABC client published, a group of programmers revealed the creation of a “minimally-altered client based on Bitcoin ABC.” The announcement was written by one of the earliest developers within the BCH ecosystem, Freetrader, and he explained that “prominent Bitcoin businesses, miners, mining pools, and developers” requested the alternative implementation. “The only difference between the new client and ABC v0.21.0 is the removal of the coinbase reward diversion code and its associated signaling and activation,” Freetrader explained.

“The primary goal of this initiative is to provide a safe and professional node implementation that will neutrally follow the longest chain without contributing to the risk of a chain split,” wrote Freetrader. “The client is called Bitcoin Cash Node (BCH Node) and will function as a drop-in replacement for miners and businesses already running the ABC client.”

The BCH Node Developers Are Speaking With Exchanges, Miners, and Mining Pools

The developers who are contributing to the project include well known BCH devs like Andrea Suisani (Sickpig) of Bitcoin Unlimited, Calin Culianu (Nilacthegrim) of Electron Cash, Dagur V. Johannsson, Emergent Reasons, Fernando Pelliccioni of Knuth Node, Freetrader formerly of Bitcoin ABC, Imaginary Username, Jt Freeman of fountainhead.cash, Jonathan Silverblood, Joshua Green of Bitcoin Verde, Mark Lundeberg, and Tom Zander of Flowee the Hub. Every developer on the list also left their PGP signature, to make it known that their identities are really involved with the new node project.

Miners wishing to vote against the IFP now have a drop-in replacement for ABC while still remaining compatible for the May Upgrade. https://t.co/XSViTdeovW

— Joshua Green (@joshmgreen) February 20, 2020

According to Freetrader, the team is actively in discussions with exchanges, miners, and mining pools that are interested in the initiative. The developers have created a number of communication channels and the team says the code for the software will be available soon. Additionally, “a more detailed near-term plan” will follow the software release.

If you are here for 10x, then do whatever you want with your block reward.

If you are here for 1000x and something with even a chance of standing shoulder to shoulder with digital fiat, don’t even think about touching the block reward.

— emergent_reasons#100🌵 (@EmergentReasons) February 19, 2020

The Bitcoin Cash Node (BCH Node) topic has been trending on Twitter among BCH proponents and there are multiple threads on the Reddit forum r/btc as well. The Bitcoin ABC camp has released the ABC version 0.21.0 client and a blog post that explains the “May 15th, 2020 protocol upgrade is locked in.”

At the time of publication, there are roughly 1,435 publicly accessible BCH nodes and more than half of them support Bitcoin ABC (51.52%) and the lesser half supports the BU client (46.73%). Currently, only a small number of full nodes run BCHD, Flowee or other BCH clients. During the early morning hours on February 20, news.Bitcoin.com spoke with the developer Emergent Reasons and asked him why Freetrader and the group of other devs were doing this.

“What brings everyone together on Bitcoin Cash Node is a practical desire to unite the BCH ecosystem and avoid a very damaging split,” Emergent Reasons told our newsdesk. “Even though Jiang Zhuoer, the original author of the IFP, has said that he will mine against the IFP for May, BCH is still at risk of activation by hostile pools. If it is activated, there is a high chance of a soft fork hash war and possibly a persistent chain split. Based on recent evidence, we expect that the result would be an exodus of talent from BCH due to loss of network effect, perceived loss of moral high ground and other reasons. Especially the loss of network effect could cause permanent damage to the viability of P2P electronic cash.” Emergent Reasons further added:

Bitcoin Cash Node removes the activation and IFP code so that BCH can, as suggested by Jiang Zhuoer in his most recent update, have time to develop and pursue voluntary methods. The silver lining of the conflict is that it has renewed interest in accountability, communication, transparency and using BCH-based technology to achieve voluntary funding.

Additionally, Freetrader published another read.cash post that explains the perspective of those who are working on the IFP-free ABC node. Freetrader’s post highlights that he has strong objections to the current plan, but he wholeheartedly believes the community at large has “numerous objections” that need to be heard too. The developer thinks the community could reach an agreement and it “seems possible” from his perspective. “Let’s try to construct a better path together – one which lets all future participants in the system enjoy the same economic freedoms that we have enjoyed in Bitcoin before, and Bitcoin Cash since 2017,” Freetrader conceded at the end of his post. In addition to the follow up post, the Asicseer.com pool has pledged 100 BCH toward the BCH Node effort. Moreover, an alternative website for bitcoincash.org is being created, the developer Pokkst disclosed on the Reddit forum r/btc.

If you want to read Freetrader’s posts in their entirety then you can check out the announcement here and also the follow-up post he wrote on Thursday. The IFP debate and discussion is continuing to unfold and news.Bitcoin.com will be there to inform our readers every step of the way.

What do you think about the discussions revolving around the IFP subject? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Coin Dance, Twitter, Bitcoin.com, Fair Use, Read.cash, and Pixabay.

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How to Red Flag Scams: Bitcoin Doubler Club, Cryptomia247, Mining Cheap, Orelex, and Wintrust

11/02/2020 by Idelto Editor

Last week’s news.Bitcoin.com post warning about common bitcoin scams like “The Bitcoin Code” elicited a plethora of comments and suggestions from readers, asking about and reporting other platforms and services claiming to provide bitcoin investment opportunities. This article examines some of these, and most importantly seeks to provide readers with basic tips for recognizing the general MO of these scam sites before their wallet is SOL.

Also Read: Don’t Invest in Bitcoin Code, Bitcoin Doubler or Bitcoin Trader – They Are All Scams

How to Spot a Scam

When the bitcoin price goes up, and times are already hard for so many individuals financially, scammers have an ideal market for working their wiles and taking naive and unsuspecting victims for all the crypto they can.

As was emphasized in the previous article on the topic, the number one giveaway that something is a scam remains unchanged: if it sounds too good to be true, it almost always is. So before ending up rekt by trying to get rich quick, readers should have a look at the popular scams below and get a feel for their respective modi operandi.

Bitcoindoubler.club

As will quickly become apparent, many scams operate on this template:

Wow victims with too-good-to-be-true promises of financial gains and returns.
Get the user to register an email address or bitcoin address to provide an air of legitimacy.
Have users make their first (and last) deposit.

Bitcoindoubler.club is no different. It is easy to recognize as a scam from the concept itself. Nobody can double someone’s bitcoins in 24 hours as a free service. The introductory text on the website also gives it away:

“We produce bitcoin mining machines that work extremely high levels,” is a vague statement with no real meaning. Notice the awkward English, big promises and bad grammar:

Yes you did not hear wrong, now this service is still paying. Surprisingly, you cannot experience unwanted events. Remember, our goal is to please you .. There is no better advertising marketing than this. Attention: There are many similar sites on the market. Ignore them! Check your address bar! It is a certified and verified system!

This site says there is no way to lose. In investing, however — as any experienced individual knows — there are always many ways to lose. Bitcoindoubler.club demands a minimum 0.003 BTC deposit to participate which, if sent, will be gone forever in a flash.

Wintrust Expert Options

The “Wintrust Expert Options” scam provides a little comic relief with its unique selling point of “beautiful managers in video chat.” It should go without saying though that such a detail is probably impertinent to the operations of any legit forex and crypto investment service.

Like the bitcoin doubler club site, this one promises returns in crypto trading (which are never a guarantee) in a remarkably short time period: “Invest and earn up to 95% in 60 seconds.” Though the sales pitch is different, with Wintrust focusing on trading, and the doubler site focusing on some vague mining magic, the underlying ripoff is the same: sign up, deposit money (either crypto or fiat in this case) and lose it.

When news.Bitcoin.com attempted to use the 24/7 live chat assistance to ask about a platform demo, not surprisingly, no one answered.

Orelex

When your team looks this stock photo-y, watch out — you’re probably a scam. The page for “Orelex Financial Services” features a stock image that is easily reverse image searched on Google, revealing that the airbrushed characters in the picture are certainly not the Orelex team.

Investing in “crypography technology” the site promises users ” Sustainable Earnings = Master Business Plan X Customer Certainty.” If the spelling errors and bad grammar are not convincing enough, questionable testimonials from users (another common element of scam pages) saying things like “everythin is good” and multiple repeated comments are further red flags. Plus, the social media links do not lead anywhere. In short, users who don’t want their crypto wallets to be as broke as the site should steer clear.

Miningcheap.io

Another common front for bitcoin scams is to pose as a mining pool. While mining bitcoin can indeed be profitable, it is not effortless, and the fake mining websites give themselves away in the same manner as the others, promising easy gains via vague language designed to dupe those who haven’t done their due diligence in learning about the topic.

Mining Cheap says they are “an industry leading Bitcoin mining pool,” but a quick check of prominent bitcoin pools doesn’t show them anywhere to be found. The site also tries to combine gambling with mining, by giving those that make a deposit “free spins.” Similar fake mining sites exist, so those interested in joining a real mining pool as an investment should be sure to examine all possible options with a very critical eye. Like the other scams Mining Cheap has users sign up, make a deposit, and then promises quick returns which never come.

Cryptomia247

Cryptomia247 is a fake trading website promising an alluring lifestyle of wealthy digital nomadism:

After you have made a deposit, there is nothing else to do except watch your earnings grow in your account every day. This can be fun, because it means you can be anywhere you want to be in the world, and your capital will still be growing in your account every day, even without you doing anything!

The site features the now familiar one-two-three pattern of promise, register/deposit, lose. The giveaways of poor web design, broken links, and nonsensical offers described in poor English are also present.

Noticing Patterns to Stay Safe

It would be impossible to list all the hundreds or possibly thousands of similar bitcoin and crypto scam sites on the internet today. Those who have shiny bitcoin “B” signs in their eyes would do well to step back and closely examine any site promising them the financial world on a platter for next to nothing; because while investing in the scams listed above may pay for a yacht or nice lifestyle, rest assured it won’t be the victim’s.

Thankfully there are plenty of sound investment, trading, and mining opportunities out there, but they all require something scam platforms do not: hard work, time, and due diligence in research.

What other scam sites are you aware of? What are some other common red flags? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, fair use.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post How to Red Flag Scams: Bitcoin Doubler Club, Cryptomia247, Mining Cheap, Orelex, and Wintrust appeared first on Bitcoin News.