The Cryptocurrency fancy
A lot has been going on over the internet about these ‘Cryptocurrencies’, especially Bitcoin. These cryptocurencies are infamous due to their association with illegal activities and the dark web. However, that is not all there is to them. In Cryptocurrencies, the parties involved in the transactions remain anonymous, which means that apart from a very long alphanumeric ID, there is no way of knowing who the people involved in the transaction is.
This is where Bitcoin Mining comes in. Bitcoin is the one of the most famous cryptocurrencies out there. Despite of not being the 1st cryptocurrency, it continues to be amongst the most popular of the lot. Bitcoins, unlike our usual currency, is ‘mined’, and not printed. In the Bitcoin system, computers all over the world digitally look for these coins in a sort of competition with one another. There is a record of all the transactions in the ‘Bitcoin blockchain’, which includes millions of computers in the bitcoin system. The very nature of how Bitcoin works has made it a very profitable source of income for many. Coinomia is one such platform that is trying to cash in on the opportunity of mining for cryptocurrencies.
What is Coinomia?
Coinomia is a platform that you can use for cryptocurrency mining. Mining of any cryptocurrency is a very resource heavy process, and often, you may require a lot of processing power for the same. However, Coinomia claims that you can mine for cryptocurrencies using their platform and with the existing gadgets that you have.
Coinomia is nothing more than a cloud-mining platform. This basically means that instead of physically having the resources that are required for bitcoin mining, you make use of the resources that are present somewhere else, ie ‘in the cloud’. While there are a few advantages to cloud-mining, it is still not a foolproof method. At the end of it all, the software that you are using for mining is owned by Coinomia, and there is no way to check how it all goes down unless you are an expert on cryptocurrencies.
The history of Coinomia
Coinomia, as a cloud mining platform, has been around since the earlier half of 2014. This is even before Ethereum came around. However, despite of their long presence, little evidence exists to suggest that they are actually successful in their efforts. In addition to that, there are no user testimonials on their website. For a service that has been there for more than 2 years, it is rather tough to find reviews of other genuine users.
There has been a lot of buzz around Coinomia recently, since now almost everyone is trying to earn money online. Bitcoin mining seemed to be the easiest one, since it did not require the user to have any expertise or do a lot of hardwork. They claim to have the latest of ASIC chips along with the best mining equipment in the industry. However, there is no proof of that either. While a lot is claimed regarding the history of Coinomia on their website, we do not have any way of authenticating how much of that is true.
First impressions and getting started
The Coinomia website homepage gives you a brief introduction to cryptocurrencies, bitcoin and mining. However, instead of giving users the complete picture, they try to give the impression that you can earn money by simply signing up on their website and letting them do the rest. Bitcoin mining is more complex than that, and merely creating a free account. They are simply trying to trick people who are looking to make money online, and there is no effort to even try and provide users with the complete picture.
Signing up on the Coinomia platform does not require a lot of effort. You just have to provide basic information to complete your ‘free account’. Once you have created your account on Coinomia, you can start ‘mining instantly’ as they claim.
What does Coinomia do?
Coinomia is one of the HYIP or High Yield Investment Programs. It gives users the option to mine in numerous cryptocurrencies as per their choice. You have the option of mining in 3 ways: Bitcoin Mining, Ether and X11 Mining (which itself covers various cryptocurrencies). Coinomia gives its users the option to allocate ‘power’ as per their own choice. You can mine in just one cryptocurrency or go for all of them as per your wish.
As mentioned earlier, Coinomia is a form of cloud mining. You mine in a pool, and the payout is divided between the members that are present in the pool. There are different packages that Coinomia offers, and despite of the ‘Free Sign Up’ tab, you still have to pay to mine on Coinomia.
The cost of mining
Coinomia is just trying to get users at any cost, which is obvious from the fact that they are misleading customers in order to do so. While free signups are advertised at multiple places, that signup is useless until you purchase a contract. There are 3 different packages that they offer, the details of which are illustrated ahead.
1) Pool Contract: It is priced at $100, with PV=1. In this, you get a mining power of BTC 3TH/s or ETH .5 MH/s. The commission for direct referrals is fixed at 8%.
2) Machine Contract: This is priced at $1000, with a PV of 11. It gives you a BTC 30TH/s or ETH 5.8MH/s mining power, along with a commission of 10% on your direct referrals.
3) Rack Contract: The most expensive of them all, Rack Contract is priced at $10,000. It has a PV of 115, with a mining power of ETH 57.7 MH/s or BTC 300Th/s. The commission for your direct referrals is also the highest, being put at 12%.
If you are new to Bitcoins, then there is a lot that you may not understand. PV refers to Potential Volume, which is a calculation for the binary commissions. The commission on referrals is what a user receives when he/she directly introduces someone to the system. The percentage commission is calculated based on the highest purchase that is made.
Thus, contrary to what Coinomia may lead you to believe, the cost of using their platform is quite high. And while the $100 does not give you a lot to do, the other ones are steeply priced at $1000 and $10,000- which simply means there is no way of knowing what Coinomia can get you before you jump into the well.
In addition to the packages that you purchase, there are numerous hidden costs as well. For instance, there is a $100 affiliate fee. Every user has to pay this. Coinomia does not tell you about this affiliate fee earlier, but you will be asked for it before you make your first withdrawal. Anyone who has already invested so much time on the platform will be forced to pay and get his earnings.
Is it working out?
A little digging reveals that it is hard to find out any genuine reviews regarding Coinomia. As a 2+ year old platform, it should have been their priority to help new users learn about the platform from the existing ones, but that is not the case here. While they claim to be a ‘no configuration required’ mining platform, they do not seem to be doing what they promise.
Majority of the HYIP platforms follow the simple pattern of paying their old users from the money they make via the old ones. Bitcoin mining is an incredibly competitive industry, and making money off it is not as easy as it may seem.
Almost everyone is trying to make money online these days, and cryptocurrencies are the hottest trend. Coinomia is doing nothing more than trying to cash on this. With a shady history and little to suggest what they help people to do, you should avoid this platform. Cryptocurrencies also have a shady status as far as many laws are concerned, and your local jurisdiction may not permit for the same.
Majority of the HYIP platforms have already been exposed as scams. They pay the older users from what they make off the new ones, and this cycle keeps going on. There are numerous reviews regarding Coinomia having stopped payments, and unless you are planning to lose your money and time, it is better that you avoid them as well.
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