Watermine is a platform for mining cryptocurrencies. It means you can purchase mining power from the company and use it to mine cryptocurrencies. Which is supposed to bring you profits. The company also claims to trade in digital currencies.
Currently, four mining plans promise daily returns ranging from 2 to 2.6% (fees included).
You can increase your profit by referring others to the software system; you can earn 20% of their deposits at four different levels. The minimum deposit is ten dollars. Watermine LTD is a registered company in the United Kingdom.
Can you put your trust in it, and should you mine cryptocurrencies with it?
Watermine is not a legitimate company; it is a pyramid scheme that you should avoid. It has nothing to do with cryptocurrency mining; it is a fraudulent financial scheme that will fail.
Cryptocurrency mining is difficult to understand because there are numerous variables, such as hardware costs, electricity costs, crypto prices, and mining difficulty of various currencies, all of which change over time. But, without going into specifics, the reality is that you cannot earn 2% or more per day in cryptocurrency mining since day one.
When you start mining, even cloud mining by renting hardware, you should expect it to take months to cover your initial costs, and even longer to break even. And you never know how long it will take because of the four major variables mentioned above.
A legitimate cryptocurrency mining company will never promise you daily or monthly returns because no one can guarantee them. Because no one knows what cryptocurrency prices will be in the future, how electricity costs will change, and so on. A legitimate mining company will also tell you which cryptocurrencies you will be mining. This is not something Watermine does. Watermine does not provide specifics, but it promises consistent daily returns which is impossible to ensure. This can only mean one thing: Watermine is a scam that does not mine cryptocurrency.
We understand that many people will not consider our explanation to be proof, but it is truly that simple. Most crypto scams can be identified simply by looking at their numbers because they promise things that are impossible to attain in the real world.
How does Watermine actually work?
Watermine appears to be a Ponzi scheme. It means there is no cryptocurrency mining going on, only a financial pyramid on its way down.
Watermine simply transfers money from newer members to older members. That is how all Ponzi schemes operate. They don’t engage in any meaningful activity, they don’t create any meaningful values, they just play a dirty and unsustainable game with money.
For two reasons, you should never participate in Ponzi schemes like Watermine.
- The first is that they will undoubtedly collapse; you just don’t know when.
- The second issue is that even if you do make money before the collapse, it will be money from someone else who was duped in the same system.
If you are already in Watermine, we recommend that you withdraw your money as soon as possible and avoid this scam.
In conclusion, watermine is a scam that does not mine cryptocurrency. It is an illegal Ponzi scheme that will fail and all of the money will vanish. Keep away from it!