This review dives deep into the EthereumGen mining program that is offering substantial profits in mining of the cryptocurrency Ether (ETH). See why it’s a scam.
What is EthereumGen
EthereumGen is a cryptocurrency mining service. You can pay for mining (hash) power to mine the cryptocurrency Ethereum (ETH) and get the rewards.
There are several mining plans on offer. The first paid one (Iron) promises a reward of 0.00008 ETH per day for a deposit of 0.002 ETH. This translates to a 4% return on investment per day.
The most rewarding plans is the one called VIP, it promises 0.3 ETH per day for a deposit of 1 ETH. This means 30% daily ROI.
There is even a free plan with supposed 0.00002 ETH daily returns with a 0 deposit.
But is Ethereum Gen legit, can it earn you money in Ethereum mining? No, it can’t, because it is not a legitimate mining service.
EthereumGen is a scam
Unfortunately, EthereumGen is not mining the cryptocurrency Ether, it is an illegal and dirty scheme that was built as a scam. You should completely avoid it in order not to put your crypto tokens in danger.
Ethereum can’t be mined
The thing that very clearly proves that EthereumGen is a scam, is the fact that the Ethereum blockchain is no longer using the proof of work concept to validate transactions, so it is not mining anything at all.
Ethereum is now based on proof of stake, so anybody selling you hash power to mine Ethereum and make money, is a scammer. It is as simple as that, because they are promising you money from something that does not exist in reality.
Another giveaway that EthereumGen is a scam, clearly is in the returns. Because even if Ethereum was still running on a mining process, these returns would be impossible.
Never in the history of Ethereum was it possible to make 4 to 30% daily returns in mining. In fact, no legitimate blockchain can offer and sustain such returns. 30% is too much even per month, so forget about making that in a day.
This is also a way to spot investment scams, when they claim they can make you 1% or more daily ROI in cryptocurrency trading, you can be sure that it is a scam.
Run by a fake company
EthereumGen proudly says on its website that it is a certified company, that it is the first registered digital asset mining company. But it is a lie.
The company claims to be located in London, United Kingdom, so it has to be registered with the Companies House. But as you can see not only in our picture below, it is not.
So there is no real company behind EthereumGen. The fact that people who run the program are lying about their identity and company, is another proof that the whole thing is a scam.
How the EthereumGen scam works
EthereumGen is a typical Ponzi scheme. This means that it is just transferring money from new to older users. There is no legitimate and profit-generating process in between.
This is why the free mining plan is tied to the condition of referring other people to the program. It needs more and more deposits in order to survive. But this can only last for so long, Ponzi schemes always collapse in the end.
So it does not matter if EthereumGen is now paying or not. Because it is a scam that was designed to collapse.
Don’t even try it, don’t be tempted by the free mining plan. We’ve seen numerous crypto scam that promise free profits, but they make you approve shady smart contracts in your wallet just to drain all your tokens.
You should never give access to your crypto wallet or approve any contracts from a third party that you are not absolutely sure about.
Ethereum Gen is a scam, as we have proved in this review, so you should stay away from it.
EthereumGen review – Conclusion
Ethereum Gen is not a cryptocurrency mining service, it is a scam that started as a Ponzi scheme which is doomed to collapse.
Therefore it does not matter which lifecycle stage the program currently is in, you have to avoid it to keep your crypto tokens safe.
I reead his article completly onn tthe topic of thhe comparison off nerwest andd precding technologies,
it’s amazing article.
Check this one out. It is definitely a scam, they locked me out at 45k and requested 30% of my total be deposited to get my money out telling me it was locked because there was a abnormal attempt to log into my wallet. Which they have no way to monitor. They got 3 of my friends as well. And 2 of them are not using Stable Fund. I am going to send them your review in a moment
Research that I have made on some site shows that EthereumGen is just a big scam because It offers illegitimate mining services to users with no financial license or authority from the regulated body of its country base.
It’s actually a great and helpful piece of information. I’m satisfied
that you shared this helpful info with us. Please keep us
informed like this. Thanks for sharing.
That’s a scam, obviously.
Hello Wanna ask you about your option regarding MTFE broker ?
What do you think about it ? With signals and pyramid system
MTFE claims to be based in Ontario, which requires a license from the Ontario Securities Commission. But MTFE does not seem to be authorized by the OSC, so I would avoid them. You can contact the OSC to verify the status of MTFE: https://www.osc.ca/en/about-us/contact-us