In today’s review we have a look at the cryptocurrency mining program called Grenminer and we explain that it is a fraud.
What is Grenminer
Grenminer Limited is a British company that supposedly is mining the following cryptocurrencies: Bitcoin, Ethereum, Litecoin, Doge, XRP, BNB, Tron, XLM and USDT (TRC20 and ERC20).
Daily returns on investment start at 15% net after 1 day and go up all the way to 147% net per day for the 16 days plan.
Grenminer is registered in United Kingdom, but is it a legit company that you can trust?
Grenminer is a scam
The unfortunate truth is that Grenminer is a scam. The company does no cryptocurrency mining, it just runs an illegal financial scheme. That is why you should avoid it.
Here is the detailed explanation.
Grenminer claims that it is mining cryptocurrencies. For those who are not familiar with the process of mining, it is based on a concept called proof of work that makes computers solve difficult tasks to secure the cryptocurrency network.
The important thing here is that not all cryptocurrencies use proof of work and can be mined, far from it.
For example XRP, XLM and BNB that are listed by Grenminer use different methods (federated byzantine agreement and proof of stake) to validate transactions and cannot be mined.
But Grenminer is still telling you that you can mine these cryptocurrencies, which shows that it is all a scam.
Grenminer Limited really is a company registered in the UK. However, a lot of people misunderstand a company registration for tax purposes. Basically anyone can get it, the Companies House does not verify the legitimacy of the business.
We’ve seen countless scams getting a company registration in the UK just to disappear within the first year before they have to submit their first reports to authorities.
And this is exactly what is going to happen with Grenminer, it is a scam that will disappear within its first year and will never submit anything to authorities.
Ridiculous mining plans
And finally the biggest proof that Grenminer is a scam lies in the mining plans, in the rewards. Because 15 or 147% daily are absolutely insane numbers that are impossible to achieve in real cryptocurrency mining.
It has never been and it will never be possible to make 15%+ daily returns in crypto mining. That is just the way it is and it is dictated by crypto prices and costs of mining.
You see, when mining becomes more profitable, more people start mining, the difficulty of mining rises and rewards per unit of mining power go down.
Should it be possible to make 15% daily in mining, all companies would jump on it, which would in turn reduce the rewards.
With the current evolution you will be lucky to break even in the first year in mining cryptocurrencies like Bitcoin, because the difficulty is high and the prices relatively low.
How Grenminer works
Grenminer is a scam, that is crystal clear. It might have started as a Ponzi scheme, meaning that they would be using recent deposits to pay out older members.
But with rewards this ridiculously high, the plans are unsustainable even for a Ponzi scheme that has low ambitions in terms of the length of its survival.
What you can expect is that every deposit with Grenminer will be lost because it is a scam that just can’t pay what it promises. It is an absolute ripoff that you have to stay away from.
Grenminer review – Conclusion
Grenminer is not a real cryptocurrency mining program, it is a scam that is not paying. Do not send any money to this program if you don’t want to lose it. You should completely avoid it.
If you are interested in cryptocurrencies you can try them on a demo account with a regulated company. Use virtual money to familiarize yourself with how they work and what is needed to succeed.
Before investing any real money you have to make sure that you understand the risks.