In this review we explain that the WaterMine cryptocurrency mining service is in fact a scam that you have to avoid.
What is Watermine
Watermine is a cryptocurrency mining service. It means that you can buy mining power from the company and mine cryptocurrencies. Which supposedly will bring you profits. The company also says that it trades with digital currencies.
Currently there are four mining plans that promise daily returns from 2 to 2.6%, fees included.
You can increase your profit by referring other people to the program, you can earn 20% from their deposits across four levels. The minimum deposit is 10 USD.
Watermine LTD is a company registered in the United Kingdom. Can you trust it, should you mine cryptocurrencies with it?
No, Watermine is not legit, it’s a pyramidal scam that you should avoid. It has nothing to do with cryptocurrency mining, it’s an illegal financial scheme that is going to collapse.
Not about mining
Cryptocurrency mining is hard to grasp, because there are many variables, such as hardware costs, electricity costs, crypto prices and mining difficulty of different currencies that is changing over time.
But, without going into details, the reality is that you absolutely can’t make 2% daily or more in cryptocurrency mining since day one.
When you start mining, even cloud mining by renting hardware, you have to expect that it will take months to cover your initial costs, it will take months before you break even. And you can never be sure how long exactly it will take because of all four major variables that we mentioned above.
Simply put, you can’t be profitable in crypto mining since day one. When markets go down like in 2018 to 2020, it can even take more than a year before you break even in crypto mining, before you start making profits.
A legit crypto mining company will therefore never promise you any daily or monthly returns, because nobody can guarantee them. Because nobody knows what crypto prices will be in the future, how electricity costs will evolve etc.
Also, a legit mining company will give you details about what cryptocurrencies you will be mining. Watermine does not do this. Watermine gives no details but it promises steady daily returns. Which is impossible to guarantee.
This means only one thing, Watermine is a scam that is not mining cryptocurrencies.
We know that a lot of people will not consider our explanation to be a proof, but it really is that simple. Most of the crypto scams can be uncovered just by looking at their numbers because they promise things that are impossible in the real world.
How Watermine really works
Watermine has the hallmarks of a Ponzi scheme. It means there is no cryptocurrency mining going on, just a financial pyramid that is destined to collapse.
Watermine just takes money from newer members and gives it to older members. That’s how all Ponzi schemes work. They don’t do any real activity, they don’t create any real values, they just play a dirty and unsustainable game with money.
You should never participate in Ponzi schemes like Watermine for two reasons. Number one is that they are sure to collapse, you just don’t know when it is going happen. Number two is that even if you manage to make profits before the collapse, it will be money from somebody else who got scammed in the same system.
If you already are in Watermine, we suggest taking your money back as soon as you can a staying away from this scam.
Watermine review – Conclusion
Watermine is a scam that does not do any cryptocurrency mining. It is an illegal Ponzi scheme that is going to collapse, and all the money will disappear. Stay away from it!
If you are interested in legit cryptocurrency trading, you can try it on a free demo account with virtual money.
Should you decide to invest real money, please be sure to have a solid strategy and to understand the risks.