Bitclubnetwork.com- is this legit?

[pw1257]

I have been offered mining shares in this company (bitclubnetwork.com) and I'm now checking them out.
On their website it states that they have huge mining resources in Iceland etc. which enables them to pay a return to shareholders in this "pool".

How can I verify that this crew is actually mining and what quantities of Bitcoin they earn?   

[Amph]

it's appear that this site is relatively new because there is no trace of it in the scam list here on bitcoin talk, i think the only way is to try with a slow amount, and if they pay back increase the amount everytime

or try to search with google especially on reddit, they usually have tried every crap out there

[mexxer-2]

Seems they have proof of mining and even have a pool of their own, but still, caveat emptor(Don't invest what you can't afford to lose), and personally I'd steer clear of any cloud mining site even if they are in my neighborhood .

[pw1257]

Thanks folks,

Points well taken.

Red flags to me are:
Anonymous owners/operators/managers/everybody (Do I smell the VirtaPay/Virtacoin crew at it again, but on larger scale...? Remember that their finale was an exit with large quantities of Bitcoin. Very subtle and they always remained anonymous. The "in-house" coin also somehow reminds of them)
There is no recourse should the company disappear
The fastest (and most) money to be made now with this company is by referring others and the payplan yada-yadda kicks in
There is a mandatory re-purchase from earnings- Does this qualify the scheme by definition as a Ponzi?
 
However, as a final benefit of the doubt, I'd like to verify how much bitcoin they are making from their mining operations- Can anyone tell me how to do that?

[mexxer-2]

However, as a final benefit of the doubt, I'd like to verify how much bitcoin they are making from their mining operations- Can anyone tell me how to do that?

They do seem to have a good mining pool though: https://blockchain.info/block-index/998819/00000000000000000b58f6c4af8bba34451e26cd6d96e7112d23d5865e55945c one of their mined blocks. More info about their mined blocks here: https://blockchain.info/blocks/BitClub%20Network
Seems to be recently started, well at least it has an actual mining pool, but still caveat emptor.
Edit: Oh and lastly, seems you can claim your hardware as well.

[pw1257]

Thank you mexxer,

I really have no idea how to deduce from those links what their profit is...

How recently did they start mining?

Would you hazard a guess at the size of mining rig they'd need in order to produce these figures?

[lottery248]

https://bitcointalk.org/index.php?topic=1152263.0
explicit red flag here, don't join that.

[mexxer-2]

https://bitcointalk.org/index.php?topic=1152263.0
explicit red flag here, don't join that.

True, the time tmfp is on someone's tail its best not to join/promote/use that service any more. He has been right about cloudminr, scrypt, and plenty of other cloud mining services.
Even if they do have the claimed hash power, the collective evidence against them is pointing to one thing, scam.

[pw1257]

Thank you lottery and mexxer- your info has been most insightful.
...and another one bites the dust