Renting a Mining node - are the funds safe?

[Username_nvm]

To any mods: If this is in the wrong section please let me know or move it or send me PM instead of just deleting it because I have read the rules and I don't see why it's breaking any rules... I tried to post it in the mining section and it got deleted and I have no idea why and no response from mods


I wanted to rent a BTC mining node from a specific individual/company but I'm not sure if it's a scam or not. Since I'm not sure of it I will not mention any name in order to not shame anyone first. Google search returned exactly 0 results.

This is what they sent me:

"We run a mining farm whereby we attach multiple ant miners to personalized servers, we then program nodes to power the mining bot software.

We run a mining network that mines Bitcoin, ethereum, litecoin and more via the script, X11, and SHA-256 algorithms. We offer you a smart and easy way to start mining by reducing the cost associated with mining
Its a personalized service for crypto enthusiast. You have to know someone who knows someone to be on the network.

I program a software bot from the hardware i happen to connect to the servers. Usually the hardware mines slowly, but i created a way to program nodes to power the blockchain software. The bot mines the coin for you in acceleration process, even when there is congestion on the network, it accrues more instead of slowing down.
The funds accrue daily for a month. And the reward is distributed via PPs or PPLNs which i will run while im configuring the nodes. It takes 24hours to configure and you'll have to be online with me after the 24hours to integrate it to the dedicated wallet. First day funds get in right there

Rewards are distributed via PPLNs.... PPLNs is a way of determining how many cryptocoins you get for your shares completed. Pay Per Last N Shares is what PPLNs stand for. Using PPLNs, your payout per share will have a large range (30%)

I'll generate an invoice and send it to you. This will be used for documentation purpose. All payments are made via Bitcoin
You the make subscription payment directly to the Node wallet address., so as to ensure safety of your funds. As soon as the subscription payment is confirmed, we'll begin with the setup and configuration immediately"

Any advice or opinion is welcome, thank you.

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[odolvlobo]

Some of what they wrote doesn't make sense (Software bot? Acceleration process? Accrues more when there is network congestion?), so I think it is a scam.

Regardless, renting mining equipment (a.k.a. "cloud mining") is almost always a scam. Even when it is not an outright scam, it is rarely a profitable investment.

[Username_nvm]

Alright, thank you for the clarification!

[AGD]

[stompix]

I program a software bot from the hardware i happen to connect to the servers. Usually the hardware mines slowly, but i created a way to program nodes to power the blockchain software. The bot mines the coin for you in acceleration process, even when there is congestion on the network, it accrues more instead of slowing down.

This guy is probably mining for wow gold, not Bitcoin.
Just as  odolvlobo said above, nothing makes any sense, Bitcoin mining doesn't work that way.

Mining hardware mines at the same rates, there is no such thing as "blockchain software" , there is no netwrok that gets congested when mining, that's a different thing and it's related to the transactions, ....whatever the whole thing is a mess. Besides, the "i" a lot of mistypes, a lot of poorly written phrases, this is not a company, this is some kid in a basement trying to scam somebody.

I wanted to rent a BTC mining node from a specific individual/company but I'm not sure if it's a scam or not. Since I'm not sure of it I will not mention any name in order to not shame anyone first. Google search returned exactly 0 results.

Any advice or opinion is welcome, thank you.

First, you should totally mention the name, so that others can find this topic and not get scammed.
And the topic should indeed be in scams if not in service discussion.

Also, this is the third shady mining deal thingy I ran into in less than 24h, where do you people find these guys.

[Username_nvm]

Haha well said... yes I suppose I should mention the name then? It's under name Damian Zuyev

I won't be going with this then, thanks for the explanation guys

[franky1]

in short.
if the cloud miner could make a profit from his equipment. he would not need to rent it out to other people to get income.
but what others said is true also
the repeated "i" shows its some basement dweller and not some large mining farm business
the special bot/accelerator.. well thats just empty words not related to how bitcoin mining even works

oh and here is the biggest hint that its a scam
'you have to know someone who knows someone to be on the network' AKA PYRAMID ponzi

[MonsterV]

I have also received a lot of fraudulent news like this, I think this is an old mode because many of these forums offer such things and not a few are harmed. You better keep your money in btc because btc will continue to rise. And there are still many ways for you to save costs in mining, look for collaborative partners in your country, I am sure there must be someone who wants it because in my opinion this method is safest.

in short.
if the cloud miner could make a profit from his equipment. he would not need to rent it out to other people to get income.

Yup right, I also think like that, they rent it to him and he gets a profit from the total he pays. Now can't they mine alone and get more profit than he paid.

[BeManga]

To any mods: If this is in the wrong section please let me know or move it or send me PM instead of just deleting it because I have read the rules and I don't see why it's breaking any rules... I tried to post it in the mining section and it got deleted and I have no idea why and no response from mods


I wanted to rent a BTC mining node from a specific individual/company but I'm not sure if it's a scam or not. Since I'm not sure of it I will not mention any name in order to not shame anyone first. Google search returned exactly 0 results.

This is what they sent me:

"We run a mining farm whereby we attach multiple ant miners to personalized servers, we then program nodes to power the mining bot software.

We run a mining network that mines Bitcoin, ethereum, litecoin and more via the script, X11, and SHA-256 algorithms. We offer you a smart and easy way to start mining by reducing the cost associated with mining
Its a personalized service for crypto enthusiast. You have to know someone who knows someone to be on the network.

I program a software bot from the hardware i happen to connect to the servers. Usually the hardware mines slowly, but i created a way to program nodes to power the blockchain software. The bot mines the coin for you in acceleration process, even when there is congestion on the network, it accrues more instead of slowing down.
The funds accrue daily for a month. And the reward is distributed via PPs or PPLNs which i will run while im configuring the nodes. It takes 24hours to configure and you'll have to be online with me after the 24hours to integrate it to the dedicated wallet. First day funds get in right there

Rewards are distributed via PPLNs.... PPLNs is a way of determining how many cryptocoins you get for your shares completed. Pay Per Last N Shares is what PPLNs stand for. Using PPLNs, your payout per share will have a large range (30%)

I'll generate an invoice and send it to you. This will be used for documentation purpose. All payments are made via Bitcoin
You the make subscription payment directly to the Node wallet address., so as to ensure safety of your funds. As soon as the subscription payment is confirmed, we'll begin with the setup and configuration immediately"

Any advice or opinion is welcome, thank you.

its a scam dont believe every people say to you and make your own research not only about the thing they said but also learn how crypto really works.

[naufals4]

no one can get bitcoin quickly or even use the terms bot and other systems. it looks like the site you want to buy the node is a SCAM site. just buy masternode in trusted websites and have lots of testimonials and good reputation