Opinions or experience about MeaTec Mining?

[examplens]

I have been adding to the list of fraudulent websites for some time now, it is now a collection of 900+ domains. [SCAM ALERT] List 910+ scam websites Most often, these are fake services that offer unrealistic profits such as 100% in 5 days, 230% annually, mostly under the name of cloud mining, money doubler, HYIP and various investment schemes.

An official MeaTec Mining appeared recently, trying to explain that their service does not belong to this blacklist. It's about infinity-hash.com. I recognized the reason why I added them to this list, for example, is their offers of 33% up to 230% profit annually, which is totally unreal.
They claim that the infinity-hash.com site is only part of the business, where MEATEC LLC (meatec.io) is based. Well, Meatec mentions a more sustainable type of mining business like hosting, collocation even repair service, which actually led me to ask for more opinions.

This is a project by MEATEC LLC (https://meatec.io/). We are providing colocation mining and hosting since July 2018 and launched Infinity Hash as a separate project to our colocation mining in Q1/Q2 2023 because we hated how traditional cloud mining worked and how low "customer success" with cloud mining was (this is also why the domain is so new).
- This is also disclosed in all FAQs on the more detailed landing pages (including a map link with address etc.)
- MEATEC and Infinity Hash share the same dashboard under different domains with different design, but we decided to separate them a bit to not confuse new users that "just want cloud mining" with all the colocation functionality
- The whois record is points to cloudflare because we are a small team and decided to use Cloudflare after continued DDOS attacks on different pages and our dashboard (here is the postmortem https://blog.infinity-hash.com/behind-the-scenes/ddos-incidents-november-2023-postmortem/)

Meatec has some basics to be a legal business, it can look quite convincing, but we all know that scammers can be very intelligent and I have seen some very sophisticated scam schemes. However, I would not like to judge based on a little information that I found online.

While their explanation about profit estimations

1. The profit estimations

- "33% Annual In The Bear Market" --> 33% is simply our average APR in the bear market after deducting all costs. Since users can sell their hash rate, we COULD also write 133% (like other projects do) but we don't because we can't guarantee sell prices for hash rate and don't want to lie to users
- "100%+ In the Bull Market" --> Yes, this is what users actually earn during full bull market conditions
- "Below is a conservative profit estimate based on our current miners at various bitcoin prices." --> "profit estimate"
- "Please note, that the below numbers are an estimate and we can’t promise these returns!" --> highly visible and in yellow to drive home the point that this is an estimate
- "Approx. 230% Annual Profit*" --> is right below "$100k / Bitcoin", this is the actual return we calculated for how the project shares work at 100k BTC (full calculation and easy to use calculator available here https://blog.infinity-hash.com/share-price-calculation/). We are currently using the Whatsminer M50 for the project and have a public electricity price of $0.055 / kWh
- "Approx. 230% Annual Profit*" --> There is also a star here with a centered info line available without scrolling and in normal font size below that says "*If you bought your shares at an average of $1 per share". This might actually not be true since users that bought shares at $1 would probably have much higher returns (just like if you buy a good BTC miner during the bear market and then look at its returns during the bull market when even the actual hardware would cost something like 5x the amount)

Again, the cloud mining scheme does not instil confidence in me at all, I am of the opinion that if someone at some point offers any unrealistic profit, they cannot be trusted

Here is their entire post https://bitcointalk.org/index.php?topic=5201588.msg63518392#msg63518392 I will also send them a PM with a link to this thread

[ABCbits]

When in doubt, you might want to use this assessment, ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁. Anyway, i visited Infinity Hash websites where i didn't image/video proof of ASIC used for it's service and their FAQ doesn't mention whether you can sell share you bought. Can't say it's scam, but i obviously can't trust them.

[logfiles]

I've tried Infinity Hash myself and I wrote about my personal opinion in an article.

So what's the point of posting here if you can't tell us what your personal opinion was in this thread. I mean, the whole point of the OP is to gather opinions about the service.

[yahoo62278]

I really don't think you need to justify anything. The burden of proof is on the company, not you. Can you show me 1 cloud mining service that hasn't been a scam from the get go? Serious question there actually. I remember back in the day I tried that CCex site or whatever and it did pay but you always lost money. Fee for this and that ended up making you lose a few bucks each day or whatever. Not the same company, but cloud mining is cloud mining IMO, waste of time and money.

I wouldn't advise anyone to have anything to do with cloud mining period.

[saoulidisg]

I've tried Infinity Hash myself and I wrote about my personal opinion in an article.

So what's the point of posting here if you can't tell us what your personal opinion was in this thread. I mean, the whole point of the OP is to gather opinions about the service.

I doubt I'm allowed to post links here.

[logfiles]

I doubt I'm allowed to post links here.

Anyone can post links here, so long as they are not malicious.
You copy or make a summary of your experience here as well, with a link to the original article to avoid getting banned for plagiarism (you are not limited to post paragraphs here because of your rank). What is not allowed is spamming links here for SEO purposes.

Also, shilling suspicious services is highly discouraged.

[saoulidisg]

I wrote my experience with Infinity Hash in these two articles.

First of all my worries about whether it's a scam or not, and my research https://loveisbitcoin.com/alert-is-infinity-hash-a-scam/

And this was my experience a few months ago when I first met the guys in person and invested a small amount just to test it out https://loveisbitcoin.com/i-suck-at-trading-but-this-is-my-only-profitable-trade-for-real/

[examplens]

I wrote my experience with Infinity Hash in these two articles.

These are just ordinary affiliate blog posts that promote this service. Apart from your words, I don't see any clear proof here that you claim that you tried this service with your funds.
As far as I know, all cloud mining or various HYIP scammers are very happy to pay a referral percentage for all the victims that are brought to them.

[hugeblack]

I wrote my experience with Infinity Hash in these two articles.

This seems more like a paid or biased article than an article explaining a user experience. In general, try to add the disadvantages and advantages of each service and leave the final decision to the user because once the articles start listing a specific trend, this loses a lot of credibility.

[BitcoinGirl.Club]

I wouldn't advise anyone to have anything to do with cloud mining period.

Cloud mining never was able to impress me. Many people were scammed and still they scam novice crypto users.

And this was my experience a few months ago when I first met the guys in person and invested a small amount just to test it out https://loveisbitcoin.com/i-suck-at-trading-but-this-is-my-only-profitable-trade-for-real/

[..] But This is My Only Profitable Trade (For Real)

Your article lost my interest the moment I saw the URL with the above string.

[Maus0728]

I guess just follow what your instincts tells you @examplens, you've got the good instincts to tell if these websites are fraudulent with over 900+ blacklisted websites already, it's probably not a good idea to not follow your instincts if you know that it would lead to something better if you do follow that instincts. You've also stated how absurd their claim is in regards to the profits that they're claiming they can give so I'm not entirely sure that you're doing anything wrong being doubtful. It's been my thing ever since that everything that's too good to be true then it probably is, there's also the common knowledge that cloudmining is just a scam so how can you still doubt something like this is legit?

[MeaTec-Mining]

Infinity-hash is not a cloud mining provider. It is a community mining provider. Although both start with the letter "C," they should be distinguished. However, it seems that some people find this difficult. It could be that they don’t understand the difference between one concept, which is often associated with scams (cloud mining), and a very good idea that allows a community to have equal chances to benefit from large-scale mining.

It’s a shame that some people think they can determine whether a product is a scam just by looking at websites. They could simply try it out themselves with $5–10 to see how it works. But apparently, they haven’t. Such an evaluation is simply worthless.

And no, loveisbitcoin is not a paid article or anything like that. He’s just an influencer using our affiliate system, just like anyone else who has invested with us. Thanks to our transparency, you can verify everything for yourself.

[examplens]

It’s a shame that some people think they can determine whether a product is a scam just by looking at websites. They could simply try it out themselves with $5–10 to see how it works. But apparently, they haven’t. Such an evaluation is simply worthless.

I will not spend a single dollar to determine the credibility of your service especially since even that cannot be a guarantee, because scam schemes often pay out the first small investments, only to block the user later when larger amounts are reached.

Sorry, but you haven't convinced me that your business model is 100% legit. Maybe sometimes with some concrete evidence, but until then, I advise everyone to avoid this and similar schemes.

[ABCbits]

Infinity-hash is not a cloud mining provider. It is a community mining provider. Although both start with the letter "C," they should be distinguished. However, it seems that some people find this difficult. It could be that they don’t understand the difference between one concept, which is often associated with scams (cloud mining), and a very good idea that allows a community to have equal chances to benefit from large-scale mining.

I re-visited Infinity Hash homepage, but i still don't understand concept of community mining provider. Is it similar with how NiceHash works?

It’s a shame that some people think they can determine whether a product is a scam just by looking at websites. They could simply try it out themselves with $5–10 to see how it works. But apparently, they haven’t. Such an evaluation is simply worthless.

It's a shame you don't understand that,
1. Some people actually say they don't trust it rather than explicitly saying it's a scam.
2. Some people don't want to risk $5-$10, let alone 1 cents.
3. Evaluation without trying the product isn't worthless, but rather less valuable or helpful.

[MeaTec-Mining]

I’ll assume you already know what mining is and how it works. In the past, someone would buy a miner, set it up at home or with a provider, and let it run. After about 3 years, the miner would pay for itself, and if it was still profitable, you could keep it running. Otherwise, it would be retired. Depending on the miner you bought, it could cost between $2,500 and $5,000. This is how it was done before, with all the drawbacks, especially when it came to choosing the right equipment. Due to high prices, older versions of miners were often purchased, which were only profitable during Bitcoin bull markets. Anyone who has mined before can confirm this.

Infinity Hash works in a similar way, but with some key differences. We buy the miners and host them for you. We handle the selection of equipment to avoid bad purchases. There is a special reinvest wallet that continuously buys new machines and retires old ones. The electricity cost is $0.045 per kWh. The shares you buy have no expiration date, so you will still receive your rewards even after 5 years.

The main difference from traditional mining is that we sell shares of a miner, allowing everyone, no matter their budget, to participate in Bitcoin mining. You don’t have to buy a whole miner, which can be far too expensive for many.

To build the highest level of trust, we decided from the beginning to offer maximum transparency in the project. We use third-party validators (such as the mining pool), have a reinvest wallet, an energy wallet, and publish all the calculation formulas.

We have a real rating of 4.3 stars on Trustpilot, over 2000 satisfied members in our Telegram community, where anyone can join and take a look. Over the past 1.5 years, we have reached a market cap of 2.6 million and aim to grow further, with a goal of reducing electricity costs to 3 cents. Our users participate in regular votes where they can decide on the next steps.

Nicehash is a completely different concept. It’s more like a marketplace where you can rent or sell hashing power, kind of like an eBay for hashrate.

It’s frustrating to end up on a scam list without solid evidence, just because some people might not fully understand the concept. Being wrongly placed on such a list is damaging to any business.

We understand that our product requires explanation, and we know it’s challenging to clearly present it on the website. But we’re always open to suggestions for improvement.

[examplens]

...

OK, that's the way it's supposed to work. Still, the "actual 298.43% APR of last year" is very unrealistic.
The calculator on your website calculates ^{24 months} that 298% a bit differently, so either the calculator is broken or you are exaggerating the promised APR percentages. This still looks more like a typical scam cloud mining scheme than a legit business

[MeaTec-Mining]

You keep saying the same thing, and it's not unrealistic. These are actually values from last year. Last year, you could acquire the share at a price of $0.80–1.00, and the share price has tripled since then. If you had looked a little further, you would have seen the share price calculation formula as well.

The Bitcoin price plays a major role here. Last year, Bitcoin was priced at $24,000 around this time. Look at Bitcoin's price today; it has almost tripled, plus there are rewards added, which indeed amounts to nearly 300%. Very unrealistic? No, it’s actually not.

Can you predict how the Bitcoin price will behave in the future? No, you can’t. So, you can only feed past data into a calculator and project it forward, adding an appropriate warning that it’s just an estimate assuming the same trend continues.

"Results may vary. APR includes reinvestment amounts and sellable shares. Any values, estimates, or figures are only indicative and are not intended to be relied upon for legal, financial, or commercial decisions."

Our calculator calculates based on one year, not two, and scales up the years that you select at the bottom.

If the Bitcoin price didn’t move at all for an entire year, you would have an ROI of around 30%.

Why do we all invest in BTC? In the hope that it will rise. If Bitcoin were to crash, we would all be in trouble. Every investment would then result in a loss.

[ABCbits]

--snip--

To build the highest level of trust, we decided from the beginning to offer maximum transparency in the project. We use third-party validators (such as the mining pool), have a reinvest wallet, an energy wallet, and publish all the calculation formulas.

--snip--

Thank you for the explanation. But since you mention "highest level of trust" here and "Fully transparent. Like it should be." on your website, i find it's weird i couldn't find proof you actually own the mining hardware whether in form of image or video.

[MeaTec-Mining]

Thx for your reply. Would you think it´s better to have a Picture and Video Categorie on the website directly?

You can find many Videos on our X.com account (old twitter).
https://x.com/infinity_hash_

[ABCbits]

Thx for your reply. Would you think it´s better to have a Picture and Video Categorie on the website directly?

You can find many Videos on our X.com account (old twitter).
https://x.com/infinity_hash_

IMO putting those on website would be better, since i just tried link you shared and redirected to page which ask me to Sign In.