Unmined.io: A Genuine Review & Warning

Welcome to our Unmined review regarding the website at unmined.io.

Did they scam you? Let us know by commenting below this review.

Recently, one of our partners received the following complaint from a person who reported being scammed for $200:

Saw an ad for Bitcoin mining by unmined.io and thought I’d give it a try. Three days later, I tried to withdraw my 0.0066 BTC. I even paid the “fees” but have not received any contact from support or the funds.

So what exactly is Unmined.io, and is it a SCAM?

Unmined.io Review

Umined.io was registered on December 3, 2018, through NameCheap and will expire on December 3, 2023. It employs a privacy service by Withheld for Privacy ehf, and Cloudflare also protects it.

SimilarWeb ranks it at 905,883 globally and 275,088 in the United States. It is ranked 3295 in the Finance > Finance – Other (in the United States) category. In August 2023, it received almost 50K visitors from the United States, the United Kingdom, Poland, Taiwan, Peru, Indonesia, India, and other countries.

Its SEMrush Authority Score is 14%, and it has 2.5K backlinks from 214 referring domains, including a link from bitcoin.com. However, on a closer look, we notice the links are from the forum at bitcoin.com and contain referral links, so they might be considered spam links.

Overall, this data reflects a website that might not be trustworthy due to a lack of endorsements from legitimate websites. However, unlike most scams we review, they have been around for over a few months and might be legitimate.

To find out, we turn to the website itself.

On Google, five pages are indexed – the homepage, an FAQ page, a Contact page, an Affiliate page, and a Payouts page. Let’s check them out one by one.

Homepage

Unmined.io is a Bitcoin cloud mining platform that claims to offer an SHA-256 mining algorithm, which, according to them, can achieve speeds up to eight times faster than other cloud mining services.

Founded in 2018 by a team of blockchain programmers and IT developers, Unmined’s mission is to provide a secure mining process complemented by a 24/7 support team. They claim to aim for universal cryptocurrency access, especially considering the ubiquity of smartphones.

Unmined offers various mining packages, with the potential of a 20% affiliate bonus for referrals. Their vision emphasizes improving daily life for their customers through reliable and secure services.

Unmined’s headquarters is at 28 Old Kent Road, London, United Kingdom, SE1 5UU. They can be reached at the email address info@unmined.io and the phone number +1 (251) 274-0759.

Red Flags

1. Unclear Numbers: The “What People are saying!” section has ‘NaN’ listed under both “MINERS” and “DAILY PAYOUTS.” ‘NaN’ typically means “Not a Number” in programming, suggesting there might be technical errors or a lack of transparency.
2. Over-Promising Claims: The service claims to give “free hashing power for life,” which raises questions on sustainability and profitability. How can a company afford to offer free services indefinitely?
3. Address Verification: The London address provided would need verification to ensure it’s not just a postal box or a false location. There’s no mention of them on Google Maps and other suspicious crypto sites, such as astrofx. me and miners-pool.com, also use the same address.
4. Lack of Regulatory Information: There’s no mention of regulatory compliance or oversight, which is crucial for financial and cryptocurrency-based businesses to establish trust.
5. No Mention of Team or Founders: Established and reputable platforms typically have a section dedicated to their founders or core team, enhancing trust. The lack of this might be concerning for potential investors.
6. Spelling Errors: The footer contains the misspelling “Terms & Comdition” instead of “Terms & Condition”. This lack of attention to detail concerns a company that should focus on trust and precision in the cryptocurrency sphere.

FAQ

The FAQ section of Unmined.io explains Bitcoin, its mining processes, and the convenience of cloud mining over traditional mining equipment.

The platform positions itself as an accessible service for those unfamiliar with Bitcoin mining and who desire to start with no costs. It claims its data centers are globally dispersed for optimized mining speed.

Addressing potential skepticism, Unmined.io asserts its legitimacy by emphasizing its consistent payment to users since its inception, contrasting itself with Ponzi schemes that require investments.

They focus solely on Bitcoin mining but express intentions to diversify into other cryptocurrencies.

The platform also promotes an affiliate program, earning users a 20% bonus for referring others.

Red Flags

1. Vague Descriptions: The descriptions provided for Bitcoin and its mining process are overly simplistic, which can be concerning for a platform that claims expertise in this area. Properly understanding Bitcoin and its mining is complex, and their descriptions do not inspire confidence.
2. Global Data Centers: The claim of data centers in “different countries of the world” is vague. Specifying the locations or providing more information on their infrastructure would be more reassuring.
3. Defensive Stance: Their direct address of the potential “Ponzi or Scam” label can be considered a red flag. Legitimate businesses usually don’t need to address such concerns unless they are frequently raised directly.
4. Grammar and Spelling: The FAQ section has several grammatical errors, such as “Equipment frailer” instead of “Equipment failure.” This lack of professionalism can be concerning for a platform that handles financial transactions.
5. Solo Cryptocurrency Mining: Despite being a dedicated mining platform, they only support Bitcoin mining. Their claim to “soon” mine other cryptocurrencies is non-specific and offers no timeline.
6. Affiliate Program Emphasis: Heavy emphasis on an affiliate program, especially one that offers a significant bonus, can sometimes indicate pyramid schemes. While not conclusive, it’s worth noting in the context of their other claims.

Affiliate

The “Affiliate” page on Unmined.io focuses on the platform’s affiliate program, encouraging users to join and create an extensive mining pool. By referring new users via a unique link, affiliates stand to earn a percentage of the revenue from each active user they bring in.

This program is designed with a multi-level approach, allowing users to benefit from up to three “levels” of referrals, implying a potential chain of referrals. However, the exact percentage that affiliates earn from the mining activities of their referrals isn’t explicitly stated, as a placeholder “% represents it.”

Red Flags

1. Multi-Level Referral System: The use of up to three levels of referrals echoes the structure of multi-level marketing (MLM) or pyramid schemes. In these systems, the emphasis is often more on recruiting new members than selling a product or service.
2. Undefined Earning Percentage: The phrase “…and we are going to pay you % of all their minings” seems incomplete or poorly edited. This omission or lack of clarity about how much affiliates can earn is concerning, as users should be provided with transparent and detailed information.
3. Ambiguous Network Estimation: The page encourages users to “Estimate how large your network can get and how much you will be able to earn” without providing tools or clear metrics for such estimation. This vague encouragement can lead to unfounded optimism without concrete data to back up potential earnings.

Payouts

The “Payouts” page on Unmined.io provides a list of Bitcoin payouts made by the platform. These transactions show the following details:

• Date and Time: Each payout is timestamped. The displayed payouts were all made on 04 Oct 2023 at 20:30:03.
• BTC Amount: The amount of Bitcoin paid out varies for each transaction.
• Recipient Address: This is the recipient’s Bitcoin wallet address, which is a unique identifier for where the Bitcoin was sent.
• Transaction ID (TXID): This is a unique identifier for the Bitcoin transaction, providing a way to verify the transaction on the blockchain.

Red Flags

1. Uniform Timestamp: All the provided transactions are timestamped at the exact same second, which is unusual. Given the unpredictable nature of transaction timings, such uniformity is rare in real-world scenarios.
2. Repetitive TXID: At least two transactions have the same TXID (“c5150bbf5e1208b07fe8a8aad36404…”). In the Bitcoin network, each transaction should have a unique TXID. This repetition could be an oversight or indicate that the data is not genuine.
3. Incomplete TXID: It’s standard not to display the full TXID for privacy and security. However, without the complete TXID, verifying the transaction on the Bitcoin blockchain is impossible.

Cookie Policy

1. Incomplete Contact Information: The “More Information” section hints at ways to contact them, like Email and Phone, but no specific email address or phone number is provided. This lack of complete information is a potential red flag as it does not offer transparency or easy ways for users to get in touch.
2. Mining Bitcoin for Free: The claim of mining Bitcoin for free is a common lure used in various scams. Legitimate cloud mining services usually involve maintenance and electricity costs. While they might offer a freemium model or promotional mining to new users, this claim should be approached cautiously.
3. Generic Cookie Policy Generator: The mention of the “Generator of GDPR Cookies Policy” at the end of the policy suggests that the policy might have been generated through a template rather than being tailor-made for the website. While templates aren’t inherently wrong, they lack a personal touch and can sometimes be associated with websites set up quickly without much attention to detail.

Privacy Policy & Terms and Conditions

1. Hyperlinking Policy: The section on hyperlinking seems overly detailed, which can be seen as a bit unusual. While it’s not a red flag for a scam, it differs from many websites’ typical practices.
2. Content Liability: The statement that “We shall not be hold responsible for any content that appears on your Website” has a grammatical error (“be hold” should be “be held”). Errors like these can sometimes be found in hastily created or non-professionally drafted documents.
3. Disclaimer: While disclaimers are standard in terms of conditions, potential users should be aware that Unmined excludes many potential liabilities, especially given that the website services are free.
4. Jurisdiction: The documents mention the “prevailing law of Netherlands.” If Unmined is indeed based in the Netherlands, this might be consistent. However, users should verify the authenticity of the company’s operations within that jurisdiction.

Unmined Reviews

Google results present a mixed view of Unmined.io. While some sites like Trustpilot show a low rating, and others like Valforex.com directly label it a scam, other resources like Scamdoc.com give it a moderate trust score.

Further in-depth examination of the most credible and detailed reviews will provide better clarity.

Unmined Reviews on Trustpilot

Based on customer reviews, Unmined.io has a TrustScore of 2 out of 5 on Trustpilot.

Review Statistics:

• Total reviews: 33
  • 5-star: 15%
  • 4-star: 12%
  • 3-star: 3%
  • 2-star: 3%
  • 1-star: 67%

Highlighted Reviews

1. Phillip Gause: He complains that Unmined falsely advertises no fees and minimum withdrawal rates but solicits maintenance or higher “hash” fees when one tries to withdraw. It is labeled as a “Fake Site.”
2. Dudduputi Rakesh: Describes Unmined as a scam, noting that he was asked to upgrade or pay a maintenance fee when attempting to withdraw. He did not receive any of his mined BTC even after he paid. He also mentions the website’s email isn’t working and calls them fraudulent.
3. Bengs Saja: Complains about the platform’s deceitful maintenance fees and their non-responsiveness after he made a payment. He strongly advises others to be wary of Unmined.
4. Daniel: Expresses disappointment with the platform’s inability to process his withdrawal request.
5. Chuck B: Highlights the lack of customer service, noting no response to his emails and the phone being linked to a VOIP connected to Google.
6. D B Susanto: Calls out the platform for discrepancies in his dashboard earnings and warns others against investing without proper proof.
7. Skrilla MCM: Brands the site a scam and mentions not receiving a deposit for a maintenance fee.
8. mehdi miabi: Accuses the platform of changing his wallet address without permission.
9. Danijel Mandal: Describes the platform as a “big scam.”
10. Jofra Pratama: Expresses frustration over delayed payments.
11. Jade Joshua Snell warns others that the website is a scam, as it does not pay out mined coins.
12. Ashari Tv: Also labels the platform as a “BIG SCAM” with no withdrawals.
13. kakehang: Categorically states that Unmined is a scam and does not pay.
14. accank ganteng: Simply and repeatedly labels the platform as a scam.

About Unmined

• It provides hashing power to get free Bitcoin every hour.
• Daily payments with no minimum payout.
• Speed: 0.00005500 BTC/min.
• Located on Old Kent Road 28, SE1 4NU, London, UK.

The general sentiment of the 1-star reviewers for Unmined.io on Trustpilot is overwhelmingly negative. The main complaints and concerns highlighted by these reviewers include:

1. Deception and Misleading Claims: Several users complained about false advertising, especially regarding no fees and minimum withdrawal rates. They felt misled when confronted with hidden fees, requests for maintenance, or higher “hash” fees upon trying to withdraw their earnings.
2. Scam Accusations: Many of the reviewers explicitly labeled Unmined as a scam. They felt deceived when their withdrawal requests were either denied, delayed, or met with additional unexpected fees.
3. Non-Receipt of Payments: A common grievance among these reviewers was not receiving the mined BTC even after fulfilling the platform’s conditions, like paying certain fees.
4. Poor Customer Service: Many users lamented the lack of responsive customer service, highlighting unresponsive emails and no direct communication avenues.
5. Technical Issues: Some users experienced discrepancies in their dashboard earnings or unauthorized changes to their wallet addresses, raising concerns about the platform’s reliability and security.
6. Lack of Transparency: Concerns were also raised about the platform’s lack of transparency, particularly its absence of connected social media accounts and unverifiable contact information.

In summary, the 1-star reviewers express strong distrust, dissatisfaction, and caution against using Unmined.io, frequently labeling it as a scam and warning others about potential financial losses.

Unmined Review on Scambitcoin.com

• Unmined.io claims to be a reputable Bitcoin mining pool, but there are several factors concerning the platform.
• The organization behind Unmined.io is led by anonymous individuals, which raises suspicion.
• They claim to operate from the UK, but there’s no evidence to verify this claim. They are also not listed in the FCA (Financial Conduct Authority) database, a UK regulatory body.
• The review suggests the platform is likely a scam due to its unregulated status and offshore operations. It also fails to reveal critical information, like the location of its mining farms.
• The platform offers mining plans with more than 30% monthly returns, which the review deems unrealistic and a red flag.
• Unmined.io features an affiliate program, incentivizing marketers to promote the platform creates a conflict of interest.
• The testimonials on their website appear to be cherry-picked, and other external comments suggest issues with withdrawals and requests for account upgrades.
• Their domain details and audience demographics are provided but don’t offer significant insights into the platform’s operations.
• In conclusion, Unmined.io is likely an illegal high-yield investment program that may not be reliable in the long run. Cryptocurrency investments have potential, but this platform is not recommended.

BBB Complaints

On January 21, 2024, the following complaint was filed with the BBB (Better Business Bureau) by a person who reported being scammed for $350:

I joined a Bitcoin mining pool approximately 8 or 9 months ago and have accumulated nearly $13,000. I haven’t cashed out because withdrawing requires paying one or two minor fees, which I’ve done. The first fee, a maintenance charge, was supposed to be $28, but I paid $50. After paying, I received no receipt or acknowledgment from my Unmined account. Despite this, I paid the second fee due to the significant amount of BTC in my account and its potential to grow each day I cannot withdraw. I’ve attempted to contact them via email and phone without success. I suspect this may be a scam, but given the time invested and the Bitcoin amount in my account, I can’t simply walk away without certainty.

Complaints We Received

On October 30, 2024, we received the following complaint:

A company expressed interest in purchasing the crypto token file I own. I paid to create this file, but the creator neglected to verify the word count in the Coinbase passphrase, resulting in Coinbase deeming the file invalid. However, the file remains viable for selling copies and only requires assistance from a knowledgeable person to make it operational. As mentioned, the company had shown a desire to acquire this token file, so I sent it to them along with a PayPal invoice. Despite multiple invoices, the company has ignored my requests and effectively taken the crypto token file without payment. PayPal has been unhelpful, merely suggesting that I continue sending invoices rather than enforcing payment or taking further action, as expected. I intend to file a demand for payment, setting it high enough to significantly impact the company since the total face value of the tokens in this file amounts to $18 quintillion.

Conclusion

Our comprehensive review of Unmined.io raises several alarm bells about its legitimacy. From the outset, technical anomalies such as uniform transaction timestamps and repetitive TXIDs signal irregularities. The absence of complete contact information and the generic nature of its cookie policy further tarnish the platform’s credibility. Customer reviews on Trustpilot, a significant chunk of which label Unmined.io as a scam, echo concerns about hidden fees, lack of payment, and non-existent customer support.

Moreover, other detailed assessments from Scambitcoin.com emphasize Unmined.io’s opaque leadership, non-verification of their UK operational base, and exclusion from the UK’s FCA database. The unrealistic promise of high returns, cherry-picked testimonials, and withdrawal issues all align with the hallmarks of a dubious high-yield investment program.

Bottom Line

Given the vast potential and risks associated with cryptocurrency investments, it’s paramount for users to approach platforms with caution. Given the overwhelming evidence and user feedback, we strongly advise potential users to exercise extreme caution when considering Unmined.io.

It is always recommended to perform diligent research and seek platforms with proven track records and transparent operations. Your financial safety and security should always be the top priority.

If you’ve had adverse experiences with online platforms, sharing your experiences and seeking assistance if needed is essential. We’re committed to guiding and assisting our readers in making informed decisions in online investments.

Please comment below this review if you have fallen victim to online scams. Did you suffer a substantial financial loss? Do not despair. We are here to assist you in recovering your funds!