Mining Up Review – Ponzi Scheme – MLM Scam

Website & Company Information

The web domain of the company was registered on the 13th of December 2019 and was later updated on 2020–04–08. The website does not provide any information about the owner or the team of the company.

As per the website, the company’s HQ is in Estonia. But we could not see any incorporation certificate on the site.

At the time of writing this article, Alexa cites Brazil (13.6%), Japan (11.6%) and India (5.9%) as top sources of traffic to Mining Up’s website. It is highly likely that the admin is operating from any one of these countries.

On this section, one of the major concerns is the lack of transparency about the incorporation of the company and also the team of the company. As always, if a company is not clear about its corporate structure, then you must think twice before putting your money on their hands.

Company’s Products

The company has no products or services to offer, just the affiliates only able to market Mining Up affiliate membership itself.

Now if an MLM company is serving clients in some countries like the U.S and Canada, then it must have a retail option to offer to its customers. Otherwise, it can get hit by massive lawsuits and crackdowns from the financial regulators.

Mining Up’s Compensation Plan

The company’s affiliates invest via cryptocurrencies like BTC, ETH on the promise of a 730% ROI paid over 365 days. Following are the minimum investment plans per crypto-asset:

  • BTC — min $10 per 50 GH/s mining speed
  • ETH — min $9 per 30GH/s mining speed
  • LTC — min $10 per 100GH/s mining speed
  • DOGE — min $10 per 100GH/s mining speed

ROI are paid via cryptocurrencies.

The affiliates receive referral commissions on the invested funds are paid out down three levels of recruitment (unilevel):

  • 7% — level 1 (direct recruits)
  • 2% — level 2 and
  • 1% — level 3

Joining Mining Up

Anybody can join Mining Up’s affiliate membership as it is free. However, participation in the attached income opportunity will require a minimum investment of $9.

Conclusion

The company lacks transparency in almost everything.

First of all, it is unclear whether the company is registered in Estonia. Second, there are no traces of the owner or the team of the company. Third, they don’t have any retail option to speak of.

And Last but not least, the company claims of having an external source of revenue through cryptocurrency cloud mining — but fails to provide any substantial evidence for the same.

For us, the only verifiable source of income for the company is the new investment. And the same funds are being used to honour payouts.

This makes it a classic Pyramid Scheme where old members are rewarded using the new members. They will keep processing payouts until new investment stops coming in. Once the cycle slows down, the system will collapse, and your money will be gone.