MyGBit Mining gives no info on its web site about who owns or runs the corporate.
MyGBit Mining’s web site area (“mygbit.com”) was first registered in 2016. The area registration was final up to date on April twenty eighth, 2020.
MyGBit Cloud Mining A.S. is listed because the proprietor, by means of an incomplete handle in Bursa, Turkey.
This tracks with a MyGBit Mining advertising video, uploaded to MyGBit Mining’s official YT channel on June thirtieth, 2020.
The video (above) is your typical Fivver affair, shot it native Turkish.
Desirous to know set up whether or not MyGBit Mining’s web site area homeowners had the area previous to the April 2020 registration replace, I headed over to the Wayback Machine.
A snapshot dated February 2020 confirms the identical kind of web site was up.
Right here’s an fascinating bit of knowledge omitted from the present incarnation of MyGBit Mining’s web site;
In 2017, T.C. Bursa Commerce Registry Workplace was established in Bursa by 100% Turkish entrepreneurs with native capital of TL 3,000,000 with commerce registry quantity 94560.
Contradicting that, MyGBit Mining on its web site now claims ‘the story of MYGBIT began on the finish of 2015.’
MyGBit Mining gives a company handle in Bursa, Turkey on its web site. The corporate’s official Fb web page can be managed completely from Turkey.
From this we will take away that whoever is behind MyGBit Mining is in Turkey. Why they don’t need you to know who they’re is unclear.
As all the time, if an MLM firm just isn’t overtly upfront about who’s operating or owns it, suppose lengthy and arduous about becoming a member of and/or handing over any cash.
MyGBit Mining’s Merchandise
MyGBit Mining has no retailable services or products, with associates solely capable of market MyGBit Mining affiliate membership itself.
MyGBit Mining’s Compensation Plan
MyGBit Mining make investments funds on the promise of an marketed each day ROI.
- Starter – make investments $50 to $500 and obtain 0.34% a day
- Miner – make investments $500 to $1000 and obtain 0.36% a day
- Professional Miner – make investments $1000 to $2500 and obtain 0.38% a day
- Senior Miner – make investments $2500 to $5000 and obtain 0.4% a day
- Chief Miner – make investments $5000 to $10,000 and obtain 0.42% a day
- Grasp Miner – make investments $10,000 to $25,000 and obtain 0.45% a day
- Masterchief Miner – make investments $25,000 to $50,000 and obtain 0.48%
- Limitless Miner – make investments $50,000 or extra and obtain 0.5% a day
MyGBit Mining associates can improve their each day ROI charge by
- spamming social media with MyGBit Mining promoting
- hitting private recruitment milestones
- reaching private funding milestones
Referral Commissions
MyGBit Mining pays referral commissions on funds invested by personally recruited associates.
Referral fee charges are decided based mostly on how a lot a MyGBit Mining affiliate has themselves invested:
- Starter tier associates earn a 6% referral fee charge (9% faststart)
- Miner tier associates earn a 7% referral fee charge (10% faststart)
- Professional Miner tier associates earn an 8% referral fee charge (11% faststart)
- Senior Miner tier associates earn a ten% referral fee charge (13% faststart)
- Chief Miner tier associates earn a 12% referral fee charge (15% faststart)
- Grasp Miner tier associates earn a 14% referral fee charge (17% faststart)
- Masterchief Miner tier associates earn a 15% referral fee charge (18% faststart)
- Limitless Miner tier associates earn a 16% referral fee charge (19% faststart)
Notice the faststart referral fee charge is paid out throughout a MyGBit Mining affiliate’s first fourteen days with the corporate.
Residual Commissions
MyBitG pays residual commissions through a binary compensation construction.
A binary compensation construction locations an affiliate on the high of a binary workforce, break up into two sides (left and proper):
The primary degree of the binary workforce homes two positions. The second degree of the binary workforce is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary workforce are generated as required, with every new degree housing twice as many positions because the earlier degree.
Positions within the binary workforce are stuffed through direct and oblique recruitment of associates. Notice there isn’t a restrict to how deep a binary workforce can develop.
On the finish of every week MyGBit Mining tallies up new funding quantity on either side of the binary workforce.
Associates are paid a share of funds invested on their weaker binary workforce aspect.
Residual fee charges are decided by how a lot a MyGBit Mining affiliate has invested:
- Starter tier associates earn a 6% residual fee charge
- Miner tier associates earn a 7% residual fee charge
- Professional Miner tier associates earn an 8% residual fee charge
- Senior Miner tier associates earn a ten% residual fee charge
- Chief Miner tier associates earn a 12% residual fee charge
- Grasp Miner tier associates earn a 14% residual fee charge
- Masterchief Miner tier associates earn a 15% residual fee charge
- Limitless Miner tier associates earn a 16% residual fee charge
As soon as paid out on, funding quantity is matched towards the stronger binary workforce aspect and flushed.
Any leftover quantity on the stronger binary workforce aspect carries over.
Rank Achievement Bonuses
MyGBit Mining rewards associates for producing downline funding quantity with Rank Achievement Bonuses.
Rank Achievement Bonuses are calculated based mostly on Profession Level accumulation.
Profession Factors are accrued in 3 ways:
- referral fee earned x 1000
- residual fee earned x 500
- Rank Achievement Bonuses earned = 15,000 Profession Factors per rank
Primarily based on the sum complete of accrued Profession Factors, MyGBit Mining rewards associates with the next Rank Achievement Bonuses:
- Coordinator – generate 20,000 Profession Factors and obtain an iPhone 12
- Supervisor – generate 80,000 Profession Factors and obtain a MacBook Professional
- Govt (generate $200,000 in weaker binary workforce quantity) – obtain a “Turkey Vocation Mining Farm Tour”
- Diamond (generate $800,000 in weaker binary workforce quantity) – obtain a Mercedes Benz C-Class
- Blue Diamond (generate $1,600,000 in weaker binary workforce quantity) – obtain a Mercedes Benz S-Class
- Black Diamond (generate $4,000,000 in weaker binary workforce quantity) – obtain a Ferrari 458
- Royal Diamond (generate $8,000,000 in weaker binary workforce quantity) – obtain a Rolls Royce
- Consul (generate $40,000,000 in weaker binary workforce quantity) – obtain a “personal jet”
- Ambassador (generate $80,000,000 in weaker binary workforce quantity) – obtain a “30M extremely lux yacht”
Becoming a member of MyGBit Mining
MyGBit Mining affiliate membership is free.
Full participation within the connected earnings alternative nevertheless requires a minimal $50 funding.
Conclusion
Earlier than they have been providing flat returns, MyGBit Mining have been providing mounted ETH quantities:
MyGBİT INVESTMENT PACKAGES
Commonplace: BUY: $ 500 | Time: 18MH / s Month-to-month: 0.080 ETH
Apprentice: BUY: $ 1000 | Time: 37MH / s Month-to-month: 0.167 ETH
Supervisor: BUY: $ 2000 | Time: 75MH / s Month-to-month: 0.335 ETH
V Supervisor: BUY: $ 4000 | Dig: 160MH / s Month-to-month: 0.722 ETH
Exucitive [sic]: BUY: $ 8000 | Dig: 340MH / s Month-to-month: 1.530 ETH
V Exucitive [sic]: BUY: $ 16000 | Value: 700MH / s Month-to-month: 3,160 ETH
Current: BUY: $ 32000 | Sity: 1600MH / s Month-to-month: 6,770 ETH
V Current: BUY: $ 64000 | Kazim: 3500MH / s Month-to-month: 15.790 ETH
Founder: BUY: $ 128000 | Time: 7000MH / s Month-to-month: 31.59 ETH
No matter whether or not they’re providing mounted ETH or a ROI marketed in USD although, there’s no denying MyGBit Mining is advertising a passive funding alternative.
This is called a safety, which requires registration with monetary regulators.
MyGBit Mining gives no proof it has registered with monetary regulators in Turkey or elsewhere, that means at a minimal the corporate is committing securities fraud.
On the time of publication Alexa estimates the highest three sources of visitors to MyGBit Mining’s web site are the US, Argentina and Mexico.
Securities fraud is illegitimate in every of those international locations.
Additional to that, MyGBit Mining’s enterprise mannequin fails the Ponzi logic take a look at.
MYGBIT MINING is likely one of the main hashpower suppliers on the earth.
If that was true and the nameless homeowners of MyGBit Mining have been able to producing a 0.5% each day ROI, what do they want your cash for?
Because it stands the one verifiable income coming into MyGBit Mining is new funding.
Utilizing new funding to pay a each day return makes MyGBit Mining a Ponzi scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
This can starve MyGBit Mining of ROI income, finally prompting a collapse.
The maths behind Ponzi schemes ensures that once they collapse, nearly all of contributors lose cash.