Bitmain is one huge Scam and their mining hardware it’s taking part on this fraud worldwide.
Basically Bitmain is abusing their so called “no refunds” policy by giving no chance to actually being able to receive the products. There are many other cases where people received faulty products that they can’t use, however, this article is focused only on a personal experience and the way I got scammed by Bitmain.
Bitmain Mining Hardware
I know there are many Bitmain mining rigs around the world but in the same time a big scam managed by Bitmain is taking place.
As many other online entrepreneurs I was attracted by the crypto-currency industry and the mining hardware provided by Bitmain – Antminer S9, Antminer D3, Antminer T9, Antminer L3+.
In the last semester of 2017 I decided to buy several Antminer S9 to setup my own Bitcoin Mining Rig. I fill the forms and I notice Bitmain is now accepting only Bitcoin Cash as payment method so I purchase the large quantity of Bitcoin Cash to pay for the miners. I make the payment that is then confirmed by Bitmain so at this point all looks good.
I purchased from the November 2017 Batch so I know I have to wait a couple of months to receive the products but it’s not a problem, there is a lot of demand for these Bitcoin mining hardware.
In December I could see the Bitmain Scam in action. When I tried to do the custom clearance I was asked for “stamped invoices” of the Bitmain products – these were not present in the shipping packages.
I search all the emails received from Bitmain and I found an email containing stamped invoices but ONLY for Power Supply units, NOT for the Antminers! The email contained info about the entire order but ONLY one invoice was attached
The story is simple, the lack of the proper document (the stamped invoice for Antminers that Bitmain did not provided) made me unable to do the custom clearance.
I am sure Bitmain team knew what will happen because they decided to send me stamped invoices only for the cheaper products – the power supply units – and this is what they sent via email, there were no stamped invoices in the shipped packages.
I contacted them several times and it takes more than a week to get a reply and all replies seems to be “copy paste” they don’t read the support requests or if they read they ignore the problems, like the lak of stamped invoices in my case.
I’m sure there are many other clients who were scammed by Bitmain in the same way I was.
Bitmain gains many times from a single transaction like this one. Basically Bitmain was paid by me then received the products back and then sold the products again to another client (I really don’t think they’re just keeping it in a storage room, they could’ve sent me the invoices if they didn’t wanted to somehow reuse it). I paid about $1500 per product and a couple of weeks again the Antminer S9 was sold at almost $3000 on Bitmain.com so it’s possible that this was a new batch of returned products from clients who couldn’t receive their Antminers because Bitmain didn’t sent them the proper documents.
In the end I didn’t lost only the amount paid in USD, in this time the Bitcoin price increased considerably. I was fooled by their so called best mining hardware and I lost by Bitcoin and what’s worst is that they seem legit. Is not like they’re some no name company, they are one of the biggest company in the industry.
I’m sure there are tens of thousands of other clients scammed by Bitmain this means many many millions of dollars stolen by Bitmain.
From my research Bitmain previously also accepted Bank Wire as payment method so I’m guessing the ones who, in the previous years, paid by Bank Wire, they indeed received the products. I’m guessing Bitmain is camming only the clients who are paying with Bitcoin Cash (this is the only payment method accepted when I made the purchase).
I decided to do an extensive research on Bitmain activities, it seems by controlling the mining activity they actually control the blockchain and any potential fork that may happen.
This could mean that instead of having a Central Bank like the Federal Reserve you have Bitmain controlling Bitcoin.
Make sure you also read my previous article about How To Avoid Bitcoin Scams.
Bitmain Scam Update
Bitmain recently sent many newsletters to clients, some are to inform about changing of their headquarters but many were for the releasing of their new product called Antminer A3, no doubt in mypiniong that’s just another new way to scam people.
I invite you all to share your experience with Bitmain.com by adding your comment bellow.