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Mining City is a bitcoin mining company that emerged in 2019. It became very popular in a short period of time because MiningCity.com promotes the platform as the world’s most successful mining community.

However, Mining City has been involved in a number of controversies and investigations due to securities fraud. Despite such controversies, the company managed to keep operating in the crypto industry.

Therefore, it is important to review this company in detail to determine whether it is capable of providing any significant profits.

Overview of Mining City

Mining City is claiming to be a global crypto mining company that has access to massive hash power for mining procedures. MiningCity.com states that the company has an extensive mining community. It entices users to invest in the company by claiming that people from all over the world trust the company because it has the experience and modern tools and technology.

At first, MiningCity.com did not give any details about the owner of the company. However, the website was updated, and Grzegorz Rogowski is stated to be the CEO of Mining City. According to Rogowski’s social media profiles, he lives in Poland.

Therefore, it is possible that Mining City is also running out of Poland. The work history of the owner of this company also shows that it is his first venture in the crypto industry.

Domain Insights

MiningCity.com was first registered in 2003. However, the site did not become active until 2018. The analysis of the website shows that Japan (50%), South Korea (25%), and Vietnam (13%) are contributing the highest amount of online traffic to MiningCity.com.

Mining City

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The marketing of the company further complicates its history. It is not clear that whether the company is operating from Europe or Asia. The CEO of the company lives in Poland. Hence, if the company is running from Poland, it is still mainly targeting the Asian countries.

How to Register at Mining City?

Mining City is asking for a very large amount of at least $500 from the initial members. In fact, MiningCity.com is encouraging users to invest as much amount as they can between the range of $500 to $1500.

This is a huge amount, especially when you consider the fact that there is no guarantee that Mining City will be able to provide any significant profits to you. MiningCity.com also states that the actual investment will be made in bitcoin.

MiningCity.com provides the following four packages:

  1. The standard Package costs $500.
  2. Bronze Package costs $1000.
  3. Silver Package costs $2000.
  4. Gold Package costs $3500. 

You should not be investing this kind of amount in a platform like Mining City that cannot provide guaranteed profits. Therefore, it is highly recommended that you invest in reliable and legit crypto cloud mining companies. These companies provide legal and efficient mining services to help you generate a good amount of profits. 

Income Structure of Mining City

As discussed in the previous sections, Mining City is claiming to be a bitcoin mining platform. Yet, the business model of MiningCity.com revolves around affiliate memberships and daily profits. This kind of business model is similar to any other crypto Ponzi scheme. 

Let’s discuss the income structure of Mining City in detail. 

Daily Profits

Mining City is asking users to invest in the company to get daily profits. The website states that the affiliate members will be getting daily profits over the period of 1100 days. 

As a result, MiningCity.com is encouraging users to invest as much money as they can to generate a high amount of profits. Keep in mind that you will have to invest at least $500 to qualify for any of these commissions. 

Affiliate Ranks

There are a total of 5 affiliate ranks in Mining City. The income structure of the company heavily relies on these ranks to promise profits to the users. These ranks are:

  1. Citizen Rank in which an affiliate has to register and invest in the company. 
  2. City Builder Rank in which an affiliate has to hire at least five members on the Citizen Rank and make $10,000 in total investment. 
  3. City Developer Rank in which you have to maintain five affiliates and earn $50,000 in total investment. 
  4. The City Manager Rank in which you have to maintain five affiliates and earn $250,000 in total investment. 
  5. Chief Manager Rank in which you have to maintain five affiliates and earn $2,000,000 in total investment. 

Referral Commissions

Referral commissions play an integral role in the income structure of Mining City. These commissions are often used by the Ponzi scheme to gain investment from the affiliates and earn money before their imminent collapse. 

MiningCity.com provides complete information about the referral commissions. These commissions are also based on the affiliate ranks of the company:

  • Members of the Citizen Rank receive a 5% referral commission up until ten levels. 
  • Members of the City Builders Rank receive a 5% referral commission up until 15 levels. 
  • Affiliates of the City Developers Rank receive a 5% referral commission up until 20 levels. 
  • Members of the City Managers Rank receive a 5% referral commission up until 30 levels. 
  • Affiliates of the Chief Managers Rank receive a 5% referral commission on all levels.

Features of Mining City

There are many different features that Mining City is claiming to have to attract more people and investment. Some of these features are:

MiningCity.com

Reliability

Mining City is presenting itself as a highly successful and reliable platform that can provide a massive amount of profits. However, the business model of the company indicates that it has nothing to do with actual crypto mining procedures. Instead, the company is relying on the investment of the users. 

Profits

MiningCity.com provides information about a thorough income structure of the company to seem like a legit crypto mining platform. However, there is no guarantee that it is capable of providing such profits.

Affordable Mining Plans

One of the most shocking claims of Mining City is that it is providing ‘affordable’ crypto mining plans. The website states that the company’s motivation behind such plans is to make sure that everyone is able to enjoy the benefits of crypto mining. 

However, this is a completely false claim due to the fact that the company is asking for at least $500. It is a huge amount for a platform like MiningCity.com that has been involved in a number of legal controversies. 

Conclusion

All of the factors discussed in this article point to the fact that Mining City is not a feasible investment opportunity. You cannot trust its claims of being a highly profitable platform. Instead, there is a very high chance that the company will collapse soon and you will not make any profits. 

Moreover, the legal issues associated with MiningCity.com cannot be ignored. In 2020, it was revealed that Mining City is a fraud because it has not been registered with SEC. Similarly, other organizations have investigated the company for lack of compliance with legal rules and regulations. 

Even if you look at the income structure of the company, you will see that there are no major earning opportunities in the company. It is possible that you might get some small profits from the company. However, they will not be enough to recover your initial investment. 

Therefore, you should avoid investing any money in Mining City because you cannot make a good amount of profits from it. A reliable alternative to such Ponzi schemes is the crypto mining companies. These companies have been operating in the industry for a long period. As a result, they are capable of providing profits quickly and easily via crypto mining. 

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Is Elon Musk’s Remark to #Hashledger Is Implying to #Hedera? Is This a Big Catalyst for HBAR Price?

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Hedera momentum is building, and with Elon Musk’s mention of #hashledger at the B-word event, it appears like the Hbarians’ celebration is just getting started. Elon Musk was referring to Hedera, as confirmed by a tweet from a founding member of the HBAR community.

HBAR is a cutting-edge technology that is being used by businesses all around the world. Hedera has grown to become one of the largest crypto networks in the world. As additional transactions are added to the network, the speed of transaction verifications rises, but it remains entirely undetected. It’s big and has a lot of uses, and it’s one of the big players. 

Also Read : Elon Musk Reaffirms Support For Bitcoin in the B-word Event, Markets Sentiments Turned Bullish!

HBAR Price Analysis

Although the HBAR price is currently bearish, the cryptocurrency price began surging at the start of 2021, and the positive trend lasted until mid-March when it reached an all-time high of $0.45. The currency failed to break through the all-time high price in April before entering a bearish trend that has lasted till today even though the asset was seen trading in the green zone in the past week.

Hbar closed the day at $0.17. Hbar is currently trading at $0.16, after a bearish start to the day. In the previous 24 hours, the price of HBAR has risen 2.51%. Currently, Hbar must avoid the key initial support level of $0.15, which is followed by $0.14 and $0.13. The biggest resistance level on the upside is $0.20, followed by $0.25. As long as it retains a critical support level, HBAR will resume its bullish trend. 

Since its ATH, the lowest price was $ 0.139984. (cycle low). Since the last cycle low, the highest HBAR price was $ 0.212739. (cycle high).

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Polkadot Will Compete with Ethereum to Reach a Price of $100, Expects Industry Veteran

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Crypto-fintech expert and industry veteran Keith Bliss, the president of fintech solutions provider company Capital2Market, believes that Polkadot, the ninth-largest cryptocurrency in the market, may witness significant growth in the next three years

Keith Bliss: A Veteran in the Industry

Keith has remained associated with the fintech industry since the late nineties. At the beginning of his career, he sold time-order-management systems. The large buy-side asset managers were Bliss’s clients. Gradually he moved on to the dealings of electronic trading systems. These systems created a link between the institutional buy-side players and the sell-side players, facilitating seamless equity transactions for Wall Street. 

Bliss has been a witness to the fintech industry’s gradual growth. His experience in the industry makes him optimistic about the evolution of cryptocurrencies and the process of asset tokenization. But his reasons to believe in Polkadot’s potential growth story go far beyond the general hopefulness around the crypto industry.

The Factors Driving Polkadot’s Growth

Keith believes that Polkadot will grow in the imminent future as a competitor to Ethereum. To back his claim, Bliss cites the growing inclination among developers to turn to Polkadot as a foundation for building their platform. But why is it so? 

As we know, Ethereum, unlike Bitcoin, is seen more as an enabler of application development than as a store of value. Its smart contracts and other technological benefits have immensely helped DeFi to grow in applicability and usage. Yet, when developers develop something on Ethereum, the additions get coded right onto its blockchain. With a growing number of applications, these coded additions stunt the transaction speed of Ethereum and take a toll on its scalability. 

Polkadot solves this problem through its bridges. Polkadot can connect with other blockchains through bridges. Such a bridging system allows developers to work with their applications without building right into Polkadot’s main blockchain. Resultantly, Polkadot retains its scalability. However, Bliss does not believe that these advantages would make Polkadot replace Ethereum, as Ethereum already has a much higher adoption rate and is working on future upgrades. But, Polkadot will emerge as one of the strongest competitors of Ethereum. 

Estimating the Future Price of Polkadot

On one hand, Polkadot is a new entrant in reputed exchanges like Coinbase. It also does not have products like Ethereum ETFs or ethereum futures. But, at the same time, it has parachains, independent blockchains that connect to and run off its network. These parachains can attract developers in bulk to turn towards Polkadot as their preferred DeFi application protocol. As the developer pool grows, the Polkadot ecosystem can continue to prove that it’s here for the long term.

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Altcoins To Surge Nearly 80% To 150% In Upcoming Bull Run!

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The crypto space is experiencing a huge roller coaster ride nowadays and the previous day surge was the phenomenal one. Amid the B-Word Event, the Bitcoin price gained a notable push and the other altcoins also ranged above the levels. Currently, the Ethereum price is all set to propel high with notable gains. However, the second half of 2021 is expected to be more fruitful.

It is a known fact that the crypto market flows with the BTC price and hence a substantial jump could ignite the altcoin market. Currently, the price is attempting hard to break the immediate lower high above $33,000. And later the rally above $35,000 seems to be imminent which could ignite the price to head towards $40,000. The price needs to sustain above these levels and this is when the altcoins could rise more than 80%.

The bitcoin price received some bullish moves from the event. The price was pushed to $32,600 and before it could register new highs, a strong rejection wick hindered the uptrend. Currently, the price is trying to hold above $32,000 and in order to continue with a bullish momentum, the price is required to smash $33,000. 

btcchart

Despite a substantial push, the price still failed to smash the upper trend line and initiated a consolidation. The rectangle box signifies crucial ranges to hold on to in order to propel further. The altcoins like Ethereum(ETH), Cardano(ADA), Stellar(XLM), Polygon (MATIC), XRP, AAVE, etc and many more could record a series of double-digit gains in the coming days. 

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