|Withdraw Methods||Bitcoin, credit cards and wire transfers|
Bitsrapid is a San Francisco based company that is proud of its American roots as they even highlight that they are registered onshore. From their website however, all we get to know that they are combining cloud servicing with revolutionary cryptocurrency mining to get the most efficient mining results available on the market. The registry number or the official company name cannot be found anywhere on the internet, like if they would be actively hiding information or it doesnt exists at all.
In the FAQ section they tell us that there are four mining facility is operating world-wide. As always, due to security reasons they do not wish to disclose the exact location of the cloud mining centers. They are on difference continents: the mining centers are in the US, in Singapore, in Germany and in China.
Bitsrapid does not share more information about their founders or the owners. There is no address or real contact is available under contacts tab. The website is relatively freshly registered in December 2015. Although they have facebook page with about 6000+ followers they claim on their landing page they have more than 148000+ registered users. These controversial numbers should warn the users that Bitsrapid may be a possible scam or at least a ponzi scheme.
Bitsrapid on Social Media
- Facebook: https://www.facebook.com/bitsrapid
- Twitter: https://bitsrapid.com/company.php#
- Google+: https://plus.google.com/u/0/111788772774162758385/posts
Bitsrapid offer cloud mining services for bitcoin. They are using GPUs to mine coins with scrypt algorithm. At Bitsrapid, clients cannot mine any other altcoins, like the popular scrypt coins such as litecoin and dogecoin or the well-spread ethereum.
They have two paragraph detailing what is bitcoin and how cloud mining works. These writings are very high level description of the crypoturrency system so it can only provide new information to those who read about these for the first time. The language is very casual and wants clients to feel that cloud mining bitcoin is as easy to do like online shopping on the internet.
Bitsrapid emphasize security throughout their website. In the FAQ section every second answer contains such words as safe, secure, trust and so on. They have six different antivirus and anti-malware program logo in their landing page. Although Norton antivirus logo clearly seems to be a screen shot from a website due to its resolution.
One of the FAQ question is whether Bitsrapid is a ponzi scheme, where the payout is financed from the fees paid by the new joiners. They defend themselves by calling their cloud mining activity being similar to investing on the stock market. Well, that’s not a too strong defence at all.
As payment for Bitsrapid cloud mining, the company only accepts bitcoins. There is no option to pay by wire transfer or by any credit cards. So even the service is sold as it is for cryptocurrency newbies – clients must preown bitcoin before using their services. At least they advertise themselves as having a supportive helpdesk who is willing to answer any question regarding to the sign up process.
The minimum payout at Bitsrapid is 0.005 BTC that is very high compared to competitors. If the minimum payout threshold is reached, users can withdraw the funds to their own bitcoin addresses. The company also offers to the clients to buy further hashpower from their earnings or purchase the used mining equipment. They however do not disclose the type of miners they use for providing the cloud mining service.
Up on registration Bitsrapid offers 15KH/s free hashpower for every new users. This extra hashpower is only valid for one month after registration and then will be deactivated. If the client buy any additional mining contract at Bitsrapid this free 15KH/s is added to the purchased hashpower,
The cloud mining contracts at Bitsrapid does not have any expiration date, the contracts will work for lifetime once purchased.
Bitsrapid also have a referral program through which 10% bonus is provided upon successful purchase of the referral. In order to refer new clients to Bitsrapid, only a referral link should be followed by the new joiners.
Fees and Pricing Schedule
According to Bitsrapid they do not charge any fee or commission on the cloud mining service they provide. Everything is included in the price of the hashpower.
Bitsrapid offer six different package of cloud mining possibilities. Their pricing schedule is fairly straight forward. The unit price of KH/s is decreasing as more hashpower is purchased. The ranges are given as per below for 1KH/s from hashpower of 20KH/s up to 11200KH/s. Each package has it’s own name for easier identification .
- $0.31 from 20KH/s (standard)
- $0.29 from 700KH/s (business)
- $0.27 from 1400KH/s (business)
- $0.25 from 2800KH/s (regular)
- $0.23 from 5600KH/s (expert)
- $0.22 from 11200KH/s (expert)
This means that the cheapest possible cloud mining contract at Bitsrapid costs 6.2 USD for 20KH/s and the strongest hashpower is 11200KH/s for a price of 2464 USD.
Bitsrapid User Experience
Bitsrapid had a nicely designed straightforward website. Only the crucial information is shared about the cloud mining service, like how much does it costs and how to sign up.
The FAQ section has 15 questions and answers in total. Although they praise their customer support, there is not even an email address provided on the website.
When typing Bitsrapid into Google several scam alerts and warnings come by. Couple of users signed up for their services but the payouts never appeared on their accounts. Or even if it appeared the cloud mining activity has never turned out to be profitable.
Bitsrapid is an American cloud mining service provide who is relatively fresh to the market. Their pricing schedule is market average and they don’t charge any maintenance fee. The mining contracts does not have any expiration dates and upon registration they provide 15 KH/s free mining power. That is all the good things, however the bad news is that there is about a dozen signs pointing into the direction that Bitsrapid is either a ponzi scheme or providing scam activity. The lack of information and contacts is never promising from someone who should be trusted in the cryptospace.
- no maintenance fee
- 15KH/s free hashpower up on sign up
- no time limit for cloud mining contacts
- high minimum payout
- no information on company owners and founders
- high risk of fraud
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