BTC Profits Review
Price: Free to join; minimum 0.005 BTC deposit to participate.
Rating: (zero stars)
Bitcoin and other cryptocurrency are all the rage right now, and there are lots of people out there making a lot of money in that field.
There are also a lot of people taking advantage of others and ripping them off via Bitcoin-related scams. That means that you have to be careful when you get involved with anything that has “Bitcoin” in the name.
So, with that in mind, I’ve come across a product called BTC Profits, which claims that you can invest money with them that they can use to “mine” Bitcoin, and they will then pay you 2% per hour on your money. After 100 hours, you can cash out at a 200% profit.
That sounded interesting, so I thought I’d take a closer look at BTC Profits and see what it’s about. Is BTC Profits a scam, or can you make money with it?
Read on for the full BTC Profits review.
BTC Profits Overview
According to the Website, BTC Profits is a “hardware rental” service that allows you to participate in the mining of Bitcoin to earn a return on your investment of 2% per hour.
What’s Bitcoin mining? Transactions involving Bitcoin have to be confirmed, and that requires thousands of computers around the world working in concert to solve complex numerical problems. Every ten minutes or so, someone solves the most recent problem, and that person is rewarded by the Bitcoin network with 12.5 Bitcoin for solving the problem.
This goes on around the clock, and over the years, many people have made a lot of money mining Bitcoin this way. Of course, it used to be easy; you could do it with a desktop PC 7 or 8 years ago.
Today, it takes far more computing power to mine Bitcoin, due to the increased size of the network and the amount of competition. There are lots of people trying to mine Bitcoin, and the greater the number of participants, the harder it gets.
That’s why most Bitcoin mining is done in pools, where a number of people agree to work together to mine Bitcoin. When one of the members of the pool solves a problem and earns a reward, the reward is shared among all the members of the pool, with everyone earning a share based on the amount of their participation.
That is what BTC Profits claims to be doing. You can join for free,, but to participate, you’ll have to make a deposit in Bitcoin. The minimum deposit is 0.005 BTC, which at the moment is about $33 U.S. The maximum amount you can deposit is 5 BTC, which is about $30,000.
All you have to do is deposit your money, and BTC Profits says they’ll pay you your earnings once an hour. The site claims that their main feature is their system’s ability to compensate for reward difficulty and “reward adjustments.”
BTC Profits even has a reward calculator on their site. You just enter the amount of your deposit and they’ll tell you how much you’ll earn.
I typed in 1 BTC, and they told me that I’d earn:
- 0.02 BTC per hour
- 0.48 BTC after one day
- 2 BTC after 100 hours
So for a deposit of about $6500 (today’s BTC price) I can earn $130 per hour, 3120 per day, and $13,000 after 100 hours, just like that.
That sounds great! Who knew it would be so easy to make money?
What’s really going on with BTC Profits
It isn’t that easy to make money with BTC Profits, and it’s certainly not that easy to make money with Bitcoin mining.
Bitcoin is down more than two thirds from its high price of $20,000 about eight months ago, but in the meantime, the difficulty of mining Bitcoin has increased.
In fact, the combination of increased difficulty of mining and a lowered retail price for Bitcoin means that right now, you will lose money mining Bitcoin.
That’s right; it costs more money to mine a single Bitcoin than you’ll get in return. That’s why most of the mining done these days is done by large corporations, one of which, Bitmain, is a manufacturer of Bitcoin mining equipment. Bitmain is a lot bigger than BTC Profits, and they can handle fluctuations in market price.
Bitmain has tens of thousands of computers working around the clock to mine Bitcoin. Are they losing money? They are on the mining, but they’re also selling equipment, depreciating the equipment they’re using, and stockpiling the Bitcoin they’re earning for a later date, when, presumably, Bitcoin will be worth more money than it is today.
What that means for investors at BTC Profits, however, is that it simply is not possible for someone to pay you 2% per hour on your investment in Bitcoin mining.
Bitcoin mining isn’t profitable right now, which means a company that says they’ll pay you 2% per hour to invest in their mining operation isn’t being completely honest with you.
What is BTC Profits doing?
In all likelihood, what’s going on with BTC Profits has nothing, at all, to do with Bitcoin. BTC Profits isn’t alone in that; there are lots of companies like BTC Profits that simply put Bitcoin in their name to impress people.
In truth, what’s likely happening at BTC Profits is that they’re simply running a revenue sharing program. They’re complicated, but the quick description is like this:
- You pay to join.
- You’re encouraged to get others to pay to join.
- They pay to join.
- BTC Profits shares some of the revenue with you.
This system works fine, as long as people continue to join forever.
Of course, that doesn’t work in real life. Eventually, even in an ideal situation, everyone on Earth would join and then what? After everyone joins, there’s no one left to join and no more money coming in.
The creators of BTC Profits are hoping to generate some buzz on social media for a short time to get a lot of people to sign up so that a bunch of money flows into the BTC Profits system quickly.
For a short time, people who joined BTC Profits early will make some money. That will soon run dry, however, and eventually, people who join will pay money and get nothing in return.
It’s worth noting that there’s no information whatsoever on the BTC Profits site to indicate who owns the site, who operates the site, or where the company is located. Even the domain registration is private, so you can’t find out to whom you’re giving your money.
It’s possible that if you join, you’ll just deposit money and never hear from them again.
BTC Profits Summary
BTC Profits has nothing to do with Bitcoin, and it’s not a good idea to join. If you’re interested in making money with cryptocurrency, there are places to learn about that.
BTC Profits is not recommended.