Sagmining.com Review: SCAM or LEGIT?
Sagmining.com is a Bitcoin Cloud Mining site that promises a maximum ROI of 3.3% per day if you deposit between 0.5 and 5 BTC. What this means is that if you would for example deposit 1 Bitcoin, then you would be earning roughly $366 a day at the current price of BTC ($11100).
They have some other plans too, all of them promising some insane daily ROI. If you google sagmining.com, the first thing that comes up is their Trustpilot page where they are sporting a 4.7 out of 5 rating with nearly 1800 reviews. What's not to love, right?
Well, for one, it is a known fact that the vast majority of cloud mining sites are straight-up Ponzi scheme scams.
No one is going to just give away free money, especially the amounts that they are promising. That is what they would be doing if they sold you their hashing power at a loss so that you could make money. That is also exactly why most of the scam cloud mining sites are selling hash power that, in reality, does not even exist.
Even if you give them the benefit of the doubt, despite knowing this, it is blatantly obvious that something is not right. There are several warning signs of a scam with sagmining.com - a template site, no real contact details, poorly written English, unrealistic promises of ROI etc. They also like to plug in the word LTD everywhere they can in their name, along with their certificate of being a private LTD company.
The fact that they are a registered company in the UK might lead to you believe that is in fact legit. Here's the thing though:
It is ridiculously easy to set up a limited company in the UK. It costs you a measly £12 and the process takes 10 minutes.
There are even sites that offer people living outside of the UK to open up an off-shore company in the UK. Suffice to say, being a registered LTD company in the UK does not give you any credibility. You can read more about the abuse of LTD incorporations here.
Looking closer into their company, you can see that they were incorporated on the 29th of May this year.
Pretty impressive to have gathered this many great reviews over on Trustpilot for a brand new company in just a matter of months, don't you think?
This is a common tactic of cloud mining scam sites such as sagmining.com. They pay people to testify that they are legit all over the web, not only on sites like Trustpilot but also on forums and social media. In the control panel, they even offer you 5000 satoshi for rating them on Trustpilot:
If you couple that with their insane affiliate programs, it isn't surprising that these scams spread pretty quickly.
Now.. I actually tried this service to see exactly how they scam people. Despite all that I know, I am that dedicated to putting a stop to these blatant scams. To my surprise, I was actually "paid" to begin with, if you could call getting paid being them just updating your wallet with Bitcoin that likely does not even exist.
When it came to withdrawing those earnings, however, things were not as easy.
When I attempted to withdraw my earnings, the site informed me that my account withdrawal limit is 0.001 BTC per week. I had not withdrawn before that, so it was a little bit peculiar since what I was trying to withdraw was below that amount. Furthermore it told me that, were I to invest in their own cryptocurrency "SagCoin", this restriction would be gone. I would have to buy 50% of what my current wallet credit was in SagCoins.
And of course, I could not use my wallet funds, so I would have to pay with my own, real money.
Here is a video on YouTube illustrating exactly this if you want to see it live.
After reading up some more on their SagCoin, which is an awful name for a cryptocurrency by the way, I realized what kind of scam this was. If you were to buy SagCoin, then you would likely never be able to sell it. On their info page for SagCoin, they boast about their huge plans for SagCoin:
"In 2021, the company is planning to introduce the SagCoin Tokens to the major worldwide exchanges, such as OKEx, Huobi, Binance. This step will allow us to promote the platform, which, in turn, will lead to an explosive increase in the value of the coin, multiplying its holders` capital by dozens and even hundreds. "
Yeah, that's never going to happen. SagCoin is not even exchangeable yet, hell, it's probably not even a real cryptocurrency, just numbers on their page. When push comes to shove, they have ZERO information on what technologies they are even using.
So you would essentially be paying for something that you, at best, would be LUCKY to ever sell. So while you may be "earning" 3% ROI on paper, the reality is that there is likely no mining even being done and they are simply making a profit of you in the end.
So, with all that said I can with full confidence say that sagmining.com is a SCAM and you should stay away from it and all of the scammer's other sites. I am fairly certain that the people who run this site also were behind ecohashes.com, and another site called wolkemining.com which I will be making a separate review for soon.