Tuesday, January 31, 2023

Terraminer: Mining Operation Promises Unlikely 300% Returns

Terraminer: Mining Operation Promises Unlikely 300% Returns

There is a very bizarre video ad going around on YouTube right now. Promoting Terraminer, it features a man in a gray sports jacket shouting over what he claims is the sound of a noisy mining operation. It’s clear though he is very obviously standing in front of a green screen. The man’s voice is dubbed with by a poorly done voiceover, as the language the man is speaking is clearly not English.

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Terraminer’s Mining Operation

The video goes on to say he wants to build a new mining farm that will solve all existing mining problems (noise, heat, electricity costs). Following this, he says he wants to hold a roundtable discussion with anyone interested to talk about how to do it.

The man in the video, Pavel Kuznecov, claims that this would be the public’s first chance to own a part of, and profit from, a mining farm.

The company is called Terraminer (misspelled “Terramier” on the YouTube ad… more on that later), and they are making some extremely inconsistent, and downright strange claims. Before we get too deep into what’s going on here (it’s very hard to follow), let’s cover the basics of what they are claiming to offer.

Strike One: Promise of Guaranteed Profits

The company, which from documents on their websites seems to be based in Bulgaria, claims that they either are currently building or are planning to build a mining facility in the southern Chinese city of Shaoguan. Whether they are actually building it, have finished construction, or are just planning it, is unclear. They state at this site they have access to very low-cost electricity, alongside a contract with a chip manufacturer to get the lowest prices on mining hardware.

The company is offering its own crypto token called TRM, which they state represents 1 MH/s of Scrypt mining power.

According to their official explainer video, which comes complete with thumping dubstep music and crackling, distorted and overdriven voiceover audio, if you buy the token at pre-ICO pricing (which seems to have ended, but a discount is still available) you will make a guaranteed profit of 300 percent in two months.

The claim is hard to believe, to say the least. The company further claims on Reddit that they have already received 341 ETH in funding.

Strike Two: Glaring Inconsistencies

Here is where the first major, massive problem appears with this pitch. The company has already managed to contradict itself several times regarding its proposed mining operation. Let’s review.

First, the YouTube ad clearly states that they want community input on their mining farm. Their separate explainer video says it’s already being built. They claim it will in fact will be fully operational, profitable, and paying out to investors in just two months.

TerraminerSecond, three days ago, the official Reddit account for Terraminer linked on their website posted the following just three days ago asking if Shaoguan really is the best place to build a mining farm. Why would they be asking this if the site was already chosen, contracts were signed, and construction had already started?

The company also claims that people can go and visit their mining site once it’s completed. This statement means nothing for a number of reasons. If this is yet another HYIP or Ponzi scheme, the site will have already gone down once they have collected enough funds.

They will have no need to actually build a facility. Secondly, if they are currently building a facility, why can’t we see it now? Why haven’t they posted pictures of the construction? Why haven’t they given us an address for where the mining site is being built?

Strike Three: Spelling Errors, No Interest in Quality Control

Let’s pause for a moment to talk about the spelling errors mentioned above. Much like BitConnect, Terraminer’s site and videos are loaded with very basic spelling errors and grammar mistakes. Words like “regestraition”, “mounth” instead of month, and “mier” instead of miner, can be found all over the site and its videos.

The site also claims to have a white paper, which is really just a page on their website that offers a very brief and vague explanation of how the program is supposed to work.

Do spelling errors alone mean that a company is a scam? No, not entirely. It proves that this site and set of videos were made quickly and with no budget. Absolutely no effort at all went into to checking for something as simple as basic spelling mistakes. It’s this lack of quality control that tells us among other things that something is not quite right here.

Strike Four: Distrust From the Community

Referring back to Terraminer’s official Reddit page, you can see numerous posts that were created by the account and subsequently deleted, such as this one and this one. A number of posts that were written have been downvoted into oblivion or faced serious negative responses from skeptical Redditors.

TerraminerClearly, the crypto community is already on high alert, and this site does nothing to prove itself as being legitimate. With its ridiculous 300 percent profit in two months claims, the need to buy into their own token instead of just buying hash directly, and its totally inconsistent statements about the so-called mining facility, the community appears suspicious.

Cloud mining companies already exist. While opinions on cloud mining vary greatly, on the surface what Terraminer is offering is essentially just cloud mining. However, they are offering it in such a bizarre manner that no one should just blindly trust what they are claiming.

You be the judge — what do you think of this project? Let us know in the comments.

Images via Terraminer, YouTube

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