GrenMiner Review: 4.5% an hour crypto mining Ponzi scheme
GrenMiner provides no information on its website about who owns or runs the company.
GrenMiner’s website domain (“grenminer.com”), was privately registered on March 19th, 2022.
In an attempt to appear legitimate, GrenMiner provides incorporation details for “GrenMiner Limited”.
GrenMiner Limited was incorporated in the UK on March 22nd, 2022.
An MLM company operating or claiming to operate out of the UK is a red flag.
UK incorporation is dirt cheap and effectively unregulated. On top of that the FCA, the UK’s top financial regulator, do not actively regulate MLM related securities fraud.
As a result the UK is a favored jurisdiction for scammers looking to incorporate, operate and promote fraudulent companies.
For the purpose of MLM due-diligence, incorporation in the UK or registration with the FCA is meaningless.
In the source-code of GrenMiner’s website we find reference to Jivo, a Russian support chat app:
This strongly suggests whoever is running GrenMiner has ties to Russia.
To that end the Central Bank of Russia issued a GrenMiner financial fraud warning on June 9th.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
GrenMiner has no retailable products or services.
Affiliates are only able to market GrenMiner affiliate membership itself.
GrenMiner’s Compensation Plan
GrenMiner affiliates invest 001 to 2 bitcoin or equivalent on the promise of hourly and/or daily returns:
- 4.5% an hour for 24 hours (108%)
- 115% in 24 hours
- 270% after five days or
- 2450% after 16 days
GrenMiner pays referral commissions on invested bitcoin down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 6%
- levels 2 and 3 – 1%
GrenMiner affiliate membership is free.
Full participation in the attached income opportunity requires a 0.001 BTC investment or equivalent.
GrenMiner solicits investment in bitcoin, ethereum, litecoin, dogecoin, ripple, binance coin, tron, stellar and tether.
GrenMiner represents it generates external revenue via cryptocurrency mining.
Our company Grenminer Limited is engaged in mining, as well as the sale of all types of chips for mining devices.
Although its taken a backseat to trading, crypto mining still a typical MLM crypto Ponzi ruse.
GrenMiner provides no evidence it is engaged in crypto mining activity. More importantly, there is no evidence external revenue of any kind is being used to fund affiliate withdrawals.
Furthermore GrenMiner’s business model fails the Ponzi logic test. Anyone capable of legitimately generating anything close to 2450% every 16 days isn’t sharing it with you at no cost.
As it stands the only verifiable source of revenue entering GrenMiner is new investment.
Using new investment to pay affiliate withdrawals makes GrenMiner a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve GrenMiner of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
Update 8th July 2022 – Grenminer collapsed a few days ago. The same scammers appear to be behind Polinur.