Mining Max Review: Daily ether mining ROI payments for 2 years?
Mining Max provide no information on their website about who owns or runs the business.
The Mining Max website domain (“miningmax.net”) was privately registered on September 1st, 2016.
An April 6th YouTube video titled “Mining Max Introduction” names Daniel Park as Founder and Chairman of the company.
No further information about Park is provided (I couldn’t find anything either).
On their website, Mining Max provide a Nevada incorporation number. The corporate address provided for the company however is in California.
Whether Mining Max exists in the US other than in name only is unclear.
Offered languages on the Mining Max website are Korean, Chinese, Japanese and English, with Korean being the most prominent.
Reflecting this, Alexa currently estimate that 66% of traffic to the Mining Max website originates out of South Korea.
A Max Mining marketing presentation also claims the company utilizes an “internet data center” in Seoul, the capital of Korea.
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.
Mining Max Products
Mining Max has no retailable products or services, with affiliates only able to market Mining Max affiliate membership itself.
The Mining Max Compensation Plan
Mining Max affiliates invest $3200 on the promise of a daily ROI paid out for two years.
A $200 referral commission is paid out on every $3200 invested by personally recruited affiliates.
Residual Commissions
Mining Max pay residual commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note that there is no limit to how deep a binary team can grow.
At the end of each day Mining Max tally up new $3200 investments on both sides of the binary team.
Affiliates are paid $140 per $3200 investment matched on both sides.
How much a Mining Max affiliate can earn each day in binary commissions is determined by how much they have themselves invested:
- invest $3200 and earn a maximum $500 a day
- invest $9600 and earn a maximum $1500 a day
- invest $16,000 and earn a maximum $3000 a day
- invest $22,400 and earn a maximum $5000 a day
- invest $32,000 or more and earn a maximum $10,000 a day
Matched $3200 investments are flushed on both sides of the binary team, with unmatched amounts on the stronger side carried over.
Matching Bonus
Mining Max affiliates earn a matching bonus on binary commissions paid to their downline.
The Matching Bonus is paid out via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Mining Max cap payable unilevel levels at ten and pay a 5% matching bonus across these ten levels.
How many unilevel levels a Mining Max affiliate is qualified to earn on is again determined by how much they have invested:
- invest $3200 and earn a 5% Matching Bonus across two levels
- invest $9600 and earn a 5% Matching Bonus across four levels
- invest $16,000 and earn a 5% Matching Bonus across six levels
- invest $22,400 and earn a 5% Matching Bonus across eight levels
- invest $32,000 or more and earn a 5% Matching Bonus across ten levels
Mining Bonus
Mining Max claim ROI payouts are generated via Ether mining, with 7% of the mining output reserved for the Mining Bonus.
The Mining Bonus appears to use the same unilevel team structure as the Matching Bonus, payable down twenty levels.
Specific Mining Bonus payments are not provided in the Mining Max compensation documentation.
To qualify for the Mining Bonus, an affiliate must invest $9600.
An affiliate can also generate two new positions within their unilevel team to earn additional Mining Bonus from.
- invest $16,000 and receive a second unilevel position
- invest $32,000 and receive a third unilevel position
Star Sharing Bonus
Mining Max place 3% of their purported mining output each month into the Star Sharing Bonus.
Mining Max affiliates receive a share in one of five Star Sharing Bonus pools, based on their Star Sharing Bonus Pool rank:
- 1 Star (personally generate at least $32,000 downline investment volume) – one share in a 50% Star Sharing Bonus pool
- 2 Star (personally generate at least $64,000 downline investment volume) – one share in a 20% Star Sharing Bonus pool
- 3 Star (personally generate at least $96,000 downline investment volume and have a 2 Star ranked affiliate on both sides of your binary team) – one share in a 15% Star Sharing Bonus pool
- 4 Star (personally generate and maintain at least $96,000 downline investment volume, have at least $1.6 million in total downline investment volume on your weaker binary side and have a 3 Star ranked affiliate on both sides of your binary team) – one share in a 10% Star Sharing Bonus pool
- 5 Star (personally generate and maintain at least $96,000 downline investment volume, have at least $3.2 million in total downline investment volume on your weaker binary side and have a 4 Star ranked affiliate on both sides of your binary team) – one share in a 5% Star Sharing Bonus pool
Joining Mining Max
Mining Max affiliate membership is tied to an investment of at least $3200 every two years.
Full participation in the Mining Max income opportunity costs $32,000.
Conclusion
Mining Max claim to be mining ether in facility they have a partnership with in South Korea.
The company provides no proof of any mining taking place, with the backoffice resembling the Ponzi points model used by similar schemes.
Even if we give Mining Max the benefit of the doubt however, serious compliance issues are still evident.
First and foremost is a purportedly US company offering securities to US resident.
At the time of publication Alexa estimate the US is the second largest source of traffic to the Mining Max website.
Offering securities to US residents requires registration with the SEC. A search of the SEC’s database for “Mining Max” turns up nothing.
With no retail offering, Mining Max’s referral commissions and bonuses also constitute pyramid fraud.
Affiliates invest and are paid to recruit new investors, with nothing marketed or sold to retail customers in the process.
These two compliance issues are enough to see the company shut down should the SEC investigate, regardless of whether any actual ether mining is taking place or not.
One Mining Max presentation I watched claimed bank wire details for the company had recently changed, suggesting the company is already feeling regulatory heat.
Mining Max’s compensation plan ties up a good portion of funds invested.
Yet despite this, Mining Max claim they were paying out $45.36 a day per $3200 investment back in March.
That’s on top of the 30% of mining output the anonymous admin(s) running Mining Max keep for themselves.
Mining Max is likely doing some ether mining in the background, but hardly enough to account for affiliate daily ROIs in their entirety. Much the less a consistent ROI for two years.
The mining ruse is particularly convenient for companies not engaged in mining, as it gives them an out when the scheme starts to collapse.
The value of the cryptocurrency being mined is typically blamed, along with a rise in mining costs and lessened mining output.
To date I’m not aware of any MLM company who claim they’re mining to be able to sustain ROI payments for two years or more.
BitClub Network is probably the longest (because they were one of the first and people hadn’t wised up), however they still had to scrap ROIs on initial investments prematurely.
Pending the SEC intervening and/or affiliate recruitment dying out well before two years, it’s likely Mining Max investors are in for a bumpy ride.
Update 23rd December 2017 – Mining Max collapsed shortly after launch, prompting an investigation by Korean authorities.
Earlier this week around twenty Mining Max executives and affiliates were arrested.
Address is a law office in LA’s Koreatown
Mark C. Kim, Esq.
Law Offices of Mark C. Kim
3600 Wilshire Blvd., #1200
Los Angeles, CA 90010
Tel: (213) 252-2224
Which is also Angel Legal Service, kinda clone of Prepaid Legal/Legal Shield albeit local to LA (same address, same suite number)
Sure? Diff address here:
365hananet.koreadaily.com/korean-american-yellowpage/Los%20Angeles/LA/1505/%EB%B3%80%ED%98%B8%EC%82%AC-%EB%A7%88%ED%81%AC%ED%82%B4%EB%B3%80%ED%98%B8%EC%82%AC(%EB%AF%BC%EB%B2%95)-LAW-OFFICES-OF-MARK-C.-KIM
I did originally find a law firm using the same address but when I went to their company website they had an updated address. The Korean lawyer fits though.
I am getting multiple listings for Mr. Kim here, but all in the same building. I’ve seen Suite 1220, Suite 2046, Suite 2036, Suite 2214… Seems he move a lot and may even be partner with a Wilhelm guy.
I wonder if Suite 1200 is just a mailstop.
If you look at the google street and you will see there is bank building. It is not exist there!
Once again you are spouting off and your facts are false. actually there is lots of information on the founder. Also your “Mining Max affiliate membership is tied to an investment of at least $3200 every two years.
Full participation in the Mining Max income opportunity costs $96,000.” is wrong. it is 3200 for initial machine and 480 .00 after two years for maintenance of machine, so 96000 initial investment is incorrect.
As you do not need to sponsor with one machine it is paying today 1000 per month. that’s 12000.00 per year, Once again a family that could use the money is but off by your false garbage.
$3200 investment term is two years.
5 Star rank requires a $96,000 investment.
No information about Daniel Park on the Mining Max website.
Stop making excuses for Ponzi schemes. The last thing “a family” needs is for you to steal almost $100,000 off them.
Oz, you are wrong. I saw the compansation plan. A 5 Star need 30 Personally SOLD machine not personally purchased 🙂
The owned machines just counting toward this number. If you have 3 you need sell 27 to qualify. I don’t want to make any pro and contra claim, but the facts are facts. You are wrong.
Interesting, as the translations all say different things from the official website.
Chinese presentation says MiningMax is based in Las Vegas, NV, not LA, CA.
There was some sort of Scheme called GlobalSharings (aka GSM “Global Share Membership”) some sort of “super rewards card”. Their Chinese slogan is “Global Wealth Sharing Platform”, hahaha. GSm folks claim to be linked up with MiningMax.
The Chinese narration claimed that the Mining Max miner CANNOT mine Bitcoin, but can mine everything else, esp. Ethereum and ZCash. (WTF?!) And the machines cost $2500 USD each.
Members pay $2500 to virtual own the machine (presentation was dated December 2016), and sign 2 year contract with MiningMax to manage it. It encouraged owning multiple machines, which allows dipping into commission down more levels (10 machines = 10 levels?)
5-star ranking says “personally refer 3 people into owning, and 30 machines owned in downline tree”. There’s this 1000/1000 that wasn’t explained.
Could this be an earlier comp plan? Hmmm…
So where is this comp plan viewable at? Peer review and all, of course.
Only in the videos. Something about ran Kia Motors for a while, then founded some Lawyer subscription service (cloning LegalShield)? Sounds like a major downgrade in resposibility.
There is already several english presentations on youtube. Of course the machines can not mine bitcoin, since Ethereum requires GPU mining, a totally different protocoll.
Think again. ( NOLINK://toughnickel.com/personal-finance/How-to-Mine-Bitcoins-With-a-GPU-Using-CGMiner )
Had a look at some different sources today and confirmed. Updated the review.
I shouldn’t have to go to YouTube to find out basic information about an MLM company.
Hi my name is Sam Rivera and I live in Rochester NY.
I was introduced to Mining Max 3 months ago by a good friend who is also a Youth school psychologist.
I invested in 5 machines ($3200.× 5) but I have been mining now for about 40 days.
I have earned almost $9,000 in 40 days! Not even my construction company is yielding this much income!
I was picked to go to go and see my investment with 49 other people all expenses paid on July 19th 2017 because I brought in over 30 machines! 🙂
I invested in 10 machines and have been mining for 35 days. Not yet received any ROI. STAY AWAY FROM THIS SCAM!
I am a Korean and I am a teenager who invested in 10 in June but I have not gotten much of an ether. I see a lot of investors like me.
career ponzi/pyramid scammer jason richard mangan has started pimping this scam and has roped in top onecoin affiliate scammer joby boughey!
now boughey is busy ‘mining’ ether via miningmax, and not-a-word-about his fav cryptocurrency onecoin – and it’s impending ICO and going public and making him a billionaire in oct 2018!
joby boughey has Dumped onecoin and all his downline investors who trusted him for years. scammer cheater lowlife!
someone asked on boughey on FB on sept 10, 2017:
response: radio silence from boughey.
Prosecutors File Charges in Alleged $250 Million Crypto Mining Fraud
coindesk.com/prosecutors-file-charges-alleged-250-million-crypto-mining-fraud/
I was sent a check from bitcoin, I deposited it in my bank account and now my account is being closed due to this.
Your bank account? Sounds like your involvement in a Ponzi scheme triggered a SAR.
Also you weren’t sent anything from bitcoin. Bitcoin isn’t an entity capable of sending you a check.