Detailed Review of Bitfarms.com: Is it a Legit Site or a Scam Site?
Ever since cryptocurrencies took a new dimension of increasing influence in the global market through the normal exchange of coins and tokens as well as other industrial openings like Hardware manufacturing, sales, and repairs, the profitability margin continues to hit the skies as easily as possible. Opportunities abound now for both investors and every other person having a thing or two around the world of Cryptocurrency.
That is the beauty of the future in the cryptocurrency space, quite alright, the diversity in operations. Every single day keeps opening up newer and more interesting business ventures that can be explored and gainfully rewarded. In a nutshell, a whole lot is going on within the cryptocurrency space, and that has birthed quite a good number of online crypto companies like Bitfarms.com
The painful reality, however, is that there has been an association of scams and fake features with some of these sites. This brings up the question of: Is Bitfarms.com legit or not? Well, we have a lot to talk about, so let us quickly dive in right away.
About Bitfarms.com
The confirmed date of founding and launching is 2017. Though there are speculations of other dates for launching. The few names behind the launching of Bitfarms.com are Nicolas Bonta and Emiliano Grodzki, and Geoff Morphy, acting as President & CEO.
Mining operations began in earnest right in Canada and soon enough began their expansion journey towards South America (Argentina to be precise). As of 2022, Bitfarms.com already boasts about 10+ facilities actively in operation by late 2022.
Services offered by Bitfarms.com
Basically, Bitfarms.com runs a ton of services in all of the facilities it operates. Let’s dig deeper into each of these service expressions.
- Data analytics services for better efficiency of mining operations
- Electrical engineering and repair services for hardware and equipment
- Extensive Bitcoin mining operations. So far, mining operations have been recorded in multiple large-scale data centers across Canada, the U.S., Paraguay, Argentina, and other South American countries.
Claims made by Bitfarms.com
These claims might sound outrageous, but there seems to be some element of truth in them. Judge critically and unbiasedly;
- A great mining feat reached; 11,300 BTC mined since 2017, with 5,167 BTC in 2022.
- Claims of fully functional hydroelectric power, long-term power contracts, and a recognized MicroBT service partner.
Reviews and Feedback from Communities and Users
Positive Responses
- According to responses from the Reddit community, we’ve uncovered these responses;
- “Bitfarms’ monthly Bitcoin production has increasingly doubled, averaging around 13 BTC per day.”
- “A massive record reached already, Bitfarms hash rate has shot past the 4 EH/s milestone…”
- Trust score of 61/100 from ScamAdviser. Quite fair enough and moderate
- ScamFinder.io gives a Safety rating of 95/100, and no traces of blacklisting in its history. That proves a strong point already.
Seeming Concerns
Although not particularly negative comments per se, or deterring factors, these factors are still worth giving some consideration.
- WHOIS privacy is staying hidden. Though being the standard for corporate institutions, Bitfarms.com has had its WHOIS policy stay hidden, but as earlier said, this is not a red flag.
- Mix-up in name and identity with other companies – Not a red flag.
Cheap Remote Crypto Mining for you – Click Here
Is Bitfarms.com Legit?
At this juncture, it is fair enough to give Bitfarms.com the legitimacy pass mark, as it comes out top of the chart on all fronts in determining and judging how legit a site is. Bitfarms is truly a genuine and legit Bitcoin-regulated mining company with branches of operation across the globe. So, from all indications, it is not a scam. All its operations and credentials are well-documented and can be easily verified if need be.
Meanwhile, we always advocate for intense research and inquiries to be made before making any investment or money-related decision.