Topic: What do you guys think of ice rock mining (Read 400 times)
Who wants to know about their first ICE ROCK Mining project (ROCK1 Token) look here https://bitcointalksearch.org/topic/situation-about-ice-rock-mining-rock1-token-no-buyback-as-promised-3532364.
They're going to be mining with new top secret super strength (10 PH/s!!!) vaporware, and take over the world.
If they're not a scam, they are trying very hard to look like one...
https://www.btcnn.com/ice-rock-mining-ico-reveals-a1-pro-next-gen-miner-from-switzerland/
If anything looks too good to be true it's usually a scam. Especially something with such an aggressive advertising campaign on all major platforms. Make money fast, they said. 367% returns, they said. Cloud mining, they said. Yeah, right.
What do you guys think of ice rock mining, they promise an amazing roi, do you belive its legit
Do not invest in this untransparent project, they hype the service with 367% ROI pet year for lifetime which maybe ends so bad for new investors.
They have completed first ICO since November 2017 but many people didn't get mining payment, that is more than 4 months.
You can check at their telegram channel (https://t.me/IRM_ICO_Phase_One)
where many people ask for payment but no response from IRM team, one of the team member --> (https://bitcointalksearch.org/user/diaskurmanov-1059957)
But, if you ask how to invest on ICO phase 2, they will answer immediately.
Unfortunately, we can't find opening post in the first ANN thread as aTriz delete it --> https://bitcointalksearch.org/topic/old-2196082
At the current price ($7060) an S9 grosses nearly exactly $200 per month @ 13.5 T/hs, exclusive of any running costs or overhead whatsoever.
Icerock book the capital cost of an S9 at $2500 in their "calculator."
Their split of that gross $200 income works out (monthly):
50% roi paid = $100
20% reinvest = $40
20% overhead = $40
10% IRM profit = $20
or 40% of those figures per $1000 investment.
In that 20% overhead, electricity @ their claimed $0.03 Kw/h, comes to ~$28 per month out of that $40 per S9. That leaves $12 per month per machine for everything else
Reinvestment? The great compounding idea?
@ $16 per month retained, it will take over two years compounding to buy another $1000 share of hash.
How relevant/competitive/useless will the original S9's be in two years time, even if the price of Bitcoin increases? Not only is this reinvestment supposed to grow your hashrate, it must also maintain the original return first.
ROI?
So, without any of your "reinvestment" money actually adding to your hashrate (and income), in current conditions you will get $40 a month return on a $1000 investment, that's 4% a month (48% per year), or over two years before you get your original money repaid and start earning a profit....
"352%" ROI...?
Icerock book the capital cost of an S9 at $2500 in their "calculator."
Their split of that gross $200 income works out (monthly):
50% roi paid = $100
20% reinvest = $40
20% overhead = $40
10% IRM profit = $20
or 40% of those figures per $1000 investment.
In that 20% overhead, electricity @ their claimed $0.03 Kw/h, comes to ~$28 per month out of that $40 per S9. That leaves $12 per month per machine for everything else
Quote from: self modded thread
security, fire protection, salaries to employees, internet, broken parts etc etc etc
being paid for out of the remaining $300 per week income from the 100 miners they have now. Are wages that low in Kazakhstan?Reinvestment? The great compounding idea?
@ $16 per month retained, it will take over two years compounding to buy another $1000 share of hash.
How relevant/competitive/useless will the original S9's be in two years time, even if the price of Bitcoin increases? Not only is this reinvestment supposed to grow your hashrate, it must also maintain the original return first.
ROI?
So, without any of your "reinvestment" money actually adding to your hashrate (and income), in current conditions you will get $40 a month return on a $1000 investment, that's 4% a month (48% per year), or over two years before you get your original money repaid and start earning a profit....
"352%" ROI...?
300% ROI is all that is needed.
No sane person would triple one's money and take some small profits. I'm surprised they haven't ran yet, with all the fud that's being spread about them. Maybe they enjoy the publicity.
I also don't think they've raised as much as they have said they are, and they have a lot of shills on their Telegram chat. They'll probably run in 1-3 months.
~Zapo
No sane person would triple one's money and take some small profits. I'm surprised they haven't ran yet, with all the fud that's being spread about them. Maybe they enjoy the publicity.
I also don't think they've raised as much as they have said they are, and they have a lot of shills on their Telegram chat. They'll probably run in 1-3 months.
~Zapo
Anything to do with mining in its name has to be considered as a ponzi scheme because with those numbers for roi how do they make enough to afford to continue running while paying out the people who are participating in their service?
Takes some logical reasoning to see it does not make sense.
Takes some logical reasoning to see it does not make sense.
So if you're registering a private mining company that is not selling contracts you are a ponzi scheme. By your own words everything with mining in its name is a ponzi scheme.
If they are registered in Kazakhstan they probably think they can scam all they want. Nobody is going to go there to look for them and the police have no knowledge of cryptocurrencies and mining.
Still, most comment of this thread clearly says that the ice rock mining is scam. So please better to warn your friends if you have enough evidence about this issue. Hoping that you may provide good and useful link also.
Saw some advertisement in YouTube regarding Ice Rock Mining and honestly speaking, it reeks of ponzi scam to me. The video itself is poorly made and the concept that they are trying to convey to the community is somewhat laughable (if you know what mining is). But, I can also say that if someone without any knowledge regarding crypto would be able to watch, they can get hooked by its crazy ROI.
Again and again, I would stay away from this cloud mining/mining contract companies. They'll just scam you in the end and will runaway with your money (without you reaching your ROI). I've been a victim of it in the past and I will never put my money again in those kind of scams.
Again and again, I would stay away from this cloud mining/mining contract companies. They'll just scam you in the end and will runaway with your money (without you reaching your ROI). I've been a victim of it in the past and I will never put my money again in those kind of scams.
Even as bad of a scam like this could survive many months if they're going negative. Basically they would just be paying you back your own money over time to make them seem legit to be able to scam more people and then ultimately run off with all the Bitcoin.
They are using the many promotion channel such as Google and Youtube bro. I have seen their promo video on Youtube bro.
I've seen a video while watching some replays of my favorite show on youtube. It popped out on my screen so I noticed it. I don't know if that is a legit or not, they have showed their "Ice Rock" place where their mining rigs are put on that cave. Whatever they are offering if it's a cloud mining I will just stay away from any of them.they promise an amazing roi, do you belive its legit
It's too good to be true, just as others said. ICO + cloud mining.The video could just be a ploy to make it seem like its real. At first, I honestly thought that it was really cool of ice rock mining to set up mining rigs in actual mountains, making them lessen their costs on cooling - without any prior knowledge on cloud mining and how they operate. This made me think that they are able to generate that much profit because they are able to save, and that they have a lot of investors. They have enough funds to invest on advertismenets, just the other day I saw an ad on a social media site. However, it seems to be merely the tip of an iceberg and their “amazing” roi is already a red flag.
I don't believe any cloudmining will be legit, I have been deceived by cloudmining in previous and I don't plan to trust another one, no matter how good is the presentation and the promised they tell, I won't put any of my money in cloudmining and I suggest the same to all people
Some Red flags (there are many):
1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
Which mean, the risk in ice rock mining is too high, proven all the link and comment on this thread. So don't fall on their trap Sir, specially the author of this. Find a worthy one and be smart in every investment we choose. 1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
Quote from: Chairman of Kazakhstan National Bank
“The National Bank is very conservative about this issue, welcoming only rather stringent restrictions. That is, we want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activities of exchanges on this segment and any kinds of mining,”
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
Some Red flags (there are many):
1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
1) Their projected profitability was summarized in a Google spreadsheet when Bitcoin was $13k and the difficulty/price relationship was temporarily extreme.
2) Their reinvestment calculations seem to be based on immediate deployment of new mining capacity instantaneously.
3) The self moderated Ann thread in which the answer to most questions is "If you don't want to invest, don't invest" or outright lies regarding current profitability
4) Other potentially negative conflicts of interest and vulnerabilities are very low maintenance cost projections, the claim that the owners already supposedly run a large separate mining operation and the untested ability of the "cave" to provide a suitable environment when/if the farm expands
The biggest threat to investors' money is the hardline anti crypto stance of Kazakstan's National Bank, which is something that could shut them down overnight.
Quote from: Chairman of Kazakhstan National Bank
“The National Bank is very conservative about this issue, welcoming only rather stringent restrictions. That is, we want to prohibit the purchase and sale of cryptocurrency for the national currency, we want to prohibit the activities of exchanges on this segment and any kinds of mining,”
https://blockchaininvest.io/kazakhstan-will-prohibit-cryptocurrency-trading-and-mining/
http://lenta.inform.kz/en/daniyar-akishev-sryptocurrency-has-no-value_a3162515
There rates based on 1000$ looks really to good to be true o0
But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
O man, I just replied to your post about genesis mining in other topic.But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
Do you think before you post?
Look at this contradiction: their rates looks too good to be true, but they have great concept
Conclusion
At first sight, the ICO site looks really good and so does the Instagram. However, having looked at Maliks Murzashev’s history we would advise against investing.
Here are some of the reasons:
The website claims to double your money in 3 months. Furthermore, their profit calculator promises tripled earnings if you wait until May. This is too good to be true.
Malik Murzashev operates 2 very sketchy sites.
The domain is registered to an address in California even though it should be in Kazakhstan
The team has two kids onboard, of whom one has “extensive experience in regards to the requirements of launching massive mines in the CIS”
The CEO claims to have been the CEO of apples.kz, which supposedly served 20k customers yet has only 8 reviews on google
OP as you say they promise an amazing ROI - so why don't they profit for theirself? Why do they benefit you while they can benefit theirself?
Because they are scammers, full of nice words and I highly douby these people learn on mistakes. If you believe anything here then ok, I can't add anything.
Because they are scammers, full of nice words and I highly douby these people learn on mistakes. If you believe anything here then ok, I can't add anything.
There rates based on 1000$ looks really to good to be true o0
But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
O man, I just replied to your post about genesis mining in other topic.But the Ice Rock minig Concept is great they have fee buckers with very cold temperature inside and very low electristy costs..
I also maybee put in a samll amount witch i can lose its my gambling amount
regards
Do you think before you post?
Look at this contradiction: their rates looks too good to be true, but they have great concept
seems promising, I've seen their ads on youtube. if they do intend to commit fraud then it is not hard to find them. certainly if you want to invest do not invest all your wealth! according to its location who knows tomorrow the cave collapsed..Lol. Just kidding 
Anything to do with mining in its name has to be considered as a ponzi scheme because with those numbers for roi how do they make enough to afford to continue running while paying out the people who are participating in their service?
Takes some logical reasoning to see it does not make sense.
Takes some logical reasoning to see it does not make sense.
IMHO (based on several years of experience), there are 2 types of cloudmining companies:
For me, neither options sounds appealing... Sure, if a company is a ponzi and you're an early investor, you'll ROI, but you'll be aiding in stealing funds from the late investors.
If you're certain a company is legit, and they're just selling 100% of their risk for a small cut of the profits, it *might* look like a good idear for somebody to invest, especially if they think the market is going to improve. In this case, it's an honest form of gambling... It's not for me, but whatever floats your boat... Just remember that if it was more profitable/stable for a company to mine with their hardware for themselfs, they would do this instead of selling cloudmining shares...
A cloudmining company is a commercial entity... They want to make money, as much as possible. If they're selling cloudmining contracts, this means that selling these contracts will give them better odds at making money than mining themselfs... So they're selling the risk of plummeting prices, failing hardware or rising difficulty to their investors for a small piece of the income... They'll always make sure they get their money, even if it means you lose your investment (that is: if the cloudmining company is withing the 1% honest cloudmining companies)
In this case, i'm not sure if icerockmining is legit to start with... An ICO is a red flag for me, as is the rather unrealistic profit calculation and the affiliate program they seem to run (i found links containing an affiliate code using google). I would dig into their whois information if i had some spare time...
- 1) Outright ponzi's or scams... It looks like about 99% of the cloudmining companies fall into this category
- 2) Companies that sell 100% of their risk for a small cut of the profits
For me, neither options sounds appealing... Sure, if a company is a ponzi and you're an early investor, you'll ROI, but you'll be aiding in stealing funds from the late investors.
If you're certain a company is legit, and they're just selling 100% of their risk for a small cut of the profits, it *might* look like a good idear for somebody to invest, especially if they think the market is going to improve. In this case, it's an honest form of gambling... It's not for me, but whatever floats your boat... Just remember that if it was more profitable/stable for a company to mine with their hardware for themselfs, they would do this instead of selling cloudmining shares...
A cloudmining company is a commercial entity... They want to make money, as much as possible. If they're selling cloudmining contracts, this means that selling these contracts will give them better odds at making money than mining themselfs... So they're selling the risk of plummeting prices, failing hardware or rising difficulty to their investors for a small piece of the income... They'll always make sure they get their money, even if it means you lose your investment (that is: if the cloudmining company is withing the 1% honest cloudmining companies)
In this case, i'm not sure if icerockmining is legit to start with... An ICO is a red flag for me, as is the rather unrealistic profit calculation and the affiliate program they seem to run (i found links containing an affiliate code using google). I would dig into their whois information if i had some spare time...
What he said.
Miners who sell contracts or any form of direct investment for their mining farms is a form of hedging their risks by passing them to you, the buyer. They are already assured of profit, while you would have to depend on the mining operation and hope you make ROI.
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