Goldmine369 is a UK based company that advertises itself as a Cryptocurrency-mining organization. The business model marketed by Goldmine369 is that it allows users, consumers, or affiliates to pay for a monthly subscription. The monthly subscription will allow the affiliate to buy mining power of Goldmine369 that is supposed to provide attractive returns on the investment.
Is Goldmine369 a Cryptocurrency mining company?
The initial investment for new users is at least 250 pounds. Essentially, any new affiliate joining Goldmine369 should shell out 250 pounds to begin with to purchase a TeraHash power block, and then s/he is supposed to make profits off the mining and trading of the Cryptocurrency.
This sounds pretty legit because several companies charge a fixed amount monthly to allow users to mine Bitcoins or any other Cryptocurrency. The companies also offer steady returns on their investment –most of them do provide decent returns. However, Goldmine369 is not claiming a steady return, but it is claiming to provide gigantic returns for the investors. What remains to be known is that Goldmine369 hasn’t officially declared what the actual subscription amount that is charged on a monthly basis is.
An MLM company with no products
Also, the company seems to offer no actual products or services. Though, in the onset, it says it provides mining services, the payout plan and too much focus on the MLM aspects of the business, provides a good idea that it isn’t providing any real products or services.
It looks like the company is promising good returns for a monthly subscription of Cryptocurrency mining. However, in reality, the company has adopted a unilevel MLM structure that pays commissions up to ten levels of its affiliates.
What does the payout structure look like?
The payout structure essentially varies according to the level the affiliate is placed in. The commissions are paid as the percentage of the invested funds by the new affiliates.
- Level 1: This is the level where an affiliate has to recruit an affiliate personally – payout is 8%
- Level 2: The affiliate has to recruit two affiliates – payout is 2%
- Level 3: The affiliate must recruit three affiliates – payout is 1%
- Level 4: The affiliate must add four affiliates – payout is 1%
- Level 5: The affiliate must have recruited five affiliates – payout is 0.5%
- Level 6: Must have recruited six affiliates – payout is 0.5%
- Level 7: The affiliate must recruit seven other affiliates – payout is 0.5%
- Level 8: Must have recruited eight affiliates – payout is 0.5%
- Level 9: Must recruit nine affiliates – payout is 0.5%
- Level 10: The affiliate must add ten affiliates under – payout is 0.5%
To be considered as an affiliate, s/he must have paid 250 pounds to the company as an investment apart from the monthly subscription charges. It is apt to remind you again that the company has not disclosed the exact mining charges that are paid by affiliates monthly to keep their affiliate accounts active.
Lack of the founder’s digital footprint
Even if a user is ready to join an MLM company that offers no products or services, Goldmine369 offers no credibility or instill enough confidence. The founder of the company Jay Locke has no social media presence as per our online research. Additionally, his success in the MLM background is unknown. It is fair to assume that either he had failed MLM background or worse – no MLM history whatsoever.
The UK’s weak MLM regulations: Goldmine369 Review
Most of the Ponzi companies are registered in the UK is because the country has little regulation over the pyramid or MLM-based businesses. This does not encourage us as a potential affiliate to trust Goldmine369 for good returns. On the other hand, because the company is registered in the UK, we fear that the affiliates may lose their investments and returns if something turns out to be sour.
However, the goal of this article is not to discourage potential MLM business owners from ceasing their operations with Goldmine369. As of today, the company has claimed it is running well, and the affiliates are offered decent returns for their investments. All things considered, the risk of losing the investments is still high because of the mysterious background of the origin of the company and its founder’s complete lack of any digital footprint.