MyGBit Mining Review – Legit Business or Big Scam?
- MLM Reviews
- March 5, 2021
Welcome to my MyGBit Mining Review!
If you’ve been thinking about starting an online business, chances are you have spent considerable time searching online.
One of the first things you probably noticed was just how many businesses are out there.
It can definitely be hard to figure out which ones are legit and which ones might be a scam.
In this review, I will tell you everything you need to know about this company’s background, products, compensation plan, and cost to join.
So, let’s get going!
MyGBit Mining Review (Company)
First things first, the MyGBit Mining website doesn’t offer any info in regards to who owns or operates the company.
The company’s website domain was registered as “mygbit.com” in 2016 and then updated on the 28th of April, 2020.
The owner of the company is listed as MyGBit Cloud Mining A.S., along with a partial address in Bursa, Turkey.
This seems to line up with marketing video (shot in Turkish), which was uploaded to MyGBit Mining’s official YouTube channel on the 30th of June, 2020.
MyGBit Mining lists a corporate address in Bursa, Turkey on its website and the official Facebook page is also run exclusively out of Turkey.
MyGBit Mining Reviews (Products)
MyGBit Mining does not have any retail products or services to buy or sell.
Affiliates who sign up only market the MyGBit Mining affiliate membership.
MyGBit Mining Compensation Plan
MyGBit Mining affiliates must invest funds for a certain advertised daily ROI.
- Starter – Invest $50 to $500 and receive 0.34% a day
- Miner – Invest $500 to $1000 and receive 0.36% a day
- Pro Miner – Invest $1000 to $2500 and receive 0.38% a day
- Senior Miner – Invest $2500 to $5000 and receive 0.4% a day
- Chief Miner – Invest $5000 to $10,000 and receive 0.42% a day
- Master Miner – Invest $10,000 to $25,000 and receive 0.45% a day
- Masterchief Miner – Invest $25,000 to $50,000 and receive 0.48%
- Limitless Miner – Invest $50,000 or more and receive 0.5% a day
Affiliates have the opportunity to increase their daily ROI rate by doing the following:
- Advertising MyGBit Mining on social media
- Reaching personal sponsorship milestones
- Reaching personal investment milestones
Direct Commission Payout
Referral commissions are earned on funds invested by personally sponsored affiliates.
The commision rates depend on the amount a MyGBit Mining affiliate has themselves invested:
- Starter tier affiliates earn a 6% referral commission rate (9% faststart)
- Miner tier affiliates earn a 7% referral commission rate (10% faststart)
- Pro Miner tier affiliates earn an 8% referral commission rate (11% faststart)
- Senior Miner tier affiliates earn a 10% referral commission rate (13% faststart)
- Chief Miner tier affiliates earn a 12% referral commission rate (15% faststart)
- Master Miner tier affiliates earn a 14% referral commission rate (17% faststart)
- Masterchief Miner tier affiliates earn a 15% referral commission rate (18% faststart)
- Limitless Miner tier affiliates earn a 16% referral commission rate (19% faststart)
It should be noted that the faststart referral commission rate is only paid out during the affiliate’s first 14 days with the company.
Residual Commission Payout
Residual commissions are paid and tracked through a binary compensation structure.
A binary compensation structure puts an affiliate at the top of a binary team that divides into and left and right side.
Level one of the binary team holds 2 positions and level two is created by dividing these first 2 positions into another 2 positions each, for a total of 4 positions.
Additional binary team levels are made as needed, with every new level holding twice as many positions as level before it.
Binary team positions are filled through direct and indirect sponsorship of affiliates, with no limit as to how far the team can grow.
At the end of every week, MyGBit Mining counts up new investment volume on each side of the binary team.
Affiliates earn a percentage of the investments on the weaker side of the binary team.
Residual commission rates depend on the amount a MyGBit Mining affiliate has invested:
- Starter tier affiliates earn a 6% residual commission rate
- Miner tier affiliates earn a 7% residual commission rate
- Pro Miner tier affiliates earn an 8% residual commission rate
- Senior Miner tier affiliates earn a 10% residual commission rate
- Chief Miner tier affiliates earn a 12% residual commission rate
- Master Miner tier affiliates earn a 14% residual commission rate
- Masterchief Miner tier affiliates earn a 15% residual commission rate
- Limitless Miner tier affiliates earn a 16% residual commission rate
Once a commission is paid out, the investment volume is matched with the stronger side of the binary team and flushed.
Any volume that is leftover on the stronger binary team side carries over.
Rank Achievement Bonuses
Affiliates are rewarded for producing downline investment volume with Rank Achievement Bonuses.
Rank Achievement Bonuses are determined by Career Point accumulation.
There are 3 ways to accumulate Career Points:
- Referral commission earned x 1000
- Residual commission earned x 500
- Rank Achievement Bonuses earned = 15,000 Career Points per rank
After determining the sum total of accumulated Career Points, the company rewards its affiliates with the following Rank Achievement Bonuses:
- Coordinator – Generate 20,000 Career Points and receive an iPhone 12
- Supervisor – Generate 80,000 Career Points and receive a MacBook Pro
- Executive (Generate $200,000 in weaker binary team volume) – receive a “Turkey Vocation Mining Farm Tour”
- Diamond (Generate $800,000 in weaker binary team volume) – receive a Mercedes Benz C-Class
- Blue Diamond (Generate $1,600,000 in weaker binary team volume) – receive a Mercedes Benz S-Class
- Black Diamond (Generate $4,000,000 in weaker binary team volume) – receive a Ferrari 458
- Royal Diamond (Generate $8,000,000 in weaker binary team volume) – receive a Rolls Royce
- Consul (Generate $40,000,000 in weaker binary team volume) – receive a “private jet”
- Ambassador (Generate $80,000,000 in weaker binary team volume) – receive a “30M ultra lux yacht”
Cost to Join MyGBit Mining
The cost to join MyGBit Mining as an affiliate is free.
However, to fully participate in the income opportunity, a minimum $50 investment is required.
Verdict on MyGBit Mining
Okay, let’s get to the final verdict…
Something interesting that I found is that before MyGBit Mining offered flat ROI, they were offering fixed ETH:
MyGBİT INVESTMENT PACKAGES:
- Standard: BUY: $ 500 | Time: 18MH / s Monthly: 0.080 ETH
- Apprentice: BUY: $ 1000 | Time: 37MH / s Monthly: 0.167 ETH
- Manager: BUY: $ 2000 | Time: 75MH / s Monthly: 0.335 ETH
- V Manager: BUY: $ 4000 | Dig: 160MH / s Monthly: 0.722 ETH
- Executive [sic]: BUY: $ 8000 | Dig: 340MH / s Monthly: 1.530 ETH
- V Executive [sic]: BUY: $ 16000 | Price: 700MH / s Monthly: 3,160 ETH
- Present: BUY: $ 32000 | Sity: 1600MH / s Monthly: 6,770 ETH
- V Present: BUY: $ 64000 | Kazim: 3500MH / s Monthly: 15.790 ETH
- Founder: BUY: $ 128000 | Time: 7000MH / s Monthly: 31.59 ETH
But whether the company is offering fixed ETH or ROI, it’s clear that MyGBit Mining is a passive income opportunity.
Which means it is offering securities, and must therefore be registered with the proper regulatory bodies.
There is currently no evidence that this company is registered anywhere.
And seeing that the website’s largest traffic sources come from Mexico, Argentina, and the U.S. (where securities fraud is illegal), it seems that it won’t be long before this company begins its collapse.
So, my advice here is to keep looking for a better opportunity.
Thanks for reading MyGBit Mining review! Feel free to leave a comment or question down below…
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