First Thoughts on Bitzz Mining Ltd.

We recently began a “Silver” listing for Bitzz Mining Ltd (Bitzz for short) in the EmilyNews monitor.  The company has been online for around 80 days and, in round numbers, claims to have close to 10,000 accounts with over 10,000 in Bitcoin invested.  Assuming these are all active accounts, that comes to around one Bitcoin per account or, in dollars, around $1,000 per account.  This is high for the online HYIP business.  If these are not all active accounts, then the amount invested per account would be even higher — which would be very surprising.

As indicated in the documents available on the website, Bitzz was incorporated in October of 2107 by a Mr. Talon Howard.  He is the sole director of the company and also the sole shareholder.  So, it is a one-man-show (please see HYIP Insights #17 for a discussion of this).  This is not necessarily bad as a single person can, indeed, run a corporation.  However, it is a strange setup that is quite popular in the HYIP business.

Bitzz claims to generate its revenue by means of a “dynamic cloud mining investment platform;” an informational video on the “home” page of the website indicates that this is the revenue source. I am always confused as to exactly what “cloud” mining of cryptocurrencies is.  From what I have read, it is basically a procedure whereby a company can rent mining power from a physical mining facility.  This eliminates the expense of investing in hardware as well as in operating it (power costs can be extremely high).  The downside is the rental cost.  If I have this right, if managed wisely, a cloud mining venture can be a profitable one.

However, on the “about” page of the website, there is another video showing a physical mining facility where there is a poster affixed to a structure that says Bitzz “Dynamic Cloud Mining.”  This is confusing as, on one hand, cloud mining implies that no physical facilities are involved, whereas, on the other, here is a video of such a facility!

In an effort to find out more about the company, I went to the FAQ section of the website and found this question:

What is the basic idea behind the creation of Bitzz? Is the company for “real”?

Bitzz is a crypto-currency investment company founded in 2017.   The wide range of services we offer has been specifically designed to assist Bitcoin owners in their investment decisions. We are a London-based company with a group of investment professionals covering a wide range of industries, from engineering to advanced computer technology. Our group of experts is also very experienced in cryptocurrency techniques and can answer any question you may have about cryptocurrency investments.

Unfortunately, this further added to my confusion as it didn’t say anything at all about cloud mining — or even conventional cryptocurrency mining.  It gives the impression that Bitzz is an INVESTMENT COMPANY with very diversified interests.

Then I found another question in the FAQ which reads as follows:

You seem to provide a quite lucrative interest rate for a limited period of time. Where is the money coming from?

As a result of the volume of Bitcoin mining and our cutting-edge mining technology, we have the ability to provide an interest rate that’s higher than what’s usually obtainable in the market. Moreover, the fact that we are always spreading our reach as far as we can globally help us in reaching new heights. Plus, we have to stick only to concepts that have to do with modern-day infrastructure if we want to maintain our status as one of the best Bitcoin mining companies.

This answer confused me still more as it fairly clearly states that the company is involved with CONVENTIONAL cryptocurrency mining.

So, what does Bitzz do?  I’m not sure.  It appears to be involved with one or more of the following activities:

Investment
Conventional hardware-based cryptocurrency mining
Cloud Mining of cryptocurrencies

Perhaps there is a simple answer to my confusion.  I did NOT contact the company for clarification of all this.

Bitzz offers a single investment plan.  According to the website, “The plan we currently offer is the same, no matter how much you invest. You earn a constant hourly profit of 0.2% as long as you keep your investment in the project.  You have the option of choosing any amount of investment, depending on your ultimate goal and the size of your profit.  Other plans with other trading companies offer a daily profit rate that depends on how much you invest. This means that you will usually only get a reasonable return on your investment if you invest large sums of money.”  In addition, you can request your principal back at any time.  However, there is a cancellation fee of from 30% to 100% of your investment.

There is more to the Bitzz investment plan.  However, we’ll cover that when we review the program in a few days.  Please stand by.

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