First Thoughts on Snowbit.
Snowbit just began a “Silver” listing on the EmilyNews monitor. It is a new company that just went online on March 30 — a few days ago.
Snowbit claims to be involved with both the mining of Bitcoin as well as trading the coins they mine in order to create the funds by means of which the company generates its revenue. According to its website, Snowbit “utilizes the most modern, efficient and productive hardware and software to mine the Bitcoins; which are then traded on the most secure markets in order to maximize your risk; and maximize your ROI.” Furthermore, Snowbit claims to be “dedicated to bitcoin mining with renewable energy.”
So, Snowbit appears to be one of a number of online investment companies whose expertise includes TWO radically different areas. First of all, they are computer “geeks” with the knowledge required to set up and operate a Bitcoin mining operation. Second, they have the financial wizardry required to be successful at trading the Bitcoins they mine at various exchanges. On top of this, their mining operation utilizes renewable energy. This is actually a very wise move as it will cut down or eliminate the cost of electricity to operate their mining operation. However, the trade-off is the high initial cost of acquisition of the renewable energy hardware. This plus the cost of the mining hardware itself must have been quite an investment…
I note that there is a significant typographical error on the “About” page of the website that I quoted above. I trust that Snowbit is NOT going to “maximize” the risk of investors making a deposit with them!
Snowbit offers a single investment plan that offers returns that are proportional to your investment. For smaller investments, returns are modest. For larger investments, returns are quite substantial. The investment plan is “perpetual,” meaning that you will continue to earn on your deposit until the program ultimately closes.
We will have more to say about the Snowbit investment plan when we review the program. This should happen in the next day or two. Please stay tuned…
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