Free Bitcoin Miners, Are They a Scam?

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Alright so recently I have seen many posts showcasing some bitcoin mining things where you can either pay bitcoins to earn more or have a free account to earn minimal. A example is btcprominer.life, I am giving you the URL and not my referral link to show that this isn't me trying to scam you into giving me a referral. So in this post I am going to investigate btcprominer using a combination of common sense and technological knowhow.

Do They Pay?
Everything that I can find goes to show they do pay but on a free account it will take you about 8 days before you can take your first payout. Now a minimum payout of 0.005btc is about $13.35 USD so that is pretty good. I mean a free $13 chump change every week, why not say make 200+ accounts and make $2000-$3000 every week? Because it doesn't work that way. While you will have your free account sitting there making crap money, in order to actually withdrawal money you require a high IPV otherwise your money won't actually get withdrawn.

IPV? What?
IPV or instant payout value is required to get a payout or else you have to wait for manual processing and if you know pretty much anything about bandwagons then you will know that there are probably 1000's of requests to be payed out meaning your request goes to the end of the line... but it gets worse. People with higher IPV's get to go in line in front of peopl with lower IPV's meaning if you have a low IPV then you will never get paid.

So how do I raise my IPV?
Simple, refer a bunch of people (make more accounts and have them all be referred from another account from your duh) which requires 1000's of referrals in order to make a dent in your IPV, or buy a premium membership of about $4000 USD a month (for version 1.4)
Now this is where things get really interesting and that is the affiliate bonus.

The Affiliate Bonus, proof of the ponzie scheme
Alright so the affiliate bonus for premium accounts is as follows: 30%, 40%, 50%, and 70%. Meaning if you pay that $4000USD a month premium to them then you will get an extra 70% of the profit that everyone you referred made. So if you refer 10,000 people each making 40 satoshi a second then you would make 280,000 satoshi (or 0.0028 btc) every minute assuming none of them are premium users. Now that means you would be making about 4BTC a day or about $10748.00USD a day... but you wont. Now I did a post about pyramid schemes and they are quite similar to ponzie schemes (as in many will state they are the same thing) and you can find that post here or if you would prefer the actual URL here (https://steemit.com/scam/@kryzsec/the-art-to-avoiding-pyramid-scheme)

So I pretty boldly stated that you wouldn't get that 10,000 USD a day and become rich and the reason is because they don't have the resources. Most likely this entire scheme makes money off of selling premium memberships as even the largest of bitcoin mining operations would not be able to sustain paying random people 4 BTC a day. That is of coarse assuming that the affiliation bonus works that way, it more likely works as you would get 70% of some fraction of everything that person spends on premium. In otherwords I would assume that BTCProMiner would pocket 90% and then you can have 70% of 10% whatever your referral spends so if they buy the premium for 1.5BTC a month then you make 0.105BTC a month, or about $200.00USD

So can you make money off of this site? Sure.
Is it likely to turn a large profit, no.
This is under heavy speculation and if you didn't catch that I stated in the post that the affiliation award comes from other members upgrading. Now I might be wrong maybe its 70% of the profit of the full 1.5BTC goes to the person whom made the referral, which would give the person 1.05BTC per month meaning they would have to net 2 people upgrading to the premium of V1.4 each month in order to turn a profit 0f 0.6 BTC per month or $1345.30USD but that I would say is unlikely.

So on final notes, it is a ponzie scheme, you can make money from it but it doesn't mean you will. As for the life cycle of the scheme given that you need ~2-3 referral upgrades each month it will survive a maximum of 33 perfect iterations before it runs out of people, of coarse at a ~95% failure rate it will last something more like 35 iterations before it can no longer sustain itself. So if you want to try to make money then do so at your own risk, otherwise good luck. You have been informed.

Side note, the free account has a 20% affiliation rate so you do not need to spend money to make money.