Bitcoin Cloud Services HYIP has stopped payouts to customers.

Bitcoin Cloud Services HYIP website is still up but customers are reporting on Reddit that no payments have been made since 7 June.

Bitcoin Cloud Services HYIPThe company has long been considered a probable Ponzi scheme by Puppet at his Cloudmining 101 thread at the Bitcoin Forum. It has always been an HYIP (high yield investment program) because daily payouts have been higher than transparent hosted bitcoin mining providers like Hashnest.

Another bitcoin magazine posted a story on 5 June noting that an anonymous source had provided data from the blockchain showing the service had been operating at a loss since May 2015.

It appears that the story precipitated the inevitable close of yet another cloud mining HYIP. Of course no one should consider investing in the service since payouts have stopped, even if you are willing to accept the risk that comes from investing in high yield investment programs.

Puppet gives these following HYIP bitcoin “cloud mining” services perfect 7/7 scores meaning they are likely Ponzi schemes:

  7. (6/7 score)

What will be the next bitcoin cloud mining HYIP to collapse? We suspect it will be or If you have any funds at risk in these companies try to withdraw what you can and certainly do not use a reinvest option if offered.

The problem we see with HYIP services selling (probably non-existent) bitcoin mining is the promise of fast money and 3 month ROI has given a bad odour to the entire industry.

Please realize there continue to be transparent and legitimate hosted bitcoin mining providers for mining enthusiasts who are not able to run a bitcoin miner at home. Just do not expect three month ROI, plan for at least a year unless bitcoin prices start rising again.