Bitcoin and cryptocurrency mining has become a very competitive industry, and the amount of processing power hashing away to mine these digital assets is truly amazing. However over the years since the inception of GPU and ASIC mining, essentially when home mining turned into an industry, the cryptocurrency mining space has been riddled with fraudulent operations and people pretending to be massive mining facilities when they don't even own a single miner.

Phony Crypto-Mining Rigs & Massive Facilities: The Tale of Mining Vaporware

If you know about cryptocurrencies then you surely have heard about mining and the mega-competitive industry that surrounds this process of minting new digital assets like bitcoin, litecoin, and ethereum. Between the BCH and BTC network alone, miners are processing an average hashrate of 45 exahashes per second. However, over the years there have been a lot of fraudulent individuals and operations within the mining industry claiming to be something they're not.

Just because someone shows a picture of a cryptocurrency mining facility or a new bitcoin mining rig that outperforms the competition doesn't make it real.

We recently wrote about some sketchy blockchain projects that send cryptocurrency publications press releases, and these clown projects get front page articles even though their operations are pure vaporware. In the mining sector, there are some shady operations that profess they have a huge facility with thousands of SHA256 miners churning away at the bitcoin network, but there have been many instances where individuals have found these warehouses filled with miners don't even exist. Some of these fraudsters have even used pictures of other people's mining operations so they can make people believe they have a facility filled with ASIC miners.