Virtual mining on YoBit (VMining): review, reviews, advantages and disadvantages

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Virtual mining on YoBit.net was launched by the exchange in 2020 to provide investors with a sustainable alternative income opportunity. The emphasis is on a low barrier to entry, so that not only large investors, but also almost every user can use the service. The Btcnewsweb.com editorial team offers to consider the features, pros and cons of YoBit Virtual Mining.

How virtual mining works on YoBit.net

The Yobit.net exchange offers a method of virtual mining, in which investors buy a so-called miner, and through it they earn a certain percentage of tokens every day. Revenues are currently paid in MINEX tokens, which can then be converted to Bitcoin (BTC), Ethereum (ETH), or any other cryptocurrency supported by the platform.

Payments are made daily in the format of the exchange’s own token, MINEX, so users make a profit every 24 hours. According to the plan, the value of the currency will continue to increase so that the meaning of mining is not lost. The MINEX token price increase is supported by a specially developed technology. Its features:

  • When a user buys a miner, 90-85% of bitcoins are sent to MINEX support in the MINEX / BTC trading pair.
  • Each new purchase of a miner (except for Micro 2 option) by 4 satoshi increases the support price in the MINEX / BTC trading pair.
  • 10% of the cost of any miner is used to buy out another Yo exchange token in the Yo / BTC pair.
  • YoPower: it is possible to buy additional power for your miners, cost: 10% of the current value of the miner, expressed in Yo tokens.

In addition, the exchange provides a couple more opportunities related to virtual mining. So, for each purchase of a miner by a referral, the referrer receives 5% of the amount. And for publishing screenshots of your miners in the topic, you have the opportunity to win cash prizes up to 4 BTC.

How much can you earn on virtual mining

The profit depends on the power of the selected miner.

For example, the Micro 2 starter pack costs 0.01 BTC and brings 18 MINEX daily, which translates to BTC is approximately 0.0002. Therefore, the acquisition will pay off in 50 days, after which there will be a net profit of approximately 240 rubles (at the current exchange rate).

Payback periods and daily profitability change in a positive direction when choosing more expensive tariffs.

If we calculate the profitability of the most expensive VIP 2 package: the cost is 4.99 BTC, the daily profit is approximately 0.16 BTC. The miner will fully pay off in approximately 31 days (profit – over 200,000 rubles per day). Specific dollar and ruble equivalents, of course, vary based on the bitcoin rate at the current time.

How to start virtual mining on YoBit

To get started with virtual mining on the YoBit crypto exchange:

  1. Create an account (“Register” button on the main page of the site https://yobit.net/).
  2. Confirm your email address by clicking on the link in the email.
  3. Deposit fiat or bitcoin into your account. YoBit accepts a wide variety of fiat and digital currencies through popular payment systems and credit cards.
  4. Purchase a virtual miner on the VMining page https://yobit.net/ru/mining/, choosing the appropriate option from the six available. Price range from 0.01 BTC to 4.99 BTC. The account must have sufficient funds.

Immediately after that, MINEX will be credited in the amount specified by the miner. The balance is credited every day.

User opinions about VMining

Quotes from the Bitcoin Talk forum about YoBit VMining:

“I would like to hear from someone explain how exactly a virtual miner can legally make money for an investor. It’s impossible, it looks like a scam. “

“These tokens do not exist. You cannot deposit or withdraw them. They are not tied to any blockchain or smart contract. They are a creation of Yobit and only exist on Yobit. They cannot be considered cryptocurrencies at all. “

“You give your bitcoins to earn fake tokens, it doesn’t matter how – through InvestBox or Virtual Mining. Perhaps, if you’re LUCKY, you can dump some of these coins to later gullible people. But most likely, you will simply lose all BTC and end up with millions of fake tokens that no one will ever buy. “

“It is strange that this topic is not in the section of fraudulent projects, it belongs there.”

At the same time, you can find a lot of positive reviews and videos on the net. How true they are, it is not possible to find out. But it is striking that many reviews are of the same type, with the same expressions and structure.

Advantages and Disadvantages

Pros: ✅

✅ Ease of use. The process of virtual mining does not require any special mining knowledge. The user does not need to decide which cryptocurrency to mine, does not need to buy contracts or control the use of capacity.

✅ The exchange’s algorithms optimize performance to maximize profits.

✅ Available service packages. The service offers six different packages, among which everyone can find a suitable option. Moreover, even an inexpensive package brings tangible profits.

✅ Daily payments. You don’t need to wait a week or a month to get your money on your wallet.

Cons: ❌

❌ The dubious value of Minex and Yo tokens distributed in this way. They do not have a public blockchain or functional purpose, and the course is artificially formed.

❌ Many users also doubt the principle of the so-called miner and the legality of this process. The function is called “the next scam” or “investment fraud”.

Conclusion

Yobit is one of the oldest cryptocurrency exchanges. At the same time, throughout its existence, contradictory opinions about it circulate about it. The same goes for the virtual mining feature. Some are betting on good profitability, while others are thinking about the origin of these incomes and further prospects. In any case, whether to use the service or not – everyone decides for himself.

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