Kuvera Global stops crypto mining ROI payments and cites Ethereum’s poor profitability

Kuvera Global Stops ROI Payments and Blames Ethereum

The unregistered security offerings of Investview are now on shaky grounds following the latest announcement that Kuvera Global would immediately stop all ROI payments. The company shared this unfortunate news with its clients through an email, saying that mining Ethereum was not profitable due to the significant drop in the currency’s value. Here are some of the main reasons why the company claims that Ethereum mining is no longer profitable.

• Increased costs of hardware maintenance and electricity compared to the worth of the Ethereum being mined.

• Experienced mining partners have recommended that Kuvera Global implement a “mining interruption.’

• They hope that Ethereum will regain its useful value once again so that they can resume mining.

• They want to prevent the unnecessary wearing down of the mining equipment during the current unprofitable period.

With these reasons mentioned above, Kuvera Global says that it cannot continue operating its cloud mining business because Ethereum’s value has tanked. However, what is weird is the fact that besides stopping the ROI payments, the company was also suspending all withdrawals. All payouts are temporarily stopped during this pause, and they are expected to resume when Ethereum mining becomes profitable.

No Withdrawals

It is very unfair for Kuvera Global to lock the funds that affiliates have earned on the site. The only way that this company would not have the capacity of honouring withdrawal requests on its platform is if it does not have enough money to pay its clients. If all the ROI payments that Kuvera Global was making were made from Ethereum cloud-mining, where is the money that affiliates have earned go?

Why not Just Mine Another Currency?

A suitable solution would have been to stop mining Ethereum and look for other coins. However, Kuvera Global states that its mining partners and experts have informed them that there were no other alternative coins that would have been profitable to consider mining. That was an even stranger reaction given that there are always certain altcoins that are worth mining, especially given that the whole crypto market has not crashed.

Negative ROI Payments

For any investor who finds this latest development unacceptable, the company does provide an option to keep on mining. However, you should know that you will get negative ROI payments every day, while Kuvera Global will still bill you for using their service. It is all permissible in the company’s mining agreement.

The agreement states that if crypto mining becomes unprofitable and remains like that for three consecutive weeks, then the agreement stands suspended until profitability in mining resumes. During that suspension period, payouts are also stopped temporarily and will only return once the suspension is lifted.

In conclusion, this whole scenario sounds like a typical MLM crypto exit-scam.

Also read: United Arab Emirates has announced plans to introduce new rules that would permit ICOs as a fundraising method for domestic companies

Source: https://bitcoinexchangeguide.com/kuvera-global-stops-crypto-mining-roi-payments-and-cites-ethereums-poor-profitability/