MineLab Token Explodes 12,000% then Falls - Could It Be Scam Coin, Is This Other Cloud Mining Project Safer?

MineLab Token Explodes 12,000% then Falls – Could It Be Scam Coin, Is This Other Cloud Mining Project Safer?

Updated: 09 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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MineLab, created using Laravel, is a new cryptocurrency mining platform that provides an opportunity to establish your own cloud-based cryptocurrency mining website.

According to its developers, the platform offers a cloud mining platform where users can earn profits, all while following the guidelines laid out by the admin.

MineLab has garnered significant interest from buyers and traders, experiencing a surge of over 12,000% within hours of its launch.

The token has emerged as one of the hot pairs of the day on Dextools.io, with a trading price of $0.0008344 as of 6:59 a.m. EST, reflecting a 12,390.56% increase in the past 24 hours.

MineLab holds a total market cap of $860.71k with $269.89k in liquidity. Additionally, it has a total supply of 1 billion tokens, which 407 holders currently hold, and a daily trading volume of $366.97k.

After gradually ascending, the MineLab token’s price corrected to $0.0002240. Subsequently, the price surged past its initial resistance point, reaching a new level at $0.0008681.

However, the price has now sharply dropped, erasing all the profits gained by the buyers as it returned to its launch price of $0.00001111.

Could Minelab Be a Scam Coin?

DEXTools has issued an audit alert for the MineLab token, warning of a potential scam coin. The coin includes a Balance Modifier function, as highlighted in the DEXTools audit scan section, which mentions GoPlus and Hapi.

This function grants the contract owner the ability to change the balance of any token holder. Thus, investors should exercise caution when trading.

DEX Tokens launched in last 24h

$MINELAB deployer has 5/6 rugs already
$CASHBACK top wallet has 85% of tokens pic.twitter.com/DLE9FpWYrY

— ANDRΞΞ (@___deandree) October 9, 2023

Some holders have already complained about missing tokens on X (formerly Twitter). A user, @urkos10, expressed concerns about missing tokens just a few hours after the coin’s launch.

Did you steal my tokens?? Why all of a sudden i have zero Minelab tokens??? #scammer

— urkos101 (@urkos101) October 9, 2023

For a secure and improved alternative to MineLab, investors should consider BitcoinMinetrix (BTCMTX). BTCMTX, currently in its presale phase, has successfully passed the Coinsult audit, providing a safer option and ensuring investors a guaranteed return on investment.

Bitcoin Minetrix (BTCMTX): A Game-Changer in Bitcoin Mining

Bitcoin Minetrix (BTCMTX) is the first tokenized Bitcoin cloud mining operation, marking a substantial development in the crypto industry.

The token has recently achieved a significant milestone in its presale target, capturing the attention of top crypto influencers who eagerly anticipate high returns.

Participants earn credits for cloud-based Bitcoin mining by depositing their $BTCMTX tokens into the staking pool smart contract.

BTCMTX redistributes mining profits from corporate entities to retail investors, accomplished through “stake-to-mine.”

#BitcoinMinetrix champions a brand new Stake-to-Mine methodology, converging the worlds of cloud mining and token staking. 🌐⛏️

This key utility of tokenization aims to increase ease of access and eliminate the need for purchasing cash contracts from mining companies. pic.twitter.com/ffoX3qzBI5

— Bitcoinminetrix (@bitcoinminetrix) October 8, 2023

Currently, the project produces 158.5 tokens for each Ethereum (ETH) block, resulting in an impressive annual percentage yield (APY) of 735%, with 58 million tokens already staked. This yield is derived from rewards allocated from the token supply.

Once mining operations commence, the stake-to-mine period concludes, and participants begin generating profits from mining activities based on the number of tokens they commit to the stake-to-mine process.

Last chance Buy BTCMTX Now, 6 days to end of Presale

With only 6 days until the presale conclusion, the project has already garnered an impressive $820,022 in funding, demonstrating robust investor interest in the platform’s offerings. Each token can be acquired for $0.011.

To help attract more buyers, BTCMTX announced a $30,000 Minedrop giveaway, providing six different entry methods.

🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉

Get ready for your chance to win a share of $30,000 in $BTCMTX!

Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N

— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023

Conor Kenny, a prominent YouTuber, expresses excitement to his over 166k subscribers about how this project could disrupt the industry for the benefit of smaller investors.

The channel host believes that Bitcoin Minetrix’s approach can help decentralize hash power, addressing the ongoing mining competition.

As the presale advances through each successive stage, the token’s price will increase by 10%, making this an opportune moment to participate.

You can join the presale and participate in stake-to-mine by acquiring Bitcoin Minetrix BTCMTX tokens with a minimum investment of just $10. Simply connect your Web3 wallet to the BTCMTX website and buy BTCMTX using ETH, BNB, USDT, or bank cards.