Stormgain 'mining'.. Is it worthwhile?

By TraderDavey | Making money can be fun | 1 Jul 2022

Stormgain, no doubt you have seen the ads with the dubious claims. Mining BTC on your phone without any CPU usage? Clearly impossible. These outlandish statements were what kept me from looking any further into Stormgain for a long time... However, I feel that may have been a mistake.

Clearly you aren't mining BTC with the app, it must just be a publicity gimmick that may have backfired spectacularly on much of the community. So, what is Stormgain exactly?

Stormgain is a crypto trading platform first and foremost. Not the best platform, with 10% of the profits of any profitable trade being kept by the platform, so definitely not one to look at as your main trading platform. So why bother?

Stormgain offer a 'mining' feature, where every four hours you can activate the 'miner' and it will 'mine' small amounts of crypto for you. It's not crypto you can withdraw straight to your wallet though, it essentially functions the same way as Phemex's bonus crypto. You can use it to trade on the platform, and any profits (minus the 10% they take of course...) are able to be withdrawn. It is worth noting you need to have $10 USDT 'mined' before you are able to withdraw it to a trading wallet. So really, what do you have to lose? It might be small amounts you are 'mining', but they will add up, and with some smart trading or a little luck, you can earn yourself some actual crypto.

Why do I keep putting 'mine' in quotation marks? Because it clearly isn't being mined. There's no way you can mine crypto without CPU usage, and any phone would only be making a fraction of a fraction of a cent per day. Does this matter? It could. It's a little reminiscent of the Pi Network, an app still popular today that I would recommend you stay away from. Pi Network offer a similar business model, but if you look deeper there are a tonne of red flags. Pi Network do not have a way to profit from their business except selling your data, and selling your data is what they do. They require extensive KYC verification, try and find a 'wallet' that even comes close to what they require. There's no public information about the Pi Network itself, and it's dubious it even runs on blockchain technology. From what I can gather, they have taken a data referral program and mixed in some crypto terms to try and lure beginners into giving up their data and referring their friends to give up their data. Remember, if you're not paying for a product, you are the product. I would guess it is nothing but an elaborate MLM.

So is Stormgain the same? Stormgain have other ways of making money with their business model. The 'mining' gimmick is likely only there to draw people in to using their exchange, and unless you are careful, you might find yourself trading with profits that you could have withdrawn. The reality is their 'mining' program will cost them very little compared to what they stand to earn from being a popular exchange with a large user base.

So, I will let you make up your own mind about Stormgain. I have personally started using it, if nothing else it is a fun way to make some trades with very little risk. If you do want to try it out yourself, my referral link is below. It will net you a $3 USDT bonus to start up with, and I will be given a reward equal to 15% of any mined USDT you withdraw to your trade wallet. As always, DYOR before making any decisions.

My referral link: https://app.stormgain.com/friend/BNS143108383

Don't forget to check out some of my other articles like these ones:

How Aussies can make $100 from ING bank right now... Although you have to act quick!

How to turn $0 into $345 AUD with bonuses... No, that's not a typo

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Happy investing

~Trader Davey

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