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Review Detail
IceRock Mining ICO - Review, Scam or not
(Updated: February 16, 2021)
Rating
0.5
This is not a rating of the coin. Rock2 is just an ERC20 token, that acts as a share of the company's profit. You get a percentage of the mining profit by the number of tokens you hold. So the market price of the token does not really matter that much, as you get a lifetime dividend of the company's profits. I really like this idea very much. The token plainly just has a great use case.
OK, first the bad stuff. They sadly made some wrong, crucial business decisions that had a massive impact on their plans. And due to this, all things got slowed down massively. They take time for good decisions, but if things went all right it would not have to that long. And business often means to be fast, not the biggest, but the fastest...
But anyway, the good stuff now. They try hard to make things work, and they are dedicated to what they do. Despite all the issues, all shareholders have gotten their share every month ever since the first miners were up and running. While in the meantime other mining companies screwed you over, in this bear market. They are far behind the planned, but it works, and considering this is a lifetime operation with a well-planned scaling solution, I still think this is a great project. Taking a look at other bigger mining operations, they tend all to grow over time, if done right.
Even though I miss the cave, their new environment is impressive and hopefully, will all be filled with miners one day :-)
=====================================================
It's the end of 2020. Let's face the facts and see how ICE ROCK MINING ENDED
The rating had to be adjusted to ZERO!
The Good:
The idea was great. The cave was great. But the first issue already comes here. They didn't know or do enough research to figure out that it's just not going to work inside the cave. But they did try, and they did not try to scam people. They just wanted money for nothing. They did communicate with the investors and found an awesome, huge location to build the farm. It wasn't their fault that the government banned the farm later on. And they didn't exit scam, they went and found a new location again to build up.
The Bad:
First, this is about some facts you may need to know. All the shiny numbers on the website are only half of the truth.
Yes, they did raise 8M Dollars. But what they don't tell you is, that they have also lost almost everything, by having the great idea
of keeping all funds in Crypto, as the big crash after 2017 came in. (Yes they say due to laws... but really? C'mon) So the only output from 8 million dollars is 2000 old s9 miners that are not profitable anymore and 600 new t17 ASIC miners (well if the t17 actually exist, nobody knows.). That's it. Can't get much worse. So the Investors lost all their money and will hardly ever have a chance to get their investment back. As there is no actual business plan.
Do they have almost 8000 customers as stated on the their website? No, 8000 "investors" not customers that lost all of their money, without any real chance to get a ROI.
IRM is not a company. They are a hobby, sponsored by investors. At least that's the way they operate. So why should they care, investors sponsored their business/lives. That's the danger of being an ICO and not having to build your business with sweat and tears.
They state 3 years of success on their website. No, after three years, all the money is lost, and by today the beginning of 2020 they don't even have all miners up and running. It's more than 3 years of miserable failure.
Yes, they had to move out of their location, that's the picture you see on the website, but that mining location does not exist anymore and has nothing to do with their actual "farm". They are somewhere else now with just mining containers.
What about the team? Well, they are alright as people, but they have no idea of how to run a business or even worse how to communicate with investors. But like mentioned, they just give sh... about all of that.
The CEO Malik Murzashev is known and there are even TV shows, and interviews about the wealthy man. He self claims that he is a great and successful businessman that makes a lot of cash. We actually don't know any of those businesses besides Ice Rock. But there are some strange websites, that relate to him as owner. So there is actually no evidence for all these claims.
So, the truth is, he is more like a border-criminal. Due to the fact of what he does with Ice Rock Mining. After the move out of the old location, he disappeared and remained silent on any social platform. All remaining funds have been taken out of the project. Miners were probably never bought. Even the decisions of investors to reinvest the profit probably just got stolen. And there is since then, now at least 6 months, no more communication, no more payouts. Nothing. So actually we can call this an exit scam. And I'm not sure if some bigger Investors would try to sue IRM. They are just cowards, nothing more. Hiding for months lies like: we can't make payments, the only guy that can do that has coronavirus. Yeah? One person can do that? What about all the other "Technical engineers" and stuff? And also, since back then, the "management" can not communicate, they also got the virus, since months..... How stupid and pathetic this is.....
What about other people?
His sidekick, Dias also disappeared with him, and silence remains. And that's mostly it. All other members are or probably have no real meaning in the project.
The only thing left is the telegram group.
Their sole place to communicate is on telegram, where harsh admins just ban you for saying anything against IRM. Most of the answers are like, "I don't know", "got to ask the boss". They don't even seem to communicate internally. No one gives you news most of the time, no updates, nothing. Worst communication I have seen in any project. They just won't give you updates or really talk to you, just some telegram admin how doesn't really know. There is only probably one person left there also, and he does not know anything. Or at least pretends he doesn't. But they always talk on big scales. "Oh, well I got the ask the 'Management'" or the "technical engineers". Stuff like that, where there are actually just some guys who set up some miners. Anyway, that person in charge to communicate with investors does not know anything. Do they even mine? Have we got new miners? Nothing. The same answer all over again "Got to ask the management". This gives great insight of how those guys actually work as a "company". So that tiny bit of leftover communication is useless and mostly a lie. The Admins there are mostly just the worst liars of all or misused to keep the crowd happy and are really clueless, but I don't think so.
And as mentioned, they are probably the slowest moving "company" ever. Their claimed white paper reinvestment plans never took place, in 3 years, nothing. Because they first want to get the miners up and running.... in 3 years! They didn't even get that done. They could have had massive reinvestment, growing miners amount in that time, but nothing happened. Just a bunch of old and obsolete miners.
The Ugly:
Worst part of it all: They open a new website, a new project. With all these "fake" numbers mentioned above and a (same as in the ICO for IRM) calculator with how much you can profit. Looks like they are unwilling or unable to scale or give it the last try to run their existing IRM business and finally try to be a company and get existing things going. But why should they care at all, just go and get peoples money to sponsor your lives and new project. Who cares about older projects. They probably know that everything is lost, and they just don't care anymore. Just go and create a new project, it's not their money they have lost. Their acting and communication shows. They care Bullshit about millions of blown dollars and investors.
When they started, they showed at least the minimal evidence of what was spent, what was build, not how you would expect it from a real company, but at least from time to time some Excel sheets put together with some numbers.
Everything stopped many months ago. They probably never got new miners, took all the leftover funds. When you calculate what actually the profits should be, you can clearly see that there is also something fishy going on there. It's all a big lie. There are no payouts, nothing. No one knows what they are doing. No One.
This is an example of the expected payout.
Only with the old S9 miners and a good amount of rock2. Let's say the payout is 100%. At a BTC price between 8-10k.
Now they said there were new miners. So the amount/hash rate would be at least double. Ok, then let's also consider the halving in between. That may reduce the payout back a half again. Now had stocked up double the amount of rock2. So we could at least expect probably double the rewards overall. Prices at the same level. But guess what, it was not even half of what it was in the beginning! So pretty obvious what's going on......
Just a really bad "company" in terms of how to act as a company, a simple hobby, it is really nothing more, with leaders that are just the worst you can expect.
But who knows, as they don't talk to people anyway.... just do your own research.
Well, in my opinion, a non-communication, extremely slow, untransparent, and not always going with the truth "company" has no chance in a market like this.
Just be aware of this company and its leadership. Setting up a website, ICO, and some whitepaper is not going to build a business. Worst company ever.
Update February 2021
-------------------------
OK, first the bad stuff. They sadly made some wrong, crucial business decisions that had a massive impact on their plans. And due to this, all things got slowed down massively. They take time for good decisions, but if things went all right it would not have to that long. And business often means to be fast, not the biggest, but the fastest...
But anyway, the good stuff now. They try hard to make things work, and they are dedicated to what they do. Despite all the issues, all shareholders have gotten their share every month ever since the first miners were up and running. While in the meantime other mining companies screwed you over, in this bear market. They are far behind the planned, but it works, and considering this is a lifetime operation with a well-planned scaling solution, I still think this is a great project. Taking a look at other bigger mining operations, they tend all to grow over time, if done right.
Even though I miss the cave, their new environment is impressive and hopefully, will all be filled with miners one day :-)
=====================================================
It's the end of 2020. Let's face the facts and see how ICE ROCK MINING ENDED
The rating had to be adjusted to ZERO!
The Good:
The idea was great. The cave was great. But the first issue already comes here. They didn't know or do enough research to figure out that it's just not going to work inside the cave. But they did try, and they did not try to scam people. They just wanted money for nothing. They did communicate with the investors and found an awesome, huge location to build the farm. It wasn't their fault that the government banned the farm later on. And they didn't exit scam, they went and found a new location again to build up.
The Bad:
First, this is about some facts you may need to know. All the shiny numbers on the website are only half of the truth.
Yes, they did raise 8M Dollars. But what they don't tell you is, that they have also lost almost everything, by having the great idea
of keeping all funds in Crypto, as the big crash after 2017 came in. (Yes they say due to laws... but really? C'mon) So the only output from 8 million dollars is 2000 old s9 miners that are not profitable anymore and 600 new t17 ASIC miners (well if the t17 actually exist, nobody knows.). That's it. Can't get much worse. So the Investors lost all their money and will hardly ever have a chance to get their investment back. As there is no actual business plan.
Do they have almost 8000 customers as stated on the their website? No, 8000 "investors" not customers that lost all of their money, without any real chance to get a ROI.
IRM is not a company. They are a hobby, sponsored by investors. At least that's the way they operate. So why should they care, investors sponsored their business/lives. That's the danger of being an ICO and not having to build your business with sweat and tears.
They state 3 years of success on their website. No, after three years, all the money is lost, and by today the beginning of 2020 they don't even have all miners up and running. It's more than 3 years of miserable failure.
Yes, they had to move out of their location, that's the picture you see on the website, but that mining location does not exist anymore and has nothing to do with their actual "farm". They are somewhere else now with just mining containers.
What about the team? Well, they are alright as people, but they have no idea of how to run a business or even worse how to communicate with investors. But like mentioned, they just give sh... about all of that.
The CEO Malik Murzashev is known and there are even TV shows, and interviews about the wealthy man. He self claims that he is a great and successful businessman that makes a lot of cash. We actually don't know any of those businesses besides Ice Rock. But there are some strange websites, that relate to him as owner. So there is actually no evidence for all these claims.
So, the truth is, he is more like a border-criminal. Due to the fact of what he does with Ice Rock Mining. After the move out of the old location, he disappeared and remained silent on any social platform. All remaining funds have been taken out of the project. Miners were probably never bought. Even the decisions of investors to reinvest the profit probably just got stolen. And there is since then, now at least 6 months, no more communication, no more payouts. Nothing. So actually we can call this an exit scam. And I'm not sure if some bigger Investors would try to sue IRM. They are just cowards, nothing more. Hiding for months lies like: we can't make payments, the only guy that can do that has coronavirus. Yeah? One person can do that? What about all the other "Technical engineers" and stuff? And also, since back then, the "management" can not communicate, they also got the virus, since months..... How stupid and pathetic this is.....
What about other people?
His sidekick, Dias also disappeared with him, and silence remains. And that's mostly it. All other members are or probably have no real meaning in the project.
The only thing left is the telegram group.
Their sole place to communicate is on telegram, where harsh admins just ban you for saying anything against IRM. Most of the answers are like, "I don't know", "got to ask the boss". They don't even seem to communicate internally. No one gives you news most of the time, no updates, nothing. Worst communication I have seen in any project. They just won't give you updates or really talk to you, just some telegram admin how doesn't really know. There is only probably one person left there also, and he does not know anything. Or at least pretends he doesn't. But they always talk on big scales. "Oh, well I got the ask the 'Management'" or the "technical engineers". Stuff like that, where there are actually just some guys who set up some miners. Anyway, that person in charge to communicate with investors does not know anything. Do they even mine? Have we got new miners? Nothing. The same answer all over again "Got to ask the management". This gives great insight of how those guys actually work as a "company". So that tiny bit of leftover communication is useless and mostly a lie. The Admins there are mostly just the worst liars of all or misused to keep the crowd happy and are really clueless, but I don't think so.
And as mentioned, they are probably the slowest moving "company" ever. Their claimed white paper reinvestment plans never took place, in 3 years, nothing. Because they first want to get the miners up and running.... in 3 years! They didn't even get that done. They could have had massive reinvestment, growing miners amount in that time, but nothing happened. Just a bunch of old and obsolete miners.
The Ugly:
Worst part of it all: They open a new website, a new project. With all these "fake" numbers mentioned above and a (same as in the ICO for IRM) calculator with how much you can profit. Looks like they are unwilling or unable to scale or give it the last try to run their existing IRM business and finally try to be a company and get existing things going. But why should they care at all, just go and get peoples money to sponsor your lives and new project. Who cares about older projects. They probably know that everything is lost, and they just don't care anymore. Just go and create a new project, it's not their money they have lost. Their acting and communication shows. They care Bullshit about millions of blown dollars and investors.
When they started, they showed at least the minimal evidence of what was spent, what was build, not how you would expect it from a real company, but at least from time to time some Excel sheets put together with some numbers.
Everything stopped many months ago. They probably never got new miners, took all the leftover funds. When you calculate what actually the profits should be, you can clearly see that there is also something fishy going on there. It's all a big lie. There are no payouts, nothing. No one knows what they are doing. No One.
This is an example of the expected payout.
Only with the old S9 miners and a good amount of rock2. Let's say the payout is 100%. At a BTC price between 8-10k.
Now they said there were new miners. So the amount/hash rate would be at least double. Ok, then let's also consider the halving in between. That may reduce the payout back a half again. Now had stocked up double the amount of rock2. So we could at least expect probably double the rewards overall. Prices at the same level. But guess what, it was not even half of what it was in the beginning! So pretty obvious what's going on......
Just a really bad "company" in terms of how to act as a company, a simple hobby, it is really nothing more, with leaders that are just the worst you can expect.
But who knows, as they don't talk to people anyway.... just do your own research.
Well, in my opinion, a non-communication, extremely slow, untransparent, and not always going with the truth "company" has no chance in a market like this.
Just be aware of this company and its leadership. Setting up a website, ICO, and some whitepaper is not going to build a business. Worst company ever.
Update February 2021
-------------------------
By now we see an almost 50k Bitcoin. Even the old s9 are profitable. So guess what, there was an "official" announcement that there will be a payout beginning of February.
Great, as they are mining for 2 months now. But what happened on that date? Nothing. No one can get their payout, because they do not deposit any Ether on the contract. So basically, another lie. But oh, we get another message, that the fees are too high, so there will be no deposit of any money. Sounds reasonable at the current gas price, but that means that there will not be any payout for anyone soon. Or maybe they just keep all the money, and they are not mining at all? Because nobody except the group admin actually exists for the public.
We also get some spreadsheets with horrible stats, that mostly a lot of the new miners are already broken, a lot. Do they even exist, or just another lie, because they were never bought?
The cowards are still hiding, and nothing has changed, no one of the "team" has ever been seen anymore or has stated anything. Just a useless telegram group with the "unknowing" moderator that still does not have any clue about anything.
And their official website has been taken down a while ago... doesn't look like any good omen either...
So basically the fooling of their investors continues.....
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