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The world of Bitcoin and cryptocurrency has never had a boring day. Earlier this week, a company called Giga Watt made some wild claims that put BITMAIN in a bad spotlight. Giga Watt claims they are the first official BITMAIN hosting facility and the first service center in the US. However, BITMAIN has never authorized Giga Watt to be a hosting facility or service center in the US, nor do they support the company in any way. It appears Giga Watt is a company people should watch out for.

Do Not Trust Giga Watt’s Bold Claims

Whenever a new company crawls out of the woodworks claiming to offer Bitcoin mining services, there is a rightful cause of concern. A lot of companies have claimed to offer cloud mining services, yet very few of them have ever lived up to these expectations. In most cases, these companies are Ponzi Schemes waiting to collapse sooner rather than later.

So far, it is a bit unclear what Giga Watt aims to achieve. Making bold claims about their ties to BITMAIN – which are discredited by the hardware manufacturer – seems to indicate this company should not be trusted by any means. There is no point in claiming to be the world’s first official BITMAIN hosting facility and service center in the USA when that is anything but the truth.

Thankfully, BITMAIN caught wind of this problem pretty quickly and issued a statement to explain the situation. It appears BITMAIN has no ties with Giga Watt whatsoever, which should not come as a big surprise to anyone right now. Moreover, Giga Watt used BITMAIN’s name to promote their upcoming ICO, which will probably end up defrauding Bitcoin investors.

Interestingly enough, Giga Watt also claims Wu Jihan is the chairman of this new company. That is another false statement, as Wu Jihan has no ties with this Bitcoin mining operation whatsoever. For those who are unaware: Wu Jihan is the co-founder of BITMAIN,  yet has no ties to Giga Watt whatsoever. This only confirms the suspicions of how Giga Watt is a scam aimed at defrauding Bitcoin investors over time.

Moreover, BITMAIN is not too pleased about Giga Watt using the company’s trademarked logos on their website. For now, BITMAIN demands Giga Watt to remove the statements and company logos as soon as possible, as well as issue a public apology. So far, the latter part has not happened, and legal action may be coming Giga Watt’s way very soon.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.