This email (that is shown below) has not been sent by Pinnacle Mining (the company). We advise disregarding any email asking for your personal information including BTC wallet address.
It has been reported some people have gotten misinformation or misunderstanding that the company will make a full refund by the end of 2019, but it is not true. According to the Terms and Conditions on which every member agreed when at sign up, we have a strict no refund policy once payment has been accepted. Despite the policy, we will try to compensate for some losses for the members. Some claim that they did not know the dissolution of Pinnacle Mining, but it is their responsibility to visit the website often and check the status.
There are two factors that forced Pinnacle Mining to close.
1. Mining profit: Bitcoin mining had not been profitable for very long time and it was not possible to expect any profit after paying the electricity and maintenance bills. According to paragraph 2.8 of Terms and Conditions, the company had the right to terminate the contract permanently, If mining remains unprofitable for 21 consecutive days. But the company did not terminate the contracts to protect members.
2. New sales: Zero sales had been made for over 11 months since November 2018. Pinnacle Mining has introduced an aggressive compensation plans with higher bonuses since March 2019 but there was no sales and Pinnacle Mining had a heavier burden than before.
Despite the revenue shortfall, the company kept paying the commissions and bonuses from its own capital for 11 months. It is the proof that company tried to protect the members. No other company pays out without making a profit.
The company provided the cloud mining combined with referral system. 49.2% of sales amount were paid as commissions and promotional bonuses, and 50.8% were used to purchase mining machines and maintain mining facilities. Some claim that the company did not pay as much as advertised but it is not true. Pinnacle's payout was record high and it can be proven by any body with mining knowledge. Mr. Kim Young Je is responsible for misrepresentation for high return. Pinnacle Mining never guaranteed profit, and the president, Mr. Yang, emphasized like any other investment there are always includes risk and you can lose your capital.
Claims filed before between October 1 and October 31, 2019 will be compensated, after the fact of all other payouts have occurred and then after with any remainder will be distributed.