Pyramining is a Bitcoin mining contractor that lets you borrow hashing power to mine for Bitcoins. You join by sending some Bitcoins through a referral link, and are rewarded with at least 10% return on your investiment. Once your account is active, miners will keep working for you until you are fully rewarded. Currently receiving a full reward on your investment will take about 12 months. A referral system is used to allow a more rapid increase in total system hashrate and revenues.
How does it work?
Join through a referral link. Active referral links can be found on the Pyramining twitter feed . Once you have joined, specify the bitcoin address of your wallet where your mining rewards is to be sent, and deposit any amount of Bitcoins to the provided address. If you like, you can then invite people to join through your own referrals to increase your rewards.
Is it a pyramid scheme?
No. Pyramining is a mining contractor. Rewards come entirely from Bitcoin mining. The referral system provides the opportunity to increase income by recruiting new members and to increase hash rate by having more members. Read the FAQ on their site for more details.