Hello my dear Steemit Friends!
So after many days of waiting for a change ... I come to write this article here on Steemit.
I have for a very long time now a mining contract on Hashflare of 316.06 TH/s of Bitcoin Cloud mining.
Now we all Know that there was a spike of 14% in mining difficulty ...but this wasn't the problem , the problem was that the maintenance fee tops all our rewards.
For this I give my example of 316.06 TH/s :
And so I wrote a message to Hashflare support:
Their reply:
Amely (HashFlare Support)
Jul 5, 10:57 EEST
Greetings,
On 05.06.18 the spike of mining difficulty exceeded 14% (https://bitcoinwisdom.com/bitcoin/difficulty), while the price of Bitcoin continues to decline. Because of this, the payouts are lower than the maintenance fee, which results in the balance not increasing and remaining the same. This means that your balance will neither decrease nor increase. Also, due to the fact that contract payouts are lower than maintenance fees, forecast revenue shows zeros.
According to our Terms of Service, the mining process continues while said mining is profitable. This means the Mining process will stop if the Maintenance and Electricity Fees become larger than the Payout. If mining remains unprofitable for 21 consecutive days the Service is permanently terminated (Hashrate type specific). During the consecutive 21 day period, Payouts and Fees will also be temporarily stopped. If during the suspension period, the Contract-related mining factors (such as the exchange rate and mining difficulty) that are outside of HashFlare’s control will change favorably, making mining profitable again, the Service will be unsuspended and contracts reactivated.
Unfortunately, we cannot influence the global factors that form profitability, neither can we take responsibility for it. The main factor that influences mining profitability is mining difficulty, and you can find the publicly available growth chart here and here. Cryptocurrency mining, trading, handling and etc. are generally highly volatile and unpredictable.
All risks are stated in our Terms of Service.
We are considering all possible options, while taking into account the available resources, to optimize the mining process where it is possible.
Best regards,
Amely
HashFlare.io Support Team
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Cool that is wonderful thank you very much @SteemitBoard!
I’m so sorry to hear that. Actualy we have been talking with other steemiens about bitcoin’s price and mining. It seems it’s coming to the point when mining stops being profitable. I don’t exactly know what your contract says, but as you mentioned, shouldn’t you be able to mine something else, or is that non profitable either?
BTW: great to hear from you again!
I hope you are well!
Unfortunately on Hashflare for the moment I cannot change my mining power to another coin.
I did ask them to change to eth but ...no direct reply...only that robotic support response.
All currencies are in a significant decline
Great information provided by us thank you
You are a really wonderful investor
For the moment it is a grim sight for cloud mining contracts.
excellent post,my dear friend @cynteyc,very good information, i like it this post all time,i really love this beautiful investor,thank you so much for sharing your post,
If somehow I will find more information ...I hope a positive one I will come back with an update on this post.
It’s exciting to see you back! Unfortunately not in a great circumstances. If your rewards don’t increase and decrease at the same time and If you have maintenance fee, how in the world can you be able to mine? If bitcoin was below 1000 just a year ago and now it’s at almost $6k how it’s still not profitable? Something doesn’t make sense. I’m aware that mining cost in the US is at around $7k. Have you considered mining in diferent countries with much lower mining cost? Is it possible?
I think the best solution is just to invest in btc when the price is down and gain rewards when the price will be up again.
For the moment I do not see a viable option in mining at this point ...unless you have a very low electric cost and a very big hashrate ...much bigger the 316....and that would mean that you will need to have more then 25 antminers s9.
Most proof of work coin is not that profitable and the power usage for these mining rigs are too high.
That is very true @obest. It came to a time that all this equipment is obsolete due to the mining difficulty and of course the high cost.
Great information you shared for update your followers. After reading this blog think cloud mining was gone.
Yes ...I do not know what will happen in the future ..but I believe mining and especially cloud mining is not profitable any more.
I mine Ether with this company and make regular withdraws no problem. THe problem is with BTC - the hardware is getting stronger and stronger every quarter as more and more products are being cheaply released - this will result in a higher difficulty as more nodes enter the mining game making it not profitable to cloud mine - this is also true with mining. Best to trade BTC rather than mine it.
Exact... this is the same conclusion I arrived too....ether and other coins like monero are still profitable to mine or even to invest.
Bitcoin has grown to much in difficulty and ...if no serios upgrade in miner th/s like for example a miner with a capacity over 50 TH/s easy to use and low in power consumption...I do not see a future in mining btc right about now.
Those are some terrible news... Once again bad news from the world of cloud mining.
I hope that the situation will improve for you and all those who had invested in Hashflare.
I hope that too @mindlock , but the future it looking pretty grim right about now.
Hi @cynetyc, How are you? I hope you're doing well. You come back again with most important message about cloud mining. I see you're better investor in this platform and hope you'll get more profit with your experience.
For the moment it is not looking good and I stay and daily verify messages on social media and news to see what will happen with hashflare.
I hope that some solution will be found.
Oh yeah, it's sad news, my friend and as you correctly noted in the answer there was no certainty. In my opinion, Bitcoin's mining is very difficult now and it may be that you switch to the production of less complex coins, such as DASH or Monero, you can also use the Litecoin, since the blockchain are almost identical with Bitcoin and the complexity of the smaller production. Thank you @cynetyc
At some point in time dash and litecoin were very profitable because they had small difficulty but because of Bitmains new antminers they are not a viable solution anymore, BUT Monero still is a good coin to mine at home.
I didn't look at hashflash cause these made no sense it was the same cost of just buying bitcoin right now. Also that out they have means that in a bull market they can dump you.
Yep that is about right....if you see their terms of service they ...instead re-assuring the client , they cover themselves very well.
The moment someone says they are using Hashflare, the respect level drops. Hashflare was never profitable than buying coins(After 2016). If market is good, the loss will be less if not, it will be higher. Very slight chances of getting even a small profit(should have a mixture of strategy and Luck).
After their poor decision to cut their life time contracts from on going users....many people did not thrust the site any more.
Yeah..That's non profitable way. Need to find another best thing. Bad to hear there are no solution. But I think you will find good one. Thanks for updating letter @cynetyc.
I hope that too @dragonking but for the moment I feel a bit lost...
Thanks for the information.is a great work.
For your post propagation.
Upvote/Resteem
Excellent post. thanks for sharing. good for info table
100% like and resteem
Thank you @stmit!
I do hope that it will be a solution to all of this but for the moment it doesn't look good.
That is great crypto mining experience .this is very useful information and great work.
Thanks @cynetyc
Have a great day.
oh,my dear friend.. how are you? again come back to take important idea about cloud mining.i am really happy always to read your post.i hope you are well.you are a best investor in this platform.i hope that you got alots of profit with your best experience.thank you very much for your great news sharing with us.very well done..my dear friend @cynetyc take care yourself and best of luck of your great work.may god bless you..i wish that,you stayed anytime live long happily..
Hashflare needs to reduce the withdrawal limit. Awful customer relations to keep their customers happy. The issues should be resolved a lot sooner.
The great information sir. thanks for sharing .
Resteem
Really great information provided by us my dear friend. You come back again with most important message about cloud mining. Really very good job my dear friend. Thanks for sharing with us
Informative post sir. Thanks for sharing it.
All currencie are in a significant decline
Amazing information provided by us thank you
You are a really wonderful investor.Thanks for sharing sir @cynetyc.
This post has received a 12.67 % upvote from @booster thanks to: @cynetyc.
It is a sad news, but I think if you start trading with BTC, that may be a solution. Because the price is changing every now and then. So you can get some profit through trading. Other than that as many people stated in comments too, change the coin which has less difficulty that would also be working thing. Good luck!
hi my dear friend @cynetyc,how are you,very good information,great work,For your post propagation,thank you so much for share,
we miss you brother, come back, how is everything going?
👍👍
everything is going down sorry to hear about this😔😔
The mining is not at all profitable right now even i heard many companies are shutting down for some time because the break even cost is near
Have a good day but I don’t exactly know what your contract says, but as you mentioned, shouldn’t you be able to mine something else, or is that non profitable either?
BTW: great to hear from you again!
Many people are trying to sue Hashflare ...but I don't know if it will be a success...because of their terms of service...still it is a step....
Yeah, I think that won't work as they already has stated everything in their ToS!