Hashflare - Cloud mining Journey #2
Hi guys,
This is the second part of my Cloud Mining journey with Hashflare.
I have started a while ago with Hashflare and have been pretty satisfied with them.
You can read more about how I decided to join them as a cloud mining company in episode 1 of these series here: https://steemit.com/litecoin/@djeby/hashflare-cloud-mining-journey-1
Well, I just want to say that things change a bit when they announced the fact that the SHA-256 and Scrypt contracts will change from Lifetime to 1 Year due to hardware shortage, which in my opinion is pretty much bull...
You can read my post about Hashflare Contracts Change here: https://steemit.com/bitcoin/@djeby/hashflare-contracts-change
The thing that I looked at the most recently in Hashflare was to see if greed was part of the contract changing. Overall, I was mining about $2.3 - $2.5 worth of BTC daily with my 37 MH/s, but ever since the contract changes were announced, my mined amount dropped pretty much. Also, I think that the withdrawal fees went up pretty much.
Now, Instead of $2.3 - $2.5 worth of BTC daily, I mine about $1.8 - $1.95 on average, which is kind of weird, since the difficulty did not rise that much and also the value of BTC has increased. In fact, almost all the coins increased in value (BTC, ETH, LTC).
The problem is that all the mining rewards went down significantly since the contract changes were announced, even in the ETH mining, which was not affected by the contract change.
Although the value in dollars ($) is not very far away from what it used to be, the BTC and ETH mined significantly dropped. I understand that ETH difficulty increased a while ago, but it shouldn't drop the mining amount to less than 25% from the initial mining reward. A few months ago, ETH mining was getting me somewhere around $2.7 - $3.2 worth of ETH daily, when ETH was valued at about $250. The difficulty increased, but so did the value of it, and still, I am mining with almost double the speed that I had, roughly $0.90 worth of BTC daily, which means that I have no change of getting back my investment, let alone profit.
Frankly, I see Hashflare going down soon and never coming back up. They lost a lot of credibility when they decided to screw over even the first customers that gave them their trust and invest in them.
I think this decision was taken so that they can use the hardware to mine for themselves and cover costs of new hardware from the yearly contracts from naive people that will still trust them.
I will keep you updated on how things are working out on my end with this once Great Mining company...
Testing out Tippy: @tippy vote
It's normal for ltc eth and dash to drop. New hardware is in the market. They are still a great option to invest as they just adjusted to the market price. But out there are other great options too. Don't be disappointed we still have a great year ahead with all coins going up and lots of new possibilities
Yes, I know investing is the best option at the moment, but I really did not like what these guys did, as they seemed very professional and serious about their business. Well, what can we do, then just move on. I bet my money on a long term Ripple rise. Maybe it's just hyped but I feel confident in it on the long run.
They are professionals, don't worry
Maybe, but the guys that invested in them and funded the hardware acquisition at a certain degree were the ones that got screwed so to speak. At least they could have kept the contracts lifetime for the ones that were purchased prior to the contract change decision. But it's their business so, i wish them good luck :)
I have 21k$ in there and I'm not worryed. I still have to get 15k roi back but it will do just fine
Wow, that's a lot. Are you going to get them back after 1 year?
With the current btc price I will get near 30k back in a year... 15k roí and 15k profit. But btc will get 10k that's the main reason they cut the contracts time so i think I will get more. I'm happy even if I get my roí and something more back