Cloud Mining Journey (with Hashflare) - page 6.

mghaynes

newbie

Activity: 30

Merit: 0

Quote from: Doug E. Dee on December 13, 2017, 12:06:28 PM

Just got an email from hashflare:

Yeah, I got the same message. Worrisome to say the least. I'm keeping a positive attitude and thinking at least they are communicating with us. So, maybe they're just a poorly run business and not a scam. But, still overall makes no sense to me why they need to suspend transactions.

mghaynes

newbie

Activity: 30

Merit: 0

Quote from: kmantronix on December 13, 2017, 03:33:47 AM

I started with 83TH ( about 13 K$ or 0.84 BTC with the gains i made buying a few BTCs on last september )

Wow! I thought I was jumping in head first. That's a lot of TH.

Quote from: kmantronix on December 13, 2017, 03:33:47 AM

No bad surprise till now.
I received my daily payout as expected, and i did my first withdrawal on yesterday ( it took as long as 16 hours to complete, because of the very low fee used by HF )

Congratulations! That's good to hear. I'm most worried about them not paying out. So if you got a payment, even if it took 16 hours, that's a positive sign. Hopefully, they are just a poorly run business and not a scam.

Doug E. Dee

newbie

Activity: 25

Merit: 0

Just got an email from hashflare:

Dear users,

Due to a higher-than-usual network load and increasing number of transactions generated by HashFlare users, our provider block.io struggles to process them without delays.

Bitcoin withdrawals take more and more time for processing and therefore we have to temporarily suspend new BTC withdrawals from HashFlare.

Below is the list of wallets with pending transactions:
https://chain.so/a/qoadp0u
https://chain.so/a/vzcxn9c
https://chain.so/a/hfpok0y
https://chain.so/a/-_xhmf4
https://chain.so/a/oxxd_ry
https://chain.so/a/zwmllli
https://chain.so/a/wjrlb5w

If you can find your transaction in chain.so, it means that it is already in a queue for confirmation.

BTC withdrawals will be re-enabled once block.io resolves the issue on their side, sending all pending transactions to the Bitcoin blockchain.

In case block.io fails to deploy a solution in the nearest future, we will change the processing gateway and restore BTC withdrawals.

Please note that HashFlare customer support cannot cancel or speed up the transaction as it lies beyond our control.

We apologise for possible inconveniences.

Sincerely,
HashFlare.io Team

Venkman83

newbie

Activity: 9

Merit: 0

I'm also invested in HF. I'd be surprised to see that they aren't a ponzi scheme.
But at the end of the day as long as they pay I don't care.

If it sounds too good to be true, it usually is. I've been too long in this game, especially in pump and dump stocks.
Expect the worse from everyone!!

kmantronix

newbie

Activity: 18

Merit: 0

Hi Mg,

I started the same journey as you on December 9 ! I just noticed your post now.
I shall say i ve got the same fears and questions that you had when you started an that you may still have :
It is a scam ? is it a Ponzi ? What if they shut down on tomorrow, what if they are hacked and so one ....

As you reported already, hashflare is/was the only one to sell sha256 mining contracts ( and so far the most profitable ones ).
Unfortunately they are less communicating/transparent than Genesis for instance.

I choose to move from trading ( time consuming & addictive Wink

) to mining since the BTC raise renders BTC mining profitable in a pretty short period of time.
I started with 83TH ( about 13 K$ or 0.74 BTC with the gains i made buying a few BTCs on last september )

No bad surprise till now.
I received my daily payout as expected, and i did my first withdrawal on yesterday ( it took as long as 16 hours to complete, because of the very low fee used by HF )

My purpose will be reach the break even in 84 days ( 0.01 daily payout at least ) reinvesting any remaining .BTCs to counterbalance the inevitable difficulty raise

Lets see !

--

NB:

=> https://hashflare.io/r/5906301A <=

h0lybyte

hero member

Activity: 924

Merit: 511

I personally have no experience with cloud minings. While reading stuffs on cloud minings, there are numerous scam reports on virtual contracts.
Buying virtual contracts is not worth in my opinion as they reduce payments gradually and they take years for this process. Who knows at what period they turn to scam? Since you had $2800, it was sufficient to order two fresh S9 miners and start mining at home

JanpriX

hero member

Activity: 1708

Merit: 606

Buy The F*cking Dip

From my personal experience, cloud mining isn't for me and most of the time that I get involved with it, I ended up losing money. That may be because I'm not good at checking the companies that I engaged with but I haven't had the chance with Hashflare. I've been contemplating whether to try it or not as I have extra money. Thankfully, you opened this thread and provided some of your personal experience with them (with proof).

Honestly, I've been advising other people to stay away to such kind of businesses but right now, I'm reconsidering it. I'll definitely follow your thread and see if it is worth it to try this one. Grin

mghaynes

newbie

Activity: 30

Merit: 0

Quote from: daweller on December 12, 2017, 05:57:01 PM

Thanks for this thread

Have you tried a withdrawal yet? If so, did it go through?

I have not tried to withdraw. I purchased my TH/s with a credit card and Hashflare puts a 14 day hold on accounts started with a credit card. So, I'll have to wait a week before I can try a withdrawal.

daweller

member

Activity: 68

Merit: 10

Quote from: mghaynes on December 12, 2017, 04:19:15 PM

Yesterday's mining results - BTC0.003
Total profit so far - BTC0.0194
Screenshot:

DAY 8
No real change in mining profitability. 3 days until Hashflare domain expiration and counting.

Thanks for this thread

Have you tried a withdrawal yet? If so, did it go through?

mghaynes

newbie

Activity: 30

Merit: 0

Yesterday's mining results - BTC0.003
Total profit so far - BTC0.0194
Screenshot:

DAY 8
No real change in mining profitability. 3 days until Hashflare domain expiration and counting.

VegasJeff

newbie

Activity: 41

Merit: 0

I'm following this thread for sure.

I just put $30 into hashflare.io to test the water. I have money to put more but decided to keep it at a minimum in case it is a scam.

Trying to figure out other alternatives to generate bitcoins or altcoins. Maybe buy a used S7 or S9 and put it in my garage but not sure if the ROI is there at the current prices.

daweller

member

Activity: 68

Merit: 10

This domain thing, to me, is a bad sign.
it takes less than $100 to register a domain for 10 years.
Why would a company who is in any way serious, not going to renew a domain for more than a couple years at a time? ( unless they anticipate exiting after a set period )

cosmicnet

newbie

Activity: 13

Merit: 0

Quote from: muscles8257 on December 11, 2017, 10:33:18 AM

yes i am also worried about there domain expiry this friday i checked genesis mining and they originally has the same term of 3 years on there domain but have already renewed theres so don't know what the situation here is ............i hope they are not going to run with all our money

It is totally beyond me why they are leaving this until the last minute. I checked with their registrar, they will have got invoiced 10 days before expiry, i.e. last week.

Letting FUD spread for the sake on paying $10 later makes no sense.

mghaynes

newbie

Activity: 30

Merit: 0

Yesterday's mining results - BTC0.0032
Total profit so far - BTC0.0167
Screenshot:

DAY 7
I forgot to post yesterday. Hey, I got busy. I have a life. Even today's post is rushed as I have people yelling at me that we need to go. Anyway, the bitcoin mining has stabilized and is consistently around 0.3 mined per day less maintenance fee. The results continue to be inline with calculations from other sites as to mining expectations given 20.25 TH/s. I also decided to go 100% with Slush mining pool. To make a long story short, they have the best rates and fees. They are small, but I figure I'd get a bigger share of the bit coins they do mine.

So, we are 4 days away from the big hurdle - will Hashflare renew the domain name or not? That is the latest thing to worry me, fortunately I don't have much time to ponder as I must go now.

muscles8257

newbie

Activity: 1

Merit: 0

yes i am also worried about there domain expiry this friday i checked genesis mining and they originally has the same term of 3 years on there domain but have already renewed theres so don't know what the situation here is ............i hope they are not going to run with all our money

Venkman83

newbie

Activity: 9

Merit: 0

Hashflare domain is about to expire.
Is that normal procedure that the domain license is not updated yet?

https://www.whois.com/whois/hashflare.io

mendeco

newbie

Activity: 6

Merit: 0

Quote from: Doug E. Dee on December 10, 2017, 02:09:46 PM

Hi mg,
Jeez, that withdrawal fee seems pretty high. I suppose that encourages reinvestment rather than withdrawals?

Actually, right now, due to the high increase in bitcoin transactions they posted a small change in their withdrawal conditions.
They seem to me pretty fair:

Quote

Dear users,
Due to the high load on the Bitcoin network and number of unconfirmed transactions we are changing the commission to 0.0007 BTC to reduce the time for withdrawal transactions to be confirmed. This means that the minimum balance to make a withdrawal is now 0.0107 BTC. This is a measure to increase the speed and stability of BTC withdrawals.

We would like to remind you that HashFlare is unable to speed up the transactions in the blockchain. Lower commission transactions may take multiple days to be confirmed, since they have a lower priority from the perspective of the miners. Transactions with higher commissions are selected by the miners faster to be processed.

Thank you for understanding!

As you all can see, the minimal withdrawal amount is not 0.1 BTC but 0.01 BTC.

Doug E. Dee

newbie

Activity: 25

Merit: 0

Hi mg,
Jeez, that withdrawal fee seems pretty high. I suppose that encourages reinvestment rather than withdrawals?

mghaynes

newbie

Activity: 30

Merit: 0

Yesterday's mining results - BTC0.003
Maintenance and electricity fee - BTC0.0004
Daily Profit - BTC0.0026
Total profit so far - BTC0.0115
Screenshot:

DAY 6
I made BTC0.0026 yesterday, about the same as the day before. I now have BTC0.0115 which, ironically, is exactly the minimum withdrawal amount. Oh yeah, Hashflare just updated their policy. They have increase the minimum withdrawal to 0.0115 with a transaction fee of 0.0015. I believe this is more than double their previous transaction fee which was 0.0006. They were having lots of complaints about transactions, so looks like they raised the fee in response to try and get the transactions to go through faster. I'd love to test it out, but I have to wait another week before I can withdraw from the account. I purchased my TH/s with a credit card and they put a 2-week hold on withdrawals from accounts with credit card purchases. So, we'll see how that goes in two weeks. Overall, the contract has performed as expected. However, there are two key hurdles Hashflare must pass to gain more of my trust. 1) They need to renew their domain name which is still set to expire on December 15. 2) I need a successful withdrawal from the account to my wallet, which I should be able to do in 8 more days.

mghaynes

newbie

Activity: 30

Merit: 0

Yesterday's mining results - BTC0.003
Maintenance and electricity fee - BTC0.0004
Daily Profit - BTC0.0026
Total profit so far - BTC0.0088
Screenshot:

DAY 5
Another day, another BTC0.0026. No Hashflare drama in the last 24-hours. The BTC yield per day is going down, but each day I check with cryptocompare and the results basically are in line. So, looks like we are seeing the effects of new TH/s coming on line. Profit per TH/s declines daily. I suppose it's economics at work. If Dash is any example, profit per TH/s will continue to decline until it's no longer cost effective to make new machines. D3's that were selling for over $2600 a few months ago can be found on Ebay for less than $1000 now, and you don't see any manufacturer's rushing out new machines. Depending on electricity costs, it will take about a year to get ROI on a D3 at $1000 given current Dash prices. I suspect SHA-256 will go the same route with people selling S9s for under $1000 at some point in the future.

Topic: Cloud Mining Journey (with Hashflare) - page 6. (Read 4629 times)