Topic: Cloud Mining Journey (with Hashflare) - page 7. (Read 4629 times)

Thanks OP for chronicling this! I recently bought a little from hashflare and after 2 days, have bought a bit more. I'll be following your journey! Thanks for the clearly written updates.

I did check the companies most often touted as legitimate. As of December 4, 2019, here is what I found:
- Genesis Mining - from research this is the company I would have preferred to work with. However they are not selling any TH/s.
- Hashnest - has been bought by Bitmain. The site is pretty byzantine. After clicking a bunch of stuff, near as I can tell, you cannot buy an TH/s.
- Eobot - requires 5 year contracts and charges ridiculous rates. They are charging $36000 for the equivalent hashing power of one Antminer s9!

TL;DR - Hashflare is back up. They didn't still our money. I made BTC0.0033 yesterday.


DAY 4 UPDATE

Well, that was embarrassing. I made a complete fool of myself flipping out when the Hashflare site went down. In case you missed it, I posted that Hashflare was a big scam and they stole all our money. I went to sleep angry and had a restless night. How could I be so foolish as to ignore all the warning signs? Lots of people were saying cloud mining is a scam but I bought into it hook, line, and sinker. These thoughts are running through my mind all night. I'm waking up every hour, looking at the ceiling, thoughts running through my mind. It's a long night. When I get up, bleary eyed and dreading going to work tired, I call my credit card company. I'm going to see if there is anyway they can reverse the charges since I bought into a scam. After going through the normal dance of navigating the computer voice menus, I finally get a person on the phone. I'm talking to the customer service representative and explaining what happened and the site isn't even there anymore. She sympathizes with me and then drops a bombshell.
"Sir, the site is called hashflare.io?"
"Yes," I respond
"Sir, I am able to get to the site. Can you try it again?"

I was so distraught I hadn't tried to go to the site since last night. I go to the Hashflare site on my computer and sure enough the site comes up. I login and there is a message that the site was down for maintenance and some of the payments may be processed late. Ok I think. At least the site is there. But, I'm still in a negative mood and I assume "late" payment means never. Of course, that thought is quickly wiped out as I scan down and see my balance is 0.006 BTC. Looking at the history I see I mined 0.0033 BTC yesterday less the maintenance fee of 0.0005 BTC.
"Sir, are you there?" The representatives voice brings me back to reality. I quickly apologize for my drama and get off the phone.

Could Hashflare actually have been down for maintenance? I have to assume so. Certainly it's bad business practice not to warn customers you will be down for maintenance, especially when more than half the mining community thinks you are a scam. But Hashflare is not exactly a fortune 500 company. Can we really expect the best business practices? It's still too early to tell, but so far, Hashflare seems legit. Don't get me wrong there are lots of troubling signs. For example, how are they able to sell seemingly unlimited TH/s when literally every other company is sold out and you can't even buy a decent miner for less than 3 times the book price? It would be nice if they stated how many petahashes they had available for rent like eobot does. Still, to date, my every worry has turned out to be unfounded.

The site appears to be up again. Nicehash was taken out yesterday, maybe this is related?

Hey everyone

I want to add to the OP, testing of hashflare

So started it a few days back myself. I had started with a small amount of 30$. Got around .21TH. Not a big deal
But i wanted to experince the whole feel of cloud mining. After watched videos of people putting in huge amount of money into bitconnect,hashflare,genisis(im leaving this out of the topic because its almost impossible to get a new contract there now)

So like OP had posted it took well over 24 hours for the first payout to happen. It was a mere .45$. And since i had not put in a huge amount i had set it automatically to reinvest.

So it started of by showing me the following amounts. By putting 30$ i would get a pay back of 157$ with out reinvesting. But i have let it reinvest everyday so far for the last 4-5 days

Now its showing my the following https://imgur.com/a/3F8lP

So by reinvesting my daily payouts for the last 4 days ( would give you the exact amount buy HF seems to be down/maintenance/slow ) I have been bumped up from 157$ on the yearly payout to $204 thats $47 increase in just 5 days?  It makes me think on how LEGIT this is. I would love to invest in an antminer or two. But i live in INDIA where its hot as heck all year around. Along with as per my calculations ill be paying around .11$ per KWA. I have to do the math and see if the miner will even pay for itself. Shall get to that working within the day or so.

you can hope that this is just temporary and hashflare need time to renew their domain names. but did you compare between hashflare, hashnest, and genesis mining? I guess from this three site, you can find which is good cloud mining so you can avoid this. but its already happen and you need to learn from this. the important lesson in this situations is you can learn to not put your big money to one company especially in cloud mining.

At this time hashflare.io is out of service.

TL;DR - Hashflare website is down. They have taken all our money.

DAY 4

It's about time to check my cloud mining results for the day. But, first I think I'll see if there are any new comments on the blog. There's an interesting comment/post from @rubyrain about his experience. The post mentions I should use a referral code to get some bitcoins credit if people sign up using the link. TBH, I won't use it since I want the blog to be as unbiased as possible. But, I also hadn't paid attention to the referral program when I signed up. So, sometime around 0300 UTC, I go log into the Hashflare site to check the referral program. Sure enough, there is a referral code and link you give out. There are also some referral materials. I click on the link to see the referral materials and suddenly I'm looking at a 502 Gateway error.

I try and refresh the page several times, but honestly, I instantly know what's happened. My worse fears have been realized - Hashflare is gone. I think I'm going to throw up. Hashflare is just gone. 502 error can mean a lot of things, but instinctively, I know it means they have taken down the website. I hope I'm wrong. I hope I'll wake up in the morning and discover it was some kind of maintenance. I know I won't. I guess the question that started this journey has been answered -- Hashflare was a big scam.

If you start considering BTC's rising difficulty, your mining contract will gain profit less and less if you dont reinvest the profits. Having said that your ROI will take longer than you expected, while the miners are happily hedging their risk by using their customers deposits to buy new mining equipment and to pay for, in your words, the old blood.

Hashflare is down.
That's it, they have run off to Bermuda with our Bitcoins

Hi, I just registered to reply to this thread I introduced my bro to hash flare just yesterday, and he was freaking out, and found this thread. And after reading it (btw, it's very thorough and very well written), I wanted to testify with my exp. in addition to mghaynes's journey.

TL;DR - I transferred about 0.05 BTC so far to my other wallet, and got return of investment in about 3 month (maybe little less).

I had similar question in August. I had a co-worker who already had contract with genesis-mining, and that he was getting payout so it was legit. I wanted to buy a contract with them, that was when BTC was rising around 4~5k, but I couldn't use my credit card (all my credit cards were declined). When I got enough BTC from coinbase, there was no BTC contract available anymore. So I looked for alternative, found hashflare. But like mghaynes, I had concerns about hashflare being scam. So I decided to test it myself, spent $360 to get 3TH using credit card.

I transferred about 0.05 BTC so far to my other wallet, reinvested about 0.02BTC since then. I still have 0.05 BTC in my wallet, so that's more than return of my investment. This is mainly due to steep rise of BTC price, but I remember making same conclusion as mghaynes in September. If the BTC price stays the same, you get your return of investment roughly in 3 months. Every mined coin after that is pure profit.

What I want to say is, even if this is 1 year contract, unless BTC price drops significantly, cloud mining is still profitable.

My brother and I wanted to buy S9 like last week / early this week, but it's sold out. Not sure when they're gonna announce next batch, but like mghaynes said, it'll arrive at your door after 3 month from you order (that is if you order right away when batch is out). Then you need to mine with it for few months to get the return of investment. So I think cloud mining is not that bad. With no s9 stock left on bitmain at this point, I'm thinking about investing more into hashflare.

I'm little nervous about renewal after reading whole threads, haha, I'll watch this thread and see if it gets renewed.

Thanks.

BTW, @mghaynes, thx for good write up and analysis. Also you should put your referral link on your blog. I got some BTC from that when someone used that link to register and bought hash power. (my bro didn't.. boo) Here's mine https://hashflare.io/r/5DEF5A51

Currently the withdrawal is actually at 0.0106, not 0.1

Hopefully you do make a profit. However i can't say that i have personally had a good experience with cloud mining, especially i have heard a lot of stuff that would discourage me from investing in hashflare(Reducing from lifetime to 1 year, high withdrawal limits for no apparent reason, etc.).

If you do make a profit, do not reinvest.

Speaking from expeirence, just be settled with a net positive profit at all. Never reinvest, since you never know what their company is up to, or even whether or not they are actually mining or just a huge ponzi scheme.

TL;DR - Day 2: Earned BTC0.0033 using 20.25 TH/s

DAY 2 BLOG BELOW
Yesterday, my BTC earnings showed up on my dashboard at 0349 UTC. Today, I anxiously await 0349 UTC and nothing appears. Hmm. Not good. I refresh the screen a minute later at 0350 and my BTC appears!  

I mined BTC0.0038 less maintenance fees (about $7 USD) for a net of BTC0.0033.

So far so good. It's only been two days, but I don't see any reason to complain. The results have matched the estimated results from sites that calculate mining profit based on TH/s. At this point, I imagine the next real test will come in a month when I have BTC0.1 and attempt to withdraw it.

On a side note, I changed my mining pool allocation today. I am mining 50% Slush and 50% Antpool. The reason is Slush has the lowest PPS fee (2%) of all the mining pools available on Hashflare, but it is a medium sized pool accounting for only 10% of all mining. Antpool has a slightly larger PPS fee (2%) and they keep all transaction fees, but they account for 16% of all mining. So, I figure between the two I am participating in 26% of all found blocks. Over time, Antpool will find more blocks but pay me less on each found block while Slush will find fewer blocks but pay more for each found block. In fact, after thinking about it, I'll add BTC.com back to my mining pools tomorrow. They have high PPS fees (4%), but account for 16% of all found blocks. If I use all three pools, I will have a stake in 42%-43% of all found blocks.

Thanks for posting this. I know someone who made a similar investment, so far so good, it's matching the calculations but it's too early to know for sure. Hashflare certainly worries me more than GM and HN, but they haven't had any SHA256 mining contracts available for some time.

Well, most people doubt it, but we're curious about how it will be in 3 months. That's why it's interesting to watch closer on this thread.


LoL, not a terrible mistake, but it's an unnecessary one.
Too many scam accusations against this company and withdrawal issue is the most worrying thing. BTC0.1 limits for withdrawal is just ridiculous.
I appreciate your decisions to invest in mining in both ways (cloud mining and purchased mining hardware) clearly calculate your investment and acknowledge the risks involved. I would like to know about your orders from Bitmain as well, hopefully, you post a link here, just in case I miss it.


Indeed, for a man with curiosity and fantasized about letting people know the truth about various things, you will make it clear whether it's worth or not. If you make it, then more people will invest in hashflare as well. But, for me; I would never deal with such risk

TL;DR - I accidentally reinvested my first day's profits 

FULL BLOG BELOW

I just went and checked my Hashflare account and was surprised to see my BTC balance was BTC0.00010519. WTF! I'm looking over everything to understand where my BTC went, when I notice on my dashboard that I now have 20.25 TH/s. Looking at my history, I see what happened. Apparently, I reinvested my profit back into more TH/s. . Hmm. This is not what I wanted to do. I need that BTC to payoff my credit card!

There are some buttons on the dashboard that say "Withdraw" and "Reinvest". I click the reinvest button and I see what happened. The default setting is to "Reinvest in SHA-256." Ok. I change the setting to "Do not reinvest."  Hopefully, this solves the problem. I'll check back in a couple hours to see if I got my daily deposit.

Nice calculation, but you invested into a sinking ship. Hashflare has cut lifetime contracts, doesn't payout automaticly anymore, changes withdraw minimums and you will soon experience, that mining power will go down dramaticly. Do the best with the situation and cash out as often as you can. Don't reinvest. You can be glad if you will get your investment back. Keep your Botcoin and let it work itself.

I am also buying 4 x Antminer S9 and a 1 x Whatsminer M3. I'll post about that journey separately. To make a long story short, if you order right now, you won't get systems until late January/February. By then, mining difficulty will have gone up a couple times and the systems won't be as profitable. So, if legit, I could have earned back the money I invested in cloud mining by the time my antminer's get here.


I have read so many different opinions on cloud mining that I wanted to experience it first hand and show everyone the truth. If I get scammed, it will be documented in a way everyone can see. If it's legit, then people should know that too. At the end of the day, a $2800 investment won't make or break me, so I can afford to do what a lot of people can't. For me, the journey is more fun than the destination.  Finally, in the back of my head, I have an idea about starting a legit cloud mining company based in the US and subject to the laws of the US. If I go that route, understanding how other cloud mining companies work will make for a better business.

Fortunately, I'm in a position where it'd suck to lose my investment, but it wouldn't affect my day-to-day life. I've always fantasized about letting people know the truth about various things, and this is my chance to let people know some truth about cloud mining.

I hope to recover my investment too! I bought my TH/s on my credit card    Given the price of bitcoin as of yesterday, I would make about $1000/mo. But, as you know the price is in a constant state of flux. And, difficulty will increase. There should be a lot of TH/s coming online at the end of this month, and then again at the end of January.  So this profit will not last more than a month.

I purchased my TH/s with a credit card. There is a two week account hold on withdrawals for credit card purchases. So, I haven't tried to withdraw yet. I did see when I first signed up that they had temporarily increased the minimum withdrawal to BTC0.1. I haven't checked to see if it changed or not. The message about withdrawing appears at the top of the site whenever you login. I guess a lot of people have been complaining about withdrawal issues.