https://bitcoinwisdom.com/bitcoin/difficulty
According to this, difficulty went down on Jul 17th, and now BTC price it's over 7k, the point where they say contracts would be profitable again.
But still no payout from them, "SHA-256 payout (BTC) less than maintenance (BTC)".
Are them completely gone?
According to this, difficulty went down on Jul 17th, and now BTC price it's over 7k, the point where they say contracts would be profitable again.
But still no payout from them, "SHA-256 payout (BTC) less than maintenance (BTC)".
Are them completely gone?
OP, I'd like to remind you that cloud mining sites, especially Hashflare, are shady businesses and even outright scams based on their track record of manipulating customer contracts, and also raising minimum withdrawals to prevent people from getting out, all the while having no solid proof that they are actually mining at full scale.
With that in mind, it is entirely possible, if not probable, that Hashflare and other cloud mining companies are fabricating payouts based on what they can afford and make profit on. That would explain why sometimes you see no correlation between payouts and difficulty/price.
Again, once you enter into a cloud mining contract, it's a completely lopsided deal in terms of who has control over your earnings. It's completely up to the cloud mining company to determine your daily payout, as they do not need any proof of mining whatsoever.
That's nice answer, I wish I had some time ago, but, in life you need to make mistakes to learn.
When I entered HF in december i thought they were a reliable company, maybe I was just taken by the euphory of bitcoin going moon, will be more cautios next time.
Hashflare definetely had a very bad attitude towards his customers, like you said shady business.
man, I also made the same mistake, I invested in hashflare and saw the profit calculator that showed me huge profits, but the day after my purchase I realized that my earnings were very few and every day it seemed mine gains were being reduced. I started getting stressed out with what I was seeing and I gave up using cloud mining
Smart thing for these miners to do now, which I'm sure some already are, is to just switch off on their entire operations. They've pretty much closed out all contracts now, my prediction for their next move: Open up "new contracts". Fresh monies they'll get when they reopen lets them buy heavily into Bitcoin at low prices. Reopen mining, pay off bills, next Bitcoin surge, they're way in profit.
I bet you they're doing this a lot more than we think they are. That's why they can never be transparent.
I bet you they're doing this a lot more than we think they are. That's why they can never be transparent.
Oh they have another strategy: "to make many promotions", see the case of geneisis mining:
Genesis Mining Compels Certain Customers to Upgrade BTC Mining Contracts
Genesis Mining To Offer promotions For Clients Who Want To Upgrade Contracts
However, if you are a Genesis Mining user that does not use a low tier contract, there is no need to be afraid just yet. The company has offered to all its clients whose contracts will be terminated soon the opportunity to get a $105 USD discount if they want to upgrade to the premium service of the company, Radiant.
