Bitcoin Forum

Check this email out:


Dear ViaBTC users:

In the past 14 months, ViaBTC cloud mining service has covered over 50 countries and regions in the globe, served tens of thousand cryptocurrency investors and received great popularity all over the world. We are very grateful for your love and support and will continue trying our best in providing more investment options.

Recently, due to policy changes, some of our long-term hosting partners are facing a crisis of farm closure as mining resources in Mainland China become more scarce, leading to rocketing costs of our cloud mining operation. To guarantee the long run of cloud mining, ViaBTC has no choice but have to readjust our maintenance fees. The arrangements are as follows:

1. S9 contracts: From UTC time 8:00 12th January 2018, maintenance fee ratio for S9 contracts will be adjusted from 6% to 50%.
2. L3/D3 contracts: Maintenance fees for L3/D3 contracts will REMAIN 6% and L3/D3 redemption is NOT yet available.

S9 contract redemption supported

If you disagree with our readjustment of maintenance fees, you can choose to terminate your S9 cloud mining contracts in advance and let us redeem all your contracts with a price of $300 per share (calculated against real-time rate into BCH at time of payment).

Please refer to our follow up announcement for redemption time.

How to apply for S9  contract redemption

1. Please apply with an email to support@viabtc.com BEFORE UTC time 12:00 18th January 2018 or your application will be EXPIRED.
2. Please send application with your registered Email address in ViaBTC or your application will be INVALID.
3. Please include your ViaBTC account details (eg. Your registered Email, binded mobile and miner nickname).
4. Please WRITE DOWN the following sentences on a piece of paper, take a picture and have it attached to your Email:

I, Account nickname,
(Registered Email in ViaBTC: XXX; Binded mobile: XXX)
agree to the following terms of redemption of all my S9 cloud mining contracts at a price of $300 PER Share

The worst profitable contract gets even worse.
At least they helped me to accellerate some stuck transactions but it seems that contracts do not get you more accellerations anymore.

Looks like another "soon to be dead" company so i think its best to go hands up and take at least the 300 :(

Even though I am not a fan of cloud mining services as I have always been critical of their business because its the most abused platform to scam innocent people of their resources but that being said I don't think they could have made any other decision due to what is being faced by them and what we have been reading on the clamping down of mining sites in China as well how difficult it is to do business, they have no option than to increase their charges. But I still don't see the justification of up to 50% from 6% that is way too high and it further elongates the long period of time one have to wait to ROI in the first instance.

Cloud mining companies always show users a better profit over a period of time, but in reality there is no profit only loss in cloud mining.

The problem with cloud mining is that you operate fully at their mercy. If we look at one of their habits, then it's increasing maintenance fees, which alongside cloud mining not being profitable, is the next certainty they offer.

People agree to all these terms once they sign up and buy these contracts. While I agree that it is a straight rubbish move at cost of the contract holders, this is something they have all the right to.

They are in charge of each and every aspect of their platform, and will use, and even abuse it against you as user/investor. It's impossible to beat them in the long run, and it shows by how they try to make contracts less profitable.

Want to add that we wont even know if those maintenance fees are really the truth thing regarding on their prices if it would be just right or they add up even a little more to make advantage to its investors. No one really knows on whats behind and same as being said they do have the power to manipulate things since we are just only their investors we wont even know on whats happening up there.