Bitcoin Forum

Hashflare changed contract terms unilaterally and gave clients 0 days warning. In fact 0 seconds.

Sent out the following letter at midnight today

Previously they been selling 10 ghs at 1.20 so it's a markup of healthy 100% which is OK it's their hardware. But then they broke all contracts and changed indefinite term to 1 yr which would be somewhat legal if customers who disagree get their money back. You cannot change a contract without both sides signing it off. It's illegal even in zimbabwe.


EDIT 03/09 : the changes have happened. So please don't write "I don't believe so". The expiry dates on all hash rates are now in 2018 and reinvestments are at double price.

Oh, thats why my contract is stopping.
Im not getting profit on them, even i just test it before. Deposit about 10 GHS and get some referal, but still this isnt good earning if they change it to 1 year contract. Because already 1 year and i just get about 32k satoshi from 0.001 Deposit before  :-\

this company came with problems, every day lowered payments and now come with the change of contract, are looking like companies with ponzi system, no longer invest or reinvest.

LOL that's the way all cloud mining sites will behave in near future because they will try to get rid of old customers and all those mining hardware purchased with the money from old investors will be now owned by them. They will soon be billionaire and all their customers will get bankrupt soon.

Cloud mining is just a joke full of fake claims.

Hashflare change the contract from lifetime to 1 year for all old contracts and new contracts.
They unfair and cheating customers.
I think they can change contract anytime they want.
Don't believe them anymore.

Yes, but these terms refer only to NEW contracts, not existing ones. Anyway, cloudmining is NOT something extremely profitable, getting ROI there s really, really hard to do. Switch to PoS coins, take a look at this in case you might be interested, it has brought me nothing but profits!

How to make money by investing into PoS:

https://bitcointalk.org/index.php?topic=1931773.0

Thanks for the heads-up.

Not surprised to be honest.
It was only the matter of time.
With this bitcoin price old investors could buy new lifetime contracts and reinvest every day - it would be terrible loss for them i guess. So they decide to fuck everyone with 1 year contracts and bigger price - and to be honest i don't think you can reach ROI in one year in hashflare.

No, old contracts are no longer lifetime.
"All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018."
I think, that is against law. They sold lifetime contracts and changed to one year without
financial compensation.

That's messed up. They'd just break their own rules. Now investors are screwed with this decision. Changing of contract is illegal specially when you already gave it to the customers. I don't think customers will get profits with that short time frame. You can't even get back your ROI within a year. They get profits from their customers. And customers gets none from them. This is the reason why i hate investing to any cloudmining. They screwing with their customers.

Hahaha this is why you shouldn't be stupid enough to give a ponzi any money. They're just paying out new users with the previous user's money you morons. Open your eyes, learn from this and move on. If they weren't making a profit they wouldn't be giving it to you, they would keep it for themselves.

They already messed up there investor since at the first place they are long time ponzi! How could there investors didn't notice that? Mining invesment industry is long time burried and will continue to be dead since it is not profitable at all right now. And result of stupidity is now occuring and  hashflare showing some bad signs that they will turn bad someday and if there's away you can escape there then you should do it by now so that you will not be scam if hashflare will totally fall.

There should have been no trust on cloud mining before getting the letter like this. These sites has always been like this, some of them will stop services immediately and some of them will give intimation like this. This could be sign that later in the time hashflare might be getting unstable and may not survive for long. There is no cloud mining site which has longer life time so it's better to stay away from them. Somethimes we have small investment which we get returned and that motivates us to invest more money because we are motivated to it. That's not good way actually as incidence like this can shook us at anytime. Better stay away from clouds and try some other ways of earning.

Damn, this is pretty fucked up and they obviously have no care for their customers at all.

How is it possible that they are able to just change their terms and conditions whenever they feel like it and basically reduce the customer's contract terms, even though when the customers signed up for the contract they were told that it was "lifetime"?

They are essentially robbing people off their money... From already a pretty rip-off contract deal in the beginning.

Thankfully i don't use hashflare but i feel for the peolpe who did invest...

I knew it hashflare will turn scam one day. Lols. After big discussion on this forum and confirming that hashflare or Genesis or any other cloud mining site is ponzi then also people went on investing into it. This is where people come to know legality of the services. Now see hashflare has published a later saying about their reduced contract terms which means you have only have one year of period to get back your ROI which is not possible at all. Thus any one investing for that much period will lead to loss and will not even reach break even point. This is the reason cloud mining should not be taken as serious earning opportunity. Better invest into cold storage rather than hot ponzi.

Should have never invested them in the first place. I have warned users against investing in any sort of cloud mining service since day 1 and still people seem to think that cloud mining is a long term investment capable of earning them thousands - far from the truth.

But apart from that, this is filthy, scummy behaviour from Hashflare. Nothing else i can say.

This is like a paypal chargeback, except worse. You don't even have a say in this. When people bought the contract, they expected it to run until maintennance fees were more than what they earned, not 1 year. I guess the greed has gone into their management's head  alittle.

Cloud mining has been risky always hashflare contracts were for a shorter term than genesis mining. I always knew this lifetime sha mining is suspicious we saw cases in genesis mining but never really reported any for hashflare. If you guys really wanna cloud mine go for a yearly contract it is more profitable and has less risk because no electricity is involved.

That would be a big cut of the profit for users especially for new buyers, on Hashflare.io. Nowadays SHA-256 isn't really profitable anymore unlike Dash or Ethereum Mining.  It is better that they keep the contracts on lifetime which were made before that given date.

I dont really believe what's happening, I assume Hashflare will give new users 1 year contract, And old users with their lifetime contract can still carry
on buying and reinvesting. I notice nothing change with my old 2014 account but i'm still watching.

It is irrelevant if you believe or not.

It has happened. All my hash rates now have expiry date in 2018 from the date they been added. Including those bought before 1st of September.

As Peter Griffin said once - Christians don't believe in gravity.. so I guess you are one of them..

Why do people send money to cloud mining websites ? Are they afraid they can't keep the money without spending them so they think this is a good alternative to keep their money safe and in the meantime get some interest over it ? Even so, giving money to someone else to hold it for you without interest is risky enough, when you add interest then it becomes very dangerous. There are better ways to spend your money. If you are so obsessed with making bitcoins rather than giving money to cloud mining websites buy an antminer and mine from your home.
In these days even 0.001 bitcoin is important so do not send money to cloud mining websites.

Really? So.. tell us.. how many antminers s7 do you have? Have you preordered s9? A dozen? 

I think you should check again, this is part of their letter:

"All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018."

I don't even know why people would invest in cloud mining, the profit is so small.
Say let's give the company a benefit of the doubt that they are not a scam, the action was still very unethical and in fact against the law. I wouldn't trust any amount to these people.
Cutting the contracts down to 1 year AND doubling the price without notice is a slap in the face for their customers.

Pretty sure that this is illegal as well. You can't just agree to a contract and then later rewrite it without the other party's consent, this doesn't make any sense becasue this defies the whole point of a contract in the first place.

Basically, they are blaming bitcoin volatility for this. How is this so?

The buyers of hashflare's contract is literally betting on bitcoin to be volatile and going upwards. Hashflare reducing the terms of these contracts without any other form of compensation literally makes investing in them absolutely pointless.

Oh so that was why a lot of people just suddenly started dumping their accounts at the digital goods section. I saw a lot of newbie accounts that suddenly posted they want to sell their accounts on hashflare. Though I am not sure if anyone would want them. Probably if it was for cheap then it could be sold. Looking at how bad the profits are on cloudmining is, I doubt anyone would be remotely interested in a 1 year only contract.

Yeah this is completely unacceptable. They can't just change their contract without any sort of warning, and without any sort of agreement from their customers.

They were already charging maintenance fees for their service, they do not deserve to cut down the customers' contracts just for their benefit.

I'm lucky that i didn't invest in hashflare(actually i don't do cloud mining at all because they are all shady companies), but if you did please don't just stay quiet about it. Complain to their customer support, if they don't budge then try to get the founder somehow.

I think the support has no say on this issue. Then I don't think there is a chance they will budge really. Not sure where hashflare users could complain to compel hashflare to take it back. This is going to be a big issue in the next few weeks for sure. With enough people complaining for sure there would be some sort of action that will happen.

Off course it is not profitable at all. How could you earn profits within one year of period if your ROI sets for longer than that. No matter what you do bring more referrals or stuff like that they have predefined calculation which tells that user will never get the returns. Now contract restriction to one year has increased probability loosing the funds and most probably te site is gong down. Hopefully people should understand this right now and take back the money which they can't because they are bound with contract which was signed off from hashflare site. Yup that's screwing up.

There would really be action if people or investors would make complaints regarding on the sudden change.For those people who do said above that earnings comes lesser as the times goes by there nothing to be shocked about since it just really a normal thing on cloud mining site thinking off that mining difficulty do rise up. This is the thing I do see this is why I don't engage on cloud mining site even they would say that they are legit.

There must be another thread on this here that i have just not seen yet, this is crazy for the company to do. If they survive in business after this is the way they treat their customers ten i would be very surprised.

At Bitcoin.com we would never treat customers this way or do anything such as change the terms of a contract that's already active unless it was to benefit the customer, like when we increased our non profit terms on all contracts from 7 to 60 days.

Doesn't this raise the question whether BTC mining is profitable at all when you continuously have to upgrade your hardware to keep up with the rest?

The only way cloud mining can be profitable is with a lifetime contract where you reinvest half your gains every month to keep up with the difficulty increases. GM will probably follow suit at some point. So, that's the end of cloud mining. But isn't this also the end for proof of work mining in general? I understand it takes about 10 months of mining for an Antminer S9 to pay for the cost of the machine, while in about a year or so you have to buy a newer model. It doesn't look like it's going to be profitable any time soon. And that spells disaster for Bitcoin itself and all other PoW coins.

it is already has been the end of the cloud mining. because Hashflare and GM were the last of the mohicans who were actually using hardware to mine for the customers and not a Ponzi scheme. However as you can see the hashflare shoot themselves in the groin and GM (if you haven't heard) are in troubles so much that they are franticly running a Ponzi temporarily to close the gap after most of their and their customers money were stolen. And I am not sure they will survive. So there is nothing left.. Read the news or something..

But you still believe it's sufficiently profitable to mine BTC yourself as that was my actual question next to the belated conclusion that cloud mining has died. Because if even regular mining becomes a challenge, or when mining can only be done by hardware manufacturers and electricity companies, then we'll have to say goodbye to Proof of Work I fear.

Well, if support gets enough requests for this then potentially they will reflect up to Hashflare management. I know that it seems unlikely but it is worth a try, it's completely free and you wouldn't lose anything through complaining to support.


Cloud mining was never a profitable way to earn bitcoins.

In fact, you don't get anything at all. You would be lucky if you got even your ROI back. So I guess hashflare just couldn't keep up investors expectations and make profit for themselves anymore, therefore the only way out apart from going scam or ponzi is to cut down contract lengths.

Im afraid I don't have an answer.. I am currently thinking of buying a bazooka and shooting their latvian-Russian mafiozo arises to the moon.

The 95% of polish migrants in the UK are builders and nurses etc. Honest working folks. There are almost none of Czechs and Hungarians (cos they just don't like work). And from the baltic states are quite a lot of them and 90% are mafia and prostitutes.

Dont be naive. I read the announcement within about 15 minutes after it was released. I wrote the ticket immediately and the Web page said there are 4000+ tickets in the queue.

It's like. Yeah north Korea won't be ever be able to enrich plutonium. Then next year yeah NK is decade away from building an ICBM. Then next year yeah they are at least 3 years away from minituarising nuclear device. Then 9 month later. FUCK they are aiming right between our eyes..

Sometime I wonder how you Americans can find your pants in the morning.

Well, to me it looks like they planned this from the start... the following is an exerpt from my complaint after the ToS change...


I stopped talking to them and will take a lawyer...

I don't believe people keep investing in these cloudmining sites. If you even slightly look at their business model you will realize it's not profitable by the slightest. Just stay away from all these cloudmining sites. You will make money sitting on your bitcoin than investing them in cloudmining.

Good job, I'm on your back. You must invested so much money in hashflare mining.
They just lose in cloud mining competition and decide to change the rules which harming many all of their customers.
Soon, their services will be closed and this is just an act to cover their expenses to pay customers and cut their lose.
And that's why invest in cloud mining isn't worth for long term due to mining difficulty that always increase over time.

error08, I got all bitcoins back that I invested. But as I understand their reply, it smells like a ponzi or snowball system. Sell new hashrate to finance the payouts to old customers. So I will gladly sue them in court for that. All their arguments point to that direction...

That's what's been happening for quite some time now, you have to read ahead of time not afterwards at the issues the paper having with websites. For at least 2 years no one is dressed at that site at all so package you did means that you didn't do your research ahead of time if that's where you fell apart.
Need to research the sites fully before making investments in them.

Another reason to burst those who believe cloud mining is the way to go about making money in the crypto world. If you will not be afford mining farm, the best is to just stay away from mining and this is one of the reasons. Someone who is waiting to ROI in one year, will have to wait for another year which is not even a guarantee that it will happen.

Its so unfortunate that Hashflare that has been trying to create a new name for itself and change the misconception about cloud mining, will just come out in one night to change the terms and conditions of a contract without even giving the right amount of notification to that effect.

I hope those who can wait for the long period of time can eventually get an adequate compensating return.

Terms and conditions would really be changed soon and I do expect that they would really do such thing.Considering that mining difficulty does rise as the days goes by which means lesser profits and longer ROI.I don't know why people do always think up that these cloud mining sites are worth to invest or putting up their money on such thing.I cant see any advantages on here so better to stay away or you will regret later and end up on selling your contract.

Send your complaints to
https://www.tarbijakaitseamet.ee/en
(E-mail to hanna.turetski@tarbijakaitseamet.ee )

And to
http://ec.europa.eu/consumers/solving_consumer_disputes/non-judicial_redress/ecc-net/index_en.htm

Yeah that was suppose to happen one day because they will run out of the profit margins and won't be able to make any profits for us or the user no matter how much they might have invested. It's really a risky business and I hope you at least have got the return of investment back. Because this terms of contracts are very restricted and are not wirth giving you profits. There is no hash rate I believe which can be covered within a year of terms or even if you cover then by that time you will get only few bucks as profits. Better stay away guys, no cloud mining anymore.

I invested $400 and my per their calculation the total amount i will get at the end of the year is $343.28
which means i will not even get my money back.

These people have really scam me.

screw them. :o :o :o :o :o

And I'm guessing that calculation is based on the current mining difficulty. I'm gonna warn you it's gonna be even lower than that.

This is why people here keep yelling that don't trust any cloud mining sites and you will be burnt to frustration afterwards when you don't get the ROI. Now just look at this almighty cloud mining site, it used to be heroic before and used to lay everyone daily but now they can't hold the thing properly hence started reducing the contract terms and trying to push many people or what can I say big investors out of the business so that they will reduce the payout loads. That's what happens when we invest into cloud mining. A very good lesson for non listener.

what happen with hashflare ? I see the contracts become 1 year only

Hii I newbie here...I want suggest to Diamond dmd cloud mining it better than hashflare..
u should made own research before invest..
I have 12TH(1440usd old price) on hashflare profit daily around 3-4 usd after fee  ....
with diamond dmd I put 460usd I get daily 5 usd depend on market price..

True,it would really be possible to be lower than that this is why I do keep saying that these cloud minings are profitable in long term and now they do start to cut the contract on 1 year time. Back in the past these kind of investment would really ROI you up on 6 months time as far as I remember and as you calculated on 1 year time you are still on negative.? Wtf. I don't know why people do still entrust their money on these investment sites without even knowing if they would be profitable or not at the end of the contract.

The temporary minimum withdraw was bumped up to 0.2btc nearly a week ago then dropped to 0.1,
their notice said it should last a few days....
Unless you have invested thousand of usd/gbp no one will be able to withdraw.

So much disappoint. Hashflare is spiralling out of control to the point of no trust, I have not invested or re-invested since the price doubling and the contracts halving.

I have had copy and paste emails from their support team which shows no real regard for their custom.

They used the blockchain backlog a while ago as an excuse to increase fee's way beyond the time that the congestion had cleared.
and when I emailed them about it like, "Hey, You do know the block chains been cleared up for a few days now and your still giving us the increased fee notice?" -

They did not reply to me and the part of the FrontPage notice with the blockchain excuse disappeared but fee's remained the same....

I do have to say, I've seen a lot of people saying its illegal what they have done cutting the contracts but I expected this when I made my investment, if your going to take a risk you need to accept that it is risk and not put yourself out of pocket like some horror stories I have heard of people putting life savings into services such as these like total morons.

I read the contact before I invested, and I am sure I saw something about reserving to right to change contracts at any time without notice.

So if you agreed to that in the first place without knowing then you screwed yourself over...

The word contract is used often in the crypto world to promote the feeling of professionalism and honesty. When really ALL of them are just Non-Contacts, or fake contacts if you will.

Just signed up to have some input because I've had no one to talk to about hashflares shenanigan's.

What I would have recommended for a light investment a year ago I will say now to do yourself a favour and totally avoid this company.

- Dan

^^^
I've just checked my account and I saw that minimum withdrawal is 0.1BTC.
By the end of the contract next year my estimated profit is 0.015 BTC, but that is without difficulty and hash rate increase over 1 year, which means it will be much lower.
You know, I won't be able to withdraw money even when my contract expires.
It's reminder of how stupid I was to donate my money to cloud mining shite

same shit happend I have some money there and I really need it urgent so when they increased withdrawal to 0.1 I  dont know what point of it
maybe they exit scam

So, what do you think of this guy?

https://www.youtube.com/watch?v=tfaoTBlTxLU

He’s invested $90.000 on camera and he is saying that he will have had his investment back in about three months. He is also saying more average investors who put less money would have their money back more or less in the same time.

Is he a scammer as well? Does he do it to get many referrals?

By the way, I’m not going to invest but I watched the video and though of doing some research.

The minimum withdrawal is 0.0106 BTC and when I asked the support about this high fee, this is what they said.
This sounds pretty legit. And their contracts are really profitable right now. Iam getting around 1$ a day with the fees and I only invested 60$. I have 0.55TH/s and Iam doing fine. Just do your research...

Confused: seems hashflare 10 gh is 1.50 and 1yr but if investing .5 btc calc shows prfitable 3mo with stable growth with 50% reinvest.

Chang in contract was wrong but it was done but its not a 100% increase in price and still roi 3mo after 35% fee per.

Correct me if im wrong. New to cloud minning

Hi there!

Hi, i have a question please, yesterday i bought a contract, how do i start it ? it is procesed

https://imgur.com/vjff03L

Normally it should start automatically and you will see your balance increase every 24 hours if nothing has changed from Hashflare. I have seen a lot of threads including this one here that everybody is complaining so I am not that sure anymore. And buying 10 Thsh is stupid nowadays if you bought them with bitcoin, but if you did with Paypal or Credit card then I don't blame you. Cloud mining remains a gamble and the majority of such "businesses" end up scamming persons.

If you paid by credit card, you'll most likely have to call the customer support of your credit card institute and ask for a code. This code needs to be entered in HF to activate your hash power.

Hi, i paid with BTC, yesterday at 22:00 GMT +2

It usually takes 24 hours before you see any earning stats. I'd just wait till tomorrow morning or maybe check tonight

if you used a low fee it will take some time for the transaction to confirm
also the bitcoin network is extremely busy these days so transactions take a long time to confirm
go here https://chain.so/btc and enter your transaction address and check how many confirmations it has

if you used a low fee it will take some time for the transaction to confirm
also the bitcoin network is extremely busy these days so transactions take a long time to confirm
go here https://chain.so/btc and enter your transaction address and check how many confirmations it has

Did you also recognize, that hasflare disabled withdraws? Would be interesting to know, whether they pick up different users for cashout or if they generally don't pay. They give overloaded network as reason.

Ty guys for your'e suport, now is working

is it me or did they just jacked up the prices again??????
a few days ago bought 20TH for 3000 today i checked the price for 20TH and its 4400$...... wow,

Once you have made transactions or already deposited bitcoin into those cloud mining sites then expect the possibility on losing those money you risk on specially Hashflare do already have hacking incident which signifies security isn't really that good or just simply an inside job because of the reason bitcoins price skyrocketed too high which these kind of scenarios is common back into those previous years where anytime bitcoin price reaches new ATH a new hacking incident will occur this is why I'm not really surprised at all.

They have indeed increased their prices for the 10GHS contracts. It went from $1.5 to $2.20 per 10GHS contract, which means a price increase of ~47%. It's an insane price difference, but people will still pay for it unfortunately.

People for some reason are so obsessed with cloud mining, that even if hashflare ends up asking $4-$5 (which is just a matter of time), people will still go with it. In other words, you have been just on time with buying.

If you for whatever reason waited a while, you would have had to pay more, for less in return, which should be a sign that you probably shouldn't invest in this at all. But then again, people don't seem to listen to any advice.

This is the problem to those mining companies that changes their conditions. Were thankful bitcoin doesnt have like that managing cause it has no manager whatsoever the miners are the heart of bitcoin for now. As of now dont trust any coins or mining rigs if they have the changeable conditions.

they did... but they still remain profitable.

I made a guide with updated values

See: http://conquistarbitcoins.blogspot.com.br/2017/12/how-to-mine-bitcoin-in-cloud.html (http://conquistarbitcoins.blogspot.com.br/2017/12/how-to-mine-bitcoin-in-cloud.html)

ROI today is about 4.5 months, but I'm hoping bitcoin will continue to grow.

Have you got the contract amount returned to you after you have invested on it. Keep investing on cloudmining is worst part of investing on mining platform. You will not get the returns after 6 months also but you are saying here in the 3 months of retuned is possible. Truely it is not possible. Try to buy some cards and start mining with the GPU rig. That will be profitable.

Yes, I got it... but I didn't reinvest the BTC generated by mining, I always put new money to buy hash... and when the BTC reach a good price I transform in USD.

As I only know Hashflare... what cloud mining do you invested and didn't have the ROI?

Everyone saying cloud mining is a scam only admits their ignorance at the same time.  There is NO difference between someone buying their own GPU/CPU/ASIC mining rig or leasing someone else's hardware to mine.  One pays electricity and deals with heat and the other pays for maint and a profit fee.  Both are subject to difficulty and price fluctuations.  While there may be scam sites out there, as with anything in the world, there are reputable mining sites and Hashflare is one of them.  Genesis is another great one.   

Stop spreading FUD.  The negative comments here are really misguided with no backing. 

Really? How sure you are? I would always still prefer to have my own miner that can be seen with my two eyes rather than on entrusting someone who would operate for me. Having your own physical miner would be more ideal since you do have the full control and can able to calculate regarding maintenance or whatsoever unlike on entrusting to those companies who do offer cloud mining you don't have the authority regarding expenses or even on profits.Just like you are a dog being tied of always.

This is an exact analogy:  The difference between trading stocks yourself and paying a broker is you "trust someone else" to manage your assets for you.  Both make you money, one takes a small fee for their profit.  The same goes for mining vs cloud.  One you see and one you trust. 

Both make you money and neither yourself nor the leaser is scamming anyone.