Hashnest is also having the same problems and this is due to the ever increasing difficulty changes brought to us by the manufacturers themselves. You can hardly sell those hashes in hashnest due to very low demand hence at a price just 2% of what it was pre-S7 period.
Correct @bitcoinboy
I have had contracts on Hashnest for a while, bought Umisoo (gone), then S2, (gone) S3 (gone), S4 (going) and S5 and S7 contracts. S5 will be next to get the chop, could be within the month if Bitcoin difficulty keeps rising as it does and the S4 Marketplace has already been closed.
@manutdfan I disagree really with a lot of what you are writing about especially Hashnest. If I had sold my contracts when difficulty had reached 70% I still would have made a loss, infact as Bitcoinboy points out, the pricing of their hashpower on the marketplace goes down constantly so as soon as you purchase any hashpower and then you want to sell it again, you will find that you have to sell it for less than you paid in the first place. The only time I have seen people make money are people that pre ordered S7s before they were available on the market place and due to the demand of people wanting S7 hashpower when it was available they were able to sell that with a profit.
Also on paper it does look good that Hashnest offers you the chance to buy the hardware that you mine but in reality it is a little different.
For example, one user had 1.8TH of hashpower and then saw that the marketplace was closed so he could not sell it anymore. If he had tried to, he would not have got much for it anyway. He was upset because he had to have 2000GH/s for Bitmain to give him an S4 machine.
But what if he had 2TH/s, well Bitmain will charge you to sending it to you, then you might have to buy your own PSU with it. Make sure it is a good one, thats another good chunk taken from your wallet.
Then you will wait weeks for it to arrive and then when it does, it will be 2nd hand, been running for months and months so there is no guarantee that it will even last a few months. Then you will be no doubt stunned by the noise it makes, the heat it generates and then you will then realise that your electricity bill each month is pretty high.
S4 is quite old tech now compared to an S7 for example and then you will start to wonder why you actually took the trouble to actually spend all that extra money in getting it sent to you as you will be spending far more money on it each month than the Bitcoin you could ever mine. I mean think about it. If Bitmains very own farms can not keep them profitable, what chance does someone using it at home where for most of the worlds population, their electricity costs are going to be far higher.
@IanFoxley
hey man 100% agree with what you've said. end of the day i'm still a newbie.
if you have read the referenced post correctly and ignored the filthy language
never have i mentioned that I'm expecting to turn a profit on hashnest. What I have said is that that returns on hashnest are better than genesis-mining any given day. And you're welcome to contradict it.
I have 1Ths contracts on both of them and hashnest has given better payouts every single day which is impressive considering that I've entered the s7 scene quite late mid-Jan 2016 to be precise.
what I've come to realise is that
cloud mining contracts are never expected to turn a profit in reality. the true purpose of cloud mining is to hold the BTCs that you have earned and hope that it doubles soon or reinvest in newer gen hashpower.
but at least hashnest gives me the option of upgrading to the latest hashpower before the competition and dump it easily before it's junk. i could always salvage something on the exchange before it's too late. and yes I'm aware of decreasing hashpower prices. I assure you I had checked the graph thoroughly before taking the plunge.
what I understand is that cloud mining mkt favors the first movers. you buy hashpower when maintenance/payout ratios are still quite low and then sell it off around 70%. you still don't make a profit but hey Rome wasn't built in a day. if BTC price does rise to $500-650 as predicted for this year well i have no reason for complaints.
also my original post is purely meant for genesis-mining bashing, not for unquestioned devotion to hashnest. you show me something better than hashnest for cloud mining and i guarantee i'll jump ship today.
btw wasn't aware about pre ordered s7 contracts. will keep my eyes open for them in the future. thanks.
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