Bitcoin.com wants to take advantage of its cloud mining users. The action should be taken to protect those who are trapped! Please, help! (self.btc)
eingereicht vor 15 Stunden von Milk_Soul
Hi everybody,
Pre-story:
I want to share the negative experience I have with Bitcoin.com. I purchased some cloud mining contracts on Sept 1st for $4,842 (Equivalent in BTC-฿0.99712). Mining was about to start on September 31st (18 TH were purchased).
Sequence of events
1) Late November - zowki wants to increes fees by 2%:
Our pool loses money while mining BCH since we charged 0% fees and there are not much transaction fee rewards. 2% fee is required to keep our services sustainable. We were able to charge 0% fees in the past because we made some money off the BTC transaction fee reward. This is no longer the case with BCH. We are mining BCH most of the time these days since it's more profitable for users on our pool.
As a result, zowki faces negative feedback from cloud mining users and states the following:
To simplify the accounting, I reduced the BCH block reward to 98% instead of introducing a 2% fee. BTC block reward remains the same at 105%.
2) December 7th - user Kablek stated that Bitcoin.com was underpaying its miners a significant amount of BTC in compare to other pools.
BTC is about 7% more profitable on this pool right now, but 59% more profitable in reality, we are missing out on 52% of the profits from BTC mining, and the pool is raking in over $60,000 per BTC block in BTC fees now and not paying any of it to the miners. At the time this was posted, you could make 50% more in profits mining on ViaBTC even with their 4% fee. Bitcoin.com is taking over 10% of the entire block reward (over 50% of the fees), even with the new 110% block reward. So Bitcoin.com is generating at least 25 times (or 2500%) more revenue for themselves per BTC block mined at this time from BTC fees than ViaBTC, and the higher the fees for BTC are, the worse the stats get.
zowki replied that they will take a look at the problem and try to implement some changes in the code. [Spoiler: they never did]
3) Today, January 18th, all the users have got the following notification:
Lifetime Contracts Paused, Full Refunds Available Due to regulations in China regarding Bitcoin mining, we are moving our mining equipment out of China. Unfortunately this means that we need to pause all lifetime mining contracts until the transition is completed. Only lifetime contracts are affected. Other contracts, such as 1 year or 6 month mining contracts, are located in the USA so are not affected. You have two options at this time: Receive a 100% full refund of your initial USD cost (paid in BCH at current exchange rate). Your contract will permanently end if you chose a refund. Pause your contract from January 18th until approximately April 30th while we move our hardware to a data center outside of China. Refunds are available now, and can be requested until our hash rate is back online. To receive your full refund, please go to your purchased contracts page, click on your contract, then click "Refund" to complete the process. If you prefer your contract to be paused until our hash rate is back online, no action is required. We thank you for your patience and understanding.
Action is required to be taken
Now cloud mining users have two options, either wait until April and have uncertainty about the difficulty adjustments as well as the price for bitcoin / bitcoin cash. Or take back the initial investment $ equivalent in bitcoin cash; but it will be more than 2 times less now!
The reasoning that they give us is that their mining machines are in China and they have to move it to another location.
Now lets quote zowki:
Most of our hashrate is in the USA. We are already planning to move all our China hashrate to other countries.
Quote from Bitcoin.com website:
We have partnered with the largest Bitcoin mining farm in North America, to source cloud mining hashrate at the best value.
Quote from Roger Ver:
We've partnered with the largest mining farm in North America. My understanding of the benefit to them is that they can get a guaranteed amount for their hash rate right now that allows them to buy more hash rate right away, rather than having to wait a whole month.
I'm at the mercy of the miner that we have partnered with, but they are the biggest in all of North America and they have my complete trust. If something were to go wrong, depending on the exact circumstances, I may make good on everything out of my own pocket.
Guys, we need your help as we are currently trapped with contracts and need to get more publicity to get our real value of investment back! Topic on Bitcoin.com:
https://forum.bitcoin.com/pools/bitcoin-com-mining-pool-official-discussion-thread-t10578-1260.htmlLet`s see if Roger Ver will keep to his word. @MemoryDealers
https://redd.it/7rf1mz
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