SHA-256 mining with Hashflare no longer profitable

[elcama]

I recently purchased 30 TH/s SHA-256 cloud mining from Hashflare for $5760. (I first purchased a small amount and was impressed by the results and then got more.)

It was profitable before the halving and the forecast revenue was 24 BTC ($16000) per year.

The bitcoin halving was a catastrophe.

Now I'm receiving 0.034 BTC ($22.61) per day, from which 0.027 BTC is deducted for maintenance.

What remains is only 0.007 BTC ($2.56) per day. It will take 3.4 years to recover what I had paid.  Then it's almost time for the next halving.

[notlist3d]

I recently purchased 30 TH/s SHA-256 cloud mining from Hashflare for $5760. (I first purchased a small amount and was impressed by the results and then got more.)

It was profitable before the halving and the forecast revenue was 24 BTC ($16000) per year.

The bitcoin halving was a catastrophe.

Now I'm receiving 0.034 BTC ($22.61) per day, from which 0.027 BTC is deducted for maintenance.

What remains is only 0.007 BTC ($2.56) per day. It will take 3.4 years to recover what I had paid.  Then it's almost time for the next halving.

I hope you are a troll account having no history.  But this is the sad part of almost all cloud mining sites.  They make it look profitable the first one's in might even make a profit.  But eventually most cut and run.  Hashflare is one that it seems recently has been mentioned more in newbie area.  Personally I'm not sure it is not a gorilla tactic of alt's doing it. 

But I hate to deliver bad news is with difficulty going to rise you will never see all of your investment back.   Chances are there will come a point where maintenance costs more you make... so this means you receive nothing.   And there is not real proof hashflare ever had gear is where it get's worse in my eyes (at least none I have seen).  But chances are they did all of this simulating mining with no gear. 

Also NEVER trust the site's ROI calculator that you are investing in they profit for it to be bad.  Can you point to which calculator you used?  Having was known it was going to having... should have known it before investing.  I do feel sorry for you but if anyone is going go cloud mining honestly go hashnest as it is only one I would trust.  Also there is no guarantee of ROI, but with hashnest you do stand a chance is how I like to put it.

[Baby Rage]

Cloud mining is always a scam, why would they sell you hardware if mining is as profitable as they say. sorry you lost that money, but you should have done your research on both the halving and cloud mining.

[mobnepal]

One thing for sure is all this cloud mining are just going to scam programs because almost all of them sells more hashing power than they really have (if they atleast have some mining hardware but in most case they only have one website).

Secondly even if they are really mining for you than with current difficulty and also reward has been halved so even mining with your own powerful mining rig will not be profitable so profiting from cloud mining is just a dream.

Better to buy own hardware (new one with better capacity) and mine in reality than risking so much money into cloud mining.

[oportunis]

How is the mining going now after almost a year? Did you get your initial investment back? The calculator shows it would take me about 270 days to get my investment back. I used this one: http://www.coinwarz.com/calculators/bitcoin-mining-calculator and I put pool fee of 50% and power cost at 0. So far nothing to complain except they raised withdrawal fee, but this is not their fault.

I'm considering to put more money in, but first I need to get more feedback from longtime investors. If BTC continues to be high it will be great investment, but nothing lasts forever and those days that mining isn't profitable this interests me the most, to find how investors managed and if it is worthwhile in the long term perspective (3 - 5 years).

Any feedback is appreciated.

[Slow death]

How is the mining going now after almost a year? Did you get your initial investment back? The calculator shows it would take me about 270 days to get my investment back. I used this one: http://www.coinwarz.com/calculators/bitcoin-mining-calculator and I put pool fee of 50% and power cost at 0. So far nothing to complain except they raised withdrawal fee, but this is not their fault.

I'm considering to put more money in, but first I need to get more feedback from longtime investors. If BTC continues to be high it will be great investment, but nothing lasts forever and those days that mining isn't profitable this interests me the most, to find how investors managed and if it is worthwhile in the long term perspective (3 - 5 years).

Any feedback is appreciated.

I know this may be rude, but have you created an account in bitcointalk to just answer this thread? How did you find this thread?


OP, You did a bad deal, but why did you create an account to talk about your investment in hashflare? Hahsflare is a legitimate company, although it is not profitable to invest in it, but it is a legitimate company.

Are you ashamed to be a hashflare investor?

[oportunis]

@Slow death I've been reading posts on this forum for few months, just never registered. I registered today because my investment in hasflare seems good and I want feedback before investing more. I am more active on forex forums as I am a forex trader, but now I'm looking at cryptocurrencies also to diversify.

Regarding profitability, as I see it, getting 10% per month from invested sum is pretty awesome to me. In forex to get 10%, you need to work your ass off. Technical analysis, then reading the news to figure out fundamentals and don't forget it can still go the other way as market makers do what they want. In the crypto world it is even more volatile so trading is not good, but investing in penny altcoins that have potential is great. I got over 300% in just a few months, while in forex it would take me at least few years if I don't overleverage even decades... So hasflare compared to other investments is way more profitable for me.