Cloud Mining Journey (with Hashflare)

[VegasJeff]

I'm following this thread for sure.

I just put $30 into hashflare.io to test the water. I have money to put more but decided to keep it at a minimum in case it is a scam.

Trying to figure out other alternatives to generate bitcoins or altcoins. Maybe buy a used S7 or S9 and put it in my garage but not sure if the ROI is there at the current prices.

[mghaynes]

• Yesterday's mining results - BTC0.003
• Total profit so far - BTC0.0194
• Screenshot: https://i.imgur.com/xPxHCJj.jpg

DAY 8
No real change in mining profitability. 3 days until Hashflare domain expiration and counting.

[daweller]

• Yesterday's mining results - BTC0.003
• Total profit so far - BTC0.0194
• Screenshot:

DAY 8
No real change in mining profitability. 3 days until Hashflare domain expiration and counting.

Thanks for this thread
Have you tried a withdrawal yet? If so, did it go through?

[mghaynes]

Thanks for this thread
Have you tried a withdrawal yet? If so, did it go through?

I have not tried to withdraw. I purchased my TH/s with a credit card and Hashflare puts a 14 day hold on accounts started with a credit card. So, I'll have to wait a week before I can try a withdrawal.

[JanpriX]

From my personal experience, cloud mining isn't for me and most of the time that I get involved with it, I ended up losing money. That may be because I'm not good at checking the companies that I engaged with but I haven't had the chance with Hashflare. I've been contemplating whether to try it or not as I have extra money. Thankfully, you opened this thread and provided some of your personal experience with them (with proof).

Honestly, I've been advising other people to stay away to such kind of businesses but right now, I'm reconsidering it. I'll definitely follow your thread and see if it is worth it to try this one. 

[h0lybyte]

I personally have no experience with cloud minings. While reading stuffs on cloud minings, there are numerous scam reports on virtual contracts.
Buying virtual contracts is not worth in my opinion as they reduce payments gradually and they take years for this process. Who knows at what period they turn to  scam? Since you had $2800, it was sufficient to order two fresh S9 miners and start mining at home

[kmantronix]

Hi Mg,

I started the same journey as you on December 9 ! I just noticed your post now.
I shall say i ve got the same fears and questions that you had when you started an that you may still have :
It is a scam ? is it a Ponzi ? What if they shut down on tomorrow, what if they are hacked and so one ....

As you reported already, hashflare is/was the only one to sell sha256 mining contracts ( and so far the most profitable ones ).
Unfortunately they are less communicating/transparent than Genesis for instance.

I choose to move from trading ( time consuming & addictive ) to mining since the BTC raise renders BTC mining profitable in a pretty short period of time.
I started with 83TH ( about 13 K$ or 0.74 BTC with the gains i made buying a few BTCs on last september )

No bad surprise till now.
I received my daily payout as expected, and i did my first withdrawal on yesterday ( it took as long as 16 hours to complete, because of the very low fee used by HF )

My purpose will be reach the break even in 84 days ( 0.01 daily payout at least ) reinvesting any remaining .BTCs to counterbalance the inevitable difficulty raise

Lets see !  

--

NB:

=>  https://hashflare.io/r/5906301A  <=

[Venkman83]

I'm also invested in HF. I'd be surprised to see that they aren't a ponzi scheme.
But at the end of the day as long as they pay I don't care.

If it sounds too good to be true, it usually is. I've been too long in this game, especially in pump and dump stocks.
Expect the worse from everyone!!

[Doug E. Dee]

Just got an email from hashflare:

Dear users,

Due to a higher-than-usual network load and increasing number of transactions generated by HashFlare users, our provider block.io struggles to process them without delays.

Bitcoin withdrawals take more and more time for processing and therefore we have to temporarily suspend new BTC withdrawals from HashFlare.

Below is the list of wallets with pending transactions:
https://chain.so/a/qoadp0u
https://chain.so/a/vzcxn9c
https://chain.so/a/hfpok0y
https://chain.so/a/-_xhmf4
https://chain.so/a/oxxd_ry
https://chain.so/a/zwmllli
https://chain.so/a/wjrlb5w

If you can find your transaction in chain.so, it means that it is already in a queue for confirmation.

BTC withdrawals will be re-enabled once block.io resolves the issue on their side, sending all pending transactions to the Bitcoin blockchain.

In case block.io fails to deploy a solution in the nearest future, we will change the processing gateway and restore BTC withdrawals.

Please note that HashFlare customer support cannot cancel or speed up the transaction as it lies beyond our control.

We apologise for possible inconveniences.

Sincerely,
HashFlare.io Team

[mghaynes]

I started with 83TH ( about 13 K$ or 0.84 BTC with the gains i made buying a few BTCs on last september )

Wow! I thought I was jumping in head first. That's a lot of TH.

No bad surprise till now.
I received my daily payout as expected, and i did my first withdrawal on yesterday ( it took as long as 16 hours to complete, because of the very low fee used by HF )

Congratulations! That's good to hear. I'm most worried about them not paying out. So if you got a payment, even if it took 16 hours, that's a positive sign. Hopefully, they are just a poorly run business and not a scam.

[mghaynes]

Just got an email from hashflare:

Yeah, I got the same message. Worrisome to say the least. I'm keeping a positive attitude and thinking at least they are communicating with us. So, maybe they're just a poorly run business and not a scam. But, still overall makes no sense to me why they need to suspend transactions.

[VegasJeff]

Just got an email from hashflare:

Dear users,

Due to a higher-than-usual network load and increasing number of transactions generated by HashFlare users, our provider block.io struggles to process them without delays.

Bitcoin withdrawals take more and more time for processing and therefore we have to temporarily suspend new BTC withdrawals from HashFlare.

Below is the list of wallets with pending transactions:
https://chain.so/a/qoadp0u
https://chain.so/a/vzcxn9c
https://chain.so/a/hfpok0y
https://chain.so/a/-_xhmf4
https://chain.so/a/oxxd_ry
https://chain.so/a/zwmllli
https://chain.so/a/wjrlb5w

If you can find your transaction in chain.so, it means that it is already in a queue for confirmation.

BTC withdrawals will be re-enabled once block.io resolves the issue on their side, sending all pending transactions to the Bitcoin blockchain.

In case block.io fails to deploy a solution in the nearest future, we will change the processing gateway and restore BTC withdrawals.

Please note that HashFlare customer support cannot cancel or speed up the transaction as it lies beyond our control.

We apologise for possible inconveniences.

Sincerely,
HashFlare.io Team

LOL

Definitely sounds like something a ponzi scam would say. I'm totally convinced hashflare is a ponzi scheme now.

Consider these things:
- They have seeming unlimited scalability (which is not possible in the real world).
- No pictures of there datacenter mining Bitcoins. Only pictures I see are with GPU mining and still a small operation at best in those pics. Every "real" Bitcoin miner knows you can't mine with GPU's.
- Company is in small remote country of Estonia. What recourse do you have if things go wrong? Why no office in one of the major countries?
- Google street maps show the company sharing an office in a building in Estonia. Again, where is the datacenter?

If I'm wrong, here is an idea to prove they are legit:
- They show their Bitcoin mining divided among 3 pools by default. Can we verify their presence with those pools?

[dx_twisted]

I'm still wondering why so many people still believe with cloud mining sites. Didn't they learn from the past? Yes, there's a point you could earn from it, if you are an early registrant with too many referrals and a low amount of investment to risk. How about those who are late? Did they earn as well?  The point is, we all dreamed of a passive investment that is long term, stable and legit. These schemes will not be elminated if people will still be enticed of what these sites offer. There are people who would want to risk, I know that. But, if the entire internet community will totally avoid it, then we'll be having a safe digital world.

[razorseal]

The aura over these mining sites is insane. Some are so certain it's a scam, some just don't care because they get paid.

It really does sound too good to be true... I mean where else on earth can you make your money like that?

I just spend 825 and got 5.5 th/s... I used money I've earned from my cryptocurrency just making it's own money, so if it's gone it's not something I took out of my bank account to pay bills... we will see what happens. At least I trust this more than bitconnect lol.

they've been around for 3 years now and people still use them.... so whatever they're doing is working. lol

I might do something like this, but on youtube instead. Show from day one (I just started mine couple days ago) and keep track of things

I know many people do it on youtube, but they're making crazy profits, and trying to get their referral link working. To be totally transparent, I would leave my referral out of it.

I only have BTC0.00071941 right now, but I can tell you that when I click the withdraw button, nothing happens. lol

also their website was going down for maintenance, looks like it's back up now.

also for what it's worth, next difficulty is estimated to come down %16 according to bitcoinwisdom

[PeZ]

If the Hashflare website goes down, check their social media before you panic. The December 7th outage was posted on Twitter.

On Facebook, they posted this regarding the domain expiry...

Domain names within the “.io” domain zone can only be extended for 1 year within 1 month of current term's expiration. Don’t worry, we will definitely be renewing the registration.

https://twitter.com/hashflare
https://www.facebook.com/HashFlare/

I recently bought hashrate from them, so I hope they stick around. I personally don't like the idea of having to run bitcoin miners in my own home. This way I don't have to wait for noisy, power hungry hardware that might go DOA due to the long trip from China.

The transaction fees on the Bitcoin network have lately been unusually high (300-400 S/B for unconfirmed), so that's maybe why they are having payment problems. Last month it was only ~100 S/B.

[kilojay]

Cloud mining like most ponzi scemes works great if your at the beginning end.  If right now is the beginning of hashflare nobody really knows for nobody really knows whats foing to heppen with btc in the next few years.  If the US government starts to add limitations and fee that would really hurt the market as the US is the largest economy in the world.  Best thing to do is give hashflare a try bit DONT spend more than you can afford to lose.  Also hashflare has been having subtle changes that make them not as profitable as they use to be lets see if these changes will continue.  Currently hashflare is NOT allowing new withdrawal request or purchases due to a backlog.   Not a good sign will my btc even be there after they sort things out or will it get lost?  I dont have much $$ to invest so it wouldnt be that big of a loss for me personally but still something I have to keep in my mind.

[ShadowBJ21]

If I understand it correctly regarding the whithdrawl issue it's not their fault but a problem with block.io

So by stopping withdrawls they do us a favor. As they say they evaluate the situation and will see how fast block.io will solve the problem or they might change the processing gateway.
Considering this I think it's a god idea to avoid putting more people into the waiting line.

Just my two cents ... new to this. Just recently opened an account at Hashflare with some small money I can afford to lose (just in case)

[ShadowBJ21]

And for all worrying about the Domain Status ... it's renewed now:

DOMAIN INFORMATION
Domain:hashflare.io
Registrar:Key-Systems GmbH
Registration Date:2014-12-15
Expiration Date:2018-12-15
Updated Date:2017-12-15
Status:ok
autoRenewPeriod
Name Servers:yichun.ns.cloudflare.com
jade.ns.cloudflare.com
REGISTRANT CONTACT
Name:Sergei Potapenko
Organization:HashCoins OU

[lumeire]

I'm following this thread for sure.

I just put $30 into hashflare.io to test the water. I have money to put more but decided to keep it at a minimum in case it is a scam.

Trying to figure out other alternatives to generate bitcoins or altcoins. Maybe buy a used S7 or S9 and put it in my garage but not sure if the ROI is there at the current prices.

IMO it's not entirely a scam, but a really bad investment. I've done this a few years back, although the entire situation and prices were different back then, after a year of holding on and reinvesting, the end returns were still negative.

[PeZ]

IMO it's not entirely a scam, but a really bad investment. I've done this a few years back, although the entire situation and prices were different back then, after a year of holding on and reinvesting, the end returns were still negative.

Yes, I would not be doing this if Bitcoin prices weren't as high as they are now. Genesis has one million customers, so things can't be all bad on the cloud mining front.