Cloud Mining Journey (with Hashflare)

[ipanks]

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.

I think it is better to think twice if we want to invest our money in cloud mining because the chance for us to get ROI is far away and if it is true we can reach ROI then it will need more than 1 year. it is better to use the money for another thing like doing trading so we can try to search another profit. but if you want to try in the cloud mining, then maybe genesis could be your option but remember, you need more than 1 year to reach ROI.

[Rahar02]

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?

I'm not sure about it, since hashflare has been around for 3 years but it's nothing without legit evidence about their mining equipment such as genesis has some videos about their mining farms. I totally understand if they want to keep their location in secret, but at least there should be some proofs about their mining activities, in order to convince people to trust them and not consider hashflare such as ponzi scheme.

[PeZ]

I'm not sure about it, since hashflare has been around for 3 years but it's nothing without legit evidence about their mining equipment such as genesis has some videos about their mining farms. I totally understand if they want to keep their location in secret, but at least there should be some proofs about their mining activities, in order to convince people to trust them and not consider hashflare such as ponzi scheme.

Genesis is a major shareholder of a company on a Canadian stock exchange, so they need to have plenty of PR materials for the prospectus.
Hashflare has some mining setups on their Instagram - https://www.instagram.com/hashcoins/ .

[elkoxon]

People that sat HashFlare have no capacity somehow miss the fact thah HashCoins makes their own miners, yes they manufacture their own miners so i don't think they will have a capacity issue anytime soon... IT's a fact.

It's amazing that there are so many people just posting same comments over and over and over and over again.

I am sure they will still keep saying same stuff even after you prove them wrong, they are just bitter as they invested in some scams and now they thing they are all scams

[ShadowBJ21]

And don’t forget that Hashflare’s mother company is HashCoins (https://en.bitcoin.it/wiki/HashCoins).
So if this was a Hit&Run scam this would drown HashCoins too.

Another thing: Hashflare uses their own resources in regards of hardware and software.

Elkoxon beat me by a few minutes with his comment ;-)

[kmantronix]

Hi there,

Some update from my side.

I joined Hashflare 9 days ago, as i mentioned earlier, i plan to reach the breakeven in 73 days.
63 days left now. Daily returns are as expected till now.

So far, the service has been working well as expected. No problem with the daily payout, no problem using the interface to reinvest or to check anything else.

I shall mention however that withdrawal are currently suspended  for more than 3 days because of huge delays in getting them broadcasted and confirmed
on the blockchain by their wallet provider block.io.
As a customer it is obviously very annoying but the good news is that it is expected to be reenabled on tomorrow monday 18 december.

As I said, I'm on track with my schedule, however there is gonna be a big drop in the daily payout on tomorrow as the sha256 mining difficulty is expected
to increase by 19%  ( as reported on  btc.com ).
I will have probably to delay the breakeven or reinvest if i want to keep the same daily payout.
Whatever the plan is, i will have to increase the payback period.

Some tips and advices :

• Always check the official twitter before jumping into FUD : They always report current issues and solutions on both  
       https://twitter.com/hashflare    
• The same information is also reported on the top of your hashflare dashboard
• Join the Hashflare Officlal Group on telegram, You can get there any up to date information ( and dont forget to scroll down on previous message
       as same questions are repeated many times a day

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

[Blackmoriah]

I'm following this post as I just purchased a 2TH contract a few days ago.

I think next to Genesis, Hasflare is a good cloud mining site. They've been in business for a few years now.  I've contemplated setting up my own mining rig or buying cloud mining.  But since I am not tech savvy and setting up my own rig means I have to study it first and learn which means I have to put in a lot of time with it.. Which I don't have much to spare  

So, I think for us not so tech savvy, cloud mining is the next best thing which is HashFlare.

Never really have any doubts with them. So far, they are paying daily and I see it on my dashboard.

And if they end up being a scam, I put in money I can afford to loose, I am not stressing over it.

The good news is I saw this when I login:

Update: We are planning to restore BTC withdrawals during Monday, 18.12.2017.

[mghaynes]

• Yesterday's mining results - BTC0.0029
• Total profit so far - BTC0.03
• Screenshot: https://i.imgur.com/fIaIOBt.png

DAY 13
I haven't posted for a couple days. I've been a little busy. Apart from life, I've been trying to find actual miners to purchase. Too make a long story short, Litecoin and Bitcoin miners are just all overpriced right now. I feel like when difficulty increases or price decreases, a lot of people will realize they seriously overpaid. Ironically, you can get Dash miners for less than original cost, so I actually purchased a new Bitmain D3 with APW3++ on eBay for $1000. Set it up in my garage and it has been running for a couple days with some minor issues. Gotta admit, it's a lot less stressful then cloud mining since daily payouts go direct to my wallet.

Anyway, back to Hashflare....daily payouts have remained fairly constant at around 0.003 per day. I now have BTC0.032, but I still can't withdraw. First, because of the two week hold on credit card accounts. Second because Hashflare has stopped all payouts. Getting a payout is the last major hurdle to cross before I will feel comfortable with Hashflare. UPDATE: Just noticed that Hashflare plans to restore withdrawals on 12/18 (that's tomorrow). So, in a few days, I'll be able to test out the withdrawal process and let you know if it worked.

Also, by now you all know, the drama over the domain name is ended. Hashflare renewed their domain for another year as I expected they would.

Honestly, I'm starting to feel these guys are less a scam and more just a poorly run company.

[kmantronix]

Wow !

There is a few hours left now before the difficulty is recalculated to match the current network hashrate...

I dont know what is the exact formula to determine the next difficulty based on the current Average number of blocks found every hour.
 ( see https://fork.lol/blocks/time ).

I hope that is not as simple as : One block found every 7.3 minutes since last difficulty instead of 10 minutes :
10 - 7.3 = 2.7 ( 27 % !!! )

I usually found around 17% 18%, which is quite a lot in anyway.

I will have probably to change my goal and postpone the moment for break-even if i want to maintain some regular outcomes ( converting regularly BTC => FIAT )

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

[rphk]

I had invested  very less small portion of BTC on the hash flare site long time back , that is around 6 months back , but i can still it is showing daily profit calculation status , but not withdrawn till now , because it is less BTC amount  to withdraw , probably i may need to wait watch for the withdraw time. restrictions and security shows it may be good site.

[ShadowBJ21]

I had invested  very less small portion of BTC on the hash flare site long time back , that is around 6 months back , but i can still it is showing daily profit calculation status , but not withdrawn till now , because it is less BTC amount  to withdraw , probably i may need to wait watch for the withdraw time. restrictions and security shows it may be good site.

So how far off was the 2.5 to 3 months estimation for ROI (at least virtual ROI, meaning that you generated enough BTC to match your investment)?

[elkoxon]

+ 17.74 % this is how much it went up so bit less than last time

[valve828]

Greetings!
I just stumbled across this thread by accident. I've also invested into hashflare on 12th of December 2017. I bought 3.5 TH for 525$. It's some kind of a gamble to me. So far so good. I'm expecting to make my money back roughly in 3 months. I'm not going to reinvest till then I think. The craziest thing about them as some here say is that they have unlimited hashrate to sell. That's the only thing that bothers me for now. By the way my pool allocation is 50% - Antpool, 25% - F2Pool, 25% - BTCchina. As for profitability per 1 TH - last time 1 TH made for me 0.00014876 BTC.

[kmantronix]

Well, i am more worried with the 18% difficulty increase every 2  weeks ( if the current trend will continue the next months  ) :
It means for instance that in one month and an half we will earn per day HALF what we earn now  !!!!

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

[daemonhunt]

This is the actual text in HashFlare's FAQ:

Generally, you can withdraw any amount (up to your total balance) from your HashFlare account...

Each withdrawal is a subject to a transaction fee, which is paid to the blockchain for transaction processing and confirmation. Currently, the following withdrawal minimums are present:

Minimal BTC withdrawal is 0.0107 BTC, where 0.0007 BTC is paid to blockchain...

---

Not sure where the 0.1 BTC came from as I read earlier in this thread.

[ShadowBJ21]

Seems that Hashflare increased prices. Was able to buy 530GH/s 90 min ago still at $1,50 per 10GH/s.
Just added another 40GH/s (just to make it a full 1TH/s ;-) ) and just saw that they charged $2,20 per 10GH/s now. This is also reflected in their pricing table.

Still think that at 1,50 a ROI is possible even with 1-year contracts. But with 2,20 this seem to be hard or even impossible!

[kmantronix]

Update following the mining difficulty increase since December 18.

As expected mined BTC / TH/s dropped down from  0.00015026 to 0.00012704

The daily payout will be the same for the next 12 days until the difficulty will be recalculated

For now i was thinking about reaching the break-even point in 74 days ... Now i got to postpone...


Something that should ALWAYS be taken into account when buying some BTC mining Hashrate is that ROI will in most case be later than expected because most often the mining difficulty will increase every 2 weeks.

-

Btw, as mentioned before, prices has been increased from 1.5$ per 10GH/s to 2.2 per 10 GH/s

Again, do the math before buying !!!

[Doug E. Dee]

Hey kman,
Yeah, the ever increasing difficulty will be killer. I think cloud mining will be profitable as long as the BTC price keeps rising, but will be another story if BTC drops. I looked at some different scenarios on my latest video.

[ss890]

A good post finally to actual prove that cloud mining doesn't work at all in the world. This was the real game earlier in time when our bitcoin was not so much unstable and the prices were not skyrocketed. There was almost no fee at that time so people never scammed other people on that timeline. However slowly these programs gotten into trouble of huge fees, increased network difficulty and much more external factors than before. So the right decision here was to scam people!! Because they are not capable of carrying out operation as efficiently to pay the profits to holders and take some for themselves. So you see that's where the trouble starts and ends. They will be Ponzi forever I guess.

[dufiorini]

Hello guys,
i don't think that Hashflare is strictly a scam, but it is near to. In fact, if I consider that in ONLY ONE week:
- prices of hashrate increased by 46%
- withdraws became more difficult, we see now a doubled threshold
- fees remains the same but mining generates less earnings

This means that since now, reinvest is a suicide game, so it it better to stop buy hashrate, earnings will fall exponentially, mayby in one year i will be able to get some money but surely less than initial investment.

Definitively, it seems that here any planning is vain, maybe better not to put money and time here if conditions are so bad.