ViaBTC maintenance fee ratio increased by 50%

[charlie137]

"Recently, due to policy changes, some of our long-term hosting partners are facing a crisis of farm closure as mining resources in Mainland China become more scarce, leading to rocketing costs of our cloud mining operation. To guarantee the long run of cloud mining, ViaBTC has no choice but have to readjust our maintenance fees. The arrangements are as follows:

1. S9 contracts: From UTC time 8:00 12th January 2018, maintenance fee ratio for S9 contracts will be adjusted from 6% to 50%.
2. L3/D3 contracts: Maintenance fees for L3/D3 contracts will REMAIN 6% and L3/D3 redemption is NOT yet available.

S9 contract redemption supported

If you disagree with our readjustment of maintenance fees, you can choose to terminate your S9 cloud mining contracts in advance and let us redeem all your contracts with a price of $300 per share (calculated against real-time rate into BCH at time of payment)."

wow, without any notice

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[Wusolini]

Seems their cloudmining provider is BW ( as they have similar announcement https://www.bw.com/news/show-197 ) or both have same provider.

I consider this inappropriate as well. They should have contracted the pricing with their provider (and put some refund clause if contract not filled). If they did not contracted the price then should not offer such long term contracts to their customers. I found this very unprofessional (almost a fraud). I bet if el. price would drop they would not offer lowering the fee to customers... Is that fair?   

[buwaytress]

I think this kind of behaviour has been well documented among all the cloudmining services over the past years. What can you expect from centralised services, where transparency has been near zero for years and clients continue to invest without ever performing necessary due diligence?

In Via's defence, at least they seem to be offering a way out - though am sure at the $300 per share, they make profits and clients probably end up near break-even, with a lot of time wasted. Many others have just announced contract termination, or contract exchange. Contracts don't mean anything if the terms can be changed by the provider at any time - and guess what? They change it all the time.

Just another lesson in the very fat textbook of why cloud mining can never be profitable.

[squatz1]

I think this kind of behaviour has been well documented among all the cloudmining services over the past years. What can you expect from centralised services, where transparency has been near zero for years and clients continue to invest without ever performing necessary due diligence?

In Via's defence, at least they seem to be offering a way out - though am sure at the $300 per share, they make profits and clients probably end up near break-even, with a lot of time wasted. Many others have just announced contract termination, or contract exchange. Contracts don't mean anything if the terms can be changed by the provider at any time - and guess what? They change it all the time.

Just another lesson in the very fat textbook of why cloud mining can never be profitable.

People will actually still never understand this, they're looking for the quick money which is something that they'll never get. But at least this is respectable enough to document it and to tell everybody, giving them a way out is also a wonderful thing to do and is something that they dont have to do, so a good thing to look at is at least they're doing that.