Hashflare mining is not giving payouts anymore?

[tonyosa]

Also they set their minimum payout to be 0.05 btc.I own 2.5TH with them and my payout on the dashboard is less than 0.05 btc.They are saying I cannot mine more and I cannot withdraw what I already mined.Even when bitcoin transaction fee is at its lowest in recent times. Hashflare is  fraudulent.

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[1713549245]

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[richardsNY]

They are using SHA-256 mining hardware which is not very effective in terms of power consumption.They pay so much on electricity unlike Other mining services (Genesis,Viabtc,hashing 24) using ASICS. It is sad indeed .I hope the price of bitcoin rises soon to compensate for the hashrate spike.

How do you know that? Don't assume that because of certain variables work against them that miners are unprofitable. Miners can claim at any time of the day that their operational costs have increased, or that they are no longer able to continue as they were doing. It's impossible for anyone here to verify. It may very well be, which actually is the most likely scenario, that they just aren't interested in paying people. Cloud mining services have always an unverifiable advantage over the rest of the market. They know that and they know exactly when to abuse it, and people continue to use them....

[miningguru]

Also they set their minimum payout to be 0.05 btc.I own 2.5TH with them and my payout on the dashboard is less than 0.05 btc.They are saying I cannot mine more and I cannot withdraw what I already mined.Even when bitcoin transaction fee is at its lowest in recent times. Hashflare is  fraudulent.

This things happening because they are getting any investments and this makes them to pay lesser amount to people. It is just like daily percentage as long as they get investments they will pay. Once the investments gets stopped they will not pay to investors on daily basis and saying maintenance and this and that. I hope soon it is going to scam us.

[Red Fish]

So you can try to find better BTC mining company. As you can see all mining now is negative, so you can loose only, not make profit. But there are also a lot of scam mining companies, so you must take care to find real one. 

[Lazada]

This is the problem with cloud mining, once it isn't profitable for the COMPANY that you paid to have the contract. They're going to stop paying you, it's in the terms that you signed when you bought the contract itself. It sucks, but this is the problem with not owning your own equipment.

Valuable lesson here, cloud mining is either a scam or isn't profitable.

Actually everyone already knows that cloud mining is a disadvantage. But I find it strange because they are still interested in cloud mining. This is why I am currently saying that people who invest in cloud mining are people who are prestigious and can not think well. They are desperate and ultimately choose a wrong thing.

[Rahar02]

Those two reasons are enough to stand back from cloud mining or even mining by yourself.
Bitcoin difficulty keeps increasing due to many big companies join into this industry such as GMO in Japan has been developed and sell 7nm bitcoin mining chips which give 24 TH/s.
GMO miner B2 will be sold through the company’s subsidiary in Zug, Switzerland, according to Nikkei. They will be on sale starting Wednesday and orders will start shipping from the end of October, as news.Bitcoin.com previously reported.

The price for each unit is “announced monthly,” the publication added, revealing that the “sales price in June is $1,999.” Itmedia described:

The price for the June release is $1,999 (including power supply unit, excluding tax). The sales price is adjusted monthly according to demand etc. The number of shipments was kept private.₁
Imagine how much the difficulty will be over time, it would be a disaster for miners if bitcoin price doesn't catch up above $10K-$15K.

[1] https://news.bitcoin.com/japans-gmo-specs-price-7nm-bitcoin-mining-rigs/

[solarion]

This is the problem with cloud mining, once it isn't profitable for the COMPANY that you paid to have the contract. They're going to stop paying you, it's in the terms that you signed when you bought the contract itself. It sucks, but this is the problem with not owning your own equipment.

Valuable lesson here, cloud mining is either a scam or isn't profitable.

Actually everyone already knows that cloud mining is a disadvantage. But I find it strange because they are still interested in cloud mining. This is why I am currently saying that people who invest in cloud mining are people who are prestigious and can not think well. They are desperate and ultimately choose a wrong thing.

When difficulty is high in number then why the people looking to invest on the cloud mining projects still. I see someone explained about the difficulty increased on recent time. That is actually true not only bitcoin even all top minable altcoins are seeing the mining efficiency reduced to mining difficulty increased bro.
I really looking to invest on the mining but GPU not a cloud mining since it is a ponzi scheme to do. These I also scripted many places that genesis and hashflare are good in cloud mining but here after I will not.

[leowonderful]

When difficulty is high in number then why the people looking to invest on the cloud mining projects still. I see someone explained about the difficulty increased on recent time. That is actually true not only bitcoin even all top minable altcoins are seeing the mining efficiency reduced to mining difficulty increased bro.
I really looking to invest on the mining but GPU not a cloud mining since it is a ponzi scheme to do. These I also scripted many places that genesis and hashflare are good in cloud mining but here after I will not.

People are just generally ignorant (there are hundreds of posts daily about cloudmining being a horrible investment here) and still fall for
the gamble that is cloudmining, or they're new to crypto and aren't aware of the enormous risks associated with cloudmining. It's a shame cloudmining sites advertise themselves so damn much everywhere and draw in so many people- those ads do their job extremely well, and we'll likely continue to see people investing in cloudmining for quite some time as a result.

Mining's a huge gamble right now as a whole, and I really wouldn't suggest it to anyone even considering it at all unless your electrical rates happen to be extremely low- difficulty's still going up on all chains despite coin prices continuing to slip downwards.

[shesheboy]

When difficulty is high in number then why the people looking to invest on the cloud mining projects still. I see someone explained about the difficulty increased on recent time. That is actually true not only bitcoin even all top minable altcoins are seeing the mining efficiency reduced to mining difficulty increased bro.
I really looking to invest on the mining but GPU not a cloud mining since it is a ponzi scheme to do. These I also scripted many places that genesis and hashflare are good in cloud mining but here after I will not.

People are just generally ignorant (there are hundreds of posts daily about cloudmining being a horrible investment here) and still fall for
the gamble that is cloudmining, or they're new to crypto and aren't aware of the enormous risks associated with cloudmining. It's a shame cloudmining sites advertise themselves so damn much everywhere and draw in so many people- those ads do their job extremely well, and we'll likely continue to see people investing in cloudmining for quite some time as a result.

Mining's a huge gamble right now as a whole, and I really wouldn't suggest it to anyone even considering it at all unless your electrical rates happen to be extremely low- difficulty's still going up on all chains despite coin prices continuing to slip downwards.

yes we all know and most people know that cloud mining site are more prone to scam but hashflare is different among them because as what i know , hashflare is a popular and legit cloud mining site. i think that the op has a misunderstanding about their service or he had made a mistake on his side.

@op youd better read their rules more carefully and understand your mistakes before you try to complain about your problem on their suport.

[1Referee]

hashflare is different among them because as what i know , hashflare is a popular and legit cloud mining site. i think that the op has a misunderstanding about their service or he had made a mistake on his side.

HashFlare isn't different at all. Technically speaking, all cloud mining sites are quite similar because they made the game that you play, and they decide when it's game over for you. They beforehand know that the majority of the users will end up losing, and if it doesn't happen naturally, they will make you lose faster to cut you off. Party continues as long as there is new money coming in, but as soon as that isn't the case anymore, say bye bye to your "earnings".

If people think cloud mining sites will pay users from their actual mining earnings they are delusional.

[MainIbem]

Hashflare has been a reputable mining platform for long. For them to take such an action, really indicate seriousness on the effect of the low prices of the market.

Has Hashflare announced any steps to mitigate investors confidence yet?

[hardtime]

I invested 100$ in hashflare mining at the end of 2017. Soon after the bitcoin price started declining and is declining at the moment. In this situation hashflare has stopped giving payouts and says that the mining fees are higher than the payouts. Can anyone suggest what to do next? the following is exactly what they say.

"Dear users,
Because of the current market situation, with the latest spike of mining difficulty exceeding 14% (https://bitcoinwisdom.com/bitcoin/difficulty), while the price of Bitcoin continues to decline, the payout was lower than the maintenance fee, which resulted in the balance not increasing and remaining the same. We are considering all possible options, while taking into account the available resources, to optimize the mining process where it is possible."

I read the same on their officiap facebook. You can do nothing, just wait what they'll decide to do and fix situation. Usually that's strategy of genesis mining to close your contract because of mining difficulty reason. To my mind they aren't scammers but if they won't be able to continue profitable mining for investors, then they have to return some invested money and give 100% back of investment - currently profited to new customers and them, who hasn't ROI-ed yet.

Thing is they have no ability to try and 'fix the situation' the mining difficulty has increased and that's that. The only way this situation could be fixed is if the difficulty goes down a substantial amount, which I doubt is going to happen. This is the thing with cloud mining, the company is either going to stop paying you when its not profitable anymore for them to pay you (a legitimate company does this, as they're looking out for their bottom line) or a company scams you. Simple.

[ShadowBJ21]

Well, they sent out a letter that they terminate contracts due to not generating profits longterm anymore.

In their FAQ they state that when your contract ends and the amount you have accumulated is still below the min payout you are allowed to withdraw anyway.
We will now see if they stand to their word.

So far they asked for a verification by ID and selfie. Did so and it's processed now. Let's see if they allow payout then.

[ShadowBJ21]

Follow Up:

Just received an email that they say to implement an option for withdrawing amounts under the limit soon.

[ThePunisher49X]

They restarted the SHA-256 contracts again.
Received some btc to the hashflare account for this but looks like they stopped scrypt payments because I did not get anything from the 42 mh/s I have.

[cissrawk]

They restarted the SHA-256 contracts again.
Received some btc to the hashflare account for this but looks like they stopped scrypt payments because I did not get anything from the 42 mh/s I have.

Yeah and the fee its still worse like before, i get about 12k satoshi and the fee is about 10k satoshi, more than 80% maintenance fee. Well... i don't expect something good from them.

[BitHodler]

So far they asked for a verification by ID and selfie. Did so and it's processed now. Let's see if they allow payout then.

I cringe when I read how easily people send a bunch of con artists their ID and selfie. I don't want to scare you, but your data will remain on their servers for ever without any guarantees that they will delete it if you request so.

Based on that I assume that the amount you plan to withdraw is large enough to for you justify sending them your precious data? I would have discarded my account if I was in your position, but everyone is different of course.

[Zocadas]

Hard to entrust such an untrustable service sensible data. Maybe there are users, who already provided their ID and report, whether they paid or not. There is a deadline,,I think around end of August, because they cut life time contracts to one year contracts a year ago. So they would have to pay out many contracts at this date, independent of the amount beeing under or over the payout minimum. Maybe they pay out a few customers to have proofs for new customers or they will shut down forever in within the next weeks.

[kabit9]

So far they asked for a verification by ID and selfie. Did so and it's processed now. Let's see if they allow payout then.

I cringe when I read how easily people send a bunch of con artists their ID and selfie. I don't want to scare you, but your data will remain on their servers for ever without any guarantees that they will delete it if you request so.

Based on that I assume that the amount you plan to withdraw is large enough to for you justify sending them your precious data? I would have discarded my account if I was in your position, but everyone is different of course.

who cares.  its a f*cking mining company, not some burglar planning to rob your house.  You give your ID every day to various government agencies, telephone companies, utility companies, etc without batting a wink. Hell some buildings don't allow you to enter without seeing your ID, but here you are afraid that it will remain on their servers for ever!!

don't be so dramatic mate.

[1Referee]

who cares.  its a f*cking mining company, not some burglar planning to rob your house.  You give your ID every day to various government agencies, telephone companies, utility companies, etc without batting a wink. Hell some buildings don't allow you to enter without seeing your ID, but here you are afraid that it will remain on their servers for ever!!

don't be so dramatic mate.

He has a point though. It's not a regular business you're dealing with, but a scam that will at some point vanish and who knows what they will do with your personal data. By having your ID and some basic details I can take out loans on your name, etc. In other words, no one needs to rob your house when ill minded individuals can rob you digitally.

Intead of taking everyting lightly, which is what average joes tend to do, try and be more paranoid. Your ID is a key, not just some worthless document.