HASHNEST Discussion and Support Thread

[kotwica666]

In December, I was busy and I didn't watch what is going on with GHS price in  HashNest. What happened that prices goes down? Are there some informations about new miners or thats only Christmas confusion?

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[Karpeon]

It could also be a Hashnest strategy. Think about this...suddenly hashnest had about 250 S7 miners on stock and minutes later it showed out of stock. Let's say they put all that hash in the market. The offer will surpass the demand and also will generate a contagious effect on a whole bunch of frighten / newbies users trying to salvage whatever is left, even though they bought it at 0.0015 or so. Then when the offer stops, price will reach rock bottom, and guess who has the assets to buy everything in a heartbeat? Then slowly but steadily the price will increase and reach its normal value (my guess btw 0.0009 and 0.001). Your thoughts?

[lumeire]

In December, I was busy and I didn't watch what is going on with GHS price in  HashNest. What happened that prices goes down? Are there some informations about new miners or thats only Christmas confusion?

The latest batches of s7s flooded the market with so much GHs, coming from the shop and sold straight to the market for instant profits. Demand couldn't keep up, pulling the prices down.

[HarryKPeters]

In December, I was busy and I didn't watch what is going on with GHS price in  HashNest. What happened that prices goes down? Are there some informations about new miners or thats only Christmas confusion?

The latest batches of s7s flooded the market with so much GHs, coming from the shop and sold straight to the market for instant profits. Demand couldn't keep up, pulling the prices down.

After the first batch the price was around 2 Bitcoin. That's just 5 weeks ago.
Today the price is tradiing around ~ .8 BTC per TH.

Surely some strategy is happening. Although iI can''t imagine hashnest profiting from this.

[Tmdz]

Theres been a price drop since the new period of readjustment.  I expect a price drop with high difficulty but the price has continued to declined following days after which I am left wondering why when difficulty is looking to be neutral for the next period.  Very hard market to buy hash on the market, any clues as to why there is so much decline?

The market has never been, is not now, and will not be rational.  You have kids with no knowledge of trading strategies buying and selling hash on top of tons of people who don't fully understand what the underlying asset is.  Just look back a few pages, there are posts upon posts of people with no knowledge of what they are buying asking questions.  Those same individuals will soon realize they bought at the wrong time and try to sell to recoup their losses.

Its really not hard to value these assets.  Look at what each of the hash types will make at different difficulty adjustments, then decide which average difficulty jump you think is right.  If the total amount made is over the price of the hash, DO NOT BUY.  Its a really simply concept, and yet, there are tons of people who continue to buy.  And don't tell me the units have underlying value also.  If your plan is to try and sell these at a profit, then your still not understanding the underlying asset and if you think these will have a residual value, take a look at when the S3 and S2 went away.  It was costing so much money to get these shipped out, that it wasn't even worth it.  These are only worth what they will mine minus maintenance costs until they are no longer profitable.

Thanks for the reply.  The fact that the market is not rational really helps to make a lot more sense out of the trading action.  It's too bad there are so many people lacking basic economics to understand how this market works.  It seems simple to me, it's just a deprecating asset that pays dividends and to make profit you just have to simply earn more dividends than the asset depreciates over a certain length of time.  So with irrational declines someone would only have the choice of holding the hash in hopes the market goes back up to re-enter the profit territory at which there is a risk of high readjustment which will cause a rational decline and possibly irrational panic sells by people. 

Pretty dangerous market to dabble in and I can see how bitmain makes profit at this being they sell their miners at a high cost in the first place, the maintenance fee, trade fee, handling fee if they ship it out at redemption and then they keep what ever coin is left over when that miner goes off the market.  Meanwhile while the miner is online noob traders short themselves to death.

[DebitMe]

Theres been a price drop since the new period of readjustment.  I expect a price drop with high difficulty but the price has continued to declined following days after which I am left wondering why when difficulty is looking to be neutral for the next period.  Very hard market to buy hash on the market, any clues as to why there is so much decline?

The market has never been, is not now, and will not be rational.  You have kids with no knowledge of trading strategies buying and selling hash on top of tons of people who don't fully understand what the underlying asset is.  Just look back a few pages, there are posts upon posts of people with no knowledge of what they are buying asking questions.  Those same individuals will soon realize they bought at the wrong time and try to sell to recoup their losses.

Its really not hard to value these assets.  Look at what each of the hash types will make at different difficulty adjustments, then decide which average difficulty jump you think is right.  If the total amount made is over the price of the hash, DO NOT BUY.  Its a really simply concept, and yet, there are tons of people who continue to buy.  And don't tell me the units have underlying value also.  If your plan is to try and sell these at a profit, then your still not understanding the underlying asset and if you think these will have a residual value, take a look at when the S3 and S2 went away.  It was costing so much money to get these shipped out, that it wasn't even worth it.  These are only worth what they will mine minus maintenance costs until they are no longer profitable.

Thanks for the reply.  The fact that the market is not rational really helps to make a lot more sense out of the trading action.  It's too bad there are so many people lacking basic economics to understand how this market works.  It seems simple to me, it's just a deprecating asset that pays dividends and to make profit you just have to simply earn more dividends than the asset depreciates over a certain length of time.  So with irrational declines someone would only have the choice of holding the hash in hopes the market goes back up to re-enter the profit territory at which there is a risk of high readjustment which will cause a rational decline and possibly irrational panic sells by people. 

Pretty dangerous market to dabble in and I can see how bitmain makes profit at this being they sell their miners at a high cost in the first place, the maintenance fee, trade fee, handling fee if they ship it out at redemption and then they keep what ever coin is left over when that miner goes off the market.  Meanwhile while the miner is online noob traders short themselves to death.

Pretty much, but what is nice is if you really understand the market and watch it for a bit, you can make easy money by trading the dips in price against those who don't understand it. I have probably made over 5 btc by trading S5, S4, S3, and Umisoo hash. It really is ripe for the profit.

[chmick]

It could also be a Hashnest strategy. Think about this...suddenly hashnest had about 250 S7 miners on stock and minutes later it showed out of stock. Let's say they put all that hash in the market. The offer will surpass the demand and also will generate a contagious effect on a whole bunch of frighten / newbies users trying to salvage whatever is left, even though they bought it at 0.0015 or so. Then when the offer stops, price will reach rock bottom, and guess who has the assets to buy everything in a heartbeat? Then slowly but steadily the price will increase and reach its normal value (my guess btw 0.0009 and 0.001). Your thoughts?

That's a theory  I'll also thought about .
My guess is than even at this price , hashnest is still doing profit and even more profit if they buy low.

[wlefever]

The reason for the drops now is because they have taken S7 out of stock, and doing the luckyhash lotteries for 4860 Gh/s.  Those winners are probably instnantly dumping the hash on the market so expect more downward pressure through February 15th when no more S7 should become available. 

[tshelton404]

Is this cloud mining worth looking at?
 I have a buddy that despite me telling him it's a bad idea, wants to try out cloud mining.

IT'S NO GOOD TELL HIM TO GO BACK HOME!! LOL

[DebitMe]

Been having problems all day withdrawing from Hashnest.  The website is fast enough, able to navigate around with little trouble, but when I attempt a withdraw I get to the google auth page and it just sits there and finally times out and says invalid 2FA.

Any ideas or anyone else experiencing this?

[galdur]

Been having problems all day withdrawing from Hashnest.  The website is fast enough, able to navigate around with little trouble, but when I attempt a withdraw I get to the google auth page and it just sits there and finally times out and says invalid 2FA.

Any ideas or anyone else experiencing this?

Yeah, I have some leftover there that I couldn´t withdraw because it refused to send the SMS for some reason.
It´s just a dollar and half and no crisis. Think I checked it last about a month ago.

Edit: Tried it just now and it seems withdrawals are broken for the moment. At least all I got was

"This is HASHNEST 500, we have a problem..."

[turdminer]

yeah i had the same problems trying to withdraw as well. probably a lot of people withdrawing due to the lotto winnings/ people cashing out the S7 shares

[chmick]

Hi all,

sorry if it sound like a noob question , but is my logic sound :

If the diff increase of  x% then we can expect the average income per THS  do go down from x% ?

[IanFoxley]

Been having problems all day withdrawing from Hashnest.  The website is fast enough, able to navigate around with little trouble, but when I attempt a withdraw I get to the google auth page and it just sits there and finally times out and says invalid 2FA.

Any ideas or anyone else experiencing this?

Yeh ive got a tip regarding the 2FA withdraw thing.

It seems that the server takes so long to read the 2FA code that if you enter your code in normally then by the time the info is passed on, your code on your phone etc has already changed and then the website says code is invalid.

But I managed to get around it by putting the code in as soon as it changes to the new one...so you get the maximum time possible for the server to actually respond and send that code out.. Normally a code takes 30 seconds on your device to change to the next code so if you can do it as early as possible then you have a better chance of it actually accepting your code on the withdrawal page.

Hope that makes sense, it did seem to help for me and hopefully for you too

[DebitMe]

Been having problems all day withdrawing from Hashnest.  The website is fast enough, able to navigate around with little trouble, but when I attempt a withdraw I get to the google auth page and it just sits there and finally times out and says invalid 2FA.

Any ideas or anyone else experiencing this?

Yeh ive got a tip regarding the 2FA withdraw thing.

It seems that the server takes so long to read the 2FA code that if you enter your code in normally then by the time the info is passed on, your code on your phone etc has already changed and then the website says code is invalid.

But I managed to get around it by putting the code in as soon as it changes to the new one...so you get the maximum time possible for the server to actually respond and send that code out.. Normally a code takes 30 seconds on your device to change to the next code so if you can do it as early as possible then you have a better chance of it actually accepting your code on the withdrawal page.

Hope that makes sense, it did seem to help for me and hopefully for you too

I figured that was what was going on and tried that a few times, but to no avail.  Perhaps the server was just running slow(er) yesterday or something.  Ill try again today in a bit and maybe they have it fixed.

[IanFoxley]

I figured that was what was going on and tried that a few times, but to no avail.  Perhaps the server was just running slow(er) yesterday or something.  Ill try again today in a bit and maybe they have it fixed.

AH, sorry it did not work for you.. I have not done a withdrawal for a couple of weeks now so perhaps its got worse since.

[D4RK5T4R]

I figured that was what was going on and tried that a few times, but to no avail.  Perhaps the server was just running slow(er) yesterday or something.  Ill try again today in a bit and maybe they have it fixed.

I had this issue and fixed it thus:

Disable 2fa code in site settings (This worked flawlessly first time for me)

Then , either:

1. Re-enable 2fa with fresh code then withdraw.

or

2 Withdraw, then re-enable 2fa.

Hope that gets you up and running again.

[DebitMe]

I figured that was what was going on and tried that a few times, but to no avail.  Perhaps the server was just running slow(er) yesterday or something.  Ill try again today in a bit and maybe they have it fixed.

I had this issue and fixed it thus:

Disable 2fa code in site settings (This worked flawlessly first time for me)

Then , either:

1. Re-enable 2fa with fresh code then withdraw.

or

2 Withdraw, then re-enable 2fa.

Hope that gets you up and running again.

Psh, it doesn't work the first 2 times I try it, then the third time goes right through.

Oh well, at least withdraws are still kind of working.

Thanks for the advice everyone.

[Salmen]

Been having problems all day withdrawing from Hashnest.  The website is fast enough, able to navigate around with little trouble, but when I attempt a withdraw I get to the google auth page and it just sits there and finally times out and says invalid 2FA.

Any ideas or anyone else experiencing this?

The same issue here. It took much time after I've requested a withdraw to load.
After the site finished with load, I got the error "Google Code error".

Now I've made a withdraw request again and the system transferred the amount to my wallet and the balance wasn't decreased.
Maybe a system bug?

[crazyivan]

What do u guys think about S7 prices? How is that going to look in the future?