This is not a post to attack just questions I have on this. I thought with this cloud mining the whole way to actually make money was to get in on the pyramid thing? Seems to me it would be easier to just buy coins and sell them and not have to sit and worry if the company will pay or go bye bye. A Youtube guy I watch seems like every third video he is talking about how a mining site doesn’t pay anymore or he can’t get his money out, is this normal for these sites? As was mentioned if they keep raising the buy in doesn’t that reduce your position to buy back in and make money? Thanks.
I would say it depends! There are many companies doing this. Do your research like how long they been in the business, watch , read about them, reviews etc.
You can for sure get allot more if you get reward from referrals like genesis-mining offers but still i never count on that aspect.
I calculate using the hashpower i buy and estimate roughly what i get out in 1 year. Difficulty is hard to counter but you can almost count on 5-10% increase each time it adjusts. Sometimes we are lucky and it goes even down (thanks to BCH).
The reason mining companies raise the price is the fact that there are more and more customers realizing the profitability on the contracts and demand.
My contract started today and already: 0.01045353 BTC
That seems backwards to me. With more people means they make more in turn you should make more?
I just bought btc to invest in hashflare… but today the prices went up. I was planning to buy 5 tera hash as I have low budget and will wait till new year for any offer or discount from them. I also watched cryto nicks videos and was fascinated by this cloud mining contract (passive income).
It’s awesome you got in at the right time…just 1 day before the price hike.
Let’s see how this thing goes.
Shame you missed the lower price. One tips though, if you wait even if the initial price goes down so will the reward so in the end you lose more to wait in my opinion. Specially as difficulty goes up.
Why? More people mean more mining meaning difficulty going up meaning less reward. Also companies get greedier and charge more.
Just a 10 day bro wait maximum or maybe till christmas… Actually i am pretty sure of 20-22k btc price in 7-8 days… so my cost hike difference will be covered by btc increase rate…
ok i thought you meant longer period, sure not that much will change in that time, dont know what i was thinking
The more that is mined the more they make right? So your statement makes no sense to me. Not trying to be confrontational just stating what I see. I need to research more.
I’m trying to understand what you mean to be honest but i cant make sense of it, can you give an example?
Well obviously I don’t really understand the whole concept. My thinking is that the company you buy into doesn’t do it for free. So you buy in and on the basis of more people mining means, to me, more is mined am I right? So if there are more people mining that means the price goes up? Who benefits from that? According to the posts not you. Somebody is getting the money. That’s all I don’t really get it so this is not for me. Thanks though I do appreciate you trying to explain it for me.
Check this interview out by JMS vlogs. He interviews Edgar, he is part of the Hashflare team and he talks about some pretty interesting things regarding the present and future of Hashflare.
Thanks for sharing, great to see the guy behind hashflare!
@jel111: no your not right in your assumption, i give a simplified example (as i understand it, maybe not 100% correct either). More people means less coin for everyone. Like if there is 10 coin every 10 min and there are 100 people mining and everyone has equal hashpower (to make it simple) than every person should get 0.1 BTC (10/100=0.1). Now if there are 200 people mining the reward goes to 0.05BTC… This is just a very very simplified example.
Basically the amount of coin being generated dont increase when more people joining.
Are you re-investing everything or just a portion?
I’m considering the re-investment option myself to counter the difficulty increase but not sure how often or how much.
ps 0.02139304 BTC just 2 days so pretty good so far.
I am reinvesting everything, gotta do it bigly, you kinda already did it bigly though lol, you have 100TH/s. But with that much hashpower, if I had that, which is why I am reinvesting everything until I reach that, afterwards my plan is to reinvest half and withdraw the other half into my wallet. With BTC slowly increasing you could almost purchase a 1TH/s every two days for $220 and withdraw the rest into your wallet. Just my opinion and plan.
ps its been 4 days for me and they are paying out and I am very satisfied with it. I am a true believer in BTC rising so thats why I am investing into this so much at the moment, same as you, more and more people are getting into cloud mining, who knows how much the next contracts gonna cost.
Ahhh the light bulb flickers!!! Thanks.
Welcome, glad i could help
Thats a good plan. I’m thinking i can re-invest with the same amount the difficulty goes up. Like if it goes up with 7% i increase my hash with the same amount.
What i like about hashflare is that the amount is on our account and we can withdraw it when we want! This way we don’t pay tons of fee daily. With my genesis i think i loose quite allot on fee.
Hi… how is the progress with hashflare returns? how is the experience till now!!
Pretty awesome: 0.14565221 BTC so far!
Basically 0.01X each day. Cant say i complain
I know at certain point reward will go down by allot so i’m waiting for that. My feeling is that after maybe 2 month it wont be as great reward. Still passive income.