Hashflare Cloud Mining Renigs on Lifetime Sha256 and Script Contracts Today

[sflaherty]

Cloud Mining Bites Me in the Arse Immediately When I Cave and Give it a Shot

When your gut tells you something maybe not worth your time, maybe you might just have to listen to that nagging feeling you have. For a long, long time I have avoided cloud mining like the plague...not so much for the return on investment angle but more or less for the validity of trust I had for the companies out there. Cloud mining comes with a trust factor you don't seem to have to have in place when you buy your own hardware and mine at the house, this is why for my longevity already I have had in crypto I tended to buy ASICs and GPUs always because I highly doubt my own machines can screw me past maybe I push them a little to hard and kill them myself.

With all that jibber jabber said, I am here to admit to you that the buzz about Genesis and Hashflare lately had me kind of second guess my convictions if they might be the two cloud mining services actually doing right by people. Genesis was my top choice but they kind of sold out the hashes on the Sha256 so I was kind of left with no option but to deal with giving Hashflare a shot and feel out cloud mining because everyone seemed to recommend them.

My Recent Reasonings For Trying The Cloud Hashing Game

My dabble with cloud mining lately is less about income and more about adding a little more hash power to my already running miners. I am a collector of mining gear and lets just say if you came to chill with me at my house, you probably need to bare with the heat and the loud fans all around you lol. Conversations are better had outside on my back porch vs inside with the struggling A/C to keep up with my miners. This my friends is why I looked into cloud mininer, I figured well its time to put a few hashes outside of the house so I signed up for Hashflare a few days ago.

Hashflare seemed okay, low hash buy ins and a lifetime contract for Sha256 and Scrypt mining. Meaning as long as it was profitable to mine, they would let you run those hashes you purchased non stop, well until Bitcoin flops out which I highly suspect to not be the case as we go through time ahead.

A Few Days Cloud Mining and I Feel Pretty Robbed

I will state this before I rant about my experience, I am awaiting an answer on my ticket still over a purchase not yet redeemed so I may hear they will correct the first issue I have with Hashflare but its already been almost 4 days so kind of feeling like this is poor customer support anyways.

My first issue with Hashflare goes as follows. I bought up a few hashes with a coin called EMC that they take. Small purchases seemed to go smooth as heaven but when I dropped a nice $60 purchase on them...it went into limbo and sits in a TIMED OUT purchase state in my Hashflare purchase history. I did some digging, I am no newb when it comes to blockchain and my purchase went straight to their wallet so I am left sitting here wondering where my money is at or my hashes. With that aside, I figured send in a ticket and I am sure to hear something, still waiting 4 days later and still no hashes to be seen which has stopped me from adding more up to this system.

Then came the kicker that has finally made me realize I am good to just buy more GPUs and stay clear of these mining cloud farms. Today after only being with these guys for a week, I get a message in my account as follows from Hashflare which I suspect all users got:

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Dear users,

The cryptocurrency industry has always been susceptible to a high amount of volatility, and recent global changes have been some of the most significant. Due to an industry-wide hardware deficit, many market participants, especially mining hardware manufacturers, have to adjust their operations, procurements, terms, and prices of ASIC miners and their delivery.

Per Section 5 of Hashflare Terms of Service, SHA-256 and Scrypt contracts are now also subject to change. The changes, which mainly cover the terms and the prices of the contracts will become effective on September 1, 2017.

The new price for 10 GH/s of SHA-256 will be $2.40, while 1 MH/s of Scrypt will now cost $11.50. The maintenance & electricity fee will remain the same.

All new SHA-256 and Scrypt contracts will be issued for a limited term of 1 year from the moment of activation. All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018.

Sincerely,
Hashflare.io team

---

So it appears a Lifetime contract no longer means Lifetime and now only a year, plus they have doubled their buy in fees so needless to say I am outta there before I even started. Now I get it, business is business and sometimes the rules have to change but when you offer a set contract...to me breaching that contract is not something to back or constantly feed more funds into. I fear for those that put heavy amounts of funds into this machine because I have a funny feeling there are some users that spent thousands if not more about to wake up to reality what they thought they were getting is not really the case

No Harm, No Foul

For me its not a big deal, not too happy about the purchase I made that most likely has disappeared for life. $60 to me is not something I like just tossing out the window but I consider myself lucky to have so many issue hit me so early on with a service like this before I feed more income into it. So hopefully they correct that issue and I can get what I put in back out within the next year lol, but over all my gut instinct to mine in a cloud mining service is now officially dead sure to avoid.

Today I purchased my 4th GPU for my fig, got my ASICS on non stop running so I am content to monitor my own hardware from this point on. This write up though is not scare anyone away or to bash those that have done well with cloud mining, I suspect a few people have. What this is about is one huge advice I can give out there, research...go into these things with light funds and see how it reacts. Just be careful because losing a lot to something you think you can trust is nothing I want to see happen to anyone. Maybe Hashflare is on the up and up but this message today and the hike in fees with a loss of my finances within a few days of testing the waters is for me something to not trust. Be careful out there, crypto is going to get crazy soon and if they can get you they will!

~sflaherty

Follow me @sflaherty

Comments

[rt395]

Never liked the cloud mining BS. Mining at home is so much more fun, especially the heat! The deal is though, you can always trade up. When the new GPU's come out, sell your old ones and pay a fraction for the new ones. Even the 1050 TI I bought last month is worth $50 more than I paid for it!

Everyone should mine because it makes money for you 24/7, like Buffet says, your money should work for you even when you are sleeping.

[sflaherty]

Agreed, I figured put a little $20 on the cloud to background mine and see how it did, they caught me though because I liked the math so slapped another $60 at them and ended up just handing over money with no hashes for the purchase. So I tested first hand after about a year of avoidance and now I can back up the guys that say cloud mining is a scam with ease lol

But hey I never experienced it as long as I been with crypto so I can official mark that one off the old bucket list lol. I just grabbed a second gtx 1060 due to being more affordable but I figure with 2 gtx 1080s and 2 gtx 1060's, plus my 2 ASICs and my pay checks, I think I will be doing pretty good soon lol. Only thing left is to get a real rig built for all the extra gpus, I am running the 2 extra cards on my gaming rig with extension risers but I have to put the PCI lanes into Gen 1 mode which means when I want to game, I got to shut down my extra cards by running into bios to set back to gen 3 so I get my gaming bandwidth back lol. Bit of a hassle seeing I finally got an Oculus and love messing with it. So a mining board must come into play here soon.

You are correct though, I have always said mining at the house is always going to be the best option, I find it fun, my girl probably not so much but hey it brings in the money. Hope all been well with you @rt395 been so busy lately I am sorry I haven't had a chance to touch base with you. Hang in there with the Visio thing, its about to come out full force after a few recent meetings we had. Everyone is on the same page, testing is a go and they have some amazing ideas coming out soon for the public. My life is about to get so overwhelmed I think with work but I have a feeling the game changer is about to kick in here finally

[sflaherty]

Crap, I bet Hashflare is going to hunt me down and screw me on my lost hashes due to this post lol. I can't seem to shut up when I see people getting screwed lol. Oh well, one for the team so people don't get messed over

[memloc]

I'm pissed. I was planning to get to 100TH/s (25+ ATM). A lifetime contract isn't he we feal like changing it to 1 yr. Where is the loyalty to the customers. The main reason I chose Hashflare was the lifetime contract. Wonder if I can get a refund because they are breaking my contract with them...

[sflaherty]

I am feeling exactly the same way. Its a pretty dirty scheme to break contract. I read the TOS though, sadly its in there that they can change considering the cost factors but their supposed cost factors are bull in the announcement they made. Its like this, HASHFLARE is owned by HASHCOINS who is a leading European manufacturer of ASIC Miners, so their announcement they are doubling the prices and removing the lifetime contracts due to costs of hardware is to me not valid. Because they have raised the price on their hardware long before this like most of them out there and they can easily produce their own mining hardware, plus crypto is on a fast track to rich city right now so calling times being tough and pulling the plug is pretty much a sign these guys are just trying to bank on users.

Its day 5 also for me, I bought 0.48 TH/s 5 days ago and they put my purchase in a TIMED OUT state even though they received my funds immediately. No response still nor my hashes showed up and I work in crypto so I know how to dig in a blockchain to pull proof out of it and keep records lol. My friend what we have here is just another cloud mining service in it for themselves. Luckily I been avoiding these things for years and just put in a little less than $100 on my account. FIgure just let it run and collect out in a year and hopefully BTC is way high and that will be worth the wait but I seriously feel for you guys that were planning high hashrate investments. I would suggest to just get the hardware for yourself. Antiminer has a wicked scrypt miner for a few grand that should rake in the coins with LTC about to drive up with the big boys. I run 4 GPUs right now, getting more and have 3 ASICS, 1 Scrypt and 2 Sha256 but the SHA256 are killers on the electricity costs and why I went cloud mining. I don't think Hashflare is a scam but I don't think they are doing right by the agreement made with the lifetime contracts, that is also the only reason I signed up as well. Their business should nose dive due to this though, year contract at such high prices as they pose is for the newbies out there, little math and most people won't touch it. Sorry to bare the bad news though, think we should all avoid cloud mining unless they can stick to an agreement, seems rare they do though

[memloc]

Nice reply, the thing that stopped me from buying the hardware myself is the Availability. Everywhere I look there is wait times in months. I'm guessing you mean the Antminer L3+, 500MH/s nice unit, but coming soon. I have a small 2 card (rx570s) rig, but the cards are expensive in Australia. $800 for 2 cards. If I wanna go up from there, I need a new MB ect... Its frustrating..

[fooblic]

HF is cheating. I also made a post about the last case. It looks like after a year manufacturer goes to your home and ask to pay for your GPUs again, because they want more money now.