Dear Diary: My Bitcoin Online Mining Is Not Returning In Investment
I have invested some .20 BTC in an online BTC Mining from February last year and my plan was not to trade in its internal trading section and left it running there to hopefully return in investment but it was a risk that I took which is a bad decision even though I know that ROIing is hard with not trading the mining power.
It had been a good thing if Bitcoin haven't fallen in value because now it seems that if the bear market continues from this point onwards then mining will be permanently stopped if the maintenance fee will exceed the profit for ten days and then the mining rigs will be opened for redemption which I will have to pay for shipping if I want to get one which is not economically viable anymore.
Their email to me says:
According to the AntMinerS9 Sales & Hashrate Hosting Contracts, “If due to falling bitcoin exchange rate or increase in mining difficulty, the electricity fee is greater than 90% of mining revenues, mining contracts on Hashnest will enter a “redemption waiting period”.”
You can note the maintenance/payout(PPS) is over 90% at present, as the below chart. HashNest now announces that S9 mining contacts have entered “redemption waiting period”. Trading market of S9 hashrates will be permanently closed and will not be reopened once PPS exceeds 100% for a sustained period of ten continuous days.
You may need to prepare the redemption period if you have S9 hashrates. We will put another notice when the trading market is closed and S9 redemption period begins.
But BTC was only around $1,400 at the time of my investment so in a way I profited a little value-wise but not the BTC amount that I had put in. I pray that BTC value will go up in value from this day otherwise they will have to stop mining. I am still not selling my hashrate though and bite the bullet as taking the risk will surely payoff.
BTC at this point from last year is the starting point of the rally. If history will repeat itself then there is still hope that mining will not get affected so there is still hope to stay put and not panic sell like what is happening right now thereby driving Hasing power price at ridiculously low prices and still falling.
This is the price of BTC at the time of my investment so although I never had the opportunity to earn my BTC back, the value that I earn in a way is something like calling it "Quits." This is like fighting my medical condition, I will not stop hoping until my final capitulation because the risk to take is all worth it if miracle happens again for the crypto space.
Sorry to hear that @cryptopie and yes, ROI on Bitcoin mining is very difficult when it comes to bitcoin for bitcoin ROI. Hopefully the price picks up in time for you to maintain your contract and not lose out.
I used to mine many a moon ago, and eventually realized that mining would be a never ending battle for more hashing power.
As bigger money came into mining, it became less and less profitable until I finally sold off all equipment. That is why today I advise many people to stay away from direct personal mining when they tell me they want to mine Bitcoin. As for cloud mining, it provides slightly less financial risk than mining yourself, but at a less profitable margin and sometimes no profit either. The beauty of cloud mining is that should it fail to make profit, you don't have to worry about electrical bills, loud fan noise, extreme heat/cooling or selling equipment that is obsolete.
Yes @streetstyle but in Hashnest you can liquidate your hashing power via their own built-in market while in others you just have to rely on buying more and more hashing power. Buy and selling Hash power in hashnest is the way to profit but I didn't do that for the confidence that BTC will continue to rise but it didn't.
Thanks for the info @cryptopie I did not know about Hashnest. Maybe you can blog about how that works so I can learn something. And as far as Bitcoin, in my opinion, I think it can go back up maybe to $10k but that is just a guess. There is still a lot of interest in Bitcoin from what people call "big" money in cryptocurrency. I think the last run up to $20k was from a lot of regular people trying to cash in.... and when some took profits, it scared many "weak" hands out causing it to drop. So far Bitcoin is still doing well compared to last year's prices and seems to hold between $6k to $6500 after testing these prices several times. This bodes well for Bitcoin if can stay at these prices until the next leg up.
Just one more rant, if I may Cryptopie, and that is that try to always take a small profit off the table when possible, and do so often until you recover your initial investment. I'm sure you already knew that but just thought I'd throw it out there. Have a good day my friend, and I await your blog on Hashnest.
Yes Sir @streetstyle it is just easy to start cloudming at Hashnest. You just deposit LTC or BTC and buy hashing power at the market plus they also have an exchange there as well for BTC-LTC and BTC-BCH.
Hashnest is owned by Bitmain the maker of Antminers.
These things in my opinion are all scams. I did it myself with genesis mining, I didn't make back quite what I put in and the pressure is always on to add more hashpower. I hope there is a really and you can call even
Yes @meesterboom the house always wins and it is more like a gamble in cloudmining.
I would say a gamble for sure. If three market rises you could win otherwise...
I would not call all of them a scam since I have made ROI using some cloud mining, while I know others who have lost money mining Bitcoin with their own miners (not cloud).
I think that ROI is sometimes achieved by the market going crazy bull but I have known to many others including myself that lose money so for me there is always the element of scam to them
the price of btc is currently no longer friendly, we hope that the crypto room can soon be worth again
even though the BTC price is very low, we still have to fight for the spirit
the hope will always be good for your current condition, hopefully btc will immediately rise in price, and steemit will continue to be a lot of favor
Asi es @cryptopie esperemos que el valor del Bitcoin (Btc) suba y puedas ganar un pico de dinero extra en esa inversión que hiciste