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RE: Why Mine BITCOIN?

in #bitcoin7 years ago (edited)

I actually have a 4 month old contract with hashflare. I will admit that I am profiting due to the price of bitcoin. Trouble though is I am earning a lot less than the first day I signed up. I think this has a lot to do with rising mining difficult. I remember on the first day I signed up I was projected to earn 0.05 bitcoin a year. Now it is barely above 0.03 in a year. I am hoping before my contract ends that hashflare will lower its withdrawl fees. At current pace I will have difficulty withdrawing my earnings unless I invest more. I may do that just for the sake of getting my bitcoin in the end.

Just saying not every mining contract is a bargain deal. I would avoid hashflare unless someone can really put a lot of money into it. Some where around $1,000 or more.

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You gotta realize that as the price of bitcoin increases, the mining difficulty also increases. But the daily payoff in dollars remains about the same since those two cancel out each other.

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