Progress update using Hashflare mining

in #mining3 years ago

So far it seems like I will get my ROI well within a year (if BTC prices remain stable). Here is the balance growth chart (net earnings after fees, more about significant FEES further on):

Screen Shot 2017-06-10 at 3.44.25 PM.png

Initial investment: 120 USD for 1 TH/s Sha-256, and 135 USD for 10 MH/s. I like how they break out revenue projections for you (although they don't appear to include mining fees - making the projections quite overstated). The last chart shows the fees, and based on this it seems Scrypt mining would have the better ROI. Another consideration is price of Bitcoin - on the one hand it raises the revenue, on the other hand, increased congestion from high BTC is contributing to the very high fees.

Screen Shot 2017-06-10 at 3.44.48 PM.pngScreen Shot 2017-06-10 at 3.45.01 PM.png

See here for mining fees for SHA-256 and Scrypt:Screen Shot 2017-06-10 at 4.04.01 PM.png

By my calculation fees are about 33% and 16% for each respective mining type. Definitely this makes ETH mining more attractive (however, the risk that it will move to Proof of Stake - replacing mining - creates uncertainty). On the plus side for Bitcoin, the investment does not expire (but profits get squeezed / ended if fees exceed mining revenues).

In short, this exercise taught me how contract mining works - including the significant role fees play. It also allowed me to purchase BTC (albeit it will take a few months to get my equivalent value back). For ETH mining there are no fees, but as mentioned, you only get a 1 year contract, and also there is an unknown risk that Ethereum will move away from mining. If there is any interest, I will post further progress, and also provide details on ETH project returns.

Good to all in their Crypto Quests!


What made you choose Hashflare as your cloud mining service?

tried genesis out but they were unable to complete funding of account...maybe it was their security checks or they are having technical difficulty...tried hashflare more out of frustration thinking it probably wouldn't work...but it did so i'm there...any other recommendations?

I've personally used Genesis, so I was curious if Hashflare had any advantage over them in terms of pricing, etc...

I did notice prices to be slightly cheaper on hashflare, however I'm not sure if genesis charges any additional fees to cut into margins. Also, the ETH contract on genesis was 2 years, but hashflare only has 1. If Proof of Stake happens, I guess it doesn't matter...

Ok so i bought 0.35 TH/s two days ago but i can't see any returns yet nor has the revenue forecast updated. It still shows 0. Did this happen to you too when you first started?