Bitcoin below $7k - Important info for Hashflare Cloud Mining investors

in #hashflare6 years ago

All Hashflare contracts will expire in 20 days from now if BTC stays below $7k



All contracts are terminated if mining remains unprofitable for 21 days in a row, Hashflares contract terms shown below.


CONTRACT TERM AND MINING TERM

5.5. The Mining process continues until said mining is profitable. This means the Mining process will stop if the Maintenance and Electricity Fees will become larger than the Payout. If mining remains unprofitable for 21 consecutive days the Service is permanently terminated (Hashrate type specific). During the consecutive 21 day period, Payouts and Fees will also be temporarily stopped. If during the suspension period, the Contract-related mining factors (such as the exchange rate and mining difficulty) that are outside of HashFlare’s control will change favorably, making mining profitable again, the Service will be unsuspended and contracts reactivated.

5.6. HashFlare reserves the right to change the launch date, Contract Term and/or Mining Term of any Contract.

Mining contracts become unprofitable below $7k

Other factors include mining difficulty but I don't see that coming down before the contracts expire. However if they do expire in 20 days, there could be less sell volume in the market from Cloud Miners selling their coins. If the contracts expire, do you think Hashflare will keep mining for themselves, or do you think they will shut down which would take a huge chunk out of the Hashrate thus bringing down the difficulty and giving higher payout to miners?

Hashflare revenue for each mining pool

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Bitcoin price chart

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The maintenance fee deducts from your balance when its higher than your payout

The image below shows a Hashflare wallet that has a higher balance before the last payout. The circled amounts show the maintenance fee being taken from your own balance. This is the first day the maintenance fee has been higher than the payout so many people aren't aware yet. If you have just over 0.03 BTC and are able to withdraw, I would do so now before your balance becomes unable to withdraw.

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I'm going to have to move back in with my parents unless ya'll smash that upvote and resteem.
Thanks for looking.

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My gpu miners are still profitable, why is the cost so high to mine bitcoin? 7k seems pretty high?

They ended their lifetime contracts and turned them into 1 yr contracts last summer. Most of those were scheduled end on August 1st. It looked like we'd make it....but as you've said, I have a feeling that we've only got 20 days left now....wow.

Yep. Thank goodness i passed profitability.

It costs almost a bitcoin to mine bitcoins, really weird. Mining is yielding less profits this year.

uh oh. hopefully your parents have a pull out couch just in case lol

Uh oh. hopefully
Your parents have a pull out
Couch just in case lol

                 - mainos12345


I'm a bot. I detect haiku.

dayum do you have a Hashflare contract too? Thanks for reading the whole post and Resteeming.

Thanks a lot for the general terms reference. I didnt find this. I think they erased them already on the page.