I've been wanting to invest some money into cloud mining and I've seen a lot of people claiming that these sites are nothing but Ponzi schemes and scams, but I've also seen a lot of good and positive feedback from people claiming they've made good profit out of cloud mining on Hashflare. I decided the only way to find out the truth about this is to go ahead and buy some Hashrate on Hashflare, and that's what i did. I Paid $49 for 0/35 TH/s of SHA-256 which i think is a good amount to start with and to carry out my own experiments.
Here's an overview of my account:
Total investment (5 Dec 2017): $49 ~ 0.0043 BTC
Hashrate type Purchased: SHA-256
Total Hashrate purchased: 0.35 TH/s
Maintenance Fee: $0.0035 / 10 GH/s / 24 Hour
Now it's day 1 and my purchase has been registered on my dashboard. Today i received my first payout of 0.00006476 BTC, and 0.00001053 BTC was deducted as maintenance fee giving me a balance of 0.0005423 BTC at the end of day 1.
Based on the above numbers, on this particular day i calculated maintenance fees to be at 16.3% of my daily payout. Now the tricky part here is that when BTC prices fluctuate, the maintenance fee in USD($) will remain the same at $0.0035 / 10 GH/s /24 H, but the actual maintenance fee will be different on each day if you're calculating in terms of BTC and not USD. For the sake of experimentation, i will be noting down the maintenance fees on a daily basis to get a better idea of how much maintenance fees I'm actually paying in terms of percentage.
Assuming Bitcoin price will not fluctuate (which it will), and assuming a constant maintenance fee of 16.3%(which it wont be constant), i will break-even in 80.62 days. I used the BTC calculator on Coinwarz.com to do my calculations which you can find below. I used 16.3% in the pool fees section.
Now that number can you give you a good estimate of how long you'll probably have to wait to break-even but its definitely not an accurate number as BTC prices will fluctuate. If BTC prices go up It will shorten the break-even period and if BTC prices drop it will result in a longer break-even period. I've created an excel file and I'm noting down my daily payouts + maintenance fees every day for the next 90 days to see how long it will actually take to break-even.
I will be updating this post once a week. Let me know if you'd like me to add anything else in the experiment and if i've missed anything out.
In the meantime if you are thinking of joining Hashflare you can use my affiliation link below to sign up and buy hasrate: https://hashflare.io/r/224ACBE8
Best Regards,
Med
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