I have been mining Bitcoin for around 18 months now, and have used two different mining companies to cloud mine my bitcoin. Earlier this week, I received an email from HashFlare telling me that my contract with them will be teminating early.
A bit of back story here. HashFlare offered lifetime and yarly mining contracts when I purchased the mining contract with them. I opted for a lifetime contract. This then changed to a yearly contract that would end 12 months from when they told me about this change. This meant my contract should have ended 31/08/2018.
There was a clause in their terms and conditions though, stating that if the mining fee that they charge was more than what was mined for 31 consecutive days, the contract will be cancelled.
This is all well and good, but their fee is huge which is why this has been the case. I have the same amount of mining power on both services, yet the other still continues to pay out daily. Something has gone wrong for HashFlare, and I’m currently sitting here with my popcorn watching their twitter mentions.
So just a word of warning to anyone that is thinking of going into cloud mining…
I feel I am one of the lucky ones. I managed to withdraw and sell so that I got my money back. It would appear there are so many more that didn’t have this chance and have made a big loss. Yes, that’s the risk you take… but it doesn’t make it any less annoying.