Hashflare Experiment


#1

Staring a Hashflare account. I watched a youtube video that I can’t seem to find anywhere (maby i just imagined it) but it revolved around the reinvest tool. The guy showed some spreed sheets and demonstrated how reinvesting doesn’t work after one year, because what it does is create a bunch of micro 1 year contracts that start dropping off. So, he identified a sweet spot where you could reinvest for half the year and take profit the other half, then you cold reinvest the whole thing or a portion of it and repeat the process. In this way one could increase their bitcoin holding exponentially.

I know most people think cloud mining is a scam or at least not worth it, but after looking at setting up my own rig the ROI just didn’t make sense for me (still going to do it) so I thought I’d give this a try. Going to be investing a total of $600 over the course of a month. This is an experiment. Every week I will post my progress. I’m using the SHA-256 Bitcoin contract because the other contracts aren’t as profitable right now.


#2

#3

No referral links are allowed.

Please remove and I will bring the post back viewing status.

Thanks


#4

Update: So far the FOMO has set in big time and it has only been a week! The price of bitcoin dropped a little, the difficulty increased, and HASHFLARE RAISED ITS PRICES!!! Now instead of $150 a T/h it’s now $220 a T/h. I’m currently unable to invest anymore into this so I’m working with the original $150 I put it. I’m up to 1.07 T/h and mining less coins with lower purchasing power. I knew going in that this would be a grind, but I’m always working toward that goal of 1BTC!


#5

Hows your Hash Flare going?


#6

So i started a Hashflare about 1 month ago almost. I’ve seen exactly the expected amount returned. I just did my first Withdrawal Transfer today. I was skeptical at first, but it really has worked thus far. I’ve recovered 50% of my investment.

That said…current pricing at $2.20/GHs for BTC is not enough to make me interested in reinvesting.

If they drop pricing again in future, I’d do it.


#7

It’s been almost 1 month and they have not replied back to my support ticket… :frowning:


#8

So far it is a roller coaster, but im sticking to my plan. I invested such a small amount im not too upset about it. I should get 5x return on my investment in a year. Not terrible. Having your own mining rig is probably better, but with the recent dip in BTC price, who knows.


#9

There was a window of opportunity with hashflare which has now passed. Buying today at 220 bucks a terahash probably won’t break even over the year once you take rising difficulty into consideration.

Better off buying some bitcoin or icon


#10

@thewasp do you have that spreadsheet available? I’ve been reinvesting with Hashflare since Nov and also heard that reinvesting the first 6 months was the best way…but now with the price being $2.20 per T/h is it still worth it?


#11

I’ve been just to lazy to update my spread sheet. I will do it, but… math. The truth is that reinvesting right now is generating terrible returns. I’ve been generating 10Gh/s per day since I’ve started without gaining any ground. I’m at 1.28Th/s, it’s suppose to work like daily compounding interest, so I’m going to stick with my plan cuz it is an experiment, but with the drop in BTC price and the rise in difficulty as well as the higher prices on hashflare the best strategy is buy BTC with USD and HODL!

Also, there is a great revenue projection tool on the hashflare platform. At current difficulty it should take you 3 months to recoup your investment. I can know this without even seeing any numbers. Reinvest when it makes sense, that is when the price of BTC goes back up, but don’t take your earnings out until your contract is done, you don’t want to pay unnecessary transaction fees

again cloud mining is extremely high risk so the best strategy is buy BTC with USD and HODL!


#12

Also, if you want to make your own spreed sheet check out https://www.openoffice.org/ and you can use the History tab in hashflare to fill out the spreed sheet and track your profit.


#13

Thanks, I turned off the auto reinvest when BTC dropped below $15K. I’m gonna let it accumulate and see how it goes.


#14

Ta for that, makes a lot of sense, am too tired to work it out but…done the same. Invested about 300 sterling for some power i cannot remember, is now at 4.3G processing power and at the current rate generates about $4 a day. Millionaire before Friday or what?


#15

oh the ETHASH generates about 3$ a day and the LTC equivalent about 2$ a day, and I only invested a few pounds into those, maybe 50 GBP, so in total about 7$ at the mo- about 4GPB. I will have my Mclaren before next Wednesday I reckon - my girlfriend thinks you are gross btw @peter


#16

I am at 4.05TH’s BTC at the moment and have stopped reinvesting. After reinvesting in Scrypt for a few days I stopped yesterday as I said. Am taking note of stuff but its that new word dust.


#17

Lulz. Mclarens. If they didn’t fall apart I’d like them more.

The P1 will be in my garage in the future. Just wait and see!


#18

@peter are you into the cloud mining? Just curious to know


#19

how’s this experiment coming?


#20

What I’m finding out is that cloud mining seems profitable at first, but because there is no way of predicting what bit coin prices will do it is highly unlikely to make a quick ROI. By the time I get my .05BTC at the end of the year, I could afford to buy it the way BTC price is going.